Police in Vientiane Capital have arrested three people on fraud charges after they took money from hundreds of people under the guise of an assistance scheme.
CSG Delivers Future-Proof Agility and Automation for M1 Intercarrier Business, Helping Transform and Evolve Singapore’s Telecommunications Landscape
Brisbane, Australia – News Direct – 3 August 2021 – CSG® (NASDAQ: CSGS) empowers today’s leading companies with future-ready solutions that drive extraordinary customer experiences and continual innovation. Today, M1 Limited (M1), Singapore’s first digital network operator, uses CSG’s cloud-based Digital Wholesale solution to streamline its business and seamlessly manage traffic without sacrificing quality. With CSG’s wholesale cloud platform at the heart of its intercarrier operations, M1 is re-envisioning how it interacts with customers for future growth and leveraging modernisation to drive down costs and improve margins.
“Our mission at M1 is to not only do digital, but to be digital. What truly sets CSG apart is their ability to understand our intercarrier customer needs. CSG’s hands-on support throughout our implementation and their extensive experience in revenue management represent the best-in-class solution we need to go beyond connectivity and deliver game-changing results for our wholesale customers. With CSG’s cloud-based solution, M1 has the agility, automation, and future-ready technology to react quickly to market demands. Together, we went live on time and on target. CSG’s commitment to our success is essential to our journey of becoming a digital native telco,” said Nathan Bell, Chief Digital Officer, M1.
CSG Digital Wholesale is the most widely deployed wholesale telecoms management system in the world, helping more than 150 customers reduce their costs without compromising quality. These capabilities help operators advance their market responsiveness and deliver competitive strategies that power advanced customer experiences while taking the complexity out of wholesale relationship management.
“The digital wholesale market is key to enabling 5G strategies, and ambitious operators, like M1, need agile cloud solutions that allow them to evolve and adapt as fast as the market does,” said Ian Watterson, head of CSG’s Asia-Pacific business. “CSG’s public cloud platform enables M1 to accelerate their digital transformation and leverage the scalability and flexibility of the cloud to future-proof their business. Our long-standing relationship and in-depth knowledge of M1’s business and their customers’ needs have been the keys to success for this implementation, ensuring business continuity and an on-time deployment.”
With CSG’s solution, M1 can now:
- Deliver extraordinary wholesale customer experiences: Access to data helps M1 better understand its customers as well as protect and improve margins. M1 can quickly react to changing customer demands and take advantage of made to measure routing and pricing to enhance the customer experience.
- Leverage real-time insight: Real-time reports provide visibility into cost savings, loss, and profitability, giving M1 a complete view of its business performance and the ability to react to and resolve issues before they impact the business.
- Lower capital and operating expenditures: By consolidating national and international operations, M1 can handle every kind of traffic through an integrated platform that powers increased efficiency. This allows M1 to reduce the number of manual, error-prone tasks while taking advantage of profitable routing opportunities as soon as they become available.
- Trade intelligently: Tariff-setting is quick, easy, and automated. With customer-specific layouts and on-the-fly rate negotiations, M1 can leverage commercial insights to keep its product portfolio and business model as dynamic as the market.
CSG Route is part of the company’s broad portfolio of revenue management and digital wholesale solutions that allow companies to shorten their time to market and reduce operational costs while delivering innovative services and extraordinary customer experiences. Leading telecommunications companies across Asia-Pacific and the world rely on CSG to monetise new offerings and protect and maintain existing revenue streams while they focus on their business requirements.
For more information on CSG revenue management, visit
https://www.csgi.com/capabilities/revenue-and-customer-management/.
About CSG
For more than 35 years, CSG has simplified the complexity of business, delivering innovative customer engagement solutions that help companies acquire, monetise, engage, and retain customers. Operating across more than 120 countries worldwide, CSG manages billions of critical customer interactions annually, and its award-winning suite of software and services allow companies across dozens of industries to tackle their biggest business challenges and thrive in an ever-changing marketplace. CSG is the trusted provider for driving digital innovation for hundreds of leading global brands, including Airtel Africa, América Móvil, AT&T, Charter Communications, Comcast, DISH, Formula 1, Hutchison 3 Indonesia, Inmarsat, Mastercard, Maximus, Microsoft, Mobily, MTN, New Leaf Service Contracts, State of California DMV, TalkTalk and Telstra.
To learn more, visit our website at csgi.com and connect with us on LinkedIn and Twitter.
About M1
M1, a subsidiary of Keppel Corporation, is Singapore’s first digital network operator, providing a suite of communications services, including mobile, fixed-line and fibre offerings, to over two million customers.
Since the launch of its commercial services in 1997, M1 has achieved many firsts – becoming one of the first operators to be awarded one of Singapore’s two nationwide 5G standalone network license, the first operator to offer nationwide 4G service, as well as ultra-high-speed fixed broadband, fixed voice and other services on the Next Generation Nationwide Broadband Network (NGNBN).
M1’s mission is to drive transformation and evolution in Singapore’s telecommunications landscape through cutting-edge technology and made-to-measure offerings. For more information, visit www.m1.com.sg.
Copyright © 2021 CSG Systems International, Inc. and/or its affiliates (“CSG”). All rights reserved. CSG® is a registered trademark of CSG Systems International, Inc. All third-party trademarks, service marks, and/or product names that are referenced in this document are the property of their respective owners, and all rights therein are reserved.
Contacts:
Tammy Hovey
Global / North America / Asia-Pacific Public Relations
+1 (917) 520-2751
Kristine Østergaard
Europe / Middle East / Africa Public Relations
+44 (0)79 2047 7204
John Rea
Investor Relations
+1 (210) 687-4409
Contact Details
Tammy Hovey
+1 917-520-2751
Company Website
View source version on newsdirect.com: https://newsdirect.com/news/csg-delivers-future-proof-agility-and-automation-for-m1-intercarrier-business-helping-transform-and-evolve-singapores-telecommunications-landscape-814778207
KYOI Group launches in Hong Kong to reinvent what investment opportunity means
HONG KONG SAR – Media OutReach – 3 August 2021 – KYOI Group, a luxury lifestyle investment platform, announces its launch into the Hong Kong market, with its first portfolio resort in Koh Samui, Thailand.
KYOI Group provides an alternative take on property investment that coincides with the tourism industry’s current pent-up demand for travel and wellness. A result of long-term travel restrictions and luxurious getaways, KYOI Group’s first beachfront resort provides its prospective investors an unprecedented opportunity rarely made possible in the market.
Reinventing the dated vacation home investment model, KYOI Group provides an all-encompassing holistic lifestyle investment with intrinsic investment value. KYOI’s property rental programme offers its members perpetual stay in pristine locations across Asia with additional benefits to earn passive income as a result of their initial investment. Membership will also afford unlimited access to more than 20 KYOI Group properties in the pipeline, located in the best destinations in Asia.
With an initial investment amount of USD500,000 to KYOI Samui, the return is estimated at 7% within the first 2 years of operations. The first resort in Samui successfully began its build with a groundbreaking ceremony in July and is set to be completed and opened by the first half of 2023.
To further pursue KYOI Group’s momentum is founder, Jackson Tan, who draws from his 25 years of expertise in leading high-growth business ventures, such as his effective expansion of the Adhesives Research’s market presence in Asia. “We have already committed to 4 properties in Thailand, but our overall focus is to expand across Southeast Asia,” said Jackson.
Each KYOI Group property will be designed with its own themes and will be equipped with state-of-the-art facilities. Investors and guests can look forward to an all-encompassing ideal lifestyle where the height of luxury living meets a holistic wellness philosophy, and is deepened by purposeful connections with a like-minded community.
Centered on authentic human-centric experiences and individual fulfillment, KYOI Group offers highly personalised touchpoints and an unmatched experience for each valued guest.
Plans for the Hong Kong-headquartered KYOI Group are to build and operate more than 20 resort properties across Asia’s most sought-after holiday destinations. Envisioned as the embodiment of a life in perfect balance, the platform has been conceptualised alongside the three main pillars of living, enjoying, and giving – bestowing every individual with an opportunity to build their preferred lifestyle, forge invaluable experiences and find their purpose.
“Cuisines offered at the resorts will be using local produce with an aim to support local communities and cultures. When investors and guests are enjoying and refreshing their lifestyle and ultimate relaxation, you are also contributing to sustainable development of the local communities at large. This is essentially the backbone of KYOI’s concept,” added Jackson.
Co-piloting the first project is also KYOI Group’s own Samui-based Architect, James Atkinson, and Construction Manager, Christopher Willison. Jackson and the team’s combined decades of international architectural flair, infrastructure development, and business acumen will be the cornerstone of the group’s foreseen prospects.
James Atkinson adds, “The resort will feature Japanese-inspired landscaping and interior design with 145 rooms of a minimum of 70m2-sized suites. Pockets of outdoor pools and lush greenery will expand the island’s natural verdure for a fully balanced, prestigious experience.”
While the world continues the battle against COVID, the tourism industry is seeing a trend in pent-up demand for local and outbound tourism. As an attempt to jump-start the local economy, the Thailand government has been promoting tourism programmes, such as the Samui Plus. The programme which started on the 15th July, has allowed up to 1,000 inoculated tourists to visit Koh Samui, Koh Phangan, and Koh Tao. This demonstrates a slow but promising start to set the stage for the future of post-pandemic tourism in the country.
For more information about KYOI Group and its offerings, visit https://www.kyoigroup.com.
About KYOI Group
KYOI Group offers a lifestyle investment platform that is redefining what it means to live and own an ideal life. Developed for experience-seekers looking for a meaningful, luxurious, and well-balanced lifestyle, KYOI Group offers an opportunity for individuals to join a vibrant community built upon the pillars of living, enjoying and giving, while investing in an innovative property rental programme offering perpetual stay benefits and passive rental yield. Founded in 2019, the Singapore-born, Hong Kong-headquartered company has plans to operate more than 20 properties across resort destinations in Asia, with its debut property, KYOI Koh Samui, set to open in 2023.
Website: kyoigroup.com
Facebook: @KYOIgroup
Instagram: @kyoi_group
Click HERE to download KYOI Group photos.
KYOI Group launch video: https://bit.ly/KYOI-OwnYourLife
#KYOIGroup
Kerry Logistics Network Launches Own-Controlled Network to Link Asia to the Americas Hub
HONG KONG SAR – Media OutReach – 3 August 2021 – Kerry Logistics Network Limited (‘Kerry Logistics Network’, ‘KLN’; Stock Code 0636.HK) introduces a new Trans-Pacific air freight service to connect multiple Asian locations to the USA to capture the heightened demands in the pandemic-hit air freight market. Named Kerry Freight Controlled Network (‘KCN’), the freight integrator centres on the Americas hub set up in Huntsville, Alabama, USA. The inaugural flights will originate from Hong Kong in August 2021.
KCN is a time-definite solution that offers standard air freight services to customers with guaranteed space and long-term pricing, fulfilling the needs of customers looking for stable and long-term solutions. KCN leads the market in heavy air freight integrators with door-to-door solutions for a wide range of products: from small parcels to large and oversized cargoes, including DGR and lithium batteries.
KLN is partnering with the Huntsville International Airport in the State of Alabama, USA, to establish a hub at the airport, operating inbound and outbound air cargo flights as well as trucking connections to provide seamless transportation of goods across the Americas. KLN will operate multiple aircraft on a weekly basis from select origins in Asia.
Kevin Bulger, Chief Operating Officer of USA, Kerry Logistics Network, said, “We chose Huntsville as our Americas air freight hub for KCN as it is congestion free and enjoys expedited transfer of cargo to Latin America and Mexico. With cooperation from HSV, we will be able to execute swift dispatch of cargoes to cities within the USA and Canada. KCN will be a welcomed service in the increasingly tight air cargo market and meet the demands of customers looking for a lasting and reliable solution to their air freight needs.”
Rick Tucker, CEO, Port of Huntsville, said, “The Port of Huntsville is a Southeast gateway to countries all over the world and makes our region a highly sought-after location for business and industry. Home to the Huntsville International Airport (HSV), Jetplex Industrial Park (JIP) and the International Intermodal Centre (IIC), our Port creates efficient, effective, and economical solutions for customers and stimulates the regional economy through a strong transportation infrastructure, global connectivity, and innovative logistic solutions. Kerry Logistics Network will enhance HSV’s global connectivity and speed to market solutions. We welcome our newest logistic partner to HSV and look forward to a long term, prosperous partnership.”
Backed by its excellent track record in the industry, the support of carriers, its customs clearance capacity and extensive coverage of major air transit hubs across different regions, KLN’s air freight business, from Asia to the world, surged in 2020.
About Kerry Logistics Network Limited (Stock Code 0636.HK)
Kerry Logistics Network is an Asia-based, global 3PL with a highly diversified business portfolio and the strongest coverage in Asia. It offers a broad range of supply chain solutions from integrated logistics, international freight forwarding (air, ocean, road, rail and multimodal), industrial project logistics, to cross-border e-commerce, last-mile fulfilment and infrastructure investment.
With a global presence across 60 countries and territories, Kerry Logistics Network has established a solid foothold in half of the world’s emerging markets. Its diverse infrastructure, extensive coverage in international gateways and local expertise span across China, India, Southeast Asia, the CIS, Middle East, LATAM and other locations.
Kerry Logistics Network generated a revenue of over HK$53 billion in 2020 and is the largest international logistics company listed on the Hong Kong Stock Exchange.
#KerryLogisticsNetwork
About Port of Huntsville – Huntsville, Alabama, U.S.
The Port of Huntsville is an inland port facility that includes – Huntsville International Airport (HSV), International Intermodal Center, Jetplex Industrial Park, Foreign Trade Zone #83, Signature Flight Support, Sheraton Four Points Hotel, and Sunset Landing Golf Course.
Huntsville International Airport (HSV) is the largest commercial airport in North Alabama, serving over 1 million passengers annually. The International Intermodal Center, located at the Port of Huntsville, provides a single hub location specializing in receiving, transferring, storing, and distributing international and domestic cargo via air, rail, and highway. The Port of Huntsville is ranked at No. 18 for international air cargo, in the continental U.S. with connections to Europe, Asia, and South America. HSV features include two parallel runways, one 10,000 feet and one 12,600 feet (second longest in the Southeast U.S.), 2.3 million square feet of air cargo ramp space, cold chain logistic solutions facilities and is served by domestic and international all-cargo carriers. Visit www.portofhuntsville.com for more information.
LFC Foundation and Right To Play launch Bangkok COVID-19 Emergency Appeal
LIVERPOOL, UNITED KINGDOM – Media OutReach – 3 August 2021 – LFC Foundation and global children’s charity Right To Play are urgently seeking funding for their Side by Side communities in Thailand, as the country experiences a devastating fourth wave of Coronavirus.
The Reds official charity, LFC Foundation, and Right To Play work in partnership to deliver the Side by Side programme, which uses the power of sport and play to help vulnerable children in Liverpool and Bangkok.
The need for support is more important than ever in these challenging times as the devastating impact of the pandemic continues to make children and their families lives harder every single day.
Thailand is currently experiencing a fourth wave of the COVID-19 pandemic. Daily cases are now exceeding 17,000 and total infections sit at over 500,000 cases with less than 10 percent of the 66 million population vaccinated.
Among the hardest hit regions is Bangkok, including the communities of Suanploo, Haroon, Rongmoo and Rim Thang Rotfai Sai Tha Rua, where Right To Play and LFC Foundation are working with vulnerable children and communities.
In these communities, many people live a hand-to-mouth existence, and for many a positive COVID-19 case in their family means they cannot earn a living if they isolate themselves according to COVID-19 measures. Not only are there significant health risks in the cramped communities, but worryingly, children and parents have reported to Right To Play that they do not have enough food.
Right To Play and LFC Foundation are asking fans to stand Side by Side with them to help raise £50,000 so they can continue to support vulnerable children and families in Thailand.
To raise vital funds, the Bangkok COVID-19 Emergency Appeal has been launched and donations can be made here – https://taejai.com/en/d/sidebyside_liverpoolthai/. The appeal, which is live now, is open until 31 August 2021.
Right To Play and LFC Foundation will use the funds and support the Side by Side communities by providing:
- Dry food packages to families including rice, noodles, canned fish, beans and washing powder
- COVID-19 prevention supplies to households, such as disinfectant sprays, masks and test kits
- Online activities for children so they can continue to learn remotely
- Play at home kits for children so they can take part in fun activities at home and alleviate psychological stress
Liverpool Football Club
- Founded in 1892, Liverpool FC is one of the world’s most historic and famous football clubs, having won 19 League Titles, including the Premier League, seven FA Cups, eight League Cups, six European Cups, three UEFA Cups, four European Super Cups and 15 Charity Shields.
- As a socially responsible Club, Liverpool FC is proud of its heritage and plays a proactive role in its communities through its official charity, Liverpool FC Foundation, which aims to create life changing opportunities for children and young people in Merseyside and beyond, and the Red Neighbours programme, which creates events and experiences specifically aimed at improving the lives of those living in and around the Anfield area (L4, L5 and L6).
- Liverpool FC is a global brand and works with leading edge commercial partners around the world providing unparalleled commercial opportunities.
#LiverpoolFootballClub
Asia’s Leading Crypto Financial Services Platform Matrixport Valued at Over $1 Billion — Two Years After its Founding
Series C funding round led by partners of DST Global, C Ventures and K3 Ventures with Jihan Wu’s crypto firm raising $129 Million to date
HONG KONG SAR – Media OutReach – 3 August 2021 – Matrixport, Asia’s fast growing digital assets financial services platform closed its Series C funding round with a valuation of over US$1 billion — just two years after its establishment. This round was led by partners of DST Global, C Ventures and K3 Ventures with other participants including Qiming Venture Partners, CE Innovation Capital, Tiger Global, Cachet Group, Palm Drive Capital, Foresight Ventures and A&T Capital, along with earlier investors Lightspeed, Polychain, Dragonfly Capital, CMT Digital and IDG Capital. The Singapore-based start-up has raised $129 million to date.
Crypto’s Newest Unicorn: Matrixport Valued at >$1 Billion in Series C Funding
Matrixport offers a full suite of cryptocurrency financial services including institutional custody, trading, lending, structured products and asset management to institutional and retail1 clients. As of March 2021, the company held over $10 billion of client assets under management and custody, and recorded $5 billion in monthly transactions across all product lines.
“I always believe an open and permissionless blockchain ecosystem is the bedrock of a new financial network that will benefit a large part of the world’s population. As a result, there will be hundreds of trillions of value created, stored and transferred on this new financial network,” said Jihan Wu, Co-Founder & Chairman of Matrixport.
Since its inception in 2019, Matrixport’s mission is to be a one-stop financial services platform. Its exponential growth has been driven by robust technology capabilities and innovative product offerings, such as the world’s first crypto dual currency product. The company provides a comprehensive suite of offerings tailored across different risk appetites and yield expectations.
“We are more than a gateway to the crypto economy. Matrixport is where both institutional customers and individuals find it easy to get more from their crypto, beyond just trading. We are continually pushing out more new ways to invest crypto and earn yields in a safe and sustainable manner. We believe that it is very important to give the choice back to our customers with a range of innovative crypto investment products,” said John Ge, Co-Founder & Chief Executive Officer, Matrixport.
With this funding, Matrixport plans to further invest in research and development to enhance its innovative product offerings and security while optimising for an even greater user experience. The funds will also be used to support its global expansion as well as to secure licenses to operate in more jurisdictions. With the company’s vision to “Make Crypto Easy For Everyone”, the roll-out will allow more users globally to embrace its cryptocurrency financial services platform.
“As blockchain based digital assets gain wider adoption and acceptance, new pathways are needed to capture yield, source liquidity and manage crypto assets as an emerging asset class. With deep knowledge of traditional finance and a keen understanding of crypto assets, Matrixport is well positioned to answer the increasing demand for this new area of investment, driven primarily by the younger generations,” said Adrian Cheng, founder of C Ventures and CEO of New World Group.
“Matrixport has demonstrated tremendous thought leadership as a digital assets financial services platform by being first movers in delivering a well-curated suite of innovative crypto investment offerings. Matrixport empowers crypto natives, sophisticated institutional clients, and just as importantly the large community of first-time users who are embarking on their crypto investing journey aboard a robust and trusted platform,” said MX Kuok, Managing Partner of K3 Ventures.
“As an early investor, Dragonfly is excited to see Matrixport’s continuous growth and innovation in the emerging asset class. It is well-positioned to become one of the most critical onramps for crypto adoption,” said Feng Bo, Founding Managing Partner of Dragonfly Capital.
About Matrixport
Matrixport is one of Asia’s fastest growing digital asset financial services platforms. With $10 billion in assets under management and custody, it provides one-stop crypto financial services with over $5 billion in average monthly trading volumes. The offerings include Cactus Custody™, spot OTC, fixed income, structured products, lending as well as asset management.
Headquartered in Singapore, Matrixport’s mission is to make crypto easy for everyone and its motto is “Get More From Your Crypto”. The company holds licenses in Hong Kong and Switzerland with over 220 employees serving both institutions and retail customers across Asia and Europe. For more information, please visit www.matrixport.com
#Matrixport
Allianz: Shipping losses stay at historic lows, but Asia remains largest global loss hotspot
- Safety & Shipping Review 2021: 49 large ships lost worldwide last year. Total losses down 50% over 10 years. Number of shipping incidents (2,703) declines year-on-year.
- Shipping industry remains resilient through pandemic, but mega-ship, supply chain and climate challenges loom large.
- Suez Canal incident shows ever-increasing vessel sizes continue to pose a disproportionately large risk with costly groundings and salvage operations. High number of fires and containers lost at sea.
- South China, Indochina, Indonesia and Philippines maritime region is the global loss hotspot for last decade.
JOHANNESBURG/LONDON/MUNICH/NEW YORK/PARIS/SAO PAOLO/SINGAPORE – Media OutReach – 3 August 2021 – The international shipping industry continued its long-term positive safety trend over the past year but has to master Covid challenges, apply the learnings from the Ever Given Suez Canal incident and prepare for cyber and climate change challenges ahead. The number of large vessels lost remained at record low levels in 2020, while reported incidents declined year-on-year, according to marine insurer Allianz Global Corporate & Specialty SE’s (AGCS) Safety & Shipping Review 2021.
“The shipping sector has shown great resilience through the coronavirus pandemic, as evidenced by strong trade volumes and the recovery we are seeing in several parts of the industry today,” says Captain Rahul Khanna, Global Head of Marine Risk Consulting at AGCS. “Total losses are at historic low levels for the third year running. However, it is not all smooth sailing. The ongoing crew crisis, the increasing number of issues posed by larger vessels, growing concerns around supply chain delays and disruptions, as well as complying with environmental targets, bring significant risk management challenges for ship owners and their crews.”
The annual AGCS study analyzes reported shipping losses and casualties (incidents) over 100 gross tons. During 2020, 49 total losses of vessels were reported globally, similar to a year earlier (48) and the second lowest total this century. This represents a 50% decline over 10 years (98 in 2011). The number of shipping incidents declined from 2,818 to 2,703 in 2020 (by 4%). There have been more than 870 shipping losses over the past decade.
The South China, Indochina, Indonesia and Philippines maritime region remains the global loss hotspot, accounting for one in every three losses in 2020 (16) with incidents up year-on-year. Cargo ships (18) account for more than a third of vessels lost in the past year and 40% of total losses over the past decade. Foundered (sunk/submerged) was the main cause of total losses over the past year, accounting for one in two vessels. Machinery damage/failure was the top cause of shipping incidents globally, accounting for 40%.
Covid-19 factors
Despite the devastating economic impact of Covid-19, the effect on maritime trade has been less than first feared. Global seaborne trade volumes are on course to surpass 2019 levels this year after declining slightly in 2020. However, the recovery remains volatile. Covid-19-related delays at ports and shipping capacity management problems have led to congestion at peak times and a shortage of empty containers. In June 2021, it was estimated there was a record 300 freighters waiting to enter overcrowded ports. The time container ships are spending waiting for port berths has more than doubled since 2019.
The crew change situation on vessels is a humanitarian crisis which continues to affect the health and wellbeing of seafarers. In March 2021, it was estimated some 200,000 seafarers remained on board vessels unable to be repatriated due to Covid-19 restrictions. Extended periods at sea can lead to mental fatigue and poor decision-making, which ultimately impact safety. There have already been shipping incidents which have featured crews who have been on board for longer than they should have. Seafarer training is suffering, while attracting new talent is problematic given working conditions. Future crew shortages could impact the surge in demand for shipping as international trade rebounds.
As Covid-19 infection rates escalated in India, one of the world’s largest sources of seafarers, ports – including Singapore, Hong Kong and the UK – barred vessels and crew that had recently visited India. Vessels also stopped calling at Indian ports, which are an important stopover for trade between Europe, Africa and Asia.
Although Covid-19 has resulted in limited direct marine claims to date, the sector has not been spared significant loss activity. “Overall, the frequency of marine claims has not reduced. We are also seeing an increased cost of hull and machinery claims due to delays in the manufacture and delivery of spare parts, as well as a squeeze on available shipyard space,” says Justus Heinrich, Global Product Leader, Marine Hull, at AGCS. “Costs associated with salvage and repairs have also increased.” In future, insurers could potentially see an uptick in machinery breakdown claims if Covid-19 has affected crews’ ability to carry out maintenance or follow manufacturers’ protocols.
Larger vessels, larger exposures
The blocking of the Suez Canal by the Ever Given container ship in March 2021 is the latest in a growing list of incidents involving large vessels or mega-ships. Ships have become ever-larger as shipping companies seek economies of scale and fuel efficiency. The largest container ships break the 20,000 teu mark, with vessels over 24,000 teu on order – capacity of container ships vessels alone has increased by 1,500% over 50 years and has more than doubled over the past 15 years.
“Larger vessels present unique risks. Responding to incidents is more complex and expensive. Approach channels to existing ports may have been dredged deeper and berths and wharfs extended to accommodate large vessels but the overall size of ports has remained the same. As a result, a ‘miss’ can turn into a ‘hit’ more often for the ultra-large container vessels,” says Captain Nitin Chopra, Senior Marine Risk Consultant at AGCS. If the Ever Given had not been freed, salvage would have required the lengthy process of unloading some 18,000 containers, requiring specialist cranes. The wreck removal of the large car carrier, Golden Ray, which capsized in US waters in 2019 with more than 4,000 vehicles on it has taken over a year and a half and cost several hundreds of millions of dollars.
The number of fires on board large vessels has increased significantly in recent years. There was a record 40 cargo-related fires alone in 2019. Across all vessel types, the number of fires/explosions resulting in total losses increased again in 2020, hitting a four-year high of 10. Fires often start in containers, which can be the result of non-/mis-declaration of hazardous cargo, such as chemicals and batteries. When mis-declared, these might be improperly packed and stowed on board, which can result in ignition and/or complicate detection and firefighting. Major incidents have shown container fires can easily get out of control and result in the crew abandoning the vessel on safety grounds, thus increasing the size of loss.
Loss of containers at sea also spiked last year (over 3,000) and have continued at a high level in 2021, disrupting supply chains and posing a potential pollution and navigation risk. The number lost is the worst in seven years. Larger vessels, more extreme weather, a surge in freight rates and mis-declared cargo weights (leading to container stack collapse), as well as the surge in demand for consumer goods may all be contributing to this increase. There are growing questions about how containers are secured on board ships.
Delay and supply chain issues
Maritime supply chain resilience is in the spotlight after a series of recent events. The Ever Given incident sent shockwaves through global supply chains dependent on seaborne transport. It compounded delays and disruption already caused by trade disputes, extreme weather, the pandemic and surges in demand for containerized goods and commodities. “Such events expose the weak links in supply chains and have magnified them,” says Captain Andrew Kinsey, Senior Marine Risk Consultant at AGCS. “Developing more robust and diversified supply chains will become increasingly important, as will understanding pinch points and supply chain nodes.”
Piracy and cyber concerns
The world’s piracy hotspot, the Gulf of Guinea, accounted for over 95% of crew numbers kidnapped worldwide in 2020. Last year, 130 crew were kidnapped in 22 incidents in the region – the highest number ever – and the problem has continued. Vessels are being targeted further away from the shore – over 200 nautical miles (nm) in some cases. The Covid-19 pandemic could exacerbate piracy as it is tied to underlying social, political and economic problems, which could deteriorate further. Former hotspots like Somalia could re-emerge.
The report also notes that all four of the world’s largest shipping companies have already been hit by cyber attacks, and with geopolitical conflict increasingly played out in cyber space, concerns are growing about a potential strike on critical maritime infrastructure, such as a major port or shipping route. Increased awareness of – and regulation around – cyber risk is translating into an uptake of cyber insurance by shipping companies, although mostly for shore-based operations to date.
The environmental picture
With momentum gathering behind international efforts to tackle climate change, the shipping industry is likely to come under increasing pressure to accelerate its efforts. “A huge investment in research and development is required if the industry is to meet the challenging targets being set. Today’s existing fleet and technology will not get the shipping industry to the International Maritime Organization’s target of a 50% cut in emissions by 2050, let alone the more ambitious targets being discussed by national governments,” says Khanna.
Last year, the cap on the sulphur content of ships’ fuel was cut. Known as IMO 2020, the cut is expected to reduce emissions of harmful sulphur oxide (SOx) from shipping by 77%. Insurers have seen a number of machinery damage claims related to scrubbers, which remove SOx from exhaust gases for vessels using heavy marine fuel.
Insurers have seen a number of machinery damage claims related to scrubbers and some arising from the use of ‘blended’ low-sulphur fuels. For example, there have been instances of aviation fuel – sold off cheaply due to a drop off in air traffic during the pandemic – being added to bunkers in Asia to produce blended low-sulphur fuel, which could cause resulting issues for shippers. Jet fuel has a lower flash-point and adding too much can lower the temperature at which fuels catch fire, creating a serious risk for vessels.
Most frequent loss and incident locations
According to the report, the South China, Indochina, Indonesia and Philippines maritime region is also the major loss location of the past decade (224 vessels), driven by high levels of local and international trade, congested ports and busy shipping lanes, older fleets and extreme weather exposure. Together, the South China, Indochina, Indonesia and Philippines, East Mediterranean and Black Sea, and Japan, Korea and North China maritime regions account for half of the 876 shipping losses of the past 10 years (437).The British Isles, North Sea, English Channel and Bay of Biscay region saw the highest number of reported incidents (579) in 2020, although this was down year-on-year. And finally, the most accident-prone vessels of the last year were a Greek Island ferry and a RoRo ferry in Canadian waters, both involved in six different incidents.
About Allianz Global Corporate & Specialty
Allianz Global Corporate & Specialty (AGCS) is a leading global corporate insurance carrier and a key business unit of Allianz Group. We provide risk consultancy, Property-Casualty insurance solutions and alternative risk transfer for a wide spectrum of commercial, corporate and specialty risks across 10 dedicated lines of business.
Our customers are as diverse as business can be, ranging from Fortune Global 500 companies to small businesses, and private individuals. Among them are not only the world’s largest consumer brands, tech companies and the global aviation and shipping industry, but also wineries, satellite operators or Hollywood film productions. They all look to AGCS for smart answers to their largest and most complex risks in a dynamic, multinational business environment and trust us to deliver an outstanding claims experience.
Worldwide, AGCS operates with its own teams in 31 countries and through the Allianz Group network and partners in over 200 countries and territories, employing around 4,400 people. As one of the largest Property-Casualty units of Allianz Group, we are backed by strong and stable financial ratings. In 2020, AGCS generated a total of €9.3 billion gross premium globally.
For more information please visit http://www.agcs.allianz.com/ or follow us on Twitter
@AGCS_Insurance and
LinkedIn .
Cautionary Note Regarding Forward-Looking Statements
The statements contained herein may include statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words “may”, “will”, “should”, “expects”, “plans”, “intends”, “anticipates”, “believes”, “estimates”, “predicts”, “potential”, or “continue” and similar expressions identify forward-looking statements.
Actual results, performance or events may differ materially from those in such statements due to, without limitation, (i) general economic conditions, including in particular economic conditions in the Allianz Group’s core business and core markets, (ii) performance of financial markets, including emerging markets, and including market volatility, liquidity and credit events, (iii) the frequency and severity of insured loss events, including from natural catastrophes and including the development of loss expenses, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) the extent of credit defaults, (vii) interest rate levels, (viii) currency exchange rates including the Euro/U.S. Dollar exchange rate, (ix) changing levels of competition, (x) changes in laws and regulations, including monetary convergence and the European Monetary Union, (xi) changes in the policies of central banks and/or foreign governments, (xii) the impact of acquisitions, including related integration issues, (xiii) reorganization measures, and (xiv) general competitive factors, in each case on a local, regional, national and/or global basis. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences.
The matters discussed herein may also be affected by risks and uncertainties described from time to time in Allianz SE’s filings with the U.S. Securities and Exchange Commission. The company assumes no obligation to update any forward-looking statement.
#Allianz #AGCS
Covid Restrictions Extended as Laos Records 250 New Cases of Covid-19
Laos has extended Covid restriction measures until 18 August after confirming a further 250 cases of Covid-19 today.