Charterers Club Update – January 2020
The new decade has got off to an interesting start.
The Baltic Exchange has tumbled since year end, the Insurance Market continues to contract with closures, consolidation, a hardening of prices, and let’s not forget Wuhan Flu which has the potential to give the world economy a bit of a cold in the months to come.
We have colleagues in Shanghai who are directly impacted by the situation in China; we have closed the office temporarily, with all staff working from safe locations for the time being. We are seeing many more queries on the situation in China and have published an update (see below) with a practical look at charter party issues together with suggested rider clauses.
Notwithstanding the headwinds we are making good progress across the key markets in which we operate. Our teams in the Middle East, India, Europe and Shanghai have assisted us in expanding during 2019 and the early part of 2020.
Much of this progress is down to word of mouth, we continue to provide high quality Insurance to Charterers and many Charterers recommend us to their peers; we are pleased with the feedback we are getting on service levels from our claims team in our three hubs. This year we will be focusing on consolidation, strengthening the teams and the product offering and we will be looking at the Terms and Condition mid-year to enhance what we offer.
Further updates to follow, but in the meantime see below on publications including the article on Wuhan Flu.
Coronavirus – Wuhan Flu
In view of the increasing amount of enquiries we were getting, we issued a bulletin on the situation in Wuhan and the impact on Charterers. It can be accessed by following this link WUHAN UPDATE
We publish many articles and news features on our website. We have two active accounts that we use to publicise articles and we would welcome you to follow us:
Twitter account @theMecoGroup
LinkedIn The MECO Group
News, analysis and articles can be found on the publications section of the Charterers Club website PUBLICATIONS page
In the last fortnight we have issued two articles; one explains why Charterers should actively avoid the new BIMCO Arrest Clause (LINK HERE) and the other analyses why it’s so important to submit a claim timely and properly when engaging in dispute resolution (LINK HERE).
We take pride in the variety of content and analysis we distribute to the Chartering Community; comments whether good or bad are always welcome, as are ideas for areas you would like covered in the future.
Finally, we wish our colleagues in Shanghai, our friends and partners in China and all those who are now being impacted by the situation in Wuhan and beyond, strength and resilience through the coming weeks and months.
The Charterers Club