MARINE MARKET REPORT - Insurance Broking & Risk Management ...€¦ · Tim was most recently at Argenta Syndicate and is a very well-known figure in the Lloyd’s market. Simon Stonehouse

ARTHUR J. GALLAGHER AJGINTERNATIONAL.COM MARINE HULL & MACHINERY AND WAR RISKS MARKET UPDATE 2014 1

MARINE HULL & MACHINERY AND WAR RISKS MARKET UPDATEDECEMBER 2014

MARINE MARKET REPORT

MARINE HULL & MACHINERY AND WAR RISKS MARKET UPDATE 2014 AJGINTERNATIONAL.COM ARTHUR J. GALLAGHER 2

Founded by Arthur Gallagher in Chicago in 1927, Arthur J. Gallagher & Co has grown to become one of the largest insurance brokerage and risk management companies in the world. With significant reach internationally, the group employs over 17,000 people and its global network provides services in more than 140 countries.

Outside the US, we use the brand name Arthur J. Gallagher.


CONTENTS

Market Report December 2014 2Market Moves 2Hull & Machinery Casualties 3Kidnap & Ransom Market Review 11Piracy & War Incidents 12Piracy & War Reports 16Crew Personal Accident and Medical Cover 25Sources 26


MARKET REPORT DECEMBER 2014

Welcome to the December 2014 edition of the Arthur J. Gallagher Marine Hull and War Risks Market Report. In this issue we have included a review of the current state of the marine Kidnap and Ransom market alongside the latest news and reports from the high risk areas. There is also a summary of our facilities for Crew Personal Accident and Medical Expenses for which we are seeing an increased demand. As always the periodic reports of recent marine casualties are contained herein. We will shortly be publishing our Annual Marine Casualty Review which will contain more detailed statistics and analysis of claims and incidents during 2014. In terms of the hull & machinery market, the year has been characterised by a continued stagnation of rates in light of a relatively benign claims environment during the last few years, especially in terms of major losses. Attritional claims continue to be problematic for Underwriters, however, the plentiful capacity is ensuring a healthy environment for owners to keep costs low. As always, the latest casualty reports are included in this review.

Whilst major piracy incidents have been less frequent, there is a worrying trend of increasing attacks in South East Asia. There were 90 incidents in the first 6 months of 2014 compared with 61 during the same period in 2013. Two incidents of siphoning ship fuel/oil have been reported in October alone taking the total number of such incidents to 11 during the year to date. There are a number of related articles in the recent reports of war and piracy incidents which are attached to this report.

AJG is proud to lead the way in providing placement solutions for the most complex risks and the swift resolution of claims. Our clients benefit from our strong market relationships and high levels of expertise in all aspects of marine insurance. We will continue in 2015 to deliver first class risk management solutions and the exceptional levels service which are demanded in the global marketplace.

MARKET MOVES

There have been some major recent personnel changes in the market as companies and syndicates position themselves for 2015 and beyond.

The hull & machinery team from Hardy Syndicate recently resigned to start writing business for NOA 3902 with immediate effect. NOA is managed by Ark Syndicate Management, the same company which also manages Syndicate Ark 4020. The hull team including Charlie Fletcher, Kevin Jones, and Georgie Dunley expect to write a similar profile specialised book as per their historic expertise. Tim Howard-Smith has joined Hardy Syndicate to commence underwriting immediately. Tim was most recently at Argenta Syndicate and is a very well-known figure in the Lloyd’s market.

Simon Stonehouse has resigned from Brit Syndicate 2987 to start a new role in Singapore with Asia Capital Re. Simon is a former Chairman of the Joint Hull Committee and one of the most recognised figures in the London marine market. He will be missed in London but we are sure he will be similarly well received in the Singapore market.

Davinia Melachrinos has resigned from Amlin and will shortly join Argo Syndicate 1200 to write hull business. Argo has been involved in the marine market for a number of years although its focus to this point has been primarily yachts.


Java Bonitos 15th August 2014Local media reported the Indonesian-flagged product tanker, Java Bonitos, suffered three blasts while passing through the Bangka Strait, off southern Sumatra, the Java Sea on 15th August 2014.

The explosions are said to have originated from the tanker’s engine room resulting in a fire that spread across the vessel’s hull. There were 21 crew members aboard when the accident occurred.

The captain ordered the crew to jump overboard. Four crew members were feared dead, while the remaining 17 were rescued but have sustained burns.

The abandoned tanker was left drifting in the area and salvors had to wait for the hull to cool down before boarding the tanker to look for the missing crew.

The vessel, was heading from Palembang Sumatra to Jakarta loaded with condensate.

Amadeo I 18th August 2014The Chilean ferry Amadeo I is seen in the above photo after it ran aground in the area of Paso Kirke, near Puerto Natales city, south of Santiago on 18th August 2014.

According to local media, the ferry’s 17 passengers and 28 crew members were all evacuated and no oil spills or casualties were reported.

Reports indicate the ship may have struck the rocky bottom and then was purposely steered into shallower water in order to keep the vessel from sinking entirely. The captain and the 13 of the ship’s officers allegedly remained on board during the evacuation.

Norrland 1st September 2014During the early hours of the morning of 1st September 2014, the 107m long Antigua & Barbuda-flagged Norrland, ran aground on the shore of Kinsavik off Ullensvang in the koHardanger fjord, east of the Norwegian city of Bergen.

The grounding took place at approximately 3am. All of the vessel’s crew were breathalysed and found to be within accepted limits. It has been suggested that the grounding was as a result of a technical failure, as whereby the steering failed to respond and the Norrland headed to the shore.

The incident took place at high tide and it appears that the attempts by the Second Officer to slow the vessel following the technical failure may have limited any damage since no leakages were noted. This was later verified by state divers pending refloating efforts.

HULL & MACHINERY CASUALTIES


Typhoon Luis Hitting PhilippinesTwo passenger vessels sank when Typhoon Luis struck Philippines. According to reports, the Maharlika II, a 1984 built passenger ro-ro, experienced steering trouble off Southern Leyte province and was battered by huge waves as well as fierce winds, coast guard Captain Joseph Coyme said. Many passengers were rescued by passing vessels. Unfortunately the exact number of the missing cannot be confirmed as many passengers, including the drivers of the 13 vehicles that were on board, were not registered on any list. There were fears that more than 30 passengers were missing following the incident.

The next day the Super Shuttle Ferry 7, capsized off the Manila bay where she had been docked for more than a year due to ongoing repair works. The ferry was attempting to seek shelter inside the port when it capsized and sank, gladly all the crew members ended up safe even though they were in the water for approximately two hours.

Cilacap Permina Samudra 104 16th September 2014According to Indonesian media reports, twenty one workers were evacuated from the 1975 built FSO which is based in Indonesia. Unfortunately one man was left trapped in the engine room.

Reportedly, the fire broke out as a consequence of an electric fault in the engine room, spreading to the bridge of the vessel.

The vessel was moored near Kota Baru, Kalimantan, Indonesia at the time of the incident. TribunKalteng.com writes that the scorched body of Purwo Hadi Wibowo, the chief engineer stuck in the engine room when the fire broke out, was recovered the next day. The 230.88m long vessel built in 1975 is owned by the Indonesian oil company Pertamina.


Europalink 21th September 2014The 42,000-gt Italian-flagged Europalink (built 2007) was en route to Ancona, Italy from Patras, Greece when she scrapped the rocky seabed, at the small island of Peristeres, north of the strait of Corfu. Carrying 762 passengers and crew and 306 vehicles, the ship later made it into the port of Kerkyra where she was inspected by Greek authorities.

She was found to have suffered two large cracks on her starboard side and water ingress in the boiler room which needed to be controlled by pumps. The vessel was later towed to Yalova, Turkey to undergo repairs.

Colombo Express/Maersk Tanjong 29th September 2014On 29 September the Colombo Express, a containership owned and operated by Hapag-Lloyd, and the A.P. Moller-Maersk vessel the Maersk Tanjong were in a dramatic collision with each other at the intersection of the West and East Branches of the Suez Canal off Port Said. Both vessels were traveling southbound. The Colombo Express, which has a capacity of 8,750 TEUs, was in a convoy of vessels coming

from the West Branch of the Canal. The slightly smaller Maersk Tanjong, with a capacity is 8,112 TEUs, was proceeding on the East Branch, having just departed the Suez Canal Container Terminal, and was attempting to join the same convoy when the collision occurred.

It is reported that the Colombo Express, which was apparently trying to overtake the Maersk Tanjong, suffered a technical issue with her left rudder which, when applied to come back to a parallel course, went hard to port causing the vessel to veer towards the Maersk vessel.

The Colombo Express suffered a 20-metre dent to her port side forward and three containers from the Maersk Tanjong were lost overboard, although two are thought to have since been recovered. Despite the force of the impact, the hulls of both vessels remained intact and there were no reports of any water ingress. Following the collision, the containerships subsequently anchored to undergo inspections of the damages.


Pride of Canterbury 29th September 2014A P&O ferry, the Pride of Canterbury erupted in flames as it sailed from Dover, England to Calais, France. According to reports, a fire broke out in the engine room of the vessel as it was approaching the French port. 337 passengers and 119 crew members were aboard the ferry at the time of the fire and were all rescued.

Pacific Quartz S 3rd October 2014The 47,941 dwt oil / products tanker struck the seabed whilst entering Durban port during heavy seas.

The tanker suffered damage to its No 6 starboard ballast tank resulting in water ingress. It is understood that at the time of the accident the vessel was under the control of a local pilot and proceeding at 8-10 knots, while carrying 34,821 tonnes of diesel.

Ocean Drover 9th October 2014The livestock carrier suffered significant damage following a fire which occurred whilst the vessel was moored in the port of Fremantle. It took over 12 hours for the fire fighting crews to bring the situation under control. Port tugs were also tasked to assist and provided cooling operations.

Ocean Drover, the world’s largest cattle carrier, with a carrying capacity of 75,000 sheep and 18,000 cattle is is expected to be out of service for some months whilst repairs

are undertaken. According to reports, even though the fire affected only the bridge and the crew accommodation, this may result in a large claim.

Many crew members were also hospitalised due to smoke inhalation but were later discharged, and one was in a critical but stable condition for days after the accident. It is fortunate that the Ocean Drover had yet to begin loading operations.

This was the second incident involving the Ocean Drover this year, as it previously experienced engine problems during a laden voyage from Australia to Israel leading to the death of some 840 sheep.


Ocean Researcher VA research vessel belonging to the Taiwanese Ministry of Science and Technology’s National Applied Research Laboratories sank off the Islands of Penghu on 11th October. According to the Coast Guard Administration, two researchers on board died following the vessel running onto a reef and sinking shortly afterwards.

The Ocean Researcher 5 was built in 2012 and had a speed of 12 knots. The approximate construction value of the vessel was NT$1.46 billion (USD 47.98m) and was insured for NT$1.5 billion, according to Simon Chang, Taiwan’s Science and Technology Minister. Four Navy frigates, four Air-Force helicopters and a transport plane were sent for the rescue mission. According to reports, local media have pointed that the inexperience of the crew was critical and led to the accident, igniting a debate on whether the government was right to sign agreements with third parties that provided the crew of the vessel.

BBC Bangkok 9th September 2014

The general cargo ship BBC Bangkok caught fire during loading operations in Rostock, Germany. The crew reacted immediately and at the scene were dispatched several shore firefighting teams. After 4 hours it was reported that the fire was under control. During the investigation by the fire team, it was found that the fire broke out due to sparks on the deck during the cargo handling operations.

The nacelle of a wind plant and several other parts in the cargo were damaged seriously, along with the hull of BBC Bangkok. As pointed out in our previous edition of the Arthur J. Gallagher Hull and Machinery Review, following similar incidents, it is important for crew members to be very careful during loading operations or when undertaking minor repair works on board

Ince Inebolu 9th September 2014

The MV Ince Inebolu was refloated by its own means after running aground 5th September 2014 on the Greek island of Astypalea on her voyage from Yemen to Romania. The Turkish-flagged bulk carrier was escorted by a tug to Skala Astypaleas where it was safely anchored. No injuries were reported among the 22 crew members. It is worth mentioning that Ince Inebolu is the second unlucky Turkish vessel, running aground in the Greek Waters recently, following the accident of the Yusuf Cepnioglu in Mykonos last March.


Dekheila 4 11th September 2014The 280gt tug sank on the 11th September. The vessel, according to records was operated by the Egyptian Ministry of Maritime Transport - Ports & Lighthouses Administration, and was involved in projects in the El Dekheila port.

The small tug was built in 1997 at the Timsah Ismailia yard, as part of a block of 11 tugs built in Egyptian shipbuilders during the late ‘90s- early ‘00s, on behalf of the government. She was a sister ship of the TABA (1996, 280gt) which is currently laid up.

The Dekheila 4 is the second tug sinking in Northern Egypt, in almost a year. In August 2013 the small tug Tersana 1 sank in the Suez Canal.

Parida 08th October 2014The 5,850-dwt Parida (built 1999) was adrift en route from Scrabster to Antwerp while carrying a cargo of radioactive concrete waste. According to a spokesman from the UK Maritime & Coastguard Agency “She had a fire in one of her funnels at around 8pm so the crew had to immediately switch off the engines.”

The vessel was drifting towards the Beatrice Oil Platform which is operated by Ithaca Energy. As the BBC reported, the blaze was extinguished, but 52 workers were taken from the Beatrice platform by helicopter as a precaution. No members of the Parida’s crew were harmed and the cargo remained undamaged.


Boxships ablaze 28th October 2014Containerships controlled by Ship Finance International (SFI) and United Arab Shipping Co. erupted in flames following an allision at a terminal in Malaysia.

First responders from the Selangor Fire & Rescue Department posted photos of the San Felipe and Al Riffa on Facebook and Twitter.

The vessels involved in the Port Klang crash have been identified as the 8,714-teu San Felipe (built 2014) and 13,470-teu Al Riffa (built 2012).

Sources say fires broke out on the forward decks of both ships after the former struck the latter, which was moored at a terminal when the incident started to unfold.

In a statement a spokesman for Bernhard Schulte, which manages the San Felipe on behalf of SFI, noted a pilot was on the smaller of the two vessels when they collided. The company indicated that the fire on the San Felipe “has been controlled” but didn’t shed light on the status of the Al Riffa, which was towed to sea as a precaution.

It also confirmed that no injuries were reported and pointed out that tugs were standing by for further assistance in case needed.

Bahamas Celebration 31st October 2014Seven hundred passengers and crew members were evacuated from the Bahamas Celebration after the cruise ship ran aground outside Freeport Harbour.

Salvage crews have spent the day assessing the damage caused by “a small hole in the side of the vessel” after it ran aground 200 yards

outside the port at around 9pm. The ship returned to port and all passengers and crew left the ship safely.

James Verillo, owner of the Bahamas Celebration cruise line, said one day after the grounding that a small hole on the side of the vessel was repaired and the ship was in no danger of sinking.

“The ship is listing at about 10 per cent and there is a whole host of professionals on board dealing with the issue. There was a small hole on the side of the ship that has already been patched,” he said.

Mr Verillo said that the cost of repairing the damages at this stage is unknown. Earlier reports that day had suggested there was a 50-50 chance the ship might sink.

The cruise ship initiated emergency procedures and all passengers were instructed to put on life jackets when the vessel ran aground.

According to a statement issued by the Celebration Cruise Line, passengers were never in any danger and were being accommodated at various resorts on the island. It is not known how many passengers were onboard at the time.

“As a precaution, all passengers we’re asked to put on life jackets and emergency steps were taken as the ship staff practices every week. No passengers were ever in any danger and everything was handled in an organised and efficient way by the ship,” it stated.


Marco Polo 1st November 2014A cruise ship, which was hit by a wave which killed an 85-year-old passenger earlier this year, has been freed after becoming grounded off Norway.

The Marco Polo, which sailed from Tilbury in Essex, got stuck with 763 passengers on board in the Lofoten Islands on Saturday 1st November.

Owners Cruise & Maritime Voyages (CMV) said it was freed in an operation at high tide.

The 22,000 tonne ship was on a 14-night cruise to Norway when it got stuck in soft mud as it dropped anchor in high winds near Leknes, off northern Norway.

A CMV spokesman said: “There has been no oil pollution arising out of the incident and none of the 763 mainly British passengers or crew have been injured.

“Passengers wishing to go ashore were transferred by tender and the local tour programme continued as scheduled.”

The company said divers had inspected the hull and propulsion system and found no damage.

Mr Swinstead, from Colchester, died during a 42-night cruise on a different route on 14 February. A wave crashed through windows to a restaurant while the boat was heading back to Tilbury.

Coupling caused fireAn engine room fire aboard a bulker in Australia in July was most likely caused by the failure of a fuel oil pipe coupling, a preliminary report has found.

The fire started on 13th July 2014 in the engine room of the 207,250-dwt Marigold (built 1990), while the ship was berthed at Port Hedland. “The evidence indicates that a fuel oil pipe coupling on number one diesel generator had failed,” the Australian Transport Safety Board (ATSB) said.

“Pressurised fuel oil and mist from the coupling ignited and resulted in a fire around the generator turbocharger.” The ATSB said attempted firefighting measures included deploying the ship’s halon gas fixed fire suppression system for the engine room.

“However, a full release of Halon gas did not occur and the engine room was not properly closed. As a result, the fire continued for about 12 hours until it burnt itself out.” Consequently, there was significant damage to the ship’s generators, electrical system, wiring and switchboards throughout the engine room and engine control room, the ATSB said.

Two Burmese crewmen and the South Korean chief engineer aboard the Korea Line Corp vessel were treated in hospital for burns. On 23 July the ship was taken in tow by a salvage tug from the anchorage bound for Singapore to carryout repairs.

The ATSB said the investigation is ongoing and will focus on confirming the cause of the fire and why there was a partial failure of the Halon system. It will also examine the maintenance of the ship’s firefighting equipment and appliances as well as both ship and shore emergency response.


KIDNAP & RANSOM MARKET REVIEW

EDWARD REMNANT ASSOCIATE DIRECTOR | AJG MARINE [email protected] TEL: +44 (0)20 7204 6033

Piracy activity in East African waters continues to decline. Suspicious approaches by pirates remain common, however the use of armed security teams, adherence to BMP4 recommendations, and continuing international and regional counter-piracy efforts appear to have deterred actual attacks. The arrest in August 2014 of Mohamed Garfanji, a well-known Somali pirate leader, may also have contributed to the reduction in numbers of crew kidnappings and vessel hijackings. Nevertheless, there are concerns that the recent kidnapping of 10 crewmembers on-board the MV “JAMILA” (11th July 2014) by Al-Shabaab militants could signal a new wave of piracy incidents, albeit from a different source than the traditional Somali problem.

What is the outlook? Owners will need to remain vigilant to the problem. The extra capacity provided by a proposed 45 mile passage extension to the Suez Canal, may increase both the number of transits and the amount of cargo traded. As a result, there could be intensified focus from pirates. This may be exasperated by the recent contraction in the number of private maritime security companies providing armed guards. With fewer guards available, vessels may be become increasingly exposed. Consideration should also be given to the civil instability in countries neighbouring Somalia, in particular the Houthi rebellion in Yemen. This has recently spilled into the capital Sana’a, which could significantly impact maritime security in the region.

Pricing in the market remains very competitive. However, the large reductions seen in recent years are no longer being mirrored due to a perception that minimum premium levels have been reached. The market is saturated with plentiful capacity both in Lloyd’s, Europe and Far-Eastern markets. This will likely ensure that the rating does not increase in the foreseeable future.

Arthur J. Gallagher will continue to seek solutions for owners and managers alike, and with over 4,000 transits worldwide, we are very well placed to offer tailored advice and competitive terms.

11ARTHUR J. GALLAGHER AJGINTERNATIONAL.COM MARINE HULL & MACHINERY AND WAR RISKS MARKET UPDATE 2014


PIRACY & WAR INCIDENTS

Thai Tanker Hijacked 28th August 2014Armed pirates hijacked a Thai tanker off Malaysia’s east coast and stole its oil cargo, adding to a series of robberies that has heightened concerns of the growing Southeast Asian piracy plague. The incident took place in the South China Sea as the tanker was travelling from Singapore to Thailand. According to ReCAAP, the pirates ordered the crew to open all cargo valves, activate the cargo pump and transfer the lube oil to two other tankers.

The International Maritime Bureau said the ship’s crew was locked in the engine room as the pirates siphoned off the tanker’s cargo of lubricant oil to another vessel. The ship and its crew - all unharmed - were released early the day after. Under a routine practice, the IMB did not release the name of the ship or its owners at the time of the event, but the vessel has later been identified as the “V.L 14”.

The attack was the tenth in the South China Sea since April – an abnormal pattern. Piracy was a menace in the area for centuries, but increased patrols by regional countries were credited with bringing a sharp decline in attacks in recent years. However, an outbreak of bold hijackings in recent months, usually targeting tanker cargoes, has sparked fears that the region’s vital shipping lanes are once again a hotspot for piracy – particularly the Malacca Strait.

About one-third of global trade flows through the strategic channel, which runs between Indonesia, Malaysia, and Singapore.

Pirates attack tanker off Ivory Coast 3rd September 2014Armed pirates robbed a petroleum products tanker near Ivory Coast’s port of Abidjan, an indication of the increasing mobility of Nigeria-based gangs. The raid on the tanker came a day after two failed pirate attacks that occurred just hours apart in waters off Nigeria’s southeastern coast, according to sources. Pirate attacks in West Africa’s Gulf of Guinea, a significant source of oil, cocoa and metals for world markets, have almost doubled since last year, jacking up insurance costs for shipping companies.

The vast majority of the region’s maritime robberies and hijackings are believed to be carried out by criminal gangs based in Nigeria, and a security advisor said this was likely the case with the three incidents last week. According to the International Maritime Bureau (IMB), the attack occurred at 9.15 p.m. (2115 GMT) on Aug. 27 around 45 nautical miles southeast of Abidjan, one of West Africa’s busiest commercial ports. “Twelve armed pirates with guns boarded a drifting product tanker. They took hostage all crew members, stole the ship’s cash, crew cash and personal effects and escaped,” the IMB report stated. The attackers destroyed the vessel’s navigation equipment before leaving the ship, but no crew was injured and the tanker was not damaged. A private security advisor who monitors West African piracy confirmed the attack, however a senior Ivorian maritime security official said he was not aware of the incident. The first known hijacking of a vessel in Ivory Coast’s territorial waters occurred in late 2012. Similar attacks were reported in the months that followed, but there has not been a successful hijacking off Ivory Coast in over a year, maritime officials said.

The country’s defense minister said earlier this year it was adding around 40 new vessels to its depleted navy to confront an increase of criminal activity off its coast. Some of those ships, including a 33-meter French-built patrol boat, have already entered into service. Unlike along the Horn of Africa, however, international navies are not actively engaged in counter-piracy missions in the threatened regional waters off Nigeria, Benin, Togo, Ghana and Ivory Coast.

12 MARINE HULL & MACHINERY AND WAR RISKS MARKET UPDATE 2014 AJGINTERNATIONAL.COM ARTHUR J. GALLAGHER


Vietnamese Oil Tanker vanishes 6th October 2014A Vietnamese oil tanker with 18 crewmembers on board went missing while sailing to central Vietnam from Singapore, according to various media reports. The Sunrise 689, owned by Haiphong Fisheries Shipbuilding Joint Stock Co., went missing less than an hour after leaving a Singapore port on 2nd October, confirmed an official with the Vietnam Maritime Administration. The vessel was carrying 5,226 metric tons of oil products and was scheduled to arrive at its destination on Sunday 5th October.

It appears that pirates stole and transferred part of the cargo to another vessel. All communication and navigation equipment was damaged. The vessel and crew were released on 9th October 2014. The crew and vessel were safe and proceeded to a safe port in Vietnam, with no injuries to crew. Please see page 22 for more information on this incident.

Operation Dignity sinks ship attempting to enter Benghazi Port 13th October 2014Operation Dignity claimed that its air forces bombed and sank a ship as it attempted to gain entry to Benghazi Port on 12th October 2014.

The Commander of Operation Dignity’s Airforce, Adam Saqr Geroushi, told the Libya Herald that aircraft under his orders had carried out the strikes on the vessel at 5:00 pm.

Geroushi said that Operation Dignity had announced repeatedly that it would bomb any ships attempting to resupply the forces of Benghazi Revolutionaries’ Shoura Council (BRSC) by sea. (see Arthur J. Gallagher Market Report, Issue 1). Include hyperlink: http://www.ajginternational.com/media/95376/ajg-marine-market-report_sept-2014.pdf

The airstrikes took place roughly 50 kilometres away from the port, Geroushi said. He explained that the boat had been just off the coast of Gunfudah, and believed that the ship’s crew must have perished in the attack.

Last month Operation Dignity bombed the port itself although causing only minimal damage.

At the beginning of August Operation Dignity reiterated its warning that it would use force against any vessels entering Libyan ports without proper clearance. The announcement followed a series of skirmishes in and around the port of Benghazi which finally saw the BRSC coalition forces take control of the facility.

In June, the pro-government forces destroyed two fishing trawlers, already inside the port of Derna, as they allegedly attempted to unload weapons and ammunition.



Houthi rebels take over Yemen’s Hodeidah port - residents 15th October 2014The Shi’ite Muslim Houthi movement which seized Yemen’s capital Sanaa last month has extended its control to the Red Sea port of Hodeidah, deploying checkpoints and also taking control of the city’s airport, local officials said.

Hodeidah is the second largest port in the impoverished Arabian Peninsula nation after Aden, a southern city on the Gulf of Aden.

Residents in Hodeidah told Reuters the Houthis had sent forces to all the city’s entry points, including its airport, meeting little or no resistance from security forces.

The Houthis’ capture of the capital Sanaa on 21st September 2014 stunned Yemenis, whose country has been gripped by political turmoil since mass protests in 2011 forced its long-serving president, Ali Abdullah Saleh, to step down. The Houthis, whose stronghold is in Yemen’s northern highlands, have imposed informal control of government ministries in Sanaa and have struck a power-sharing deal with President Abd-Rabbu Mansour Hadi and other political forces. Hadi named Yemen’s United Nations envoy, Khaled Bahah, as prime minister in a move welcomed by the Houthis, who have refused to leave Sanaa until a new government is formed.

Pirates kidnap ten 27th October 2014

Gunmen abducted four police officers and six oil workers in separate attacks that took place on 24th October 2014 in Nigeria’s Bayelsa region.

The Premium Times reported that pirates seized a police gunboat which was escorting a barge operated by Nigerian Agip Oil Company (NAOC).

They opened fire on the policemen, kidnapped the gunboat driver and three officers and made away with the arms onboard. The barge and the occupants

escaped since the police unit was the hijackers’ target. In a separate incident, pirates kidnapped six people aboard a boat belonging to Icon Xearex, an oil company

Dutch Tanker attacked 6th November 2014

The Dutch managed tanker, Basat, with 14 Turkish crew members was attacked by Nigerian pirates in Nigerian waters, reportedly on 5th November, en route from Douala Cameroon to Abidjan Ivory Coast. Pirates boarded the vessel, all but two crew made it to the citadel or a strong-room, maybe engine room. Unfortunately the two crew members were kidnapped. Reportedly pirates called crewing company in Tuzla and demanded USD 5 million ransom. Following negotiation, the ransom was reduced to USD 500,000. The crewing company said it would do whatever it takes to free people. On 6th Novmeber the tanker arrived on Abidjan road.

Libya closes Benghazi port amid fighting with militants

The major Libyan commercial port of Benghazi has been closed due to ongoing fighting between Islamist militants and pro-government forces struggling to retake the area.

“All ship movements and discharging of imports have been stopped,” a port official told Reuters on Tuesday. The Benghazi port is a vital terminal for eastern Libya as it serves for oil exports and imports of food and international goods.



This comes after fierce fighting erupted in the city on Monday with pro-government forces launching an attack on areas held by the Islamist militants.

The attack launched by forces loyal to retired general Khalifa Haftar backed by army units, was to “clear the zone of armed Islamist groups”, Colonel Ahmed al-Mesmari, armed forces spokesman, said, Reuters reported.

Earlier, the army had asked the residents of the district near the port to evacuate before a military operation to avoid casualties. Dozens of people left the city. However, many had nowhere to go and joined the security forces in the fight against the militants.

Last week the pro-government forces recaptured territories in south and east Benghazi, including army camps seized by the Islamists in July.

General Haftar launched a pre-emptive assault against militia bases associated with several Islamist groups in Benghazi in May. He blamed them for the constant bombings and murders in the east of the country in recent years. Then in Tripoli he launched an attack on the parliament building against what he called the “Islamist-dominated” government of the time. Now, Libya’s new parliament, the House of Representatives, has given General Haftar its backing.

Islamist militias now control large parts of the country as Libya plunged into chaos following the 2011 revolution. The country is divided between two rival governments, with disparate tribes, militias and political factions fighting for power in the country.

Among the Islamist groups is Ansar al-Sharia, which has declared a caliphate in the area of the city of Derna. This group is considered as a terrorist organization in Europe and in the US.

At least 250 people have now been killed in government-backed operations started in October to defeat the Islamists, according to medical sources.

The internationally-recognized and newly-elected government had to flee from the capital Tripoli to the eastern town of Tobruk close to the Egyptian border after militias took control of the capital in July. It aims to relocate to Benghazi soon once army units restore security there, its deputy speaker said on Tuesday.

“We plan to move there soon, maybe in one or two weeks,” Deputy Speaker Emhemed Shoaib told Reuters. “We need to speak to the army about the security situation.”

Benghazi was the city where mass protests against Gaddafi erupted in 2011 and escalated into an armed revolt that toppled him.



PIRACY & WAR REPORTS

Mary Harper, BBC News, Nigeria

Danger zone: Chasing West Africa’s piratesTake a boat ride out from the Nigerian port of Lagos and it is easy to see why piracy, sea robbery and other forms of maritime crime are such a problem.

The ocean is swarming with cargo ships, oil tankers, barges and other vessels waiting for permission to enter the overcrowded port.

Great hulks of rusting metal, anchored and sitting low in the water, almost as if they are inviting pirates to sling their ladders over the side and clamber up on board.

“It was 14 August 2014,” says Nigerian navigation officer Rotimi George.

“At around 2am I heard banging on my cabin door: Boom, boom, boom, boom. ‘Pirate attack, pirate attack’.” They seized the captain, who was Russian, and the Ukrainian chief officer.

Mr George is one of hundreds of seafarers who have been attacked this year off the coast of West Africa one of the world’s top piracy spots - and far more dangerous than the waters off Somalia.

Psychological scars According to the International Maritime Bureau (IMB) and the Oceans Beyond Piracy group, there has been an escalation in violence.

More seafarers were killed and wounded in the first nine months of 2014 than for the whole of 2013, when more than 1,200 were affected.

This is believed to be a conservative estimate, as the IMB says about two-thirds of attacks off the coast of West Africa go unreported.

As well as physical violence, there are the psychological scars.

Captain Suresh Biradar, an Indian who was kidnapped off the coast of Nigeria, says he will never return to sea again.

“They kept us on the bare wooden floor of a tiny hut. Each day, the only food we had was a 70-gram packet of noodles.”



“The pirates became violent after taking drugs. They pointed guns near our heads and ears, and fired bullets.

“I was released after 28 days when a ransom was paid.”

The experiences of Mr George and Capt Biradar reflect a growing trend, not only of kidnapping for ransom, but of pirates sorting through the crew and taking away those considered to have “high-value” nationalities.

A study by Oceans Beyond Piracy has documented how pirates have seized American, Indian and Polish seafarers, but have left behind Nigerians because they are considered worthless in terms of ransom.

Robbery, cargo theft and ransoms Unlike Somali pirates, who have used the single technique of seizing ships and their crew for ransom, there are three types of piracy in the Gulf of Guinea.

According to a former member of the British special forces, Sven Hanson, who now works for a private maritime security company in West Africa: “You’ve got the classic armed robbery at sea, which has been happening for centuries, where pirates board a vessel to steal money, radios and mobile phones.”

“The next scale up is cargo theft, the predominant threat in West Africa, when pirates hijack an oil tanker, take her to a quiet place, bring another ship alongside and siphon off the oil.

“Third, there’s kidnap for ransom when pirates seize the expatriates.”

In most cases of West African piracy, the pirates want the cargo, not the crew.

This means levels of violence are higher than they are off the coast of Somalia, where the pirates need to keep the crew alive in order to obtain ransoms.

“The attacks are deadly and brutal,” says the first female head of the Nigerian trawler owners’ association, Margaret Onyema-Orakwusi.

“The pirates throw the captain and chief engineer into the cold room where we store the fish. They freeze to death,” she says.



“Piracy has decimated the fishing industry; 100,000 jobs have been lost and Nigeria now imports more than 80% of its fish.”

Many of the pirates are former militants from the oil-rich Niger Delta region, although, as maritime expert Bolaji Akinola points out, they are just part of a complex, global jigsaw.

“The criminality stretches very wide - if someone steals crude oil, he has to sell it either to a country or a multinational company.”

A pirate based in the Niger Delta said the only way to get a share of the region’s oil wealth was to rob ships.

“We attack seafarers and we beat them so they’ll tell the government,” he told the BBC.

“They’re eating the oil companies’ money while we go hungry. We have to collect their money in order to survive.”

In its efforts to combat maritime crime, Nigeria has a bewildering number of government agencies, partnerships with private security companies, even deals with former seafaring militants who have themselves carried out spectacular acts of piracy.

Senior naval official Rear Admiral Samuel Alade says piracy has been “drastically reduced” because of what the navy and others are doing.

‘War risk area’ Not everyone shares his point of view.

The Norwegian Ship-owners’ Association says the number of times its vessels visited Nigerian ports decreased by 37% between 2011 and 2013 because of the threat of attacks, even though port calls to the rest of Africa increased by about 20%.

Underwriters have designated the waters off Nigeria, Togo and Benin a “war risk area”, pushing up insurance costs.

This ultimately affects the cost of food, oil and anything else that is transported by sea from West Africa.

Nigeria’s multi-pronged approach to tackling piracy has generated confusion, even amongst its own security agencies.

Nigerian maritime police in October 2013 opened fire on Nigerian naval personnel after mistaking them for pirates.

In March 2014, two British men working for a private maritime security company were arrested and accused of stealing oil.

The strategy of paying former militant leaders to help fight maritime crime is also proving problematic.

One former Delta warlord, General Boyloaf, who led a spectacular attack on a Shell oil platform 120km (74 miles) out to sea, was in August 2014 appointed by the authorities as leader of a maritime security outfit in his home state of Bayelsa.

“The government was having serious security challenges in the creeks,” he said.

“They chose me to deal with it as the creeks are my terrain. I was born in the creeks, I fought against the government in the creeks and I will now use that knowledge to hunt the pirates.”



But dressed all in white and sitting on a black sofa under an oil painting of a tiger in his villa in the capital Abuja, he complained the government was “choking” funds agreed as part of a 2009 amnesty for the militants.

“What do you expect us to do? We will fight. I know what my people are capable of doing,” he said.

Maritime expert Bolaji Akinola does not think former warlords should be involved.

“People who fought against the state are now being hired to protect its most precious facilities. If they’re no longer satisfied with what they’re getting, they can hold the state to ransom.”

Mr Akinola believes efforts by the Nigerian authorities and their partners in the private sector are beginning to “push the pirates back”, at least in Nigerian waters. But the pirates are not going away.

A bit like squeezing a balloon, he says they are “going further west and further south, and deeper into the Atlantic Ocean”.

“The situation in the Gulf of Guinea is going to get worse before it gets better.”



Robberies take toll on Asian shipping on the first six months of 2014

Authorities have been urged to step up efforts to reduce crime against shipping in Asia.

During the first six months of 2014 there were 90 incidents compared with 61 in the first half of 2013. Piracy and attempted robbery against ships has spiked during 2014, as authorities and shipowners are urged to be extra vigilant. The ReCAAP Information Sharing Centre has reported 129 incidents against ships in the period January to the end of September — 117 actual and 12 attempted — in Asia, compared with 99 in the same time period during 2013.

Most of this rise occurred during the first half of the year. Between the start of July and the end of September, incidents tailed off somewhat, with 39 incidents compared with 58 during April-June; a 33% quarter-by-quarter drop.

ReCAAP noted the January -September trend represented the highest number of incidents in that time period for each of the past four years, albeit that many cases were minor.

“Except for incidents involving siphoning of ship fuel/oil, the bulk of incidents reported…. were petty thefts,” it said. Although incidents involving fuel/oil siphoning decreased during August and September, the ISC indicated such incidents were concerning and urged authorities and stakeholders “not to be complacent”.

In a recent incident reported by Lloyd’s List, pirates seized a small product tanker Sunrise 689 near Singapore, releasing it only after making off with more than 5,000 tonnes of gasoil, as described in more detail on page 13 and 22. There were also cases of robbers raiding ships at anchor in Indonesia, particularly north-east of Pulau Bintan in the South China Sea. “These opportunistic robbers also boarded ships while underway in the eastbound lane of the Traffic Separation Scheme in the Straits of Malacca and Singapore,” the centre noted. ReCAAP urged states to step up surveillance, maintain a continuous presence and conduct more regular patrols in the Straits of Malacca and also near Singapore.

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MAP COURTESY OF: RECAAP ISC 3RD QUARTER REPORT14

(HTTP://WWW.RECAAP.ORG/PORTALS/0/DOCS/LATEST%20IA/2014/RECAAP%20ISC%203RD%20QUARTER%20REPORT14_

OPEN%20VERSION_171014B.PDF )

LOCATION OF INCIDENTS SE ASIA (JANUARY – SEPTEMBER 2014)



Vietnamese tanker captain tells of harrowing pirate ordealThe Vietnamese diesel tanker crew that was taken by masked pirates off the coast of Singapore believe the men were Indonesian. A Thanh Nien reporter reached Captain Nguyen Quyet Thang of the Sunrise 689 by telephone at around 5pm after the pirates released him and his 17 crew members early that morning.

The 6,000-ton tanker left Singapore on 2nd October 2014, but vanished from radar at 4:27am the following morning. Vietnamese maritime officials said they lost contact with the vessel when it was around 120 nautical miles (222 kilometers) north-east of Singapore and 360nm (592km) from Ca Mau.Thang, soon after 5,200 tons of diesel fuel were loaded onto the ship at Horizon Port in Singapore at around 6am (Hanoi time) on 2nd October 2014, they left for Vietnam.

Pirates caught up to them on a speedboat and two small fishing vessels early the following morning. “More than ten pirates jumped onboard our vessel. They were aggressive, brandishing guns and swinging knives, but luckily we all managed to avoid them,” Thang said. The pirates ransacked the cabin and navigational equipment, except for the rudder and compass. They also took all the crew members’ cell phones, tablets, clothes, watches and jewellery.

Luong Dai Thanh and Tran Van Lich were the only members of the crew to suffer injuries. Thanh survived the initial assault with some broken toes and a broken kneecap. Lich suffered a sprained ankle during a fall caused by two pirates who kicked him off a ladder.

Crew member Pham Duc Thanh said the pirates wore masks to disguise their identities, but their voices, clothes and daily habits suggested that they were from Indonesia, Thanh said with certainty, citing his many years sailing through South East Asia. Captain Thang also said they’re veterans of the route and have met with people from all over the region. He seemed confident they were Indonesians.

The pirates had locked the crew in a tight room and only let them out once a day to cook and eat. Crew member Pham Quang Thanh said the “most dangerous and risky” moment came when they tried to recapture a cell phone from the mess hall. “We knew which bag contained the phones, so we took advantage of meal time, when the pirates let their guard down, to take one. There was no signal, so we couldn’t use it.” Thanh said they only took a cheap phone because the absence of an expensive one would have been noticed. He added that the pirates sailed northeast into the waters of Malaysia, then Cambodia and, finally, Vietnam where the pirates met up with a tanker, which drew off around 1,500 tons of diesel from the Sunrise 689.

The pirates intended to take all of the oil, but the crew members started to warn them that various maritime security forces were already looking for the Sunrise. “At around 1am, on Thursday, the pirates gave up,” the captain said.

“They withdrew on a fishing boat flying the Malaysian flag at the bow and the Vietnamese flag at the stern.” With all their GPS equipment destroyed, Thang sailed until they caught a cell phone signal and made several calls at around 5:30am to their families. They also made contact with their employer, the Hai Phong Sea Product and Shipbuilding Company in the namesake northern port city. Then, they set course for Vung Tau for repairs. “We were very panicked,” Thang said, “But after surviving my capture by a Somali pirate crew, I knew to tell my men to stay calm and not resist.”



Thang now has ten years of sailing experience under his belt, and two pirate abductions. His first ordeal began on 17th January 2011 when a crew of well-armed Somali pirates seized the Vietnamese Hoang Son Sun and held its crew hostage for nearly eight months. Thang, then a ship’s mate, recalled the Somali pirates as a band of terrorists.

“They had modern weapons,” he said. “They were more aggressive and reckless than those who attacked the Sunrise 689.” The Somali pirates, he said, were seeking ransom. They got nothing, but seemed to enjoy torturing their prisoners. Thang said the experience taught him to protect the lives of his crew before the boat and cargo. While being held by the Somalis, he said, his crew dismantled the iron bars that propped up the bunk beds and hid whatever knives they could find inside, in case they had to fight the pirates. “We were very lucky those makeshift arms never had to be used,” Thang said.

Major-General Nguyen Van Tuong, the commissar of Vietnam’s Coast Guard Command, said a coast guard ship reached the Sunrise 689 at more than 2pm on Thursday and escorted it to shore. The ship also brought a medical team in to tend Thanh and Lich’s injuries. Others were in good health and spirits since they had the chance to call home. Dao Van Quang, director of the Hai Phong Company, said their Singaporean partner has sent inspectors to Vung Tau to evaluate the damage to the boat. Major-General Nguyen Quang Dam, the commander of Vietnam’s Coast Guard, said they are hunting for the pirates with help from regional security forces.

Source: Thanhnien News



Asia Pirates More Active in OctoberThe Regional Cooperation Agreement on Combating Piracy and Armed Robbery against Ships in Asia (ReCAAP) reported eighteen maritime incidents in October 2014, most of which were petty thefts. The number of incidents in October increased when compared to July, August and September 2014, but did not reach the October 2013 number of twenty reported incidents.

Of the 18 incidents reported in October 2014, seven occurred in the Straits of Malacca and Singapore (SOMS), three in Indonesia, three in the South China Sea (SCS), three in Vietnam, one in Bangladesh and one in India.

Category 2 incidents reported in October 2014 were at their lowest in the five-year report period while the number of Category 3 incidents and petty thefts reported in October 2014 was fairly consistent with the same period in 2013. However, the two Category 1 incidents involving the siphoning of ship fuel/ oil were of concern. The siphoning incidents involved Vietnam-registered product tanker, Sunrise 689 on 9th October, and Thailand- registered tanker, Suratchanya on 15th October, both incidents occurring in the South China Sea.

These Category 1 incidents adhered to the general modus operandi of incidents involving siphoning of ship fuel/oil which has increased in frequency of occurrence since April 2014. In both incidents, the pirates siphoned off the cargos of gas oil/gasoline from the tankers, damaged the communication equipment onboard and stole the crew’s personal belongings and cash before escaping.

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BREAKDOWN OF INCIDENTS – LOCATION, OCTOBER 2014

BREAKDOWN OF INCIDENTS – SIGNIFICANCE, OCTOBER 2014


CREW PERSONAL ACCIDENT AND MEDICAL COVER

MIKE INGHAM ASSOCIATE DIRECTOR | AJG MARINE [email protected] TEL: +44 (0)20 7204 1864

Crew Personal Accident and Medical coverage is available to ship crews and many other types of maritime personnel. It offers no fault coverage for accidents, paying insured persons a capital sum benefit in the event of death or serious injury and also loss of income following accident or illness. Furthermore, it provides coverage for accident and illness medical expenses as well as the costs associated with emergency evacuation and repatriation.

It is now more important than ever to ensure extensive coverage for maritime personnel.

• The global shortage of qualified skilled seafarers has increased the need to provide high quality benefits in order to attract and retain the best talent.

• The rising incidence of piracy and attacks at sea has increased the dangers faced by crews and there is now a need to offer more comprehensive protection to seafarers and their families.

Although liabilities to crew are covered under P&I policies, there are unique benefits to purchasing additional Crew PA cover.

• Coverage is no fault meaning liability for an accident does not need to be demonstrated

• Coverage is operative 24 hours a day and accident or illness does not need to occur in the course of service

• Deductibles are typically nil for accidental death and injury benefits and very low in respect of medical expenses and loss of income. Crew deductibles tend to be significantly higher on P&I policies.

A Crew PA policy can sit alongside any existing P&I coverage to ensure more complete and thorough protection.

Gallagher London offers a facility specifically for ship crews and those engaged in marine activity. The facility is 100% written by Underwriters at Lloyd’s of London. Clients who already purchase coverage through us include:

• Shipowners

• Large Shipmanagement Companies

• Yacht Management Companies

• Offfshore Workers including Divers

• Maritime Security Companies

We are able to offer extremely competitive rates and extend coverage to include war and terrorism.



CASUALTY SOURCES

VESSEL SOURCE PHOTO

Java Bonitos http://worldmaritimenews.com/archives/134502/blasts-aboard-indonesian-tanker-leave-one-dead-three-missing/

Amadeo I http://gcaptain.com/chilean-ferry-amadeo-capsizes-running-aground/

Norrland http://rooselaw.co.uk/Roose+Partners%20Casualty%20Newsletter%20-%20Edition%2076%20-%203%20September%202014.pdf

Typhoon Luis Hitting Philippines

http://www.shipwrecklog.com/log/2014/09/super-shuttle-roro-7/

Cilacap/Permina Samudra S

http://www.offshoreenergytoday.com/engineer-killed-in-fso-fire-in-indonesia/

Europalink http://www.tradewindsnews.com/casualties/345069/Italian-ferry-runs-aground

Colombo Express/Maersk Tanjong

http://www.huffingtonpost.com/2014/09/30/suez-canal-ship-crash-_n_5908880.html

Pride of Canterbury

http://www.cruiselawnews.com/tags/pride-of-calais/

Ocean Drover http://www.perthnow.com.au/news/western-australia/fremantle-ship-fire-damage-bill-for-livestock-ship-ocean-drover-will-be-millions-of-dollars/story-fnhocxo3-1227086315493


Ocean Research V http://focustaiwan.tw/news/asoc/201410110002.aspx

BBC Bangkok http://marnews.net/bbc-bangkok-caught-fire-rostock/

Ince Inebolu http://gcaptain.com/bulk-carrier-ince-inebolu-refloated-greece/

Dekheila 4 http://www.rooselaw.co.uk/Roose+Partners%20Casualty%20Newsletter%20-%20Edition%2078%20-%2017%20September%202014.pdf

Parida http://www.bbc.co.uk/news/uk-scotland-highlands-islands-29531395

Boxships ablaze http://www.tradewindsnews.com/casualties/347523/Boxships-ablaze

Bahamas Celebration

http://www.tribune242.com/news/2014/nov/01/updated-bahamas-celebration-cruise-ship-runs-agrou/

Marco Polo http://www.bbc.co.uk/news/uk-england-essex-29870814

Coupling caused fire

http://www.tradewindsnews.com http://www.tradewindsnews.com/casualties/347329/Coupling-caused-fire


PIRACY & WAR SOURCES

SOURCE PHOTO

Thai Tanker Hijacked http://www.maritime-executive.com/article/Thai-Tanker-Hijacked-Robbed-2014-08-29

Pirates Attack Tanker off Ivory Coast

http://www.maritime-executive.com/article/Pirates-Attack-Tanker-off-Ivory-Coast-2014-09-03

Vietnamese Oil Tanker vanishes

http://www.maritime-executive.com/article/Vietnamese-Oil-Tanker-Vanishes-2014-10-06

Libya closes Benghazi port amid fighting with militants

www.Rt.com/news/202235-libya-clashes-islamists-benghazi/

Operation Dignity sinks ship attempting to enter Benghazi Port

Article by Noora Ibrahim, Libya Herald.

Houthi rebels take over Yemen's Hodeidah port -

http://uk.reuters.com/article/2014/10/15/uk-yemen-insurgency-idUKKCN0I40HD20141015

Pirates kidnap 10 http://www.tradewindsnews.com/piracy/347411/Pirates-kidnap-10

Dutch Tanker Basat attacked

http://www.news.odin.tc/index.php?page=view/article/1824/Dutch-tanker-Basat-with-Turkish-crew-attacked-two-crew-hijacked-Nigeria

PIRACY & WAR REPORTS

SOURCE PHOTO

Danger zone: Chasing West Africa’s pirates

http://www.bbc.co.uk/news/world-africa-30024009#story_continues_1

http://www.bbc.co.uk/news/world-africa-30024009#story_continues_1

Robberies take toll on Asian shipping

http://www.lloydslist.com/ll/sector/ship-operations/article450291.ece

Vietnamese Tanker Captain tells of harrowing pirate ordeal

http://www.thanhniennews.com/society/vietnamese-tanker-captain-tells-of-harrowing-pirate-ordeal-32345.html

Asia Pirates more active in October

http://worldmaritimenews.com/archives/143177/asia-pirates-more-active-in-october/

http://www.recaap.org/Portals/0/docs/Reports/2014/ReCAAP_ISC_October_2014_Report(Open).pdf


Arthur J. Gallagher (Specialty)

Walbrook OfficeThe Walbrook Building25 WalbrookLondonEC4N 8AW

Tel: +44 (0) 20 7204 6000Fax: +44 (0) 20 7204 6001

www.ajginternational.com

Arthur J. Gallagher (Specialty) is a trading name of Arthur J. Gallagher (UK) Limited which is authorised and regulated by the Financial Conduct Authority. Registered Office: The Walbrook Building, 25 Walbrook, London EC4N 8AW. Registered in England and Wales. Company Number: 1193013. www.ajginternational.com

The information contained in this market review has been compiled by Arthur J. Gallagher from various news sources. This review does not purport to be comprehensive or to give legal advice. While every effort has been made to ensure accuracy, Arthur J. Gallagher cannot be held liable for any errors, omissions or inaccuracies contained within the document. Readers should refrain from acting upon information in this document without first taking further specialist or professional advice.

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MARINE MARKET REPORT - Insurance Broking & Risk Management ...€¦ · Tim was most recently at Argenta Syndicate and is a very well-known figure in the Lloyd’s market. Simon Stonehouse