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28 Mar 2016

Hackers work with pirates to target high value containers

New York based Verizon, one of the world’s largest communication technology companies in the world, reports on a series of pirate attacks targeting high-value containers, identified in advance by hackers. Cyber-criminals were able to download bills of lading from the...
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20 Mar 2016

International Group announces completion of a EUR 70 million aggregate fall back cover on Iran voyages

All members of the International Group on Friday circulated below message relating to their joint purchase of an Iran fallback cover. The Group has been working since 16 January to find a solution to the lapse of reinsurance cover caused by the US administration no...
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03 Mar 2016

DNK confirms Iran cover and issues useful guidance

Cover provided subject to a requirement for members to perform a due diligence/screening process Please bear in mind that Iran is a conditional trading area, and all calls to Iran should be reported to DNK in advance. DNK also requires a confirmation that a due diligence/sanction...
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01 Mar 2016

US and Nigerian led international operation frees hostages off Sao Tome

As reported on this page yesterday Nigerian authorities have reported the arrest of six suspected pirates and recovered the product tanker MAXIMUS in a firefight that killed an alleged pirate. Ten Indian crewmembers of the Maximus were rescued by Nigerian forces. The operation...
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29 Feb 2016

Nigerian Pirates shifting their focus on kidnapping of crew and extends range

MAREX earlier this week published the following article: “On Monday, Nigerian authorities reported the arrest of six suspected pirates and gave new details on the recovery of the product tanker MAXIMUS (ex-name SP Brussels), highlighting the growing risk of piracy in the...
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29 Feb 2016

Two Bourbon seafarers kidnapped off Nigeria

Offshore vessel owner Bourbon Offshore has confirmed the abduction of two of its crew members from their vessel off Nigeria. The company says its vessel Bourbon Liberty 251 come under attack Tuesday (Feb 23) while off the coast of Nigeria. Two crew members are believed to have...
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25 Feb 2016

Britannia and UK Club to merge

Britannia and UK Club advises that a merger process has been commenced between the two clubs, which would in GRT terms would be of the same size as Gard. The merged club would also in USD income terms be of equals size to Gard. Gard additionally writes about USD 300 million in...
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04 Feb 2016

The Iran Quagmire

As the first crude carriers are being fixed to take Iranian oil, the insurance industry is in a quagmire over the eased sanction regime. In particular it is the inability of US insurers or reinsurers to pay claims related to voyages to Iran that is causing trouble. On the hull...
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