The Caribbean Shipping Executives’ Conference (CSEC) concluded its 20th conference on Tuesday, May 25 following absorbing presentations on the future of the industry focusing on technology, including digitization, smart ports and the cyber disconnect with emphasis also placed on mentorship and equality, and the impact of the pandemic. General manager of the Caribbean Shipping Association .
Global Healthcare specialist VIKAND and key maritime stakeholders have launched the Seafarers’ Human Sustainability Declaration during the U.S. Coast Guard AMVER awards ceremony at the US Ambassador’s Residence in Oslo, during Nor-Shipping. This Declaration aims to recognise and improve how the global maritime community meets the human sustainability needs of seafarers both today and into .
Rising volatility in marine markets lifts hedging against Platts instruments: ICE
Big swings in marine fuel prices and freight rates due to IMO 2020 and coronavirus have led to increased appetite for hedging, with financial instruments settled against S&P Global Platts physical 0.5% sulfur assessments at record highs, Intercontinental Exchange said.
Since February 2019, open interest across marine fuel has grown to a record 274 million barrels equivalent on Feb. 23, with traded volumes up 114% year on year, ICE said.
A change in International Maritime Organization regulations meant sulfur emissions from ships on the high seas were capped at 0.5% from Jan. 1, 2020, down from 3.5% previously.
Aon launches bunker fuel price insurance to safeguard customers against price volatility
13 Jan 2021
UK-based risk, retirement and health professional services company Aon plc on Monday (11 January) launched its new fuel insurance solution, designed to help companies protect against rising fuel costs.
Backed by AAA-rated credit insurance, the coverage will be activated if the cost of fuel rises and exceeds an agreed limit.
The policy will cover the difference between the agreed price and the higher price, paid out monthly, to help companies manage their fuel cost exposure and avoid significant spikes in market price.
This insurance product can provide a valuable solution to companies that consume large amounts of fuel, including marine, aviation, construction, mining and energy, and is one of the first of its kind commercially available in the sector.