NorthStandard - Experts & Thought Leaders

NorthStandard and NIORD have announced a new strategic partnership to build their offshore renewable energy underwriting business.    Under an agreement that comes into effect on 1 January 2025, global marine insurer NorthStandard will provide US$30M in additional capacity to insure fixed and floating wind farms as well as renewable devices. Risk management partnership The facility is part of a risk management partnership between renewables-focused NIORD and NorthStandard that also anticipates the development of other sector-specific liability products. NIORD already has an established capacity of US$115M in the sector, initially built from 100% NHC security on 1 January 2024 and subsequently expanded to include Alandia, SiriusPoint, and Cincinnati. Offshore wind energy Available capacity will increase to US$160M from 1st January 2025, including US$30M from NorthStandard Available capacity will increase to US$160M from 1st January 2025, including US$30M from NorthStandard and US$15M from Beazley and Blenheim. “This strategic partnership with NIORD builds on our commitment to support and facilitate the growth of offshore wind energy and other renewable sources. NorthStandard has a long history of providing cover for members involved in the construction, installation, maintenance, and operation of offshore wind farms,” said Jeremy Grose, Managing Director, NorthStandard. Prudent approach NIORD's prudent approach balances volatile CAR (Construction All Risk) insurance and more benign operational risks in the offshore wind sector, which factors in the lag before assets come online. Between 2018 and 2024, NIORD premiums within the sector increased dramatically, and further accelerated growth is forecast for 2025. First-class claims service “The partnership is an exciting opportunity to broaden the support offered to this sector while benefiting from the deep knowledge, experience, and technical expertise of one of the acknowledged pioneers in this area,” added Paul Jennings, Managing Director, NorthStandard. "NorthStandard and NIORD share a prudent approach to underwriting, delivering a first-class claims service combined with an unwavering commitment to responding to the evolving needs of our members." Offshore renewable devices Georg Nygaard, CEO of NIORD, said, “NIORD aims to establish market leadership in the offshore wind farm sector and grow its position as a specialist underwriter for other offshore renewable devices." "Our strong underwriting position reflects our cautious approach to risk selection and expansion. Our partnership with NorthStandard will grow capacity progressively and differentiate NIORD on ancillary liability risk expertise." Financial strength and experience Hans Christian Seim, CEO of the Norwegian Hull Club and Chair of NIORD’s Board of Directors, said, “It is a pleasure and a source of pride to see how the NIORD story continues to develop." "This latest strategic partnership with NorthStandard adds important financial strength and experience within the P&I segment to NIORD.”

NorthStandard has launched ‘Fuel Insights’ - an exclusive real-time marine fuel intelligence service for members in partnership with Veritas Petroleum Services (VPS). Powered by VPS, the Fuel Insights digital platform offers real-time fuel procurement knowledge based on exclusive live data from the major provider of fuel quality testing and inspection services in the marine industry. Free-of-charge insights Bunkering and operations departments can use this range of data to improve decision-making Bunkering and operations departments can use this range of data to improve decision-making, by including off-specs and calorific value to the rationale, while technical managers can use the data to anticipate fuel quality risks to avoid bad bunkers. Platform users can make more informed choices on the best fuel to meet their operational requirements, including fuel with the lowest environmental footprint. Fuel Insights will be offered free of charge to NorthStandard members, as part of its Get SET! digital portfolio of pioneering technologies to improve safety and reduce operating costs. Easy access "This is a unique collaboration in marine insurance," said Colin Gillespie, Global Head of Loss Prevention, at NorthStandard. He adds, "It offers NorthStandard members easy access to global fuel statistics, as well as the tools to trade with confidence by managing risk and reducing claims in one of the most challenging areas of ship management." Fuel Insights platform John Oosthoek, VP Operations Digital & Decarbonisation, VPS, said, "The launch of the Fuel Insights platform is the culmination of a growing partnership between NorthStandard and VPS over the past few years." He adds, "By utilising reliable fuel quality data owners and operators can anticipate and mitigate the risks associated with fuel quality, such as cat fines, cold flow, and stability." ISO 8217 parameters "Every single test parameter in the Fuel Insights platform is there for a reason," said John Oosthoek, adding "This includes the usual ISO 8217 parameters, but also additional proprietary quality parameters from VPS, such as an indicator of chemical contamination and specific cold-flow parameters for new fuels." Relevant and actionable insights John Oosthoek further states, "The platform also provides insights beyond off-specs, by highlighting cautionary cases that may require additional treatment or operational advice." He adds, "With the advent of various types and blends of biofuels in the marine industry, VPS is committed to enriching this platform with relevant and actionable insights now and in the future." Preventive maintenance "Testing remains essential for verifying quality, but accumulated data helps owners make informed fuel procurement decisions," said Steve Bee, Group Commercial & New Business Development Director, VPS. He adds, "The services we provide ensure engines or fuel delivery systems do not suffer damage, crews stay healthy and safe, and ships meet expectations on the environment. For NorthStandard, Fuel Insights, powered by VPS will help ensure members and shipowners know what to look out for and subsequently enhance their ability to plan preventive maintenance." Fuel availability and quality "Beyond mitigation, data could be invaluable to a claim or contract dispute," said Colin Gillespie. He adds, "For example, if substandard fuel was repeatedly linked to a single port, or if fuel issues on board had an onward impact of cargo delays. Shipowners and operators also need full transparency on fuel availability and quality, especially given the rapid rise of alternative fuels." Accurate monitoring and reporting VPS controls shipping’s largest marine fuel quality database, including the most extensive analysis of newer products VPS controls shipping’s largest marine fuel quality database, including the most extensive analysis of newer products, such as biofuels and methanol. "Given that NorthStandard and VPS have the same forward-looking position on digitalisation, this partnership is a natural fit," commented Steve Bee, adding "Accurate monitoring and reporting also help reduce emissions and will improve vessel performance against carbon intensity indices to ensure owners are on the right side of history." Interactive dashboard Using the platform, NorthStandard members can easily access an interactive dashboard, providing transparency that digital solutions deliver across an organisation. "The VPS agreement is an excellent example of NorthStandard’s continuing work to deliver digital services that make a difference for our members, brokers, and customers," said Colin Gillespie, adding "Our website, intelligence platforms, and loss prevention apps have all been developed to remove barriers between the user and enhance the availability of real-time information for data-driven decision making."

The Nautical Institute (Singapore Branch) is pleased to announce the final speaker line-up and agenda for its 2024 Annual Conference, a cornerstone event at the Singapore Safety at Sea Week. This year’s conference, themed "Charting a Greener World – Dealing with Sustainability, Emergency Preparedness, and Seafarer Well-being," comes at a critical time for the maritime industry, as recent high-profile maritime casualties underscore the pressing need for innovative solutions and proactive dialogue. In response to these recent incidents, this year’s conference will bring together industry pioneers to tackle critical topics in sustainability and emergency preparedness, ensuring the maritime sector is well-equipped to navigate the challenges ahead. Maritime safety and innovation  The conference will commence with opening remarks from Mr. Teo Eng Dih, Chief Executive of the Maritime and Port Authority of Singapore (MPA), highlighting the significance of maritime safety and innovation in a rapidly evolving landscape. This will be followed by the keynote address by Jeremy Sutton, CEO of Swire Shipping, who will provide critical insights into the industry’s trajectory towards a more sustainable future. The morning session will feature a dynamic panel discussion on Managing the Green Wave, moderated by Mark Cameron, Managing Director (Asia) at Ardmore Shipping. Panellists include representatives from Swire Shipping, Intertanko, the Global Centre for Maritime Decarbonisation (GCMD), the Singapore Maritime Academy and Fratelli Cosulich Bunkers Singapore. This session will explore the industry's shift towards greener technologies and the associated crew risks and challenges. Critical issues of emergency preparedness The afternoon sessions will tackle critical issues of emergency preparedness and seafarer wellbeing The afternoon sessions will tackle critical issues of emergency preparedness and seafarer wellbeing. Panel 2: Emergency Preparedness - Are They Ready for Green Emergencies? will bring together experts such as Toby Stephens, Head of Shipping at HFW, who will be moderating the session and key figures from UK P&I Club, Solis Marine, Executive Ship Management, and SMIT, to explore the industry’s readiness for environmental emergencies and the complexities introduced by alternative fuels and hazardous cargoes. The day will conclude with Panel 3: The Changing World - Current Issues Affecting Seafarers, moderated by Capt. Yves Vandenborn of NorthStandard. This panel will focus on the human element of maritime operations, addressing seafarer rights, mental wellness, and the future of a diverse and skilled workforce. Yves will be accompanied by panellists from ASP Ships Group, Hafnia, OneCare Group and Asia Legal LLC. Discussing green initiatives Along the three main panels, there will be short presentations by senior representatives from ITOPF, The Nautical Institute, Marine Stewards, T&T Salvage Asia, Singapore Chamber of Maritime Arbitration, Navozyme, and Mission to Seafarers. Reflecting its commitment to sustainability, the Nautical Institute is not only discussing green initiatives but also implementing them. The conference will be a model of sustainability, with sustainably sourced food and no single-use plastics. In a move that underscores the Institute’s dedication to marine conservation, traditional speaker mementos have been replaced with sponsorship of coral nubbins to be planted in local waters, ensuring a lasting positive impact on the oceans.