The Covid-19 pandemic and its impact on global trade has led to many shipowners selling off their ships for dismantling earlier than they might otherwise have done. According to the NGO Shipbreaking Platform, 166 ships were broken up in the first quarter of 2020, and 98 ships in the second quarter.
A webinar organised by the Thomas Miller managed insurance mutuals, container freight specialist TT Club and protection & indemnity insurer, UK P&I Club, revealed the diverse range of factors important to safe container ship operations and the security of the container stacks they carry.
This document is the first Solvency and Financial Condition Report (“SFCR”) of UK P&I Club N.V. (UKNV). It explains the company performance over the extended book year of 28 November 2018 until 20 February 2020. This document covers UKNV’s business and performance, its system of governance, risk profile, valuation for solvency purposes and capital management.
The Ministry of Oceans and Fisheries has announced the SOX Emission Control Area in major Korean ports, which strengthens the sulfur content standard of ship fuel oil to 0.1% or less according to the Article.