IUMI – the International Union of Marine Insurance – presented its analysis of the latest marine insurance market trends at this week’s annual conference in Toronto, Canada. Marine underwriting premiums for 2018 were recorded at US$28.9 Billion which represents a single percentage point rise from 2017. With significant challenges facing the market, the modest increase is not significant to herald…
Under the treaty, ships to be sent for recycling are required to carry an inventory of hazardous materials, specific to each ship. Ship recycling yards are required to provide a “Ship Recycling Plan” specifying the manner in which each ship will be recycled, depending on its particulars and its inventory. The Netherlands recently became the 8th country to become a…
INTRODUCTION This Article is a product of the research work conducted by the author to highlight the list and circumstances behind various events of submarine losses that happened during peacetime from CY2000 to CY2017. During this period, it is noted that submarine disasters and accidents occurred to navies of countries that are considered to have seapower and long experience over…
For decades, Filipinos have been making a mark in the maritime industry as competent and skilled seafarers ready to set sail in any circumstances and opportunities that await them. Indeed, it takes more than bare knowledge to be able to stay focused and dedicated to this career path. That is why over the years, not just the number of Filipino…
The Australian Federal Government announced on 24-November-2017 in Canberra that Lürssen would be awarded as the Prime Contractor to deliver the Royal Australian Navy’s Offshore Patrol Vessels (OPVs). The OPV program will see 12 vessels built in total. West Australian shipbuilders Austal and Civmec/Forgacs, and Government shipbuilder ASC would all be part of building the vessels, according to the Defense…
The nation and its maritime community join the Philippine Coast Guard (PCG) in commemorating its founding anniversary in October. Originally created as a civilian bureau in 1901 by the United States, the organization assumed its military character in 1967 by virtue of Republic Act 5173. It used to be one of the Philippine Navy’s major units until its separation in…
Global Market Summary. Offshore Patrol Vessels (OPVs) are the fastest growing segment of the Naval Vessels Market. At least 24 countries are known to have a total of 136 OPVs on order and 30 countries have plans for up to another 276 at a total value of over $60 billion. The total number of OPVs on order has increased by…
On May2, 2011, Osama bin Laden was killed by gunshot wounds to the head and chest during a raid on his compound in Pakistan. This death of the founder of al-Qaeda, the ultra-militant Islamist organization, will carry mixed results globally. The impact to South East Asia is a high probability of terrorist attack(s) targeted against the maritime community in the…
Somali pirates launched a wave of attacks on shipping over the Christmas and New Year period, with the hijack of five ships and attempts on others. Hijacked ships included: The Algerian-owned and flagged Blida was captured 150 nautical miles off Oman on 1 January. The 27 crew include Algerian, Filipino and Ukrainian seafarers. The Mozambican-flagged fishing vessel Vega 5 with…