Loss Prevention Advice
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This circular highlight recent key developments in the sanctions imposed against Russia by the UK, EU and US. The Price Cap Members should refer to the Club’s circular on the Russian oil/petroleum price cap of December 2022 updated in February 2023 for details of the Price Cap scheme which regulates the transport and insurance of Russian CN 2709 and CN 2710 cargoes.
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Regional conflicts in the Middle East raises the security risk to merchant shipping, in particular vessels transiting the Red Sea and GoA.
Following the renewed intensification of hostilities between Israel and Hamas in Gaza, the Iran-backed Yemeni Houthis continue to target vessels transiting the southern Red Sea, Bab-al-Mandeb Strait and the Gulf of Aden.
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Background for Resolutions
Annual resolutions of the Directors are required in order to provide War Risks P&I Excess Cover, and to provide cover for Biochem risks; and in order to determine the limits applicable to cover for Pollution risks.
Full advisory at the following link:
https://www.ukpandi.com/media/files/uk-p-i-club/circulars/2024/uk-circular-03-24.pdf
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Port facility personnel with designated security duties in Djibouti have received training to identify potential security threats and take action to prevent risks to port facilities in the Red Sea area.