By Tracy Zea, WCI President and CEO Anyone who’s shopped for groceries, dined at restaurants, paid rent or pretty much purchased anything these past months knows we are facing economic challenges unprecedented
The Ukrainian conflict, sanctions against Russia, and new COVID-19 outbreaks in the Far East are all impacting global crewing levels, says Henrik Jensen, CEO of Danica Crewing Specialists. And with crew shortages
First the good news, then the bad. That’s the main take away from marine insurer Allianz Global Corporate & Specialty SE’s Safety & Shipping Review 2022. The good news is that though
Wärtsilä Corporation is to write-off approximately EUR 200 million (about $217 million) related to assets and business operations in Russia. A statement released by the company today says: “Wärtsilä strongly condemns the
A large part of the world’s ship chartering and sale & purchase business is negotiated at some stage by members of the London-based Baltic Exchange, the world’s oldest shipping market. Today, the
Spain’s Guardia Civil today executed a Spanish court order freezing the motor yacht Tango, a 255-foot luxury yacht owned by sanctioned Russian oligarch Viktor Vekselberg. The Tango (IMO number 10107030 is believed to be worth approximately
The American Bureau of Shipping (ABS) has joined the growing list of classification societies withdrawing services to Russian-linked entities. The society says that “after careful consideration of the situation in the Ukraine
As Russian aggression in Ukraine continues, more organizations are continuing to cease providing services to Russian-controlled entities. Today, classification society Lloyd’s Register (LR) said it is disengaging from provision of all services
Niels Rasmussen, chief shipping analyst at BIMCO, is warning that the negative impacts of Russia’s actions in Ukraine will have consequences for all sectors of shipping. Though much uncertainty remains, the immediate
Mutual insurer Skuld notes that cargo trackers have noticed increased ship-to-ship (STS) transfers at sea, most commonly off Malaysia, Africa and in the Caribbean, as sanctioned countries such as Iran and Venezuela
