2Message from the President3Questions of legality4US-Israel Iran war provokes shippinglane shifts5Fire protection top of the agendafor IUMI at IMOSpecial feature: Fake carriers7IUMI and TAPA EMEA issue joint statementto warn about fake carriers8Cargo theft USA update– Where do we gofrom here?9Cargo theft Latin America: Reducing lossfrequency10People at IUMI: Helga Grønlund Hodne,Chair of IUMI Salvage Forum11Personal electronic device distraction inbridge resource management12Welcome to Cristina Guerrero Fabra, Knowledge is strongest Marine insurers are operating in a brave newworld. An increasingly volatile global politicallandscape is generating unfamiliar risks, forcing Trade continues to expand across regions wherenations are collaborating more closely to shareeconomic growth and mutual benefit. ASEANcountries provide a strong example of regional The geopolitical outlook remains opaque. Theconflict between Russia and Ukraine shows noclear path to resolution, while hostilities haveescalated in the Middle East impacting the Straitof Hormuz and the Persian Gulf. These and other Will these investment trends and the steadygrowth of global trade endure? The answerremains uncertain. What is clear, however, is therole marine insurers will continue to play. Throughtheir financial strength and technical expertise, Yet geopolitics tells only part of the story.Global shipping itself is undergoing a profound IUMI stands as a steadfast pillar of supportfor its members in these challenging times.We are committed to analysing, debating andsharing insights on emerging risks, innovativetechnologies, shifting geopolitical threats and themany other forces reshaping our industry. OurAsia Forum in Shanghai in May and our Annual Despite widespread concerns that tariffs andtax measures would stifle global exchange,international trade has defied expectations.According to a recent report, trade volumesreached an unprecedented USD 35 trillion in2025. While some countries have experiencedsharp disruptions to their national trade balances, Regulation and sustainability are also reshapingthe sector. In October, the IMO postponed theintroduction of new greenhouse gas regulationsfor shipping by one year. Even so, investment incleaner vessel fuels continues at pace, includingdual-fuel technologies utilising LNG and We encourage you to take part in these discussionsand to contribute your insights to our sharedunderstanding. As a global association, our Questions of legality There are decades where nothing happens;and there are weeks where decades happen.Whether Lenin said this or not, the pace ofgeopolitical change is bewildering. The actions If theMarinera(exBella 1) had not correctly changed flags, it could be assumed that theprevious flag (Guyana) was in place. However,it seems this had been rescinded, meaning thevessel had no flag at all. If any vessel is reallystateless it should be questioned at flag, portand government level how this is possible. The extraordinary spat over Greenland wherethe US already had full and free access underits 1951 treaty is widely thought to have donemore damage to the US reputation than tariffs.For Europe to deploy troops and consider Neil RobertsHead of Marine and Aviation,Lloyd’s Market Association That is a fair number of regulatory andconvention fails by two or more countries andtheir Port State Control because the vesselwould be uninsured. Then there was the chainof traders, charterers and owners involved in Actions in the Gulf, have, whatever the aim,generated among other things a great deal ofcommercial disruption and significant concernin the Asian countries who are so reliant onHormuz for their oil supply. Then there are the It seems the shipping underworld is playingRussian Roulette with the law-abiding tradingcommunity and their coastlines. Sooner orlater, one of the ageing vessels will cause asignificant pollution affecting an innocentcountry and it will be down to the victim to The seizure of theMarineraoff Iceland wasperhaps the most eye-opening for marineinsurers. This was done ostensibly for a breachof sanctions raising the question of whethersanctions supersede international law. The Under UNCLOS Article 110, naval vessels areallowed to interdict stateless vessels. But theUS has not ratified UNCLOS, which is possiblywhy the sanctions point was taken. Naturallyunderwriters are interested to understand thegrounds for seizure as insurance depends on US-Israel Iran warprovokes shipping lane Chris Rogers,Head of SupplyChain Research andInesNastali,Senior Supply ChainIntelligence Analyst, S&P The US and Israel on 28 February launcheda large-scale, coordinated air campaignagainst Iran, striking a broad range ofleadership, military, security and nucleartargets. A forced government change is Container shipping faces disruptionsboth to transshipment hubs includingJebel Ali within the Strait of Hormuz aswell as via the Red Sea due to increasedattack risks from the Houthi