At a recent seminar in London organized by the International Underwriting Association of London (IUA) and the Association of Average Adjusters (AAA), participants heard how ignoring or not fully understanding the concept of General Average (GA) when concluding charter-party contracts for offshore services could cause problems in the event of an incident or accident.
The Indian government will offload a stake of about 5% in shipbuilder Cochin Shipyard COCH.NS, an exchange filing showed on Tuesday.The floor price for the sale is 1,540 rupees, an 8% discount to the stock's Tuesday close, the filing showed. At this price, the stake is valued at 20.26 billion rupees ($241.2 million).The base size of the offer will be 2.5%, amounting to about 6.
Land access to a vital supply port in the Haitian capital of Port-au-Prince is being closed off after attacks by armed gangs, operator Caribbean Port Services (CPS) said on Thursday."CPS will shut its barriers to all types of land-based traffic from Sept. 26 to Sept. 29," it said in a statement, saying that the suspension should allow the army and national police to secure the area.
The IMO is celebrating World Maritime Day on 26 September by highlighting the importance of safety at sea in an era of significant transformations and new risks and 50 years since the adoption of the International Convention for the Safety of Life at Sea (SOLAS).SOLAS was first adopted in 1914, in response to the Titanic disaster.
Italian state-controlled shipbuilding giant Fincantieri announced public finance expert Biagio Mazzotta has been appointed as chairman of its board of directors. The move follows the untimely death of General Claudio Graziano, who had been appointed in May 2022.Mazzotta's appointment comes at the recommendation of shareholder CDP Equity S.p.A.
Yemen's Houthis on Friday said they targeted two vessels in the Red Sea with drones and missiles, but there was no independent confirmation of the purported attacks.The group targeted the Elbella and AAL Genoa vessels with "a number of drones and ballistic and naval missiles", the Iran-aligned group's military spokesman Yahya Saree said in a televised speech.
Austal has secured a $516 million contract to construct the lead ship of the United States Navy's ocean surveillance program, T-AGOS 25, the Australian defence shipbuilder said in an exchange filing on Friday.The contract, announced on May 19, was originally for $113.9 million for a detailed design of the Auxiliary General Ocean Surveillance Ship T-AGOS 25 Class for the United States Navy
A maritime industry recruiter has agreed to work with plaintiffs and share worker compensation data in a lawsuit accusing major U.S. shipbuilders of limiting employee mobility, marking the first settlement in the case.Attorneys for a proposed class of engineers and architects suing General Dynamics
The international maritime industry, led by the International Chamber of Shipping, has joined together to express their concern for the seafarers from the Galaxy Leader who have been held hostage and call on the Houthis to release them.Monday February 19, 2024 marks the three-month anniversary since the Houthis seized the Galaxy Leader and its 25 seafarers in the Red Sea.
Rescue crews are searching by air and sea for six crew members missing from a Turkish-registered merchant vessel that sank in the Marmara Sea off northwest Turkey on Thursday.It was reported that the 69-meter general cargo ship Batuhan A started to sink at 6:30 a.m. local time due to bad weather and sea conditions, according to the Turkish Coast Guard.
Oil and gas companies and environmental groups on Monday filed dueling legal challenges to the Biden administration's five-year plan to offer drilling leases in the Gulf of Mexico.The petitions to a U.S. appeals court come four months after the Interior Department unveiled a congressionally-mandated plan for offshore leasing that included just three sales
Arsenio Antonio Dominguez Velasco has been confirmed as the next Secretary-General of the IMO. The IMO Assembly unanimously approved the decision of the Council at its 129th session on November 30.Dominguez Velasco will take up the office of Secretary-General on January 1, 2024, for an initial term of four years. He becomes the Organization's 10th elected Secretary-General.