MARINE MARKET REPORT - Gallagher · MARINE MARKET REPORT . Founded by Arthur Gallagher in Chicago...

MARINE HULL & MACHINERY AND WAR RISKS MARKET UPDATEDECEMBER 2015

MARINE MARKET REPORT

Founded by Arthur Gallagher in Chicago in 1927, Arthur J. Gallagher & Co has grown to become one of the largest insurance brokerage and risk management companies in the world. With significant reach internationally, the group employs over 20,000 people and its global network provides services in more than 140 countries.

Outside the US, we use the brand name Arthur J. Gallagher.

ARTHUR J. GALLAGHER AJGINTERNATIONAL.COM MARINE HULL & MACHINERY AND WAR RISKS MARKET UPDATE 2015 1

CONTENTS

Introduction 2

Andrew Turton 3

Market Moves 3

Casualty Reports 4

Main Engine Damage Report by The Swedish Club 8

New Members of the Team 11

AJG Day at The Races 12

Latest Maritime News 16

War and Piracy 19

MARINE HULL & MACHINERY AND WAR RISKS MARKET UPDATE 2015 AJGINTERNATIONAL.COM ARTHUR J. GALLAGHER 2

INTRODUCTIONWelcome to the December 2015 edition of the Arthur J. Gallagher Marine Hull & Machinery and War Risks Market Update.

We are fast approaching the end of another eventful year which has undoubtedly been one of the most exciting in recent memory for Arthur J. Gallagher. We have welcomed a large number of new faces in our pursuit to become the most progressive marine broker in the market today.

The marine insurance market is as challenging as ever but our investment in people and resources remains strong as we strive to deliver innovative and cost effective insurance and risk management solutions for our clients in 2016 and beyond.

We wish all of our many clients, underwriters and friends holiday greetings and a happy and prosperous 2016.



It is with great sadness that we report the recent passing of Andrew Turton after a battle with illness. Andrew has been in the market as a Hull & Machinery Underwriter for over 30 years, most recently at XL Catlin. He was a very close friend to all of us at Arthur J. Gallagher and many of our clients have benefitted over the years from his expertise, fairness and integrity which established him as one

of the finest underwriters in the market for small and brown water tonnage. He will be sorely missed by his many friends in the market as well as in the insurance and shipping community around the world. Our thoughts and prayers are with his family at this difficult time.

Keith Roffo has left Houston Casualty and joined Swiss Re in London with immediate effect. He joins Andrea Cupido who has recently moved to London from the Genoa office.

It has been recently announced that Ed Gregory has resigned from Swiss Re London. After his contractual notice periods, it is understood he will join his former colleagues Peter Townsend and Lee Bright at Lloyd’s insurer AmTrust.

Ian Smith has resigned from Novae and will join Navigators Syndicate.

Deepa Nathvani has resigned from Skuld and will join Hardy Syndicate after expiry of contractual notice periods.

ANDREW TURTON

MARKET MOVES


AMADEO I Navimag’s RoRo ferry Amadeo I, which ran aground and capsized off southern Chile in August 2014, was towed some 70 kilometers off Diego de Almagro Island and scuttled on 21st September 2015.

The ferry was sunk in 2,700-meter-deep waters, bringing to an end a year-long salvage operation assigned to Florida-based Resolve Marine Group.

Navimag decided to sink the ferry after insurance agents inspected the vessel and declared it to be a total write-off.

Amadeo I was towed by the tugboat Resolve Commander, after Chile’s Directorate General of Maritime Territory and Merchant Marine (Directemar) granted a permission for the vessel to be sunk.

The scuttling was monitored by Armada de Chile.

EL FARO The captain of the U.S. cargo ship El Faro reported “a hull breach” and said a hatch had blown open before the vessel sank off the Bahamas in a hurricane earlier this month, the National Transportation Safety Board said on Tuesday 20th October 2015.

In a recorded satellite phone call Captain Michael Davidson told the ship’s owner he had “a marine emergency” after taking on water in one of the holds, the NTSB said in an update on its two-week-old investigation of the sinking.

It said the captain also reported that the ship had lost its main propulsion unit and that engineers could not get it restarted.

The El Faro and its 33 mostly American crew members disappeared on 1st October 2015 after sailing into the path of Hurricane Joaquin while en route from Jacksonville, Florida, to Puerto Rico in the worst cargo shipping disaster involving a U.S.-flagged vessel since 1983.

The ship’s owner, New Jersey-based Tote Inc, has previously said the loss of propulsion is likely what doomed the ship as it was engulfed by high seas whipped up by Joaquin.

According to the NTSB, electronic distress alerts were received by the U.S. Coast Guard from three separate sources on board El Faro but the Coast Guard never had direct voice communications with the ship.

It was not clear if the hull breach was directly related to the ship’s loss of propulsion, perhaps due to water flooding the engine room and short-circuiting the ship’s generators.

The El Faro had successfully completed its most recent inspections and surveys by the Coast Guard and the American Bureau of Shipping “meeting all rules and regulations,” the NTSB said in Tuesday’s update.

It said Tote told investigators that El Faro was undergoing “modifications” by welders and machinists prior to redeploying to the U.S. West Coast.

A boiler service company had recommended service to both the ship’s boilers during an upcoming dry-dock that had already been scheduled for 6th November 2015, the NTSB added.

CASUALTY REPORTS

El Faro

Amadeo 1


Tote has previously stated that the ship was undergoing engine room work, including during the last voyage but that it was unrelated to the propulsion system.

The day after setting sail on the doomed voyage the captain emailed a company safety official that he planned to take a route south of the predicted path of the hurricane and would pass about 65 miles (105km) from its centre, the NTSB said.

U.S. forecasters issued an advisory early on 1st October 2015 predicting seas of 30 feet (9 meters) with sustained winds increasing to 121 miles (195km) per hour as the El Faro approached the wall of the eye of the hurricane, the NTSB noted.

According to electronic alert data sent five hours later by the El Faro, the ship’s last reported position was about 20 miles (32km) from the edge of the eye of the hurricane, the NTSB said.

WIHAN SEJAHTERAThe 120 meter long, 3716 dwt ro-ro passenger ferry Wihan Sejahtera capsized and sank in Lamong Bay just outside the terminal at Surabaya, Indonesia on 16th November 2015. The vessel had departed

with over 200 passengers and crew bound for Bajo, East Nusa Tenggara when it struck a submerged object. The ferry had suffered some hull damage with water ingress and had a developed a list to starboard.

As the ferry headed back to port, the list increased as the cargo of vehicles shifted. Passengers and crew climbed over the listing hull and jumped into the sea while others clung to the port hull awaiting rescue.

According to reports some 163 passengers and 29 crew were rescued as nearby fishing vessels, patrol boats and tugs arrived quickly on scene. Over 25 persons were taken to hospital with several having severe injuries. The Wihan Sejahtera eventually rolled over and sank in 16 meters of water. Reports state the vessel was overloaded.

Wihan Sejahtera

CASUALTY REPORTS


CASUALTY REPORTS

LOS LLANITOSThe 215 meter long, 71665 dwt bulk carrier Los Llanitos ran aground on Pacific Ocean near Barra de Navidad, Mexico on 24th October 2015. The Los Llanitos had left Manzanillo one day before Hurricane Patricia approached, but had been blown ashore unable to withstand the strong winds by the hurricane. The bulker sustained severe hull damage as it’s hull dragged along the rocky shoreline. The engine room and several sections of the hold suffered water ingress. Fuel tanks were also ruptured releasing pollution along the shore.

Authorities were alerted and a Mexican Navy helicopter was dispatched to the scene. The helicopter rescued 19 of the 27 crew on board with the remaining crew voluntarily staying. There were no reports of injuries. Reports state the vessel was directed by port authorities to depart rather than be in port when the hurricane made landfall.

Los Llanitos


CASUALTY REPORTS

HAIDAR The 120 meter long, 6,449 dwt livestock carrier Haidar capsized while berthed at Barcarena, Para, Brazil on 6th October 2015. The Haidar was loaded with some 5,000 cattle and was preparing to depart for Venezuela when it lost stability when it suffered water ingress. The livestock carrier capsized and eventually sank onto its port side. No reports of injuries, but thousands of cattle were trapped on board and perished. A small number of cattle were fortunately enough to escape and were able to rush onto the side of the vessel. The local port authority has launched an investigation into the incident

Haidar


According to the report, Main Engine claims account for 46% of total machinery claim cost with an average claim per vessel of USD 545,000. Since 2011 when the previous review was published, the average cost of main damage has decreased by 14% from USD 634,000 to USD 545,000.

Container and dry cargo vessels appear to have disproportionately large claim cost in relation to fleet entry. Container vessels while accounting for 37% of the fleet seem to account for 46% of the total H&M cost. Container vessels account for more than 47% of the Main Engine Damage claims and in conjunction with the above this leads to the conclusion that container vessels are particularly exposed to main engine claims.

Overall the Swedish Club experienced 487 machinery claims in the 2012-2014 period with a total cost of USD 187.6 million. Main Engine claims topped the table with 118 incidents, followed by Propulsion (propeller, shaft, gearbox) with 109 incidents and Aux Engine and Turbocharger incidents with 79 claims each category.

MAIN ENGINE DAMAGE REPORT by The Swedish Club

A new report following the analysis of machinery claims handled by The Swedish Club over two years reveals that main engine damage is the most costly of all claims.

Table 1. Machinery claims, 2012-2014

Claims Type Number Average Cost (USD)Change

(%)

Main engine

Aux engine

Turbocharger

Propulsion*

Rudder/Steering gear

Boil

Other**

TOTAL

118

79

79

109

22

22

91

487

545,000

326,000

335,000

442,000

321,000

247,000

235,000

385,000

–14%

–7%

–8%

–37%

–48%

–22%

–21%

–19%

*Propeller, shaft, gearbox etc**Machinery such as electrical equipment, cranes, cargo gear, deck equipmentSource: The Swedish Club Main Engine Damage report


MAIN ENGINE DAMAGE REPORT

According to vessel builder country, it is shown that Korea, which accounts for almost 31% of club entries, only shares 12% of the total main engine claims costs, whereas

China is overrepresented with approximately 30% of the entries and 36% of the total claims for all engine types.

Another interesting finding was that the configuration of medium/high speed engines relates to the claim cost. As per graph no. 2,

configured engines have 42% higher average claim cost than inline.

Graph 1. Top five: Main engine claims by vessel builder country, 2012-2014

Source: The Swedish Club Main Engine Damage report


Graph 2. Four Stroke- Inline versus V configuration, 2012-2014

0%

5%

10%

15%

20%

25%

30%

35%

40%

0.000

0.010

0.020

0.030

0.040

0.050

0.060

0.070

0.080

Korea Japan Germany Netherlands

Num

ber

of c

laim

s pe

r en

try

China

Club entry Claim cost Frequency

$-

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

$800,000

VInline


Incorrect maintenance or repair is cited as the most common cause for main engine claims (17 incidents) followed by lubrication failure (13) and fuel management (8). Of these, lubrication failure is by far the most costly, at an average of USD 926,000 per claim, a decreased compared to the 2005-2011 figures where the average cost of lubrication failure was USD 1,194,000 (see Table 2.)

Table 2. Top 3 Causes of damage by number 2005-2011 & 2012-2014

Top 3 Causes for damage by number

2005-2011 2012-2014

Number Average cost (USD) Number Average cost (USD)

Incorrect maintenance and/or repairs

33 741,354 17 849,000

Fuel management

27 318,000 8 342,000

Lubrication failure

23 1,194,000 13 926,000


Recommendations on how to avoid main engine claims included onboard fuel analysis and fuel system audits, attendance of expert staff during major engine overhauls, regular inspection of lubrication oil quality and preferably testing samples every three months, use of only authorised spare parts and replacing the diaphragm sealings of crank case lube outlets at regular intervals, as well as investing in employee training.

To read a copy of Main Engine Damage, please visit: www.swedishclub.com/media/publications/brochures

MAIN ENGINE DAMAGE REPORT

The Swedish Club was founded in 1872 and is today a leading and diversified mutual marine insurance company, owned and controlled by its members. The Club writes Protection & Indemnity, Freight, Demurrage & Defence, Hull & Machinery, Hull Interests, Loss of Hire, War Risks, Kidnap & Ransom and any additional insurances required by shipowners or charterers. They also write Hull & Machinery, War risks and Loss of Hire for Mobile Offshore Units and FPSOs.

The head office is located in Gothenburg, Sweden, with branch offices in Piraeus, Hong Kong, Tokyo, Oslo and London.

THE SWEDISH CLUB


CHARLES GIBBS Divisional Director, Marine Division

Throughout his career Charlie has looked after the business of retail ship owner clients from around the world but with particular focus on Scandinavia, Northern Europe and the Middle East.

Charlie started his career at Sedgwick Marine in 1983 within the team handling Hull and Machinery business emanating from Asia. In 1991 Charlie’s geographical focus shifted when he was asked to head up the Scandinavian broking team. In 1999 Sedgwick was taken over by Marsh and following a company reorganisation in 2006 Charlie was promoted to a Managing Director within the Global Marine Division.

In 2008 he took over responsibility for running the global Hull and Machinery book within the London Marine Division.

After more than 30 years at Marsh and a brief tenure as Managing Director of Marine at Cooper Gay Swett & Crawford, Charlie joined Arthur J. Gallagher Marine at the beginning of September 2015.

For a number of years he was the Marsh representative on the Marine Committee of the London & International Insurance Brokers’ Association (LIIBA).

NEW MEMBERS OF THE TEAM

Arthur J. Gallagher is delighted to welcome Charles Gibbs to the Marine team.


AJG DAY AT THE RACES

Arthur J. Gallagher hosted our annual horse racing day event at Sandown Racecourse on Thursday 23rd July 2015. A long and convivial day was enjoyed by Underwriters and the Arthur J. Gallagher Hull brokers at the Esher track.

From left to right: Simon Cooper (Aegis), Rob Henbury (Liberty), Haydn Costin (QBE), Mark Watters (Arch), Paul Brandram (AJG) and Andrea De Gregorio (Generali London).

From Left to Right: Haris Lagios (AJG), Richard Sturgeon (AJG), Deniz Nagatay (AJG) and Matthew Wells (Allianz London)

From left to Right: Chris Taylor (AJG), David Farr (Skuld), Keith Roffo (Swiss Re), Andrew James (AJG) and Brendan Flood (Hiscox)

From Left to Right: Nick Roblin (AJG), Georgina Dunley (NOA) and Annabelle Louth (Montpellier)


AJG DAY AT THE RACES

From left to right: Deniz Nagatay (AJG), Deborah Shillabeer (Brit) and Andrea De Gregorio (Generali London).

From Left to right: David Farr (Skuld) and Mark Watters (Arch)

From Left to Right: Nick Roblin (AJG), William Kinnear (AJG), Mary Vogiatzidou (RSA), Matthew Wells (Allianz) and Haris Lagios (AJG)

Deniz Nagatay (AJG), Davinia Melachrinos (Argo) Haris Lagios (AJG) Angus Blayney (AJG), Jonathan Holmes (XL Catlin), Matthew Gysbers (XL Catlin)


LATEST MARITIME NEWS

BDI AT 498 POINTSOn Thursday, 19th November 2015, the Baltic Dry Index decreased to its historical ever low, reaching 498 points (approx. -55% from the previous year).

Baltic Dry Index is compiled by the London-based Baltic Exchange and covers prices for transported cargo such as coal, grain and iron ore. The index is based on a daily survey of agents all over the world. Baltic Dry hit a temporary peak on 20th May 2008, when the index hit 11,793.

DAIICHI CHUO FILESOn 29th September 2015 Japanese bulk carrier Daiichi Chuo Kisen Kaisha filed for protection from creditors – the second shipper to do so in September – with analysts predicting more failures if the market for dry freight continues to slump.

The shipping industry has been hit hard by the global commodities meltdown with the dry freight market near six-year lows and rates for large ships carrying iron ore and coal barely covering operating costs this year.

Daiichi Chuo said it had been unable to make ends meet on ships it had chartered or finance ships it had ordered, leaving it and a wholly owned subsidiary with a combined YEN 176.9 bn (USD 1.5 bn) in liabilities – a figure it said could rise.

The shipper, which has suffered four straight years of losses, is set to be delisted on 30th October 2015. That would be a rare case of listed corporate failure since Prime Minister Shinzo Abe returned to power in 2012 with aggressive policies to boost the economy.

The move follows private equity-backed Global Maritime Investments Cyprus Ltd’s filing for Chapter 11 bankruptcy protection in the United States on 15th September 2015.

“If such a market is sustained we can expect a few more companies to be in line,” said Jayendu Krishna, director at Drewry Maritime Advisors.

© Copyright Thomson Reuters 2015.


PORT HEDLAND IRON ORE HITS RECORD HIGH IN SEPTEMBERAustralia’s Port Hedland on Friday 2nd October 2015 reported record monthly iron ore shipments of 39.3 million tonnes in September, an 8-percent rise from a year ago and slightly above the August level. Most of the ore is shipped each month to steel mills and ports in China, though figures on individual destinations were not released by the Pilbara Ports Authority. Iron ore has supplanted coal and gold as Australia’s biggest source of foreign income, despite the price plunging as low as USD 44.10 a tonne in July – less than half what it was a year earlier. Iron ore has since rebounded to stand at USD 54.40 a tonne

Port Hedland, which handles about a fifth of the world’s seaborne iron ore trade, is used by BHP Billiton and Fortescue Metals Group. While global iron ore trade is forecast to increase by only 1.5% in 2015 to 1.4 billion tonnes, the lowest rate of growth since 2001, supply from Australia is projected to increase by 6% to 762 million tonnes, according to Australia’s Department of Industry and Science. BHP is lifting output by 6% to 247 million tonnes by next July, while Fortescue is running at an annual rate of around 165 million tonnes, making them the third and fourth largest producers worldwide after Vale and Rio Tinto . (Reuters, Reporting by James Regan; Editing by Joseph Radford)




NORTH SEA LAY-UPS CLOSING IN ON 100 VESSELSThe number of offshore vessels laid-up in the North Sea in mid-November, was 93 and it seems new vessels are being stacked almost daily, according to data by Westshore Shipbrokers. According to the firm, 93 total vessels were laid up in November at ports in the UK and Norway. The list comprised of 26 anchor handling tugs (AHTSs), 63 platform

supply vessels (PSVs), and four multi-purpose supply vessel (MPSVs). During November eleven vessels have been added to the list, including 6 AHTSs and 5 PSVs. The lay-ups come amid the prolonged slump in oil prices that has weakened the offshore market across the globe.

SHIPPING FINANCE NEWSContainer shipping line Hapag-Lloyd set the final offer price for its shares at just €20 (USD 21.91) in its initial public offering on 3rd November 2015 (IPO). Weak demand and a profit warning by competitor Maersk Line had previously caused Hapag-Lloyd to delay the proposed IPO and to lower the valuation and number of shares sold. The shares opened higher at EUR 20.05 (USD 21.81) in Frankfurt, compared to the price of EUR 20 in its IPO, raising USD 300m in the first week of trading. According to Tradewinds, the market capitalisation as of 6th November was EUR 2.37bn, and the USD 300m will be used for investments in vessels and containers.

Source: Tradewindsnews.com

Pyxis Tankers Inc. an affiliate of Pyxis Maritime Corp, led by CEO Valentios Valentis, completed a merger with internet search provider LookSmart last month to gain a NASDAQ listing in New York. It has now released results as if the combination had taken place on 1st January 2015. Pyxis has a fleet of six product tankers with a weighted average age of approximately 4.6 years as of 30th September 2015. The four MRs and two smaller vessels are employed under a mix of time and spot charters, with Voyage revenues of 26% under spot charter and 74% under time charter for this period. According to the latest Unaudited Consolidated earnings results for the nine months ended 30th September 2015, Voyage revenues were USD 24,800,000 and net income was USD 2,872,000.

Pyxis is trading under symbol “PXS”. (Source: Bloomberg)

“Pyxis Epsilon” (Source: Pyxis Maritime Corp.)


NIGERIA SIEZES OIL TANKERThe Nigerian military has seized the M/T Askja which is suspected of transporting stolen crude oil. The tanker was anchored along the Forcados estuary outside of Warri City when Niger Delta’s Joint Task Force raided the ship. Local authorities have arrested the eight pirates aboard the Askja. According to local reports, the Joint Task Force also raided and shut down several illegal refineries where stolen crude oil was being distilled.

Nigeria has been a hotbed for maritime piracy recently, and claims that it loses nearly USD 20 million per year due to oil theft. This incident comes just weeks after Nigeria lifted a two-month ban on 113 tankers operating in its sovereign waters. The Nigerian National Petroleum Corp instituted the ban on 15th July 2015 to curb alleged illegal crude shipments out of the country. The tankers were prohibited from entering oil facilities and territorial waters.

Shortly after the lifting of the tanker ban, the International Association of Independent Tanker Owners (INTERTANKO) advised its members against accepting any vessel which was on Nigeria’s list of banned tankers either into Nigeria or its 200-mile Exclusive Economic Zone. In a statement, INTERTANKO said: “While some are interpreting this latest letter as a lifting of the ban, we continue to advise against trading to Nigeria any ship on the banned list.

The penalties for any alleged contraventions of Nigerian law by these ships are draconian, including forfeiture of the ship and life imprisonment of the crew.” Nigeria has destroyed 200 illegal refineries, 58 oil barges and arrested more than 80 pirate vessels in its ongoing battle against maritime piracy and oil theft.

CAPTURE AND RELEASE OF FOUR CREW MEMBERS IN NIGERIAThe Ukrainian Foreign Ministry has confirmed a report that pirates took four hostages, including two citizens of Ukraine, in Nigeria’s territorial waters on Monday, 19th October 2015.

Two Ukrainian and two Lithuanian citizens were captured as the result of the attack which took place 100 miles west of Port Hartcourt, and were taken hostages to an undisclosed location.

“The Solarte vessel sails under the flag of the Comoros, the ship owner is a Russian company,” according the first secretary of the Department of Consular Service of the Ministry of Foreign Affairs of Ukraine, Yevhen Ihnatovsky.

Following negotiations between the Russian managers of the vessel and the pirates, the hostages were freed on 15th November 2015 and were expected to return home soon following medical examinations at a local hospital.

WAR AND PIRACY


WAR AND PIRACY

PIRACY ACTIVITY IN ASIA Pace of Piracy in Asia Increases from 2014

The latest monthly report from Asian anti-piracy organization ReCAAP shows that while incidents were down in the month of October, the total for 2015 is on pace to

exceed last year’s 187 attacks. There have already been 174 attacks so far this year.

The report builds on ReCAAP’s quarterly numbers showing attacks up 25 percent in the first three months of 2015.

Annual and YTD piracy numbers, 2011-2015 (ReCAAP)

A majority of the reported incidents in October occurred in the Straits of Malacca and Singapore (SOMS). The waters near Indonesia and Malaysia, especially the Straits of Malacca, are notorious for the risk of piracy.

The most noteworthy hijacking attempt reported to ReCAAP last month was on the Aframax tanker Almi Spirit, in which six pirates with knives got on board and got as far as the engine room. They were spotted by the chief engineer and chased off upon the arrival of the Malaysian Maritime Enforcement Agency ship Rawa. Several

pirates jumped into the sea in their effort to escape, and reports indicate that they used a boat to get away.

If the attack had been successful, it would have been the largest haul of the year. The tanker was reportedly carrying some USD 23 million worth of fuel oil.

The most serious attacks – classified by ReCAAP as those involving nine or more armed pirates in a successful hijacking or robbery – total to 11 so far this year, all on tankers. No attacks of this class were reported in the month of October.

Graph 2. Number of incidents (2011-2014 & Jan-Oct of 2015)

0

30

60

90

120

150

180

210

2011 2012 2013 2014 JAN-OCT2015

229 9

16 12

135

124

141

171162

157

133

150

187174

Total Actual Attempted


CASUALTY REPORTS

VESSEL ARTICLE SOURCE PHOTO PHOTO SOURCE

Amadeo http://worldmaritimenews.com/archives/172234/breached-ferry-scuttled-off-chile/

http://worldmaritimenews.com/archives/172234/breached-ferry-scuttled-off-chile/

El Faro Reported ‘Hull Breach’ Before Sinking in Hurricane

http://www.voanews.com/content/reu-el-faro-reported-hull-breach-before-sinking-in-hurricane/3022845.html

http://www.xssailing.com/category/el-faro/ for both photos

Wihan Sejahtera http://www.shipwrecklog.com/log/2015/11/wihan-sejahtera/

Los Llanitos http://www.shipwrecklog.com/log/2015/10/los-llanitos/#

http://www.shipwrecklog.com/log/2015/10/los-llanitos/#

Haidar http://www.shipwrecklog.com/log/2015/10/haidar/

http://www.seanews.com.tr/news/154739/Livestock-carrier-Haidar-capsized-in-port-5000-animals-killed.html

http://www.shipwrecklog.com/log/2015/10/haidar/

PIRACY REPORTSVESSEL ARTICLE SOURCE PHOTO PHOTO SOURCE

Nigeria Siezes Oil Tanker

http://maritime-executive.com/article/nigeria-seizes-oil-tanker

Capture and release of four crew members in Nigeria

http://en.interfax.com.ua/news/general/298178.html

http://worldmaritimenews.com/archives/176651/update-pirates-release-four-solarte-crew-members/

Pace of Piracy in Asia Increases from 2014

http://www.maritime-executive.com/article/pace-of-piracy-in-asia-increases-from-2014


MARKET NEWSVESSEL ARTICLE SOURCE PHOTO PHOTO SOURCE

BDI at 498 Points Hellenicshippingnews

Daichi Chuo Files http://gcaptain.com/japanese-dry-bulk-shipper-daiichi-chuo-to-file-for-bankruptcy/

Daiichi Chuo

Port Hedland Iron Ore Hits Record High in September

http://gcaptain.com/port-hedland-iron-ore-hits-record-high-in-september/

http://gcaptain.com/port-hedland-iron-ore-hits-record-high-in-september/

North Sea Lay-Ups Closing in on 100 Vessels

http://gcaptain.com/north-sea-lay-ups-closing-in-on-100-vessels/

Shipping Finance News

http://container-mag.com/2015/11/05/hapag-lloyds-ipo-prices-shares-just-e20/

http://www.tradewindsnews.com

Bloomberg

Pyxis Maritime Corp.

Arthur J. Gallagher

Walbrook OfficeThe Walbrook Building25 WalbrookLondonEC4N 8AW

Tel: +44 (0) 20 7204 6000Fax: +44 (0) 20 7204 6001

www.ajginternational.com

Arthur J. Gallagher (UK) Limited is authorised and regulated by the Financial Conduct Authority. Registered Office: The Walbrook Building, 25 Walbrook, London EC4N 8AW. Registered in England and Wales. Company Number: 1193013. www.ajginternational.com

The information contained in this market review has been compiled by Arthur J. Gallagher from various news sources. This review does not purport to be comprehensive or to give legal advice. While every effort has been made to ensure accuracy, Arthur J. Gallagher cannot be held liable for any errors, omissions or inaccuracies contained within the document. Readers should refrain from acting upon information in this document without first taking further specialist or professional advice.

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