UK-based risk, retirement and health professional services company Aon plc on Monday (11 January) launched its new fuel insurance solution, designed to help companies protect against rising fuel costs.
Backed by AAA-rated credit insurance, the coverage will be activated if the cost of fuel rises and exceeds an agreed limit.
The policy will cover the difference between the agreed price and the higher price, paid out monthly, to help companies manage their fuel cost exposure and avoid significant spikes in market price.
This insurance product can provide a valuable solution to companies that consume large amounts of fuel, including marine, aviation, construction, mining and energy, and is one of the first of its kind commercially available in the sector.
“Aon is committed to identifying, understanding and developing innovative solutions to meet our clients’ evolving needs,” said Chris Bhatt, Global Head of Sales, Marine, Aon
“With the launch of this solution, we are pleased to support our clients as they navigate an increasingly complex commercial environment and address long-tail risks to promote corporate resiliency and sustainability.”
Photo credit: Aon plc
Published: 13 January, 2021
Consulting firm discusses strategies refiners are executing after IMO 2020 implementation, and changes to be expected ahead.
‘The solid financial position and our new industry-leading credit facility give us an exceptional position,’ says CEO.
The bunkering and oil company appointed a provisional liquidator on Thursday (13 December).
‘We will continue to contribute actively towards the IMO’s goals,’ says Singapore Minister Khaw Boon Wan.
Firm started in early April and is actively seeking credit from physical bunker suppliers at the republic.
Due to reduced trades, bunker transactions and depressed freight rates; though upstream records profit.
The top three positive movers in the 2020 bunker supplier list are Hong Lam Fuels Pte Ltd (+13); Chevron Singapore Pte Ltd (+12); and SK Energy International (+8), according to MPA list.
‘We will operate in the Singapore bunkering market from the Tokyo, with support from local staff at Sumitomo Corporation Singapore,’ source tells Manifold Times.
Changes include abolishing advance declaration of bunkers as dangerous cargo, reducing pilotage fees on vessels receiving bunkers, and a ‘whitelist’ system for bunker tankers.
Claim relates to deliveries of MGO to the vessels Pacific Diligence, Pacific Valkyrie, Pacific Defiance, Crest Alpha 1, and Pacific Warlock between March 2020 to April 2020.
3,490 mt of LSFO from Itochu Enex was lifted at Universal Terminal; the same bunker stem was bought by Global Marine Logistics and delivered by bunker tanker Juma to receiving vessel Kirana Nawa.
Representatives of Veritas Petroleum Services, Maersk, INTERTANKO, ElbOil Singapore, and SDE International provide insight from their respective fields of expertise on what lies ahead.
