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Operation Phakisa makes waves

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President Jacob Zuma updated media on the progress of national government’s plan to grow the ocean’s economy under the auspices of Operation Phakisa. This project intends to boost business in four main segments – the maritime industry, oil and gas, aquaculture and marine protection and governance.

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Cargo insurance vital as maritime losses grow

More than 190 maritime incidents were reported in the six months from January to June 2014, ranging from the grounding of cargo ships, collisions at sea and in port, water ingress, engine failure through to suspected piracy - with the crew, ships and cargo reported missing for months on end. These perils represented significant financial losses tocargo owners without the requisite marine insurance to protect their financial interests in their cargo, and in particular, for general average losses. 
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