The Hong Kong-registered Xin Hai Tong 23 had to be freed by tugboats after its engines also broke down on May 25. Photo: Suez Canal Authority
The Hong Kong-registered Xin Hai Tong 23 had to be freed by tugboats after its engines also broke down on May 25. Photo: Suez Canal Authority
The Hong Kong-registered Xin Hai Tong 23 had to be freed by tugboats after its engines also broke down on May 25. Photo: Suez Canal Authority
The Hong Kong-registered Xin Hai Tong 23 had to be freed by tugboats after its engines also broke down on May 25. Photo: Suez Canal Authority

Suez Canal traffic disrupted after oil tanker engine breaks down


Kamal Tabikha
  • English
  • Arabic

An oil tanker caused a temporary disruption of traffic in Egypt's Suez Canal on Sunday morning, after its engine broke down.

The canal is the fastest shipping route between Europe and Asia and one of the Egyptian government's main sources of foreign currency.

Three tugboats were deployed to tow the Malta-registered Seavigour to a nearby port on the northern stretch of the waterway for repairs, Suez Canal Authority spokesman George Safwat said.

The tanker was travelling to China from Russia, and its breakdown is the second incident to affect traffic on the canal in the past two weeks.

On May 25, the Hong Kong-registered Xin Hai Tong 23, heading to Egypt from Saudi Arabia, had to be freed by tugboats after its engines also broke down.

Following Sunday's blockage, the canal authority played down fears about its ability to deal with blockages on the waterway, saying it had the funds and manpower to handle such incidents “with professionalism”.

The authority launched a major upgrade of the vital shipping route after a six-day blockage caused by the Panama-registered container ship Ever Given running aground in March 2021.

The disruption caused billions in financial losses for shipping companies.

The canal’s authority is seeking to deepen and widen stretches of the 193-kilometre waterway.

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Key changes

Commission caps

For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:

• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term). 

• On the protection component, there is a cap  of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).

• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated. 

• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.

• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.

Disclosure

Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.

“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”

Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.

Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.

“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.

Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.

Dubai works towards better air quality by 2021

Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.

The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.

These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.

“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.

“We’re in a good position except for the cases that are out of our hands, such as sandstorms.

“Sandstorms are our main concern because the UAE is just a receiver.

“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”

Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.

There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.

“There are 25 stations in total,” Mr Al Daraji said.

“We added new technology and equipment used for the first time for the detection of heavy metals.

“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”

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Power: 333hp, 449hp, 680hp

Torque: 480Nm, 670Nm, 870Nm

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Price: Exact regional pricing TBA

SERIES SCHEDULE

First Test, Galle International Stadium
July 26-30
Second Test, Sinhalese Sports Club Ground
August 3-7
Third Test, Pallekele International Stadium
August 12-16
First ODI, Rangiri Dambulla Stadium
August 20
Second ODI, Pallekele International Stadium
August 24
Third ODI, Pallekele International Stadium
August 27
Fourth ODI, R Premadasa Stadium
August 31
Fifth ODI, R Premadasa Stadium
September 3
T20, R Premadasa Stadium
September 6

Updated: June 04, 2023, 11:36 AM`