Category: Insurance

The temporary closure of the Beilun Phase III Terminal at Ningbo (one of the world’s busiest container ports) following an explosion on the YM Mobility on the 9th of August, is yet another example of the fragility of global supply chains and the inevitable ripple effects such events have on shi... Read more

The Road Haulage Association (RHA) has urged the government to establish a specific offence for freight crime and to develop more secure truck stops. This call comes in response to organised crime gangs (OCGs) increasingly targeting cargo, with over £1 million worth of goods stolen in a single i... Read more

On Friday, a faulty update to Microsoft software by cyber-security firm Crowdstrike, saw global supply chain operations significantly disrupted, with the fallout expected to take weeks to fully resolve. Thousands of flights were grounded or delayed at major air freight hubs in Europe, Asia, an... Read more

The recent sinking of the Prestige Falcon oil tanker, following a Houthi attack, marks the deadliest incident involving these strikes to date. The vessel capsized near the Omani coastal city of Duqm, and while the Indian Navy rescued nine of the 16 crew members, one was found deceased, and six... Read more

After the longest period of attack-free shipping in the Red Sea since December, the situation in the region is escalating, with an increase in Houthi attacks, fears that the ‘danger area’ may be expanding into the Arabian Sea and Indian Ocean and an Iranian vessel hijack off the Gulf of Oman.... Read more

The Francis Scott Key Bridge in Baltimore collapsed after the container ship, Dali, collided with it last Tuesday. The eventual cost of the disaster is expected to be hundreds of millions of dollars and shippers with cargo aboard the Dali could ultimately be responsible for the ship's damages and... Read more

In addition to fast-rising ocean freight rates and extended transit times, as the container shipping lines divert around Africa, shippers have been struggling to understand what (if any) insurance is in place, with insurance companies massively increasing war risk premiums and no longer willing t... Read more

Since December 2023, nearly 30 commercial vessels transiting the Red Sea have faced missile strikes or near misses from the Yemen-based Houthis, including container ships owned by Maersk, MSC and CMA CGM. As of last week, 550 container ships have been diverted away from the Suez Canal or are p... Read more

The US and UK carried out eight strikes on Houthi targets in Yemen on Monday, as the Iran-aligned armed group continues to target commercial shipping in the Red Sea, with no sign that the conflict will de-escalate anytime soon. While many hoped that the situation in the Red Sea might be a shor... Read more

Despite coalition military action, Houthi rebels continue to attack commercial shipping and with container shipping line’ schedules showing Cape of Good Hope routing for vessels into early February and beyond, it is clear that they do not expect short-term access through the Suez Canal and Red ... Read more

Following the sharp escalation of attacks on container ships in the Bab-al-Mandeb strait off the coast of Yemen last week, major container shipping lines are diverting vessels around the southern tip of Africa, rendering the Suez routing unavailable for an unknown period. With the Suez route c... Read more

Over £400,000 worth of goods in transit were stolen every day from Europe, Middle East and Africa (EMEA) supply chains in 2020, even with many countries being under lockdown for much of the year. The Transport Asset Protection Association (TAPA) recorded 6,463 cargo thefts across 56 countries... Read more