Bart⚓️

Belgium imposes €10 million surety on boarded Russian shadow fleet tanker | VRT NWS: news The Belgian government has imposed a surety of €10,020,000 on the Ethera, the oil tanker which is linked to Russia's shadow fleet. The Belgian judicial authorities seized the vessel that has now been ...

The Belgian government has imposed a surety (bail) of €10,020,000 ($11,660,000) on the detained MT Ethera, the oil tanker which is linked to Russia's shadow fleet. www.vrt.be/vrtnws/en/20...

I think this one is done for

Een loods neemt ook een eigen PPU (Portable Pilot Unit) mee die in het nav systeem van het schip wordt ingeplugd. Op die manier heb ik m'n eigen nav apparatuur bij, ingesteld op mijn wensen en noden

Standaardisatie is ver te zoeken in de scheepvaart, maar als loods moet ik niet alle apparatuur weten te vinden. Ik heb bvb niets van doen met het fire alarm panel of het ballast systeem. Ik moet weten hoe ik machine kan veranderen, autopilot, handsturen en radar.

just missing a whole piece of the vessel

New photo of the Russian LNG tanker Arctic Metagaz, which suffered a massive explosion in the Mediterranean early yesterday.

20/x But to remember. Lloyd's of London is actually a marketplace for brokers to gather enough (re)insurers to cover these risks

19/x This "reinsurance" means Lloyd's acts like a safety net. The IG places its GXL reinsurance (above $100m) in global markets, with Lloyd's often taking big shares. It's like P&I clubs handling everyday claims, but calling in Lloyd's for the worst-case scenarios.

18/x Lloyd's insures the ship's physical stuff (hull, engines, cargo, or risks from wars/energy ops). P&I clubs handle the people/property damage side. For huge claims, P&I clubs first share among themselves, then buy extra backup insurance (reinsurance) from Lloyd's groups.

17/x But how does Lloyd's of London position itself with regard to the P&I clubs I mentioned before? P&I Clubs cover "third-party liabilities": harms to others not in standard policies, like crew injuries, oil spills, cargo damage, collisions, and wrecks.

16/x Today, Lloyd's dominates maritime insurance: +-35% global marine premiums, +-67% offshore energy, leading in hull & machinery, cargo, war risks. It enables >90% of world trade by sea

15/x The ship's bell was recovered in 1858 and hung from the rostrum of the Lloyd's Underwriting Room. The Lutine Bell was rung to signal news of a maritime disaster or rescue. One toll meant bad news: a ship lost. Two tolls meant good news: a vessel safely returned.

14/x This could make or break the reputation of Lloyd's. Lloyd’s underwriters paid out the full value without delay, an extraordinary move that shocked the market. This act of integrity sealed Lloyd’s reputation as a place where even vast maritime risks would be honored in full.

13/x On the night of October 9, 1799, the Lutine ran aground on the treacherous Vlie Shoals off the Dutch coast near Terschelling. The ship broke apart in heavy seas. Of more than 240 people aboard, only one man survived. All the gold was lost with the ship.

12/x In response to the severe liquidity strains, England agreed to ship about 1.2 million pounds in gold and silver bullion, insured through Lloyd’s, to Hamburg aboard the frigate HMS Lutine to help avert the crisis.

11/x A severe winter in 1798–1799 iced over Hamburg’s harbor, disrupting trade and exacerbating supply chain issues. The inability to move goods led to excess supply, causing prices to plummet by spring 1799. This became the Hamburg Crisis of 1799.

10/x In 1799, Lloyd's had a solid reputation, but one event solidified trust in the Lloyd's insurance marketplace: the sinking of the HMS Lutine.

9/x In December 1691, the coffee house moved to Lombard Street for more space. Lloyd installed a pulpit for announcing news and auctions. After his death in 1713, he willed the lease to head waiter William Newton (who married daughter Handy).

8/x This is the Placement Slip for the Titanic and her sister-ship, Olympic. Cover was for 12 months on hull and machinery, valued at £1million for each vessel. Within 3 days, the slip was complete with some 12 companies and over 50 Lloyd’s syndicates participating in the risk.

7/x These early marine policies were handwritten on folded "slips" carried by brokers from underwriter to underwriter until 100% covered. A formal policy was then drafted, often starting with "In the name of God, Amen!". Those marine policies are still called "slips" today,

6/x Insurance deals were simple bets: Underwriters "subscribed" by signing slips of paper, accepting a share of the risk in exchange for a premium. If the ship returned safely, they kept the premium; if lost, they paid out proportionally. Risk spread across many to avoid ruin.

5/x To fuel business, Lloyd rented out "boxes" (private booths/tables). Here, merchants and shipowners met underwriters, wealthy individuals risking their own capital, who offered to insure voyages. This informal setup turned the coffee house into a proto-insurance exchange.

4/x In an era of 80+ London coffee houses (each with a niche), Lloyd focused on shipping. He gathered reliable news on arrivals, departures, wrecks, storms, and pirates, vital for risky overseas trade. He even posted notices on walls and later published Lloyd's News (1696–1697)

3/x The first documented mention came on 21 February 1688 in The London Gazette: an ad offering a guinea reward for info on five stolen watches, directing people to "Mr. Edward Loyd’s Coffee House in Tower Street."

2/x Around 1685–1687, Edward Lloyd opened his coffee house on Great Tower Street near the Thames. It specialized in shipping news for sailors, merchants, and captains.

1/x OK, I'm getting messages "But who or what is Lloyd's of London? I thought they insured ships?" OK, let's explain who they are and what their relationship with the P&I Club entails. Here’s another small 🧵

Been there, done that, got shot at, got bombed.. i have all the stamps on my bingo card

a man in a suit and tie is petting a white kitten ALT: a man in a suit and tie is petting a white kitten

24/x And I'm fully aware that Hydra Insurance Company Limited sounds like something from a James Bond movie and that probably somewhere, there's an inactive volcano with a missile inside of it, ready to launch, and destroy the world

23/x Anyway.. It's all very complicated, but I hope this gives you an idea of what it means when we talk about P&I clubs and War Risk Coverage

22/x There is a secondary (excess) war risk coverage that attaches to the first layer (which is NOT cancelled), but if the 1st layer is cancelled, that means that the shipowners have a huge deductible for the value of the 1st layer.