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That is because locals are more expensive and indons and pinoys are cheaperer...so PAP has forced singkies to loose out. For these high end industries, my past experience is companies prefer to hire competent personnel,,,price was international market rate,,,but with all the rent seeking by TMCs etc etc,,,they just want slave labour. And when things fuck up,,it cost them more,,,and like for shipping, oil and gas, resource etc...the profits are huge and the worst thing to do is save on human resource,,,I view human resource as preventative maintenance, good and competent employees prevent fuck ups,,,now got fuck up,,,see the costs? the owner of this ship is basically getting screwed,,, insurance pay outs etc,,,and the whole industry and world gahmens looking at u,,,,sure kenna marked.To be fair to the Ah Nehs, they, together with the Indonesians, the Malaysians have a long proud history in maritime with their maritime training schools long established before Singapore decided to follow suit by having our own training centre only in the late 2000s. Before that, we all went to Singapore Poly for our training. Singapore used to be the leader in salvage operations. Ang Moh salvage experts based in Singapore offices would train our local guys way back in the early 70s. Many of our locals went on to become salvage masters, superintendents. But many also have longed retired. Back then most owners of sunken ships in Asia would engage the services of Salvage companies based in Singapore. They trusted the expertise of our Sinkie crew. But now most crew are Indons and Pinoys. Hardly see any locals now working in this industry except for few local divers.
Suez Canal Grounded Ship To Face Insurance Claims Worth Millions
By MI News Network | In: Shipping News | Last Updated on March 25, 2021
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The pandemic hit the shipping world is already grappling with tremendous congestions and traffic when the Suez Canal event hit them. The maritime industry is staring at a huge delay and backlog due to stranded Evergreen stuck in the Suez Canal.
The owners and insurers of the ships stuck in this logjam are staring at lawsuits and claims amounting to millions of dollars. Experts fear that a loss is inevitable as claims are bound to arise. Even if the evergreen ship is refloated quickly there will be some delay in transit and hence the claims.
The 400 m ship ran aground in the Suez Canal earlier on Tuesday morning, halting ship movements in the area. As per the statement issued by the Suez Canal Authority, the ship couldn’t steer its way out of the dust storm and high winds, and ran aground. Global Shipments would be delayed for days because of this blockage.
Evergreen Lines Ever Given Grounded In Suez Canal
Image Credits: suezcanal.gov.eg
As of Wednesday afternoon, the vessel is still aground and authorities are still trying to free it. Earlier reports emerged of the ship being partially refloated but that turned out inaccurate.
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Insurance Claims Worries the Stranded Ship
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Ship Broke into Two While Sailing
Suez Canal is an important shipping route that acts as a daily transit point for 30% of global container shipping volumes. Without this, ships have to take the African Cape route to travel between Asia and Europe which takes a week longer.
The owner of the grounded ship, the Japanese firm Shoei Kisen KK along with their insurers are in deep waters as the Suez Canal can claim for revenue loss.
“All roads lead back to the vessel,” said David Smith, head of marine at insurance broker McGill and Partners.
“Container ships of this size are likely insured for hull and machinery damage of $100 million to $140m, insurance sources say. The ship was insured in the Japanese market”, two of the sources said.
The salvage operation costs have to be borne by the hull and machinery insurer.
“It is potentially the world’s biggest ever container ship disaster without a ship going bang,” said a shipping lawyer choosing to stay anonymous.
At present Smit Salvage, a subsidiary of the Dutch marine services company Boskalis is entrusted with the salvage operation. The company is sending a 10 membered team to Egypt for this purpose.
Oil Price & Supply Chain Issues
Meanwhile, the cargo owners of ships stuck in the logjam will be pressing for claims for missed deliveries and loss of perishable goods.
“If you have a constant build-up of ships, there are massive supply chain issues,” said Marcus Baker, global head, marine and cargo at insurance broker Marsh.
UK P&I Club, the protection and indemnity insurer for the grounded ship Ever Given haven’t made any official statement as of yet. Their insurance cover has injury claims, pollution claims under the ambit. Hence these insurance claims have to be reinsured through a programme run by the wider International Group of P&I Clubs.
At present, 30 ships are blocked north of the grounded ship and 3 are down south. Dozens more could be implicated around the northern and southern entrance of the Suez Canal.
20 oil tankers carrying crude and refined products are already affected by this. New Zealand cargo is held up in the blockage.
David Robb, a supply chain management professor at the Auckland University revealed that the congestion and traffic in shipping routes has increased oil price by 6% and the Suez Canal blockage will elevate it further.
“Shipping schedules have quite limited slack and lots of ports including those in New Zealand are already facing weeks of delay” said David Robb.
Threat of Canal Damage
Added to this, there’s a potential threat of damage to the canal. Photos reveal that the port authority had to employ a digger to remove earth and rock from the canal bank to free the ship’s now.
There could be claims for damage to the canal, said Rahul Khanna, global head of marine risk consulting at Allianz Global Corporate & Specialty (AGCS).
According to AGCS, groundings are the most common shipping incident in the Suez Canal. The canal has had 25 groundings in the last 10 years.
Insurers are not worried about any spillage or pollution claims in the canal at this moment. The technical management company Bernhard Schulte Shipmanagement that is looking after the grounded ship has ruled out pollution claims stating there isn’t any pollution
Reference: indiatimes.com