World News
Marine Insurance Provider NorthStandard to Raise P&I Premiums by 5%
Insurance provider NorthStandard has announced a 5% general increase in protection & indemnity (P&I) premiums for the 2026/27 policy year.
The rise will take effect from February 20, 2026, and reflects ongoing market unpredictability and risk, the company said in an emailed statement on Monday.
P&I insurance covers a shipowner’s legal liabilities for incidents such as crew injury, pollution, cargo damage, or damage to other vessels and port infrastructure.
It protects owners from potentially very large claims and is essential for ships to operate and enter ports.
Claims this year have been fewer than the large number seen last year, but NorthStandard said the biggest cases remain very expensive.
It sees geopolitical disruptions still affecting major trade routes, scrapping remains low, and ship fires and other complex claims continue to add uncertainty.
“The current risk scenario is not a perfect storm by any means, and the year-to-date is encouraging, but large claims remain inherently unpredictable,” Paul Jennings, Managing Director at NorthStandard, said.
North and the Standard Club merged in 2023 to form NorthStandard, creating one of the world’s largest P&I providers.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 465.50 | 4.50 | 741.50 | 2.50 |
| Rotterdam | 434.50 | 1.50 | 724.00 | 0.50 |
| Houston | 437.00 | 1.00 | 707.00 | 4.00 |
| Fujairah | 452.50 | 5.50 | 738.50 | 2.00 |
| Global 20 Ports Average | 492.00 | 2.00 | 797.00 | 5.50 |
| Global 4 Ports Average | 447.50 | 0.50 | 728.00 | 1.50 |
| Global Average Bunker Price | 540.00 | 1.00 | 829.50 | 1.00 |
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