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CMA CGM Posts 67 Percent Quarterly Profit Growth

Written by Abdelmonem Achour on . Posted in Maritime news

French container line CMA CGM Group recorded USD 156 million net profit for the quarter ended June 30, up 66.7% compared to USD 94m net profit in the second quarter of 2014, with greater volumes carried and a dip in unit costs helping offset a sharp fall in freight rates and industry overcapacity.

Volumes carried during the second quarter increased by 6.2% year-on-year, to 3.3 million TEUs, compared to global market volume growth of between 1% and 2%. The company’s unit costs for the quarter fell 10.9%, largely due to the sharp fall in oil prices. However, average revenue per container carried decreased by 7.8%, leading to a 2.1% dip in quarterly revenue for the period, which stood at USD 4.11 billion.

Panama Canal Suspends Draft Restrictions

Written by Abdelmonem Achour on . Posted in Maritime news

The Panama Canal Authority (ACP) has suspended the first draft restriction that was scheduled to go into effect September 8, 2015.

Although the level of Gatun Lake is still well below normal levels for this time of the year, and the “El Niño” phenomenon is still present in the region, the amount of rainfall received in the Canal Watershed during the last few days—in addition to the water conservation measures implemented and the works done to deepen the navigational channel—has made it possible for the Panama Canal to suspend the announced restriction.

Two More LNG Carriers for Maran Nakilat JV

Written by Abdelmonem Achour on . Posted in Maritime news

Nakilat, the shipping arm of Qatar’s liquefied natural gas (LNG) sector, has expanded its joint venture with Greek shipping company Maran Ventures Inc. to include two new LNG vessels.

Maran Nakilat Co. Ltd. was established in 2005 with four jointly-owned vessels, and the agreement has been expanded on three occasions. The new agreement increases the number of vessels jointly-owned by Nakilat and Maran Gas to 13, confirming Nakilat’s wholly and jointly-owned LNG fleet as the largest in the world.

London P&I Club maintains financial strength despite impact of large claims

Written by Abdelmonem Achour on . Posted in Maritime news

Marine liability insurer The London P&I Club’s 2015 Annual Report highlighted an unusual run of expensive claims in the 2014/15 policy year, with progress in other areas meaning that the free reserves stand at a healthy $157.4m.

Ian Gooch, chief executive of the club’s management team, says, “During the course of the last policy year, the club was required to respond in respect of fourteen claims in excess of $1m, two of which are expected to exceed the $9m retention level and have accordingly been notified to the International Group Pool. This was an extremely unusual experience; to put it in perspective, there has only been one other policy year in the past ten in which the number of the club’s claims in the band in excess of $1m exceeded eight at expiry.”