Loss Prevention Advice
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Oil Price Cap update – 15 January 2026 Further to the Circular of 29 July 2025 Members should note that the EU and UK have confirmed that effective 23:01 GMT 31 January 2026 (UK) / 1 February 2026 (EU) the price cap for Russian crude is USD44.10 per barrel. Under the UK price cap, for any trades with an effective date of contract before 23:01 GMT 31 January and compliant with the existing price cap of USD47.60, there is a wind down period ending at 22.59 BST on 16 April 2026. Under the EU price cap scheme, contracts concluded under the previous price cap can be executed for 90 days from 15 January 2026.
Full advisory at the following link.
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Over the past week, 13-19 January four incidents of armed robbery against ships in Asia were reported.
Four incidents of armed robbery against ships1 in Asia (two CAT 3 incidents and two CAT 4 incidents). One out of the four incidents occurred in Dec 2025 and the late reporting was due to further verification and added inputs.
The two CAT 4 incidents occurred onboard tug boats towing barges off Pulau Nongsa Beacon, Indonesia, in Singapore Strait (SS). The two CAT 3 incidents occurred onboard bulk carriers in Indonesia anchorage and off Pulau Cula, Indonesia, in SS. All crew members were not injured. Some scrap metals and engine spares were stolen.
Area of concern
The ships shall to continue to intensify vigilance, maintain a sharp look-out while anchoring and transiting areas of concern, including the Straits of Malacca and Singapore, and report all incidents to the law enforcement agencies immediately; and the littoral States to increase patrols and enforcement in these areas.
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Neglecting to review and integrate instructions and recommendations from manufacturers’ service letters into the Planned Maintenance System (PMS) can expose both crews and vessels to unnecessary risks, according to Gard.
Over the years Gard has handled numerous claims related to engine damage that could have been avoided if the instructions and recommendations in manufacturers’ service letters had been properly reflected in ships’ PMS. In some instances, the service letters were not distributed to all relevant vessels within the fleet.
As explained, in others, the letters were shared but lacked clear company instructions on how the required or recommended changes should be implemented and monitored, meaning the tasks were never added to the PMS.
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The maritime regulatory landscape is undergoing significant changes as several key amendments to the International Convention for the Safety of Life at Sea (SOLAS) and the STCW Code enter into force.
These updates represent a concerted effort by the International Maritime Organization (IMO) to enhance safety at sea, protect the marine environment, and improve the welfare of seafarers. From new mandatory reporting protocols for lost containers to expanded safety requirements for fuel oil and lifting equipment, it is essential for ship owners, managers, and bridge teams to understand their evolving obligations.
The following summary outlines the critical changes across five key areas, identifying who is affected and the necessary actions required to ensure continued compliance.
Full advisory at the link.