Every time one of the world’s 80,000 large merchant ships calls at a port, it brings foreign aquatic species on the submerged parts of the ship, also known as fouling. In a country like Australia alone, around 30,000 commercial port calls are carried out every year and if their hulls aren’t fairly clean organisms can move from one continent to another, transferring invasive species between marine environments and potentially harm local aquatic ecosystems. The organisms growing on the hull also increase drag and reduce fuel efficiency of the ship by as much as 35%, leading to higher fuel bills and more CO2 emissions.

To ensure that hull cleaning can be carried out in a safe and environmentally sustainable way in the future, a global standard is essential.

“The new in-water cleaning standard puts great emphasis on capturing what is removed from the ship, thereby ensuring that the marine environment is not negatively affected. We believe that a global standard will create much needed transparency along with economic and environmental benefits for shipowners, ports, port authorities and in-water cleaning companies,” says Aron Sørensen, BIMCO’s Head of Marine Environment.

He emphasises that it is imperative that the cleaning can be done “in-water”, as there is limited availability of dry docks for very large ships, for example carrying iron ore or crude oil. In addition, the cost to deviate to docks in Asia and unload the ship is extremely high and the added trip to drydock adds to GHG emissions, which can be avoided if cleaning is done in-situ.

For shipowners, the lack of a common set of global rules creates economic and administrative headaches. Countries like Australia and New Zealand, as well as regions such as Hawaii and California, have already implemented regulation on biofouling on ships arriving in their waters, or are in the process of doing so, as some of the first. But without a clear, international standard for cleaning, ports will have difficulty identifying which companies clean the ship hulls sufficiently and collect the debris that is washed off the ship to a satisfactory standard. And the same goes for shipowners.

“If you don’t have global standards, the shipowner can’t know if a supplier in one country – the in-water cleaning company – has done a good job. Furthermore, the port authorities lack a common method to evaluate in-water cleaning companies,” Sørensen says.

Lives at risk

There are additional benefits of a global standard:

  • It will collect materials removed from the ship and thus reduce the pollution from heavy metals and paint flakes released into the ocean during underwater cleaning
  • It will reduce the risk to divers cleaning the hulls
  • It will maintain the performance of the anti-fouling systems (ie hull paint)

Multi-year path

BIMCO’s aim is to make a standard that is acknowledged by the International Maritime Organization (IMO), the UN-body that governs global shipping.

Sørensen heads a working group that consists of shipowners, paint manufacturers and hull cleaning companies. The group recently sent the first draft of the cleaning standard to a reference group that includes scientists and government regulators. The next step is practical tests of the standard done with a hull cleaning company and a shipowner, which is scheduled to take place during 2020.

“At the stage we are now, we need to engage with industry experts, governments, scientists and port authorities before we finalize the in-water cleaning standard,” Sørensen says.

An approval standard will address minimum requirements on approving in-water cleaners based on testing verified by accredited laboratories and certificates issued by internationally recognized classification societies. A certificate based on an approval will show that the equipment and the procedures of in-water cleaners of good quality.

The approval standard is still under development and ultimately, BIMCO would ask IMO for adoption of the standard. Such a process would take two to three years.

FACTS AND FIGURES

  • There are more than 80,000 large merchant ships in the world
  • A country like Australia, has around 30,000 commercial port calls every year
  • A ship needs a hull cleaning around every two years – depending on where in the world it trades
  • The standard addresses cleaning of the hull as well as niche areas, such as bow thrusters and propeller shafts
  • Commercial diving is comparatively dangerous. In the UK, the fatality rate for commercial divers, according to figures published in 2010 by the Health and Safety Executive (HSE), ranges from 20 to 40 per 100,000. This risk factor is 12.3 to 24.7 times higher than that of the construction sector.

 

— Ends —

Source: https://www.bimco.org/news/environment-protection/20200526–first-global-standard-for-ship-hull-cleaning-essential-for-marine-ecosystems


The UN Secretary General has been urged by global industrial and shipping leaders to persuade his 193 member states to act urgently to avoid a “humanitarian crisis”, with over 200,000 tired, mentally-stretched seafarers currently stuck working on vessels across the globe and unable to be relieved of their duties.

In a joint letter to António Guterres, the leaders of the International Chamber of Shipping (ICS), International Trade Union Confederation (ITUC) and International Transport Workers’ Federation (ITF), urged the Secretary-General to ensure governments were adopting the 12-step set of protocols issued by the UN’s own maritime regulator, the International Maritime Organization.

The letter explains that “There are now over 200,000 seafarers onboard vessels worldwide who have completed their contractual tour of duty, but have been prevented from returning home. Many of these seafarers will be experiencing adverse effects on their mental health and reduced ability to safely perform their roles in the face of increasing fatigue.”

“Additionally, stringent restrictions imposed by many countries, including denial of shore leave and access to essential medical assistance, is contributing to fatigue and exhaustion. We are concerned about suicide and self-harm amongst this vulnerable population of workers.”

The letter highlights the responsibility of governments to adhere to the UN Guiding Principles on Business and Human Rights, in which states have a duty to protect human rights that are ‘built on the fundamental obligation of governments to protect rights-holders, which applies both under normal circumstances and at times of crisis.” 

There has been engagement from some national governments, taking positive steps such as by designating seafarers essential workers. This provides a blueprint for other nations on what steps can be taken to resolve this issue.

As thousands of seafarers face exhaustion at the helm of critical supply routes, the clock is ticking for governments.

The industry had previously agreed with workers’ representatives to two contract extensions beyond the usual regulated period for time onboard due to Covid-19, the leaders say this is “not a sustainable solution”.

“Time is running out. We ask action be taken immediately, ahead of 16 June 2020 – the final agreed deadline to implement crew changes for our seafarers.”

 

Stephen Cotton, General Secretary, International Transport Workers’ Federation said:

“There are 200,000 seafarers out there right now desperate to get home to their own beds, see their families and hug their kids. They’ve been stuck on these ships, keeping global trade running since this pandemic blew up. Enough is enough – they have earned their ticket home. Now governments must make that happen.”

“It’s time for governments to open their hearts, and open their borders, to the world’s seafarers. The alternative is exhausted crews and the shutting down of global trade. The world can’t afford that.”

Guy Platten, Secretary General of the International Chamber of Shipping said:

“We have addressed the letter to UN Secretary-General António Guterres to signal the seriousness of this situation. Seafarers have stepped up to keep countries supplied. We now need governments to recognise this commitment by facilitating crew change for these key workers.

“Since the onset of the crisis, the well-being and safety of our seafarers has been our number one priority. While progress has been made, and limited numbers of crew changes have occurred, there is a pressing need to increase the speed and scale at which national governments adopt the crew change protocols.

Every day that governments fail to adopt these protocols, and fail to enable crew changes, they neglect to recognise the sacrifice made by seafarers on behalf of their populations.”

The full letter to the UN Secretary General can be downloaded here

On Crew Change: As travel restrictions swept across global economies, trade continued thanks to 1.2 million seafarers onboard ships across the world. This commitment to keeping supplies of food, fuel and goods, including vital medical supplies, has enabled governments to focus on the COVID-19 pandemic in their countries. What stopped however, was the ability of nation states to allow crews to safely rotate on and off ships at ports and return home to their countries of origin.

Having identified crew change as the most significant threat facing supply chains at the onset of the crisis the shipping industry converged to produce a set of globally applicable protocols for national governments. Download here

ICS has produced two short films to recognise the 1.6 million workers  who are at sea and maintaining global supply chains. Watch here

Source: https://www.ics-shipping.org/news/press-releases/2020/05/22/un-must-persuade-governments-to-adopt-crew-change-protocols-or-risk-humanitarian-disaster-


Fairbanks Morse said it has been awarded a contract by Eastern Shipbuilding Group (ESG) to build and deliver the main propulsion diesel engines (MPDE) for the U.S. Coast Guard’s Offshore Patrol Cutter (OPC) Ingham (WMSM-917).

Ingham is the third OPC being constructed by ESG in Panama City, Fla. The 360-foot-long cutter will be powered by two FM | MAN 16V 28/33D STC diesel engines, each rated at 7,280 kW for 14,560 kW of total propulsion power. Fairbanks Morse said it will build the engines at its Beloit, Wis., manufacturing facility.

The OPC will provide a capability bridge between the National Security Cutter (NSC), which patrols the open ocean and the Fast Response Cutter (FRC), which serves closer to shore. The design also includes the capability of carrying an MH-60R or MH-65 Helicopter and three operational Over-The-Horizon (OTH) small boats. Overall, the vessel is equipped with a highly sophisticated combat system and a C4ISR suite that will enhance capabilities to execute the cutter’s missions which range from Drug Interdiction to Marine Environmental Protection.

“We are honored once again to be called on to provide the critical engines essential to OPC ships that will help to protect our shores during vital maritime security and border protection missions,” said Fairbanks Morse CEO George Whittier. “Our engines will help the Offshore Patrol Cutters to continue patrolling freedom’s frontier for America’s mariners. FM is honored to contribute to OPC’s smooth and safe operation in some of the world’s most challenging environments. From sea state 5 to temperatures of -5F, FM products are ready for the challenge.”

Source: https://www.marinelink.com/news/fairbanks-morse-power-uscgs-opc-ingham-478631


The product tanker Tosna Star was boarded and robbed by armed pirates off the port of Port-au-Prince, Haiti last Sunday, according to one of her crewmembers.

In an account posted on Facebook, crewmember Claudio Omar Benitez said that the Argentine crew of the Tosna Star has been stuck on board for months due to the novel coronavirus, unable to return to their homes. Their ship is currently at the anchorage off Port-au-Prince, and on Sunday, a group of armed Haitians boarded the tanker by the stern.

“They came up aggressive, armed with machetes and knives. They took the sailor on duty by surprise, taking advantage of the darkness of the moment, they [threatened him with a machete] and nervously asked him in his language to give them the phone and everything he had in his possession at that time,” wrote Benitez.

The robbers proceeded to do the same with two other crewmembers. An oiler spotted the robbery in progress and sounded the alarm, waking up the rest of the crew. “For all this, the officers are on the bridge, except for the captain, who locked himself in his cabin, frightened and in a panic attack,” asserted Benitez.

After the alarm was sounded, the attackers departed with the stolen goods using small boats. As a precautionary measure, the bridge team decided to raise anchor and leave the area.

“We will never forget this night, nor the sailors who were attacked,” said Benitez. “Their lives as well as the lives of the entire crew . . . will not be the same . . . what else will happen to us before we can return to our home healthy?”

Source:https://www.maritime-executive.com/article/product-tanker-boarded-and-robbed-off-port-au-prince


The North Carolina State Ports Authority made history Wednesday as the MV Hyundai Hope sailed in to the Port of Wilmington. The MV Hyundai Hope has a carrying capacity of nearly 14,000 TEUs (twenty-foot equivalent units) and is one of the largest container ships calling on the United States East Coast.

“This is a monumental milestone for North Carolina Ports, the Port of Wilmington and the entire state of North Carolina. This has been years in the making and seeing our hard work and dedication come to fruition with the arrival of the MV Hyundai Hope is truly something to celebrate,” said Paul J. Cozza, Executive Director, North Carolina Ports. “This would not have been possible without the support of our many partners at the local, state and federal levels as well as funding from the North Carolina General Assembly.”

“Our ports are an important asset for connecting North Carolina to opportunities around the globe. Welcoming this ship shows our commitment to supporting North Carolina’s ports and overall economy is paying off and keeping our state globally competitive,” added Robert A. Wicker, Chairman, North Carolina Ports Board of Directors.

Hyundai Hope_North carolina ports

Image Credits: NC Ports

The arrival of the MV Hyundai Hope highlights North Carolina Ports’ commitment to its more than $200 million capital improvements plan. Enhancing the Port of Wilmington’s infrastructure to support the largest vessels calling on East Coast ports has long been a focal point of this initiative.

“Our team and Board of Directors recognized the importance of infrastructure improvements to support the growing vessels able to reach the United States following the expansion of the Panama Canal in 2016. Since then, we have been working tirelessly to modernize our facilities in preparation of this historic moment,” said Brian E. Clark, Chief Operating Officer, North Carolina Ports.

The arrival of the MV Hyundai Hope follows the completion of four major projects aimed at improving access for 14,000-TEU container ships to the Port of Wilmington. Earlier this year, NC Ports completed phase two of its turning basin expansion project; opened 2,600 contiguous feet of container berth space; and completed an air draft improvement project which increased the air draft over the Cape Fear River. Additionally, the Ports Authority welcomed three neo-Panamax cranes in 2018 and 2019 specifically designed to work ultra-large container vessels (ULCVs).

“This is proof positive that we are big ship ready and capable of handling some of the largest container vessels calling East Coast ports today,” said Hans C.E. Bean, North Carolina Ports Chief Commercial Officer. “The arrival of a ship of this magnitude to the Port of Wilmington signals to our customers that we are ready to support their growing business needs today and in the future.”

The MV Hyundai Hope is operated by HMM in partnership with THE Alliance linking Asia and South America to Wilmington. On April 1, 2020, HMM officially joined THE Alliance which is made up of three additional ocean carriers: Hapag-Lloyd, Yang Ming and Ocean Network Express (ONE).

Source:https://www.marineinsight.com/shipping-news/watch-north-carolina-ports-welcomes-largest-container-ship-to-port-of-wilmington/


The British Ports Association (BPA) has published an economic recovery plan for government that highlights how investment in ports can play a part in the UK’s healing from the deepest economic shock in living memory. Included in the proposals are a Green Maritime Fund to drive sustainable development and help stimulate growth consistent with Net Zero aims. A key message is to energise our ports by igniting their potential to fire up the economy.

The document outlines a framework for recovery, providing government with ideas on how to unlock the untapped potential of UK ports to drive growth; supporting a recovery process that brings all of the regions of the UK along with it – to create a stronger Britain than ever before. It focuses on three key areas to kick start economic activity:

  • Continued medium-term cash flow and business support
  • A massive scaling up of the UK’s infrastructure ambitions including a Green Maritime Fund for sustainable development
  • A bold and broad-based inclusive Freeports and fast track planing policy

Divided into short, medium and long-term initiatives, the plan outlines how government can utilise ports and the wider maritime industry, not only to administer first aid to the economy in its first steps towards recovery but to prevent economic aftershocks and stimulate growth for years to come. This plan is for 2020 and beyond.

Commenting, Richard Ballantyne, Chief Executive at the British Ports Association said;

The Covid-19 crisis has been unprecedented in both the speed at which it has hit and the depth. Many ports have seen significant drops in volumes in activity which were impossible to predict and the impact is likely to be felt over the medium-term as the health crisis eases but the economic impact bites.

Ports are key national and regional hubs for economic activity and jobs. However collected by the BPA shows that just 36% of our ports feel confident about their business outlook over the next 12 months so we need Government to fan the flames of their potential to spark wider economic benefits. Help ports and you help the country.

The BPA is, therefore, proposing the following three packages; Continued medium-term cash flow and business support; a massive scaling up of the UK’s infrastructure ambitions; and a bold and broad-based Freeports policy and port zoning strategy. We are promoting a Green Maritime Fund to provide a pro Net Zero development and growth agenda.

These packages offer a path to prosperity in the long-term while promoting sustainable growth and helping ports to realise their potential in what is likely to be the most challenging economic climate for a generation. Ports have the ambition to lead the country to a new future.

A key message is that we want energise our ports by igniting their potential to fire up the economy. Let’s make it happen.

Continued medium-term cash flow and business support

According to data collected by the BPA, 86% of ports have seen either substantial or severe impacts on shipping and customer activities. However, ports are not only seeing a vast impact on their commercial activity but facing requests for assistance to help keep port users afloat too. Furthermore, 32% of ports are now concerned about borrowings and banking covenants. The government must, therefore, support investment and cash flow in the short-term.

Measures outlined within the plan including a government factoring service. This would allow ports and other businesses to raise funds in the short term. The BPA also highlights how a deferral of business rates backed by central Government would also free up capital to help cash flow.

Looking ahead, the BPA is asking government to support skills development to ensure retaining and developing people is not a cost burden.

A massive scaling up of the UK’s infrastructure ambitions 

Without a doubt, investment in infrastructure will play a fundamental role in securing the UK’s future prosperity. Infrastructure investments are entirely cost-effective; when money is channelled into infrastructure, returns to the economy are multiplied. Measures outlined within the plan include a UK Infrastructure Bank and a Green Maritime Fund.

The BPA welcomes government’s sustainability objectives but stresses that significant investment will be required to achieve these targets. The BPA is, therefore, proposing government adopts a Green Maritime Fund, to unlock capital, aid the growth of the sector while also taking steps towards the Government’s most critical long-term policy aims. The BPA will also shortly be publishing a paper that explores how to overcome the barriers to ship-to-shore power.

A bold and broad-based inclusive Freeports policy

The UK government is in the process of developing a UK-wide strategy on Freeports, and the BPA will be outlining our views further within our response to the consultation. However, we have identified several imperative conditions of the UK Freeport model to unlock the untapped potential of the UK’s coastal communities – leaving no region behind through this process – by drawing investment into manufacturing and logistics.

“We urge the government not to limit its ambition to the previously suggested 10 site proposals as there is a real danger of the leaving some regions behind by limiting the scope. We also ask that government reclassifies ‘port zones’ with improved planning, fiscal and regulatory status.”

Source: Sea News Feature


Specialist travel management company, ATPI Marine & Energy, is working with the International Maritime Employers’ Council (IMEC) to help seafarers return home, or continue to travel to ships, during the COVID-19 outbreak.

The initiative sees ATPI Marine & Energy work alongside IMEC members, industry bodies and regulators in an example of the unprecedented efforts required to ensure that seafarers are able to travel around the world when there are almost no scheduled flights operating. Safeguarding the travel of ship’s crew is essential to keep global cargo moving.

Using travel industry expertise and the knowledge of the most required port-connecting routes, ATPI Marine & Energy supports global marine companies in finding the most efficient options to allow seafarers to get where they are needed, whether that’s via traditional airline routes or charters.

Gary Pearce, chief commercial officer, ATPI, explains:

“Global commerce has to continue, and goods need to move around the world. This means ship crews must be able to reach their vessels, and return home after long periods offshore. With most airlines grounded, the maritime industry is cleverly working together to ensure that seafarers can move in order to ensure the safe travel of their people, and that ships operate safely with adequate crew.”

The partnership with IMEC opens out the industry collaboration yet further. In addition to the clients of ATPI Marine & Energy, the 250 members of IMEC also now have access to seats on specially chartered flights (socially distanced if required) and scheduled flights as airlines scale-up their operations.

It is cost prohibitive for one business to charter a flight for a crew rotation. However, with careful logistics planning from crew travel experts such as ATPI Marine & Energy, maritime businesses are coming together to solve an industry crisis.

Pearce adds:

“We hope that by ensuring there are flights to the world’s busiest port cities that seafarers from many different shipping companies can continue to carry out their essential work and, importantly, return home afterwards. The industry is also working together to encourage airlines to prioritise returning to operation some of the most popular routes for the maritime sector.”

The expertise of ATPI Marine & Energy ensures that charter flights are operating to the strictest health and safety standards to protect seafarer wellbeing, both during their transit and when offshore. This includes providing guidance on quarantine requirements and medical assessments, and working with border agencies around the world to ensure seafarers can travel to meet their ships.

ATPI Marine & Energy has 100-years’ heritage in setting new standards in managing the complexities of crew travel. The team is strategically located in the core regions of focus for the marine and energy industries to allow for both sector and important regional expertise, delivering what really matters to its clients. ATPI Marine & Energy is part of the global travel and events business the ATPI Group.
Source: ATPI Group


A key IMO initiative supporting ship decarbonization – the Global Industry Alliance (GIA) to Support Low Carbon Shipping – will intensify its work on the ship-port interface to reduce emissions from ships. This is one of the outcomes of a GIA task force meeting, which took place over videoconference on 14-15 May. 

During the meeting, 21 participants from the industry and the IMO Secretariat discussed progress on a number of ongoing projects and set tangible goals for the GIA up to 2023. Participants agreed to continue work under the existing workstreams, including alternative fuels and validating the performance of energy efficiency technologies, and to expand these even further. 

They also agreed to embark on an entirely new workstream aimed at creating a “holistic approach to reducing emissions in the ship-port interface”. This will support implementation by ports of regulatory, technical, operational and economic actions to help reduce GHG emissions from ships, such as providing onshore power supply and safe and efficient bunkering of alternative low-carbon fuels. This new workstream will also identify additional measures that could be taken to reduce emissions in the ship-port interface. This new workstream builds on the work undertaken by the GIA on the “Just-in-Time” (JIT) Arrival of Ships. JIT operation allows ships to optimise their speed so they arrive at their destination port when their berth is ready for them – cutting the time ships spend waiting outside ports with their engines on, thereby saving energy and cutting costs and emissions. 

The group further discussed as to how it could support the financial recovery of the maritime sector to COVID-19. The GIA also considered in detail the aims and objectives of the IMO-Norway GreenVoyage2050 Project and discussed ideas for collaboration, in particular, how to catalyze demonstration and trialing solutions in the GreenVoyage2050 pilot countries 

It was the first meeting of the GIA task force since it became part of GreenVoyage2050, an IMO-executed project, funded by Norway, to initiate and promote global efforts to demonstrate and test technical solutions for reducing ship emissions. The project also aims to enhance knowledge and informationsharing to support the IMO GHG reduction strategy. 

The GIA is an innovative public-private partnership initiative of IMO that brings together maritime industry leaders to support an energyefficient and low carbon maritime transport system. The GIA was set up as part of IMO’s Global Maritime Energy Efficiency Partnerships (GloMEEP) project in 2017, but is now running under GreenVoyage2050 following a new agreement, earlier this yearsigned by 14 companies, which have committed to financial and in-kind contributions, such as sharing expertise, until 2023.  

Source: http://www.imo.org/en/MediaCentre/WhatsNew/Pages/default.aspx


President Danny Faure chaired a meeting this morning to address maritime security matters, together with relevant ministries and agencies. The meeting follows on from measures announced by the President in response to the threat of COVID-19. It was held with the aim of reviewing the existing system in place and maintain effective maritime monitoring.

President Faure was briefed on the existing situation and measures currently in place in line with the Public Health Regulations, including the restriction of entry and exit into and from Seychelles via sea. The officials in attendance also detailed the limitations that need to be addressed in order to maintain the safety of Seychelles’ maritime space. Officials present committed to reviewing existing regulations and proposing amendments where necessary in order to guarantee stringent protection of maritime security. It was also agreed that coordination between key ministries and agencies involved would be strengthened.

The President reiterated his commitment to keeping the Seychellois community safe from the threat of COVID-19, and the urgent need to ensure the integrity of Seychelles’ Economic Exclusive Zone, particularly given its primary role as the country’s source of economic opportunities. He also emphasised the need to keep citizens informed of the measures in place on a regular basis.

Present at the meeting this morning was the Designated Minister, Mrs Macsuzy Mondon, the Minister for Fisheries and Agriculture, Mr Charles Bastienne, the Chief of Defence Forces, Colonel Clifford Roseline, Commissioner of Police, Mr Kishnan Labonte, Director General of the Seychelles Intelligence Service, Mr Benediste Hoareau, Principal Secretary in the Office of the Vice President, Ms Rebecca Loustau Lalanne, Principal Secretary in the Office of the Designated Minister, Ms Sheryl Vengadasamy, CEO of the Seychelles Maritime Safety Authority (SMSA), Captain Joachim Valmont, Deputy Commissioner of Police, Mr Romano Songor, the interim Chief Executive Officer of the Seychelles Fishing Authority (SFA), Mr Cyril Bonnelame, Commander of the Seychelles Coast Guard, Col Simon Dine and the Director for National Information Sharing and Coordination Centre (NISCC), Lieutenant Colonel Leslie Benoiton.

Source: http://www.statehouse.gov.sc/news/4842/president-faure-chairs-meeting-to-address-maritime-security-matters


Lloyd’s insurer Beazley has said that certain markets, such as property and marine, had now experienced two consecutive years of rising rates and presented “attractive near term opportunities.”

The company has raised £247m ($300m) in an accelerated private placement of stock into the institutional market. The Placing and Subscription of 78,514,505 New Ordinary Shares at 315p a share represented a discount of 4.9% to the closing share price of 331.4 pence on May 18th.

Beazley said that, as a result of elevated claim numbers in recent years, rates had risen steadily across its core markets. Rate changes for the three months ended March 31st were “particularly encouraging”, with an average rate increase of 8%, with three divisions achieving double digit increases.

Beazley has estimated that Covid-19 related claims will amount to $170m. The Company also experienced an investment loss of $55m (1%) in the three months to March 31st 2020 (the investment return to April 30th 2020 swung to a gain of 0.2%). At the time of the Trading Update, the Company had drawn down a $140m letter of credit from the $225m banking facility it had in place.

Since the Trading Update, the Company has agreed an increase in its banking facility from $225m to $450m. The Company has subsequently drawn down a further $85m letter of credit, bringing the total draw down under the letter of credit to $225 million. This leaves $225m of unutilised capacity under the banking facility.

In light of the Placing, Beazley has elected not to pay a first interim dividend for the six months ending June 30th 2020. “However, the Board continues to recognise the importance of capital returns to its shareholders – the Company has a long track record of paying dividends and remains committed to doing so in the future”, the insurer said.

Source: https://insurancemarinenews.com/insurance-marine-news/marine-presents-attractive-near-term-opportunity-says-beazley/


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