Demystifying salvage changing perceptions in a changing world
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1 Demystifying salvage changing perceptions in a changing world Chairman: Simon Kverndal QC Quadrant Chambers Speakers: Andrew Chamberlain Holman Fenwick Willan Chris Adams Steamship Ins. Management Services Ltd. Capt. Nicholas Sloane Sloane Marine Richard Gunn Reed Smith LLP Venue: Friary Court, 65 Crutched Friars, London, EC3 Date: Tuesday 2 nd February 2016 LSLC - MARITIME BUSINESS FORUM Quadrant House, 10 Fleet Street, London, EC4Y 1AU Tel: ~ shipping@shippinglbc.com Chairman s Tel: ~ Chairman s asheppard@shippinglbc.com Web-site: LSLC 2016
2 Introduction: In a 21 st century of megaships, ever-tighter margins and as high a potential as ever for a major disaster, the world s salvors are under pressure from less use of LOF and diminishing returns leading to mergers and reductions of capacity. How can it all stack up? This seminar will review those challenges and discuss the ways in which they might be met. Issues for discussion will include: Salvage in the 21 st Century challenges and opportunities, reasons to be cheerful Throwing the baby out with the bathwater? - when salvage services are required and the role of LOF No cure, no pay. No cure: what next in the context of a grounding? The risks of it going wrong from the P&I perspective How will the maritime community deal with the mega ship salvage operation? - the Vale-Max bulk carriers and UL 20,000 TEU Container Ships Potential costs of a failed emergency response salvage operation more than the Costa Concordia?! Is the salvage community ready to respond? demystifying the steps to be taken Why is LOF seen as expensive? - alternative funding arrangements to pay for the costs of salvage Part A Salvage in the 21 st Century Challenges and Opportunities Andrew Chamberlain Part B A P & I Perspective on Salvage and Wreck Removal Incidents Chris Adams Part C Demystifying Salvage Capt. Nicholas Sloane Part D Why is LOF seen as expensive? Richard Gunn Part E Curricula Vitae LSLC - MARITIME BUSINESS FORUM Quadrant House, 10 Fleet Street, London, EC4Y 1AU Tel: ~ shipping@shippinglbc.com Chairman s Tel: ~ Chairman s asheppard@shippinglbc.com Web-site: LSLC 2016
3 Part A Salvage in the 21 st Century Challenges and Opportunities Andrew Chamberlain LSLC - MARITIME BUSINESS FORUM Quadrant House, 10 Fleet Street, London, EC4Y 1AU Tel: ~ shipping@shippinglbc.com Chairman s Tel: ~ Chairman s asheppard@shippinglbc.com Web-site: LSLC 2016
4 02/02/2016 SALVAGE IN THE TWENTY FIRST CENTURY CHALLENGES AND OPPORTUNITIES Andrew Chamberlain, Partner : +44 (0) Andrew.chamberlain@hfw.com State of the Nation the Salvage Industry in 2016 A "perfect storm" due to Fewer casualties and a global recession Perception that LOF is expensive and confrontational The use of alternative contracts Lack of education and knowledge Disconnect between insurers and the salvage industry "Suicidal" competition and over capacity 1
5 US DOLLARS (Millions) 02/02/2016 Declining use of LOF? LOF Cases ISU Salvage Statistics; All Sources of Revenue LOF REVENUE SCOPIC REVENUE WRECK REMOVAL REVENUE ART. 14 REVENUE OTHER SALVAGE REVENUE 2
6 US DOLLARS (MILLIONS)/NUMBER OF SERVICES 02/02/2016 ISU Salvage Statistics; Wreck Removal Activity y = x R² = Number of Services Revenue Generated (US$ Millions) Salvage/SCOPIC/wreck removal costs Year Club Vessel Cost US$ 2002 Gard TRICOLOR 54.7 million 2003 WoE CP VALOUR 44.5 million 2004 UK HYUNDAI million 2004 Swedish SELENDANG AYU million 2005 Japan TWIN STAR million 2006 WoE OCEAN VICTORY 52.1 million 2006 Swedish ROKIA DELMAS 73.2 million 2006 Japan GIANT STEP 38.8 million 2006 American CALIFORNIA 44.0 million 2006 London MSC NAPOLI million 2007 Swedish NEW FLAME million 2007 Japan EASTERN BRIGHT 58.5 million 2008 American FEDRA 66.0 million 2010 UK JOLLY AMARANTO 43.0 million 2010 Standard MSC CHITRA million 2011 Swedish B OCEANA 55.0 million 2011 Swedish RENA million 2011 Standard / Steamship COSTA CONCORDIA billion 2012 Gard BARELI 54.0 million 2013 Standard PERRO NEGRO VI million (est) 2013 NEPIA SMART million (est) 2014 N/A BALTIC ACE 81.0 million (est) Source: IG Large Casualty Working Group as reproduced by Lloyds and Willis Re Marine Insurance Day presentation September 2013 and updated 3
7 02/02/2016 Ian Drury was right... Reasons to be Cheerful Remaining global salvors in robust health, flexible, adaptable New players coming into the market, both global players and regional salvors Realisation that new challenges, e.g. mega ships, requires a better dialogue with salvage industry to develop new techniques and response strategies Decline of LOF over blown and over hyped LOF not right for every case but will often be the best choice Decommissioning The End of LOF... Nein! "das Kind mit dem Bade ausschütten" or Don't throw the baby out with the bathwater 4
8 02/02/2016 LOF: your flexible friend. This is much better.. Than this... 5
9 02/02/2016 Or this... LOF Natural Advantages cf Commercial Contracts Simplicity Speed Flexibility "Corporate responsibility" Certainty including management of the legal process Confidence of coastal states Early engagement of all stakeholders - including P&I (SCOPIC) 6
10 02/02/2016 Situation dependent contracting When to use LOF Imminent danger and/or threat to the environment or where time is of the essence Simplicity of the contract speed in which the parties can agree a contract Location of the casualty Internationally recognised Financial exposure Salvors' and the Owners Clear and tested liability regime Salvage Working Group 1993 / Donaldson Report (a) Tribunals involved in the assessment of remuneration for salvage services under the terms of international salvage conventions and no cure, no pay contracts incorporating the terms of such conventions should, when assessing the award, take particular account of the decline of the salvage industry and ensure they give sufficient encouragement to the dedicated professional salvor. (b) When contracting salvage services, the shipping and insurance industries should give more weight to salvors who have a major investment in salvage equipment and expertise, and have the capacity to deal with very large salvage incidents. This implies that users would, when taking immediate commercial decisions concerning salvage contracts, bear in mind their long term interest in ensuring the continued availability of essential expertise. 7
11 02/02/2016 SWG 1993 / Donaldson contd. (c) The dialogue be maintained between users and the salvage industry, to further strengthen the positive relationship between salvors and their clients and promote a greater understanding of each other s problems. (d) There is a need for investment in salvage vessels, equipment and personnel which cannot be funded from the present commercial returns on salvage activities. The maritime and insurance industries therefore need to work together to seek a solution to the reduction and ageing of the salvage fleet. LOF: Evolution not revolution Engage on LOF terms for appropriate casualties LOFs a year Further improvements to LOF and revision to Arbitration Panel Willingness to listen to relevant stakeholders and evolved approach to new technology and salvage resources 8
12 02/02/2016 Closing thoughts - ultra large vessel casualties Well over 100 container ships with greater than 13,000 TEU The largest of these have a container capacity of 20,000 TEU + Taking an average value per TEU of US$50,000 means the cargo value alone could be as high as US$1 billion if it can be salved! Other mega ships e.g. PIONEERING SPIRIT Source: Willis Re Marine Insurance Day presentation September 2013 and CMA CGM 9
13 Part B A P & I Perspective on Salvage and Wreck Removal Incidents Chris Adams
14 LSLC Event 2 nd February 2016 Demystifying salvage A P& I Perspective on Salvage and Wreck Removal The shipping industry needs to know that there are effective salvage resources available to respond effectively when the need arises. But how real is that need, have technological advances reduced the risk by dramatically improving safety of navigation? Examples of incidents which indicate the nullifying effect of human error and frailty. The additional risks of electronic charts and the apparent degradation of traditional navigational skills and the potential for a growing lack of situational awareness. Ample evidence that there is an enduring requirement for salvage services. The advantages of LOF/SCOPIC. Inappropriate when a vessel is in grave danger for time to be lost through negotiations over contract terms and cost. The importance of the Master being able to engage assistance when the safety of the ship, crew and cargo are in grave peril. The consequences of prevarication on salvage. What happens when salvage is unsuccessful and the vessel becomes a constructive total loss The financial impact of wreck removal/collision/salvage claims on the International Group (IG). The threat posed by ever larger vessels particularly container ships. The typical development of a large casualty LOF/SCOPIC, termination of SCOPIC, interim arrangements for removal of pollutants, wreck removal. Common difficulties in effecting a seamless transition IG Large Casualty Working Group to identify factors which caused or contributed to significant cost escalation of salvage/scopic and wreck removal claims. The effect of government or other state organisation intervention. Development of memoranda of understanding with various state maritime authorities to facilitate effective and expeditious response to major maritime casualties. The availability of effective wreck removal contractors
15 LSLC Presentation 2 February 2016 Chris Adams, Director Head of European Syndicate & Loss Prevention A P&I Perspective on Salvage and Wreck Removal Incidents January 16 1
16 Shipping has form in relation to casualties HMS Association Western Rocks, Isles of Scilly October 1707 The Benefits of Advanced Navigational Systems 3 29 January January
17 Alva Star - aground on Zakinthos November 2006 Cafer Dede - aground on Syros November January 16 6 January 16 3
18 Stella Andros Island, Greece 2012 Wilson Newport Greece 2012 Agios Giorgios Islet, Image Courtesy of Transport Malta 7 January 16 8 January 16 4
19 Coastal Isle, aground on Isle of Bute, July 2012 K-Wave aground near Malaga Feb January January 16 5
20 K-Wave track on the night of 14 th /15 th February 2011 Beaumont, aground near Gijon, Spain December January January 16 6
21 Ovit Varne Bank, September 2013 The Benefits of LOF/SCOPIC No Cure, No Pay SCOPIC/Article 14 provides incentive for the salvor to attempt salvage even when prospects of success may be doubtful Ensures intervention to protect the environment When ship and cargo are in grave danger, it is inappropriate to lose time through negotiations over contract terms or cost Image Crown Copyright 2014 reproduced with kind permission of the MAIB Source MAIB Accident Report 24/ January January
22 Fedra Gibraltar, October 2008 Fedra Gibraltar, October January January 16 8
23 Large Losses Total Owned Net Retained Large Losses (greater than US $250,000) in the first nine months US$ Million The Financial Impact of Major Casualties / / / / / / / January January 16 9
24 2009/2014 Pool Experience 120 Claims Notified in total Total Value US$4,872 million 31 claims involving Groundings/Wreck Removal 26% Value of Groundings/Wreck Removal claims US$2,868m - 59% 26 collision and salvage claims - 22% Value of collision/salvage claims US$658m 13.5% IG Pool Claims Experience Overall 48% by number, 72% by value January January 16 10
25 Shen Neng 1 Great Barrier Reef April 2010 OLIVA Nightingale Island, Tristan da Cunha March January 16 Image Copyright TM, 2012 reproduced with kind permission of Transport Malta Source MSI report No.14/ January 16 11
26 Rena Tauranga, NZ October 2011 COSTA CONCORDIA 2012 Giglio, Italy January January 16 12
27 Bareli Fu Qing Rocks, Fujian March 2012 Ocean Breeze, Chile August January January 16 13
28 Smart Richards Bay August 2013 Heung A Dragon - Vietnam November January January
29 Typical response to a major casualty IG - Large Casualty Working Group Initial response focus on salvage LOF/SCOPIC SCOPIC ensures Club awareness from the outset If vessel s situation deteriorates transitional requirements: Termination of SCOPIC Interim arrangements e.g. removal of pollutants Removal of wreck Issues Cooperation of local authorities in facilitating transition Practical difficulties of terminating SCOPIC and cost escalation Tendering for wreck removal availability of contractors Established in 2012 Purpose To review large casualties involving significant wreck removal, salvage, SCOPIC costs Identify factors causing or contributing to cost escalation Recommendations to mitigate such exposure Conclusions Location and prevailing weather and sea conditions Government or other authority intervention Programme to agree MOUs with various state maritime authorities MOUs promote cooperation to facilitate effective and expeditious response to major maritime casualties and 29 January January 16 15
30 The Steamship Mutual Underwriting Association Limited Managers Steamship P&I Management LLP Aquatical House 39 Bell Lane London E1 7LU Tel: (44) (0)
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