CONCERNS REMAIN FOR GLOBAL MARINE UNDERWRITING SAYS IUMI
Whilst in general, major losses remain stable, the continued erosion of the global premium base means that attritional losses are becoming much more significant. The increased risk of large, more complex and costly claims has the potential to impact all marine underwriting sectors in 2019. The International Union of Marine Insurance (IUMI) gave expert opinion on the current state of the hull, cargo and offshore energy insurance markets at its Spring Conference in Hamburg on 7-8 April 2019.
Hull casualties Although the global fleet continued to grow at around 3% in 2018, the number of total losses (vessels over 500GT) stood at a 20-year low. Only 21 total losses were recorded last year and this is on the back of a general downward trend witnessed since 2010. The reduction was seen across all vessel classes.
Serious casualties (excluding total losses) have stabilised over the past three years but are still higher, on average, than in 2014. There is likely to be a spike in Q1 2019 when numbers have been finalised. 900 incidents were recorded in 2018 representing 1.6% of the global fleet (or 1.2% in GT).
Rama Chandran, Chairman of IUMI’s Ocean Hull Committee commented: “We are pleased to see a stabilisation in total losses and serious casualties and this is a clear indication of an enhanced safety culture, improved vessel design and more effective regulation across the industry. Statistics show total losses of younger tonnage (<15 years) are dramatically lower in 2014-2018 than in 2009-2013. Underwriters welcome the industry’s overall improvement in safety but also recognise that increasing size, scale and complexity of new tonnage is affecting the current risk profile.”
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RECONSTRUCTION OF CLASSIC 1954 SUPERYACHT ISTROS BEING UNDERTAKEN BY FEADSHIP
Dutch shipyard Feadship is set to completely rebuild 42-metre (138-foot) classic motoryacht Istros. Built in 1954 by Amsterdam yard De Vries Lentsch and previously regarded as one of the largest superyachts to be built in the Netherlands, the yacht is now undergoing a total refit at Feadship’s facility.
H2 Yacht Design and Laurent Giles Naval Architects made a first attempt to restore the yacht in 2013, but the project was rejected due to lack of funding.
Under new ownership, the current rebuild project began last year with the removal of the superstructure and reconditioning of the hull at a shipyard in Malta. The yacht has since arrived back in the Netherlands.
A new engine room will also be constructed for two C18 engines, a C4.4 diesel generator and a Capstone DC560 gas turbine generator.
Feadship has grand plans to restore the yacht’s original glamorous aesthetic from its currently rusty hull. The combination of old and new features will be impeccably incorporated into the superyacht’s interior.
The yard has worked directly with the yacht owner in order to create a vessel that is family- orientated and child-friendly, perfect for charter use.
Istros is due to be relaunched in mid-2020.
8 | The Report • June 2019 • Issue 88
Marine News
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