MARINE MARKET REPORT - Arthur J. Gallagher

Transcription

MARINE
MARKET REPORT
MARINE HULL & MACHINERY
AND WAR RISKS MARKET UPDATE
DECEMBER 2015
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 20,000 people
and its global network provides services in more than 140 countries.
Outside the US, we use the brand name Arthur J. Gallagher.
CONTENTS
ARTHUR J. GALLAGHER
Introduction
2
Andrew Turton
3
Market Moves
3
Casualty Reports
4
Main Engine Damage Report by The Swedish Club
8
New Members of the Team
11
AJG Day at The Races
12
Latest Maritime News
16
War and Piracy
19
AJGINTERNATIONAL.COM
MARINE HULL & MACHINERY AND WAR RISKS MARKET UPDATE 2015
1
INTRODUCTION
Welcome to the December 2015 edition of the Arthur J. Gallagher
Marine Hull & Machinery and War Risks Market Update.
We are fast approaching the end of another eventful year which
has undoubtedly been one of the most exciting in recent memory
for Arthur J. Gallagher. We have welcomed a large number of
new faces in our pursuit to become the most progressive marine
broker in the market today.
The marine insurance market is as challenging as ever but our
investment in people and resources remains strong as we strive
to deliver innovative and cost effective insurance and risk
management solutions for our clients in 2016 and beyond.
We wish all of our many clients, underwriters and friends
holiday greetings and a happy and prosperous 2016.
2
ARTHUR J. GALLAGHER
ANDREW TURTON
It is with great sadness that we report
the recent passing of Andrew Turton
after a battle with illness. Andrew has
been in the market as a Hull &
Machinery Underwriter for over
30 years, most recently at XL Catlin.
He was a very close friend to all of us
at Arthur J. Gallagher and many of
our clients have benefitted over the
years from his expertise, fairness and
integrity which established him as one
of the finest underwriters in the
market for small and brown water
tonnage. He will be sorely missed by
his many friends in the market as well
as in the insurance and shipping
community around the world. Our
thoughts and prayers are with his
family at this difficult time.
MARKET MOVES
Keith Roffo has left Houston Casualty
and joined Swiss Re in London with
immediate effect. He joins Andrea
Cupido who has recently moved to
London from the Genoa office.
Ian Smith has resigned from Novae
and will join Navigators Syndicate.
Deepa Nathvani has resigned from
Skuld and will join Hardy Syndicate
after expiry of contractual notice periods.
It has been recently announced that
Ed Gregory has resigned from Swiss
Re London. After his contractual
notice periods, it is understood he will
join his former colleagues Peter
Townsend and Lee Bright at Lloyd’s
insurer AmTrust.
ARTHUR J. GALLAGHER
3
CASUALTY REPORTS
AMADEO I
Navimag’s RoRo ferry Amadeo I, which ran
aground and capsized off southern Chile in
August 2014, was towed some 70 kilometers
off Diego de Almagro Island and scuttled on
21st September 2015.
The ferry was sunk in 2,700-meter-deep
waters, bringing to an end a year-long
salvage operation assigned to Florida-based
Resolve Marine Group.
Navimag decided to sink the ferry after
insurance agents inspected the vessel and
declared it to be a total write-off.
Amadeo I was towed by the tugboat Resolve
Commander, after Chile’s Directorate
General of Maritime Territory and Merchant
Marine (Directemar) granted a permission
for the vessel to be sunk.
The scuttling was monitored by Armada
de Chile.
El Faro
The El Faro and its 33 mostly American
crew members disappeared on 1st October
2015 after sailing into the path of Hurricane
Joaquin while en route from Jacksonville,
Florida, to Puerto Rico in the worst cargo
shipping disaster involving a U.S.-flagged
vessel since 1983.
The ship’s owner, New Jersey-based Tote Inc,
has previously said the loss of propulsion
is likely what doomed the ship as it was
engulfed by high seas whipped up
by Joaquin.
According to the NTSB, electronic distress
alerts were received by the U.S. Coast Guard
from three separate sources on board El Faro
but the Coast Guard never had direct voice
communications with the ship.
It was not clear if the hull breach was
directly related to the ship’s loss of
propulsion, perhaps due to water flooding
the engine room and short-circuiting the
ship’s generators.
Amadeo 1
EL FARO
The captain of the U.S. cargo ship El Faro
reported “a hull breach” and said a hatch had
blown open before the vessel sank off the
Bahamas in a hurricane earlier this month,
the National Transportation Safety Board
said on Tuesday 20th October 2015.
In a recorded satellite phone call Captain
Michael Davidson told the ship’s owner he
had “a marine emergency” after taking on
water in one of the holds, the NTSB said in
an update on its two-week-old investigation
of the sinking.
It said the captain also reported that the ship
had lost its main propulsion unit and that
engineers could not get it restarted.
4
The El Faro had successfully completed its
most recent inspections and surveys by the
Coast Guard and the American Bureau of
Shipping “meeting all rules and regulations,”
the NTSB said in Tuesday’s update.
It said Tote told investigators that El Faro
was undergoing “modifications” by welders
and machinists prior to redeploying to the
U.S. West Coast.
A boiler service company had recommended
service to both the ship’s boilers during an
upcoming dry-dock that had already been
scheduled for 6th November 2015, the
NTSB added.
ARTHUR J. GALLAGHER
CASUALTY REPORTS
Tote has previously stated that the ship was
undergoing engine room work, including
during the last voyage but that it was
unrelated to the propulsion system.
The day after setting sail on the doomed
voyage the captain emailed a company safety
official that he planned to take a route south
of the predicted path of the hurricane and
would pass about 65 miles (105km) from its
centre, the NTSB said.
U.S. forecasters issued an advisory early on
1st October 2015 predicting seas of 30 feet
(9 meters) with sustained winds increasing
to 121 miles (195km) per hour as the El
Faro approached the wall of the eye of the
hurricane, the NTSB noted.
According to electronic alert data sent five
hours later by the El Faro, the ship’s last
reported position was about 20 miles
(32km) from the edge of the eye of the
hurricane, the NTSB said.
with over 200 passengers and crew bound
for Bajo, East Nusa Tenggara when it struck
a submerged object. The ferry had suffered
some hull damage with water ingress and
had a developed a list to starboard.
As the ferry headed back to port, the list
increased as the cargo of vehicles shifted.
Passengers and crew climbed over the listing
hull and jumped into the sea while others
clung to the port hull awaiting rescue.
According to reports some 163 passengers
and 29 crew were rescued as nearby fishing
vessels, patrol boats and tugs arrived quickly
on scene. Over 25 persons were taken to
hospital with several having severe injuries.
The Wihan Sejahtera eventually rolled over
and sank in 16 meters of water. Reports state
the vessel was overloaded.
WIHAN SEJAHTERA
The 120 meter long, 3716 dwt ro-ro
passenger ferry Wihan Sejahtera capsized
and sank in Lamong Bay just outside the
terminal at Surabaya, Indonesia on 16th
November 2015. The vessel had departed
ARTHUR J. GALLAGHER
Wihan Sejahtera
5
CASUALTY REPORTS
Los Llanitos
LOS LLANITOS
The 215 meter long, 71665 dwt bulk carrier
Los Llanitos ran aground on Pacific Ocean
near Barra de Navidad, Mexico on 24th
October 2015. The Los Llanitos had left
Manzanillo one day before Hurricane
Patricia approached, but had been blown
ashore unable to withstand the strong winds
by the hurricane. The bulker sustained severe
hull damage as it’s hull dragged along the
rocky shoreline. The engine room and
several sections of the hold suffered water
ingress. Fuel tanks were also ruptured
releasing pollution along the shore.
6
Authorities were alerted and a Mexican Navy
helicopter was dispatched to the scene. The
helicopter rescued 19 of the 27 crew on
board with the remaining crew voluntarily
staying. There were no reports of injuries.
Reports state the vessel was directed by port
authorities to depart rather than be in port
when the hurricane made landfall.
ARTHUR J. GALLAGHER
CASUALTY REPORTS
HAIDAR
The 120 meter long, 6,449 dwt livestock
carrier Haidar capsized while berthed at
Barcarena, Para, Brazil on 6th October
2015. The Haidar was loaded with some
5,000 cattle and was preparing to depart for
Venezuela when it lost stability when it
suffered water ingress. The livestock carrier
capsized and eventually sank onto its port
side. No reports of injuries, but thousands
of cattle were trapped on board and
perished. A small number of cattle were
fortunately enough to escape and were able
to rush onto the side of the vessel. The local
port authority has launched an investigation
into the incident
ARTHUR J. GALLAGHER
Haidar
7
MAIN ENGINE DAMAGE REPORT
by The Swedish Club
A new report following the analysis of machinery claims handled by
The Swedish Club over two years reveals that main engine damage
is the most costly of all claims.
According to the report, Main Engine claims
account for 46% of total machinery claim
cost with an average claim per vessel of USD
545,000. Since 2011 when the previous
review was published, the average cost of
main damage has decreased by 14% from
USD 634,000 to USD 545,000.
Container and dry cargo vessels appear to
have disproportionately large claim cost in
relation to fleet entry. Container vessels while
accounting for 37% of the fleet seem to
account for 46% of the total H&M cost.
Container vessels account for more than 47%
of the Main Engine Damage claims and in
conjunction with the above this leads to the
conclusion that container vessels are
particularly exposed to main engine claims.
Overall the Swedish Club experienced 487
machinery claims in the 2012-2014 period
with a total cost of USD 187.6 million. Main
Engine claims topped the table with 118
incidents, followed by Propulsion (propeller,
shaft, gearbox) with 109 incidents and Aux
Engine and Turbocharger incidents with
79 claims each category.
Table 1. Machinery claims, 2012-2014
Number
Average Cost (USD)
Change
(%)
118
545,000
–14%
Aux engine
79
326,000
–7%
Turbocharger
79
335,000
–8%
109
442,000
–37%
Rudder/Steering
gear
22
321,000
–48%
Boil
22
247,000
–22%
Other**
91
235,000
–21%
TOTAL
487
385,000
–19%
Claims Type
Main engine
Propulsion*
*Propeller, shaft, gearbox etc
**Machinery such as electrical equipment, cranes, cargo gear, deck equipment
Source: The Swedish Club Main Engine Damage report
8
ARTHUR J. GALLAGHER
According to vessel builder country, it is
shown that Korea, which accounts for almost
31% of club entries, only shares 12% of the
total main engine claims costs, whereas
China is overrepresented with approximately
30% of the entries and 36% of the total
claims for all engine types.
40%
0.080
35%
0.070
30%
0.060
25%
0.050
20%
0.040
15%
0.030
10%
0.020
5%
0.010
0%
Number of claims per entry
Graph 1. Top five: Main engine claims by vessel builder country, 2012-2014
0.000
China
Club entry
Korea
Japan
Claim cost
Germany
Netherlands
Frequency
Another interesting finding was that the
configuration of medium/high speed engines
relates to the claim cost. As per graph no. 2,
configured engines have 42% higher average
claim cost than inline.
Graph 2. Four Stroke- Inline versus V configuration, 2012-2014
$800,000
$700,000
$600,000
$500,000
$400,000
$300,000
$200,000
$100,000
$Inline
V
ARTHUR J. GALLAGHER
9
Incorrect maintenance or repair is cited as the most common cause for main engine claims
(17 incidents) followed by lubrication failure (13) and fuel management (8). Of these,
lubrication failure is by far the most costly, at an average of USD 926,000 per claim,
a decreased compared to the 2005-2011 figures where the average cost of lubrication
failure was USD 1,194,000 (see Table 2.)
Table 2. Top 3 Causes of damage by number 2005-2011 & 2012-2014
Top 3 Causes for damage by number
2005-2011
2012-2014
Number
Average cost (USD)
Number
Average cost (USD)
Incorrect
maintenance
and/or repairs
33
741,354
17
849,000
Fuel
management
27
318,000
8
342,000
Lubrication
failure
23
1,194,000
13
926,000
Recommendations on how to avoid main engine claims included onboard fuel analysis and
fuel system audits, attendance of expert staff during major engine overhauls, regular
inspection of lubrication oil quality and preferably testing samples every three months, use of
only authorised spare parts and replacing the diaphragm sealings of crank case lube outlets at
regular intervals, as well as investing in employee training.
To read a copy of Main Engine Damage, please visit:
www.swedishclub.com/media/publications/brochures
THE SWEDISH CLUB
The Swedish Club was founded in 1872 and
is today a leading and diversified mutual
marine insurance company, owned and
controlled by its members. The Club writes
Protection & Indemnity, Freight, Demurrage
& Defence, Hull & Machinery, Hull
Interests, Loss of Hire, War Risks, Kidnap &
Ransom and any additional insurances
required by shipowners or charterers. They
also write Hull & Machinery, War risks and
Loss of Hire for Mobile Offshore Units and
FPSOs.
The head office is located in Gothenburg,
Sweden, with branch offices in Piraeus, Hong
Kong, Tokyo, Oslo and London.
10
ARTHUR J. GALLAGHER
NEW MEMBERS OF THE TEAM
Arthur J. Gallagher is delighted to welcome Charles Gibbs to the Marine team.
CHARLES GIBBS
Divisional Director, Marine Division
Throughout his career Charlie has looked
after the business of retail ship owner clients
from around the world but with particular
focus on Scandinavia, Northern Europe and
the Middle East.
Charlie started his career at Sedgwick Marine
in 1983 within the team handling Hull and
Machinery business emanating from Asia. In
1991 Charlie’s geographical focus shifted
when he was asked to head up the
Scandinavian broking team. In 1999
Sedgwick was taken over by Marsh and
following a company reorganisation in 2006
Charlie was promoted to a Managing
Director within the Global Marine Division.
ARTHUR J. GALLAGHER
In 2008 he took over responsibility for
running the global Hull and Machinery book
within the London Marine Division.
After more than 30 years at Marsh and a
brief tenure as Managing Director of Marine
at Cooper Gay Swett & Crawford, Charlie
joined Arthur J. Gallagher Marine at the
beginning of September 2015.
For a number of years he was the Marsh
representative on the Marine Committee
of the London & International Insurance
Brokers’ Association (LIIBA).
11
AJG DAY AT THE RACES
Arthur J. Gallagher hosted our annual horse racing day
event at Sandown Racecourse on Thursday 23rd July 2015.
A long and convivial day was enjoyed by Underwriters and
the Arthur J. Gallagher Hull brokers at the Esher track.
From left to right: Simon Cooper (Aegis), Rob Henbury (Liberty),
Haydn Costin (QBE), Mark Watters (Arch), Paul Brandram (AJG)
and Andrea De Gregorio (Generali London).
From left to Right: Chris Taylor (AJG), David Farr (Skuld),
Keith Roffo (Swiss Re), Andrew James (AJG) and Brendan Flood (Hiscox)
From Left to Right: Haris Lagios (AJG), Richard Sturgeon (AJG),
Deniz Nagatay (AJG) and Matthew Wells (Allianz London)
From Left to Right: Nick Roblin (AJG), Georgina Dunley (NOA)
and Annabelle Louth (Montpellier)
12
ARTHUR J. GALLAGHER
AJG DAY AT THE RACES
From left to right: Deniz Nagatay (AJG), Deborah Shillabeer (Brit)
and Andrea De Gregorio (Generali London).
From Left to Right: Nick Roblin (AJG), William Kinnear (AJG),
Mary Vogiatzidou (RSA), Matthew Wells (Allianz) and Haris Lagios (AJG)
From Left to right: David Farr (Skuld) and Mark Watters (Arch)
Deniz Nagatay (AJG), Davinia Melachrinos (Argo) Haris Lagios (AJG)
Angus Blayney (AJG), Jonathan Holmes (XL Catlin),
Matthew Gysbers (XL Catlin)
ARTHUR J. GALLAGHER
13
LATEST MARITIME NEWS
BDI AT 498 POINTS
On Thursday, 19th November 2015, the
Baltic Dry Index decreased to its historical
ever low, reaching 498 points (approx. -55%
from the previous year).
Baltic Dry Index is compiled by the Londonbased Baltic Exchange and covers prices for
transported cargo such as coal, grain and iron
ore. The index is based on a daily survey of
agents all over the world. Baltic Dry hit a
temporary peak on 20th May 2008, when the
index hit 11,793.
DAIICHI CHUO FILES
On 29th September 2015 Japanese bulk
carrier Daiichi Chuo Kisen Kaisha filed for
protection from creditors – the second
shipper to do so in September – with analysts
predicting more failures if the market for dry
freight continues to slump.
The shipping industry has been hit hard by
the global commodities meltdown with the
dry freight market near six-year lows and rates
for large ships carrying iron ore and coal
barely covering operating costs this year.
Daiichi Chuo said it had been unable to make
ends meet on ships it had chartered or finance
ships it had ordered, leaving it and a wholly
owned subsidiary with a combined YEN
176.9 bn (USD 1.5 bn) in liabilities – a figure
it said could rise.
The shipper, which has suffered four straight
years of losses, is set to be delisted on 30th
October 2015. That would be a rare case of
listed corporate failure since Prime Minister
Shinzo Abe returned to power in 2012 with
aggressive policies to boost the economy.
14
The move follows private equity-backed
Global Maritime Investments Cyprus Ltd’s
filing for Chapter 11 bankruptcy protection
in the United States on 15th September 2015.
“If such a market is sustained we can expect a
few more companies to be in line,” said
Jayendu Krishna, director at Drewry
Maritime Advisors.
© Copyright Thomson Reuters 2015.
ARTHUR J. GALLAGHER
PORT HEDLAND IRON ORE HITS RECORD HIGH IN SEPTEMBER
Australia’s Port Hedland on Friday 2nd
Port Hedland, which handles about a fifth of
October 2015 reported record monthly iron
the world’s seaborne iron ore trade, is used by
ore shipments of 39.3 million tonnes in
BHP Billiton and Fortescue Metals Group.
September, an 8-percent rise from a year ago
While global iron ore trade is forecast to
and slightly above the August level. Most of
increase by only 1.5% in 2015 to 1.4 billion
the ore is shipped each month to steel mills
tonnes, the lowest rate of growth since 2001,
and ports in China, though figures on
supply from Australia is projected to increase
individual destinations were not released by
by 6% to 762 million tonnes, according to
the Pilbara Ports Authority. Iron ore has
Australia’s Department of Industry and
supplanted coal and gold as Australia’s biggest Science. BHP is lifting output by 6% to 247
source of foreign income, despite the price
million tonnes by next July, while Fortescue is
plunging as low as USD 44.10 a tonne in July running at an annual rate of around 165
– less than half what it was a year earlier. Iron million tonnes, making them the third and
ore has since rebounded to stand at USD
fourth largest producers worldwide after Vale
54.40 a tonne
and Rio Tinto . (Reuters, Reporting by James
Regan; Editing by Joseph Radford)
ARTHUR J. GALLAGHER
15
NORTH SEA LAY-UPS CLOSING IN ON 100 VESSELS
The number of offshore vessels laid-up in the supply vessels (PSVs), and four multi-purpose
North Sea in mid-November, was 93 and it
supply vessel (MPSVs). During November
seems new vessels are being stacked almost
eleven vessels have been added to the list,
daily, according to data by Westshore
including 6 AHTSs and 5 PSVs. The lay-ups
Shipbrokers. According to the firm, 93 total
come amid the prolonged slump in oil prices
vessels were laid up in November at ports in
that has weakened the offshore market across
the UK and Norway. The list comprised of 26 the globe.
anchor handling tugs (AHTSs), 63 platform
SHIPPING FINANCE NEWS
Container shipping line Hapag-Lloyd set the
final offer price for its shares at just €20
(USD 21.91) in its initial public offering on
3rd November 2015 (IPO). Weak demand
and a profit warning by competitor Maersk
Line had previously caused Hapag-Lloyd to
delay the proposed IPO and to lower the
valuation and number of shares sold. The
shares opened higher at EUR 20.05
(USD 21.81) in Frankfurt, compared to the
price of EUR 20 in its IPO, raising USD
300m in the first week of trading. According
to Tradewinds, the market capitalisation as
of 6th November was EUR 2.37bn, and the
USD 300m will be used for investments in
vessels and containers.
Source: Tradewindsnews.com
Pyxis Tankers Inc. an affiliate of Pyxis
Maritime Corp, led by CEO Valentios
Valentis, completed a merger with internet
search provider LookSmart last month to gain
a NASDAQ listing in New York. It has now
released results as if the combination had
taken place on 1st January 2015. Pyxis has a
fleet of six product tankers with a weighted
average age of approximately 4.6 years as of
30th September 2015. The four MRs and
two smaller vessels are employed under a mix
of time and spot charters, with Voyage
revenues of 26% under spot charter and 74%
under time charter for this period. According
to the latest Unaudited Consolidated earnings
results for the nine months ended 30th
September 2015, Voyage revenues were
USD 24,800,000 and net income was
USD 2,872,000.
Pyxis is trading under symbol “PXS”. (Source: Bloomberg)
“Pyxis Epsilon” (Source:
Pyxis Maritime Corp.)
16
ARTHUR J. GALLAGHER
WAR AND PIRACY
NIGERIA SIEZES OIL TANKER
The Nigerian military has seized the M/T
Askja which is suspected of transporting
stolen crude oil. The tanker was anchored
along the Forcados estuary outside of Warri
City when Niger Delta’s Joint Task Force
raided the ship. Local authorities have arrested
the eight pirates aboard the Askja. According
to local reports, the Joint Task Force also
raided and shut down several illegal refineries
where stolen crude oil was being distilled.
Nigeria has been a hotbed for maritime piracy
recently, and claims that it loses nearly USD
20 million per year due to oil theft. This
incident comes just weeks after Nigeria lifted
a two-month ban on 113 tankers operating in
its sovereign waters. The Nigerian National
Petroleum Corp instituted the ban on 15th
July 2015 to curb alleged illegal crude
shipments out of the country. The tankers
were prohibited from entering oil facilities
and territorial waters.
Shortly after the lifting of the tanker ban,
the International Association of Independent
Tanker Owners (INTERTANKO) advised its
members against accepting any vessel which
was on Nigeria’s list of banned tankers either
into Nigeria or its 200-mile Exclusive
Economic Zone. In a statement,
INTERTANKO said: “While some are
interpreting this latest letter as a lifting of the
ban, we continue to advise against trading to
Nigeria any ship on the banned list.
The penalties for any alleged contraventions
of Nigerian law by these ships are draconian,
including forfeiture of the ship and life
imprisonment of the crew.” Nigeria has
destroyed 200 illegal refineries, 58 oil barges
and arrested more than 80 pirate vessels in its
ongoing battle against maritime piracy and oil
theft.
CAPTURE AND RELEASE OF FOUR CREW MEMBERS IN NIGERIA
The Ukrainian Foreign Ministry has
Following negotiations between the Russian
confirmed a report that pirates took four
managers of the vessel and the pirates, the
hostages, including two citizens of Ukraine,
hostages were freed on 15th November 2015
in Nigeria’s territorial waters on Monday,
and were expected to return home soon
19th October 2015.
following medical examinations at a
local hospital.
Two Ukrainian and two Lithuanian citizens
were captured as the result of the attack
which took place 100 miles west of Port
Hartcourt, and were taken hostages to an
undisclosed location.
“The Solarte vessel sails under the flag of the
Comoros, the ship owner is a Russian
company,” according the first secretary of the
Department of Consular Service of the
Ministry of Foreign Affairs of Ukraine,
Yevhen Ihnatovsky.
ARTHUR J. GALLAGHER
17
WAR AND PIRACY
PIRACY ACTIVITY IN ASIA
Pace of Piracy in Asia Increases from 2014
exceed last year’s 187 attacks. There have
already been 174 attacks so far this year.
The latest monthly report from Asian
anti-piracy organization ReCAAP shows that
while incidents were down in the month of
October, the total for 2015 is on pace to
The report builds on ReCAAP’s quarterly
numbers showing attacks up 25 percent in the
first three months of 2015.
Graph 2. Number of incidents (2011-2014 & Jan-Oct of 2015)
210
187
174
180
157
150
150
135
120
171
162
133
141
124
90
60
30
22
9
9
2012
2013
16
12
2014
JAN-OCT
2015
0
2011
Total
Actual
Attempted
Annual and YTD piracy numbers, 2011-2015 (ReCAAP)
A majority of the reported incidents in
October occurred in the Straits of Malacca
and Singapore (SOMS). The waters near
Indonesia and Malaysia, especially the Straits
of Malacca, are notorious for the risk of piracy.
The most noteworthy hijacking attempt
reported to ReCAAP last month was on the
Aframax tanker Almi Spirit, in which six
pirates with knives got on board and got as
far as the engine room. They were spotted by
the chief engineer and chased off upon the
arrival of the Malaysian Maritime
Enforcement Agency ship Rawa. Several
18
pirates jumped into the sea in their effort to
escape, and reports indicate that they used a
boat to get away.
If the attack had been successful, it would
have been the largest haul of the year. The
tanker was reportedly carrying some USD
23 million worth of fuel oil.
The most serious attacks – classified by
ReCAAP as those involving nine or more
armed pirates in a successful hijacking or
robbery – total to 11 so far this year, all on
tankers. No attacks of this class were
reported in the month of October.
ARTHUR J. GALLAGHER
CASUALTY REPORTS
VESSEL
ARTICLE SOURCE
PHOTO
PHOTO SOURCE
Amadeo
http://worldmaritimenews.com/archives/172234/
breached-ferry-scuttled-off-chile/
http://worldmaritimenews.com/
archives/172234/breached-ferryscuttled-off-chile/
El Faro Reported
‘Hull Breach’ Before
Sinking in Hurricane
http://www.voanews.com/content/reu-el-faroreported-hull-breach-before-sinking-inhurricane/3022845.html
http://www.xssailing.com/
category/el-faro/ for both photos
Wihan Sejahtera
http://www.shipwrecklog.com/log/2015/11/
wihan-sejahtera/
Los Llanitos
los-llanitos/#
http://www.shipwrecklog.com/
log/2015/10/los-llanitos/#
Haidar
haidar/
http://www.seanews.com.tr/
news/154739/Livestock-carrierHaidar-capsized-in-port-5000animals-killed.html
http://www.shipwrecklog.com/
log/2015/10/haidar/
PIRACY REPORTS
VESSEL
ARTICLE SOURCE
PHOTO
Nigeria Siezes
Oil Tanker
http://maritime-executive.com/article/
nigeria-seizes-oil-tanker
Capture and release
of four crew
members in Nigeria
http://en.interfax.com.ua/news/
general/298178.html
Pace of Piracy in
Asia Increases
from 2014
http://www.maritime-executive.com/article/
pace-of-piracy-in-asia-increases-from-2014
ARTHUR J. GALLAGHER
PHOTO SOURCE
http://worldmaritimenews.com/
archives/176651/update-pirates-release-foursolarte-crew-members/
19
MARKET NEWS
VESSEL
ARTICLE SOURCE
PHOTO
PHOTO SOURCE
BDI at 498 Points
Hellenicshippingnews
Daichi Chuo Files
http://gcaptain.com/japanese-dry-bulk-shipperdaiichi-chuo-to-file-for-bankruptcy/
Daiichi Chuo
Port Hedland Iron
Ore Hits Record
High in
September
http://gcaptain.com/port-hedland-iron-ore-hitsrecord-high-in-september/
http://gcaptain.com/port-hedlandiron-ore-hits-record-high-inseptember/
North Sea LayUps Closing in on
100 Vessels
http://gcaptain.com/north-sea-lay-ups-closing-inon-100-vessels/
Shipping Finance
News
http://container-mag.com/2015/11/05/hapaglloyds-ipo-prices-shares-just-e20/
Pyxis Maritime Corp.
http://www.tradewindsnews.com
Bloomberg
20
ARTHUR J. GALLAGHER
Arthur J. Gallagher
Walbrook Office
The Walbrook Building
25 Walbrook
London
EC4N 8AW
Tel:
Fax:
+44 (0) 20 7204 6000
+44 (0) 20 7204 6001
www.ajginternational.com
Arthur J. Gallagher (UK) Limited 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.

MARINE MARKET REPORT - Arthur J. Gallagher

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