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09 May 2025 - Year XXIX
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FORUM of Shipping
and Logistics


 

The Marine Insurance Markets in 2004

2004, a mixed year for marine insurers
2005, a year full of dangers!
 


Hull and machinery
Cargo market
The P&I Clubs
War risks - Political risks
Market organisation
Legal developments


The reduction in the number of major casualties, which characterised 2003, did not repeat itself in 2004, which saw a significant increase in the frequency and the average cost of the latter. The very healthy standing of the freight market and shipping in general led to a considerable increase in shipping activity, but also of the accidents linked to navigation.

A fragile marine insurance market and more and more concentrated

In this market, particularly favourable to the insured parties of the shipping world, the insurers seem forever subject to the erosion of their profit margins. Apparently the marine insurance market seems profit averse, since over the last ten years it has caused a number of large bankruptcies. The number of 'run off' companies has become so important that we can now speak of a real 'run off market'.

The proportion of companies which have stopped underwriting between 1997 and 2003 are:

  • 42 % of the marine syndicates of Lloyds,
  • 38 % of companies on the London market,
  • 60 % of companies on the European market,
  • 67 % of insurers of the American marine market.

However the capacity of the international market has never been as high as in 2004. Lloyds of London registered for 2004 a record underwriting capacity. Nonetheless it should be emphasised that, in an attempt to help stabilise a maritime and shipping insurance market, still looking for a good balance and in order to 'correct' it, Lloyds is proposing to lower the capacity in 2005 by some 9 %.
 

Hull and Machinery: a steadying of the increases  
In our 2003 report, we mentioned a slowing down at the end of the year of the rate increases that have been prevalent since 2000. In fact, 2004 would probably have only allowed insurers to maintain an upward pressure on their clients who were showing negative statistical results.

In 2004 competition increased considerably, encouraged by the new capacities notably coming from Russia, South Korea, and Poland. A strong flow of new investors, particularly in London and in Scandinavia, combined with these new capacities, helped stabilise the level of premiums.

The insured and their brokers can be pleased with the stabilisation of premiums for performing owners, but it would be dangerous for the quality of the Hull and Machinery market to see it drop again to lower levels, which would discourage some insurers who are still trying to balance their results!

For a lot of insurers who have voiced their opinion in the specialised press, as well as at the IUMI in 2004, the increases of the last 4 years are still considered inadequate and some see the end of the upward cycle as being a critical turning point. The rate increases have been very patchy according to the companies and despite some impressive percentage, the increase in premiums has been restrained and leaves no room for comfort.

The arrival of new capacities could be explained by the desire of certain re-insurers to push the 'regional' insurers and/or the less specialised towards underwriting international hulls, in order to avoid a too strong concentration of capital in the hands of the 'leading underwriters', who are becoming stronger and less numerous. Specialised insurer brokers are thus having to question as to which line of action to follow:

- to encourage additional supply by proposing the new capacities to the detriment or in addition to traditional insurers (the current leading underwriters could then get discouraged and abandon this sector which is sometimes considered too cyclical) - to concentrate their placings with the traditional markets or insurers taking the risk of losing their client who naturally is looking for the most competitive option!

With a world Hull and Machinery premium volume in 2003 of around $3 billion, the main markets are the following:

  ($1,000)
Japan: 377,080
UK (Lloyds): 348,140
Norway: 337,400
France: 333,192
USA: 298,987
Italy: 258,681
UK (IUA): 194,700
Spain: 166,743

Ship's hulls under construction

In general, newbuilding and repair yards have been heavily penalised as a result of fires, producing severe losses in this sector: the comparison of claims/premiums has resulted in nearly 250 % over the last three years. The 'Pride of America' casualty, which occurred on January 13th 2004 while under construction in the Bremenhaven shipyard, has been the most important: the claim is estimated at $ 228 million.

In conjunction with the premium increases, prevention measures are now imposed systematically by insurers.
 

Cargo market insurance  
Competition has remained fierce on the main domestic markets for the coverage of goods carried for the own account of producers. This is also the case for large industrial projects. Nonetheless this sector produces positive results and the market has kept its tariffs stable.

In this type of risk there has been a diversification in the insurance offered, with on one hand the disappearance of traditional players due to effects of concentration, and on the other hand the arrival of new solid participants proposing top level financial capacities and technical skills.

With the most speculative risks notably that involving trading, the cargo insurance market is becoming more internationalised and some Dutch companies are taking a preponderant part of it.
 

Protection and Indemnity Clubs  
Taken altogether, results have been in the red over the last 6 years and, as a consequence, renewals on February 20th 2004 have been on the increase. As a whole, Clubs have achieved an average rise of about 10 %.

Only five Clubs (American Club, Britannia, the Japan Club, the Shipowners' Club, and Skuld) have been able to produce a profit in their technical results (before investments) and none of them were able to achieve anything substantial.

The pressure to increase premiums continues in 2005 but to a lesser extent, especially as a number of insured parties who have posted profits for their Club no longer accept the systematic increases (General Increase), even if this is in line with the basics principles of the P&I Clubs which is to be a 'mutual'.
 

War risks ' Political risks  
The shipping industry is having to face a growing threat: piracy. This is developing by 20 % per year and prospers in under-surveyed territorial waters, where both dangerous as well as high added value goods are transported.

However, this threat comes not only from pirates attacking merchant ships, but also from the outcome of a real maritime terrorism whose aims and intentions are far more sinister and whose potential to disrupt and disorganise the flow of international economic trade seems to have been largely underestimated.
 

Market organisations  
The main market places involved in international risks are organising themselves to increase their productivity.

In this respect Lloyds has launched the BPR (Business Process Reform), in order to optimise its output (delay and quality of issued papers), claims procedures and financial systems.

Through the implementation of 'Optiflux', the French marine insurance market is more modestly seeking to optimise its financial circuits, with the set up of new electronic procedures for co-insurance management.
 

Legal developments  
The 1996 protocol has come into force in May 2004. Based on this protocol, levels of responsibility have substantially increased, by about 150 %, although for small ships up to 500 tons the figure is close to 500 %. For the moment these limits only apply to the ten states that ratified the protocol in 1996, namely Australia, Denmark, Finland, Germany, Malta, Norway, Russia, Sierra Leone, Tonga and Great Britain.

In June 2004 during the closing session of the Vancouver Conference, the Maritime International Committee (CMI) adopted several amendments to the York and Antwerp Rules concerning General Average: salvage costs, crew wages and maintenance, for the period when the ship is in a port of refuge, will no longer be included under General Average balance.
 

* * *

With increased liabilities (in value, quantity and in legislation) will 2005 mark a new turning point in the maritime insurance market cycle? This is a great concern and there are already some signs of reducing premiums while specialised marine insurers and P&I Clubs continue to produce weak technical results.

 
 


Shipping and Shipbuilding Markets in 2004

I N D E X

›››File
FROM THE HOME PAGE
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Premuda, management buy-out operation on the entire share capital of the company
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Ships carried 60.0 million tons of cargo (+40.1%)
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Ankara
A total of 9,351 ships passed through
Tender for the expansion and technological modernization of Gate IV of the Port of Trieste
Mediterranean Emission Control Area for Sulphur Oxides Comes Into Force Tomorrow
Brussels
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Norwegian Cruise Line Holdings Reports Quarterly Net Loss of -$40.3 Million
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Hedehouse
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Hamburg
ONE closed fiscal year 2024 with net income of $4.2 billion (+336%)
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In the period the container fleet transported 3.1 million TEU (+2.3%)
In the first quarter, the revenues of the Chinese shipping group COSCO grew by +20.1%
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The fleet transported 6.5 million containers (+7.5%)
In the last quarter of 2024, Eurokai port terminals handled over 3.2 million containers (+9.4%)
Hamburg
In Germany, traffic was 1.9 million TEU (+14.0%) and in Italy 443 thousand TEU (+7.9%)
OOIL orders 14 new 18,500 teu containerships
Hong Kong
Dalian, Nantong shipyards win $3.1 billion contract
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Chinese ports set new cargo throughput record for January-March quarter
Chinese ports set new cargo throughput record for January-March quarter
Beijing
In the period, seaports handled 73.1 million containers (+8.3%)
Passenger terminal completed at Rizzo dock in Messina port
Messina
Work begins on remodeling the seabed of the port of Reggio Calabria
Le Aziende informano
Il retrofit ibrido-elettrico di ABB guida i traghetti dei laghi italiani verso un futuro più sostenibile
UPS closed the first quarter with a net profit of 1.2 billion dollars (+6.6%)
Atlanta
Revenues down slightly following sale of Coyote Logistics
Second Large Cruise Ship Built in China Launched
Shanghai
It will join the Adora Cruises fleet at the end of 2026
Uiltrasporti underlines the need to keep Italian ports under public control
Rome
The liner shipping industry contributes substantially to the U.S. economy.
Washington
This is highlighted by an analysis carried out by S&P Global Market Intelligence on behalf of WSC and PMSA
Toll worsens from explosion in Iranian port of Shahid Rajaee
Tehran
It caused 46 deaths and injured over 1,200 people
Tender for concession of container terminal at Ukrainian port of Chornomorsk to be announced by mid-year
Kiev
The management will include the general cargo terminal
Wärtsilä's first quarter is positive
Helsinki
New orders value growth slows
CEVA Logistics (CMA CGM group) will buy the Turkish Borusan Lojistik
ESPO: The EU Parliament's Budget Committee's request for more funding for transport, energy and infrastructure is welcome
Brussels
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Bureau Veritas Marine & Offshore Division Reports Record Quarterly Revenue
Neuilly-sur-Seine
New historical peak also for the classified fleet
PSA reportedly considering selling its 20% stake in Hutchison Ports
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This is according to "Reuters", which had already floated this hypothesis at the end of 2022
Federagenti, Italy must give a sharp acceleration to the projects of ZES, free zones and Special Logistics Zones
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Rotterdam
Both disembarkation (-3.1%) and embarkation (-11.9%) loads are decreasing
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Antwerp
The decline in liquid bulk cargoes worsened (-19.1%)
The China Shipowners' Association considers the measures taken by the US against Chinese ships a typical example of unilateralism and protectionism
Beijing/Washington
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COSCO Expresses Strong Opposition to US Planned Taxes on Chinese Ships
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Growing share of new entrants in European rail transport sector
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New Chinese Ship Taxes That Will Only Raise Prices for Americans
Washington
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Tax amounts set for China-linked vessels arriving at US ports
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Milan
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Helsinki
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Barcelona
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Paris
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Vard signs new contract with Dong Fang Offshore for OSCV vessel
Trieste
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Cairo/Abu Dhabi
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Ancona
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Venice
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Marseille/Mont-Saint-Guibert
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Tirana
Passengers also decreasing (-1.6%)
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Vienna
31.8% of the total volume was achieved on routes longer than 300 kilometres
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Cagliari
Pilot project for the unified issuing of port access permits for haulers
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Padua
Revenues up +7.3%
Redevelopment works underway at the agri-food hub of the port of Livorno
Leghorn
Works worth six million euros
Bluferries is ready to put the new ro-pax Athena into service in the Strait of Messina
Messina
It can carry up to 22 trucks or 125 cars and 393 people
Approved the financial statement for the financial year 2024 of the AdSP of the Ionian Sea
Taranto
424.8 million port works completed in the last decade
Kalmar reports lower quarterly revenue, higher new orders
Helsinki
In the first three months of 2025, net profit was 34.1 million euros (+2%)
Antonio Ranieri is the new maritime director of Liguria
Genoa
He takes over from Admiral Piero Pellizzari who was discharged from the service upon reaching the age limit
In the first quarter of 2025, China's CIMC recorded a 12.7% increase in container sales
Hong Kong
Revenues grew by +11.0%
SAILING LIST
Visual Sailing List
Departure ports
Arrival ports by:
- alphabetical order
- country
- geographical areas
Last year, the revenues of the Chinese group CMPort increased by +3.1%
Hong Kong
In the first three months of 2025, port terminals handled 36.4 million containers (+5.6%)
The financial statements of the AdSP of Western Liguria and the Central-Northern Tyrrhenian Sea have been approved
Genoa/Civitavecchia
Konecranes revenues increased by +7.7% in the first three months of 2025
Helsinki
343 million euros of new orders for port vehicles (+37.5%)
Kuehne+Nagel posts first quarter of growth
Schindellegi
The logistics group's net sales amounted to 6.33 billion Swiss francs (+14.9%)
Application by TDT (Grimaldi group) for the construction and management of 50% of the Terminal Darsena Europa in Livorno
Leghorn
The company has requested an extension of the duration of the current concession
In 2024, 58 million invested in the modernization of the ports of Livorno, Piombino and the island of Elba
Leghorn
The final budget and the annual report of the AdSP have been approved
In the first quarter the port of Valencia handled 1.3 million containers (+3.4%)
Valencia
Transhipment traffic decline
EIB advice to strengthen climate resilience of the ports of Volos, Alexandroupolis and Patras
Luxembourg
It will assist port authorities in identifying and managing climate risks
The Management Committee of the Central Tyrrhenian Sea Port Authority has unanimously approved the 2024 financial statement
Naples
SOS LOGistica will acquire the qualification of Third Sector Entity
Milan
The association currently has 74 members
In the first three months of 2025, freight traffic in the ports of Barcelona and Algeciras decreased
Barcelona/Algeciras
Hupac transfers intermodal service with Padua to Novara
Noise
Until now the other terminal was the one in Busto Arsizio
PORTS
Italian Ports:
Ancona Genoa Ravenna
Augusta Gioia Tauro Salerno
Bari La Spezia Savona
Brindisi Leghorn Taranto
Cagliari Naples Trapani
Carrara Palermo Trieste
Civitavecchia Piombino Venice
Italian Interports: list World Ports: map
DATABASE
ShipownersShipbuilding and Shiprepairing Yards
ForwardersShip Suppliers
Shipping AgentsTruckers
MEETINGS
A conference on maritime engineering works and climate change in Rome on Wednesday
Rome
It will be held at the Auditorium Fondazione MAXXI
The conference "New sustainable marine fuels - Decarbonize Shipping" will be held in Genoa on Monday
Genoa
››› Meetings File
PRESS REVIEW
Proposed 30% increase for port tariffs to be in phases, says Loke
(Free Malaysia Today)
Damen Mangalia Unionists Protest Friday Against Possible Closure
(The Romania Journal)
››› Press Review File
FORUM of Shipping
and Logistics
Relazione del presidente Nicola Zaccheo
Roma, 18 settembre 2024
››› File
PSA SECH has operated the first 400-meter train at Parco Ferroviario Rugna
Genoa
Capacity up to 20 pairs of trains per day
The 2024 financial statement of the Eastern Liguria Port Authority was unanimously approved
The Spice
The war clearance preparatory to the expansion of the Ravano Terminal in La Spezia is nearing completion
The Spice
The AdSP has invested over 600 thousand euros in it
Francesco Rizzo appointed president of the AdSP of the Strait
Rome
He has repeatedly denounced the uselessness of the construction of the bridge over the Strait
US aircraft attack Yemeni port of Ras Isa
Tampa/Beirut
38 dead and over a hundred injured
In 2025 Stazioni Marittime predicts an increase in ferry and cruise traffic in the port of Genoa
MIT Mobility Report Highlights Rising Demand for Both Passengers and Freight
Rome
In the first quarter, cargo traffic in Russian ports decreased by -5.6%
St. Petersburg
Both dry goods (-5.3%) and liquid bulk (-5.8%) are decreasing
Andrea Giachero confirmed as president of Spediporto
Genoa
The board of directors of the association of Genoese freight forwarders has also been renewed for the three-year period 2025-2028
Study for monitoring vehicular traffic in the ports of Venice and Chioggia
Milan
Order awarded to Circle and Arelogik
In Italy, the rail freight transport sector is in deep trouble
Geneva
Fermerci calls for making traffic incentives structural and increasing and for refinancing the incentive for the purchase of locomotives and wagons
Global Maritime Forum report on optimising ship calls to reduce emissions
Copenhagen
Virtual arrival and just-in-time arrival approaches proposed
In the first quarter of this year, container traffic in the port of Gioia Tauro grew by +15.5%
Joy Taurus
Construction of the "Dockworker’s House" has begun
GNV has taken delivery of the second of four new ro-pax vessels in China
Genoa
"GNV Orion" will be able to accommodate 1,700 passengers and transport up to 3,080 linear metres of cargo
After ten quarters of decline, container traffic in the port of Hong Kong returns to growth
Hong Kong
In the first three months of this year 3.39 million TEUs were handled (+2.1%)
Fincantieri acquires stake in WSense
Rome
The ninth FREMM unit "Spartaco Schergat" delivered to the Italian Navy
Container traffic at the ports of Long Beach and Los Angeles increased by 26.6% and 5.2% in the first quarter
Long Beach/Los Angeles
Trump's tariffs impact imminent
The new edition of the Practical Manual of Maritime Traffic has been presented
Genoa
Written by Assagenti, it turns fifty
In the first three months of 2025, the port of Singapore handled 10.5 million containers (+5.8%)
Singapore
In weight, containerized traffic recorded a decrease of -1.4%
Regulations signed for LNG bunkering at Fincantieri shipyard in Genoa
Genoa
Define the methods of transferring fuel from ship to ship
Historic shipbuilding brands Uljanik and 3.Maj on the verge of extinction
Zagreb
The State confirms its intention to sell the shipbuilding activities at the two sites of Pula and Rijeka
Cambiaso Risso has completed the acquisition of the French Somecassur
Genoa
The transalpine company specializes in the insurance of super and mega yachts
New weekly train service between the port of Gioia Tauro and Verona
Joy Taurus/Verona
Operated by Medlog for the transport of refrigerated goods
EBRD looking for strategic partner for development of Moldovan river port of Giurgiulesti
London
International competition launched
Turkish ports set new first-quarter cargo traffic record
Ankara
Historic peak of cargo imported from abroad
In the first quarter of 2025, freight traffic in the port of Taranto grew by +37.6%
Taranto
Increase of 854 thousand tons of solid bulk and 265 thousand tons of conventional goods
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