Seacurus Bulletin July 2015

Good morning,

Please find attached July’s Seacurus Bulletin and the link to the page turn digital version http://goo.gl/geHXCr.

Inside, as ever, we look to bring you the news which is shaping shipping, but with some analysis too. We look back on another busy month and some fascinating events which have continued to drive the market. Inside this issue we assess the fundamental building blocks of ransom payments, the “pay first” principle. We also explore the challenges of cruise ships and the implications for passenger safety and security as they shift from ship to shore.  We also look at the implications for insurers of not just the trend towards ever more mega box ships, but the fact that more containers mean a potential for rapidly escalated risks and pay outs if something goes wrong. The new breed of box ships is a boon for operators, but the challenges up and down the supply chain are beginning to be understood, and there are concerns.

Last month saw a rise of marine liability limits as the LLMC Protocol 1996 was revised, and we review the IMO steps to ensure that payments are in keeping with the expectations of the market. Also we look at the human rights of seafarers – not just from the perspective of work at sea, but the migrant issue too. Two new industry developments shed new light on the human angles, and the potential failings of the Maritime Labour Convention.

Finally we explore the latest Oceans Beyond Piracy report, and look at how it meshes with other research. The growth in Asian piracy, the chronic reporting of West African attacks and the fact that shipping is sailing closer to Somalia once more, and at slower speeds – suggests that piracy may again emerge as a key issue this year.

Best regards,