LONDON (Dow Jones)–Insurers in London’s financial district are finalizing plans to create a private fleet of armed patrol boats in the Gulf of Aden, in an effort to fight Somali piracy, U.K. newspaper The Times reports Friday.
The plan was conceived by leading figures in the Lloyd’s of London market, including Jardine Lloyd Thomson Group PLC (JLT), who have been working with ship owners, freight operators and governments for months.
The intended goal of the Convoy Escort Program is to provide protection for tankers in the seas off war-torn Somalia, while also reducing the soaring costs of insuring vessels, cargo and crew against attacks, the paper reports.
Full story: www.thetimes.co.uk
-London bureau, Dow Jones Newswires;
Sign up for gCaptain’s newsletter and never miss an update
Essential maritime and offshore news, insights, and updates delivered daily straight to your inbox
April 9 (Reuters) – A company controlled by Hong Kong-based CK Hutchison has invested $1.7 billion in two ports near the Panama Canal, it said on Wednesday, surpassing the amount required under its contract, which is...
China retaliated against new tariffs imposed by President Donald Trump by announcing it would raise duties on US goods, roiling markets and deepening a trade war between the world’s largest economies.
U.S. President Donald Trump's "reciprocal" tariffs on dozens of countries took effect on Wednesday, including massive 104% duties on Chinese goods, as the European Union prepared retaliatory measures, escalating a global trade war.
Subscribe to gCaptain Daily and stay informed with the latest global maritime and offshore news
Stay informed with the latest maritime and offshore news, delivered daily straight to your inbox
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
