Insurance, Legal & Finance – Page 9
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NewsGovernment support for Blyth Workcats
A successful export win has been announced by UK boatbuilder Blyth Workcats and UK Export Finance, made possible by the UK government’s export finance support.
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NewsIs Lloyd’s Open Form still the best option?
According to the London Shipping Law Centre, as merchant ships get larger, as their cargoes expand in size and complexity and as their values escalate, the legal challenges facing salvors and wreck removers are multiplying.
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NewsA Basic Guide to Wind Farm Insurance
Daniel Crockford and Alex Penberthy of Keystone Law, a London, UK-based law firm have created the following basic guide to Insuring wind farm projects and maintaining the required level of cover following the farm’s construction.
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NewsThe cost of not closely monitoring engine work
A new report from mutual marine insurance company The Swedish Club shows that incorrect maintenance and repair continues to be the most frequent cause of main engine damage – a trend which has continued unabated since the Club began monitoring the issue nearly ten years ago.
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NewsIjmuiden sea lock PPP reaches financial close
The €500 million sea lock public-private partnership (PPP) project in Ijmuiden, the Netherlands, as reported in more detail in August’s ‘MJ’ has successfully achieved financial close. Global development consultancy Mott MacDonald is lenders’ technical advisor1 to the OpenIJ consortium2 on the project.
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NewsHarbour Closure Orders
According to Andrew Oldland QC, partner at UK-based Michelmores Solicitors, recent changes to legislation have made it possible for Statutory Harbour Authorities (SHA) to apply for Harbour Closure Orders (HCO).
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Swedish agreement
Swedish underwriting agency Svensk Assurans AB is to offer a new P&I product to small Scandinavian vessels through a delegated underwriting agreement with global P&I insurer The Shipowners’ Club.
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NewsZodiac RIBs afloat
There is a bold sign on the website of the financially challenged, but iconic French RIB manufacturer Nautic Zodiac, otherwise known as Z Marine.
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NewsIHC cuts away home facilities
In only two years, Royal IHC (IHC Merwede) has gone from soaring profits to Dutch job cuts.
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NewsClose Brothers wind farm specialists
Close Brothers Marine and Aviation is a finance company that has become a specialist in providing finance for wind farm vessels. At their recent exhibit at Seawork the company had visits from several foreign potential owners. One came from Japan as the owners of the first wind farm vessel in ...
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German restructure
Marine hardware specialist MacGregor, part of Cargotec, plans to reduce workforce in MacGregor Uetersen site in Germany to restructure the operations to the weak market demand. The market situation has deteriorated due to the low oil price and low number of new merchant ship orders.
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NewsTidal power project calls for investors
In June 2014 German Atlantisstrom’s first tidal power plant was installed and connected to the public electricity grid in the Faroe Islands for testing. The company is now actively seeking investors.
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NewsLondon P&I Club maintains financial strength despite impact of large claims
Marine liability insurer The London P&I Club’s 2015 Annual Report highlighted an unusual run of expensive claims in the 2014/15 policy year, with progress in other areas meaning that the free reserves stand at a healthy $157.4m.
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NewsMarine warranty surveying
Ian Stewart, business development manager at Maritime Assurance and Consulting (MAC) explains to ‘Maritime Journal’ why in the harsh and unforgiving marine environment, the role of Marine Warranty Surveying (MWS) has become ever more important to the renewables sector.
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NewsLandmark beach ruling
The head of UK law firm DMH Stallard’s planning team has described the decision by the Supreme Court to overturn the village green status on a beach within the Port of Newhaven, as a ‘landmark ruling that will support the positive development of any land held by public or statutory ...
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NewsEnforcing the regs
The new sulphur emission regulations for ships have been a hotly contended issue from the start but now debate has moved to their implementation, or more accurately, enforcing compliance. The enforcement of these regulations will be the driver of change, not the regulations themselves, according to Europort 2015.
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NewsLimmel Lock PPP reaches close
The €35 million Limmel Lock public-private partnership (PPP) project near Maastricht in the Netherlands has reached financial close. Mott MacDonald was lender’s technical advisor to the Keersluis Limmel Company on the project.
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NewsGCube report on wind turbine gearbox downtime
UK-based specialist renewable energy underwriter GCube Underwriting Limited has published an in-depth report, entitled ‘Grinding Gearboxes, analysing gearbox failure by addressing root cause, financial impact and proactive steps to mitigate the frequency and severity of downtime’.
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UK tax charge could hit offshore sector
International accountant and shipping adviser Moore Stephens says companies in the offshore maritime sector could be among those hit by a 25 percent Diverted Profits Tax (DPT) charge under draft UK legislation scheduled to enter force in April 2015.
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NewsA new normal?
Following its Winter Meeting in London the International Union of Marine Insurance (IUMI) has announced its common theme for 2015 conference in Berlin (13th – 16th September): “Technical, Financial & Human Factors – is there a new normal?”
