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Clarification on the scope of EU Ban on Russian Coal and Fertilisers

On the 10th August 2022, the EU published new FAQs with the aim to clarify the application of provisions regarding the carriage of coal and other solid fossil fuels as well as certain types of fertiliser. Through these clarifications, it has become clear that the sanctions will have a much wider impact on the entities involved in the carriage of these commodities than initially presumed. The ban was adopted by the EU on 8 April 2022, as part of a fifth package of sanctions against Russia in response to Russia’s military aggression against Ukraine, following a wind-down period of four months. The package was implemented by amendments of Council Regulation (EU) No 833/2014 (“Reg 833”) and contains the following restrictive measures: Purchase, import, or transfer bans on goods listed in Annex XXI pursuant to Art 3i of Reg 833 (e.g. Russian coal and other solid fossil fuels, wood); Purchase, import or transport bans on goods listed in Annex XXII rt 3j of Reg 833 (e.g. coal products) The texts of Annex XXI and Annex XXII as referred to above can be found in Council Regulation 2022/576. https://eur-lex.europa.eu/eli/reg/2022/576/oj It was widely interpreted at the time the regulations were adopted that these restrictions only prohibited the purchase, import or transfer of the mentioned products where they were destined for an EU Member State. The actual scope is wider as clarified below. On 17 April 2022, the EU issued a FAQ. Whilst it made clear the definition of ‘transfer’, which includes “not only the movement of goods through customs controls, but also the transport of goods, including (but not exhaustively) their loading and trans-shipment”, the prohibition still ostensibly required goods to be destined for the EU. On 14 June 2022, the EU published a further FAQ which sought to clarify that EU companies were restricted from purchasing restricted Russian-origin goods regardless of its destination. This was interpreted that only that EU entities were prohibited from purchasing such Russian cargoes intended for delivery both into and outside the EU, but not otherwise being involved in their carriage. However on 10 August 2022, the EU issued a revised FAQ which states “The prohibition on transfer applies irrespective of the final destination of the goods, whereas the prohibition on the import applies by nature to goods moving ‘into the Union’. Provided the transfer falls within the scope of Article 13 of Council Regulation 833/2014, it is not relevant whether the goods are destined for the EU or not.” The scope of Article 13 of Council Regulation 833/2014 as referred to above is: within the territory of the Union; a) on board any aircraft or any vessel under the jurisdiction of a Member State; b) to any person inside or outside the territory of the Union who is a national of a Member State; c) to any legal person, entity or body, inside or outside the territory of the Union, which is incorporated or constituted under the law of a Member State; d) to any legal person, entity or body in respect of any business done in whole or in part within the Union. This means, with immediate effect, EU persons are now clearly prohibited from: purchasing coal products (as listed in Annex XXII) and certain fertiliser products (as listed in Annex XXI) of Russian origin or that are exported from Russia; transporting such goods irrespective of their destination; and importing such goods into the EU. As an entity subject to the jurisdiction of the EU, EF Marine is prevented from providing insurance and reinsurance for the carriage of any of the above mentioned type of cargoes as “insurance and reinsurance service” are included by the EU in the provision of “financial assistance” in sections (2)(b) of both Article 3i and 3j. We strongly advise shipowners and charterers’ to conduct self-checks on all parties involved in the transport of coal, fossil fuel and fertilisers, especially shippers, consignees and cargo owners, to ensure there is no exposure to sanction risks. QUESTIONS? Should you have any questions following this information, please do not hesitate to contact us. ABOUT EF MARINE EF Marine provides Fixed Premium P&I solutions to Shipowners, Charterers and MultiModal operators. EF Marine has a global client base and offices in Singapore and Rotterdam. EF Marine provides ‘AA-‘rated security from Swiss Re Corporate Solutions with limits up to USD 500m. Through our partnership with Swiss Re Corporate Solutions we provide our clients with first class security combined with EF Marine’s extensive knowledge of the P&I market.

Data Protection and Privacy

This data protection policy applies to EF Marine which is established in Singapore and has a subsidiary office in Netherlands (“EFM” or “we”). As a global company, it is the policy of EFM to fully comply with the requirements of the EU General Data Protection Regulation (Regulation (EU) 2016/679 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 27 April 2016 – “GDPR”), the Singapore Personal Data Protection Act 2012 (PDPA), and all relevant data protection regulations in the jurisdictions in which we operate. We have appropriate data protection compliance framework in place to protect the personal information we are controlling or processing in connection with the services we are providing. Who we are? EFM is a specialized Marine Underwriting Agent with its head office in Singapore and a subsidiary office in the Netherlands. Our Clients typically are Shipowners, Ship Operators, Charterers of vessels, Freight Forwarders and Port Operators. EFM need to process personal data to manage insurance policies and settle claims. Our contact details can be found at https://efmarinegroup.com/contact Our Supervisors The Personal Data Protection Commission (PDPC), Singapore The European Data Protection Supervisor (EDPS) Dutch Data Protection Authority (DPA), Netherlands Personal Data Definition ‘Personal data’ means any information relating to an identified or identifiable natural person (‘data subject’)”. An identifiable natural person is one who can be identified, directly or indirectly, in particular by reference to an identifier such as a name, an identification number, location number, an online identifier or to one or more factors specific to the physical, physiological, genetic, mental, economic, cultural or social identity of that natural person. Our policies and standards EFM handles personal data with the greatest care and use it only for legitimate and specified business purposes. We respect the privacy rights of EFM's employees, customers, clients, business partners and other individuals whose personal data we have and use. We protect personal data by implementing appropriate technical and organisational measures in our data processing operations. We obtain personal data fairly and only use it for legitimate business purposes. We hold ourselves accountable for demonstrating compliance with applicable legal and regulatory requirements and understanding of our roles and responsibilities. These principles are applicable to all EFM's entities worldwide. They are derived from internationally recognized privacy principles as well as the foundational principles of the European Union's (EU) General Data Protection Regulation (GDPR) and the Singapore Personal Data Protection Act (PDPA). We take care to understand relevant laws and regulations and assess the risks that arise as personal data is processed in our global operations. Our role as a data controller What kind of personal data do we process? We collect these personal data when it is necessary for business purposes or to meet the purposes for which the individuals have submitted the information. Information about you – for example name, age, gender, date of birth, nationality. Contact information – in some cases, for example, we may receive your email, address, postcode and phone number. Online information – for example cookies and IP address (your computer’s internet address), if you use our websites. Financial information – we may process information related to payments you make or receive in the context of an insurance policy or claim. Contractual information – for example details about the policies you hold and with whom you hold them. We also might collect data falling within the Special Category of personal data as per GDPR regulation (Art. 9, 2 (f)). EFM processes health information as e.g. medical records, diagnosis and description of injury/illness when needed to handle personal injury/illness claims. This information will only be used for the specific purposes for which it was provided and to carry out agreed service. Why do we process this data? We use personal data for the following purposes: Performance of financial crime and sanctions screening Assessment of underwriting risk and provision of underwriting service Collection of sums due, accounting, invoicing, and payment processing Performance of claims investigations and meeting claims obligations Loss prevention assessment Marketing and promotion of our services and products Establishment and maintenance of relationships between our service providers (including professional advisors), auditors, clients, and employees General management and reporting purposes, such as invoicing and account management Legal and regulatory compliance To maintain our records and accounts All other purposes related to our business Who do we share personal data with? Our employees have access to and process personal data based upon a "need to know" basis in order to do their job. We regularly check who has access to our systems and data. We may also share personal information with the following third parties, some of which are based in other countries: Our service providers and agents e.g. IT companies who support our technology. Our professional advisers: auditors; reinsurers; medical agencies and legal advisers. The client who provided us with your data. When applicable, we apply cross-border rules in line with European data protection laws and regulations. So, if any personal data needs to be processed by internal services teams or by third parties outside the EU, we make sure adequate safeguards are in place with those internal and external parties. We typically do this by using EU model contract clauses to make sure this processing also complies with EU data protection laws and regulations. How long we keep personal data? We keep your personal information for as long as necessary for dealing with any dispute or proceeding, for regulatory or compliance reasons, to monitor and evaluate the performance of our services and products or for other associated historical reasons. We will store personal data in compliance with the GDPR’s data minimization and storage limitation principles. This means it will be safely stored digitally in a specific folder with limited access. Only the persons directly dealing with the data for the intended purpose (for example handling of a claim) will have access to the folder. If it is stored physically it will be stored in a separate locked closet with restricted access. Personal data will be deleted once it is no longer needed for the purpose for which it was originally collected, unless we have other lawful grounds or legal obligations to retain it. Further notes on our implementation of the GDPR Many of the disclosures and safeguards required by the EU's GDPR reflect widely accepted standards and laws which apply around the globe and are described throughout this document. In addition, we also set forth here additional information required by the GDPR. What are our legal grounds for processing personal data? We only process personal data for legitimate business purposes and when a legal ground as set out in data protection law is applicable. There are a number of legal grounds that may apply, and the table below describes the ones most likely to be relevant to you. Consent - We may process your personal data when we obtain your consent or when our client obtains consent from you. Contractual necessity - Your personal data may be processed on the basis that such processing is necessary to enter into or perform a contract with you. Compliance with a legal obligation - Your personal information may be processed where we have a legal obligation to perform such processing, such as where we share information with our regulators, law enforcement agencies of the courts. Necessary for an insurance purpose - The laws that implement GDPR include legal ground for processing your medical and other sensitive personal data when it is necessary to do in connection with an insurance product, in particular the handling of claims. Legitimate interests - when we have a legitimate interest in so doing and we can demonstrate that our interests are not outweighed by your rights or interests. Your GDPR (EU) privacy rights Under GDPR you have the following rights regarding our processing of your data: Access your data - You have the right to file a subject access request (SAR) to obtain a copy of your personal data as well as other supplementary information. We have a legal obligation to give effect to the rights of data subjects. Rectify your data - You have the right to require us to have inaccurate personal data, which is processed by, or on behalf of us, rectified, or completed if it is incomplete. This may involve providing a supplementary statement to the incomplete data. Have “portability” of your data - you can ask us to send your personal data to either you or another organization in a structured, commonly used and machine-readable format (portable format) provided that (1) the processing is carried out by automated means and (2) the processing is based on your consent or on the performance of a contract with you. Right to object - You have the right to object to the processing of personal data that is collected on the grounds of legitimate interests or the performance of a task in the interest/exercise of official authority. The right to object only applies in certain circumstances. Whether it applies depends on the purposes for processing and the lawful basis for processing. Prevent marketing - You have a specific right to object to our use of your information for direct marketing purposes, which we will always act upon. Restrict processing - In certain circumstances in which the relevant personal data either cannot be deleted or where you do not wish to have the data deleted, we may continue to store the data, but the purposes for which the data can be processed will be strictly limited (e.g. the exercise or defence of legal claims). Right to be forgotten - You can ask us to delete your personal information if deleting your data is not in conflict with our legal and regulatory obligations. If we are using consent to process your information and you withdraw it, you can ask us to erase your information. Object to automated decision making - You have the right not to be subject to a decision based solely on automated processing, including profiling, which produces legal effects concerning you or similarly significantly affects you. If you wish to exercise any of the rights set out above, you must make the request in writing to the Data Protection Officer (details below). Please note some of these rights are restricted in some circumstances. If you have provided your consent to any of the processing of your personal data, you have the right to withdraw your consent to that processing at any time, where relevant. Please contact the Data Protection Officer if you wish to do so. If you object to processing based on legitimate interests, we must no longer process that personal data unless we can demonstrate compelling legitimate grounds for the processing which override your interests, rights and freedoms or that the processing is required for the establishment, exercise or defence of legal claims. If you are unhappy with how we process your personal data you have the right to complain to a data protection regulator or supervisory authority. The list of data protection regulators can be found at: https://edpb.europa.eu/about-edpb/board/members_en DATA PROTECTION OFFICER All requests can be sent to: Kelsi Deng, Data Protection Officer Email: dataprotection@efmarinegroup.com EXERCISING YOUR RIGHTS If you wish to exercise any of the rights set out above, you must make the request in writing to the Data Protection Officer (details above). Please note some of these rights are restricted in some circumstances. We will revert with the requested information without undue delay and in any event within one month of receipt of the request. That period may be extended by two further months where necessary, taking into account the complexity and number of the requests. We shall inform you of any such extension within one month of receipt of the request, together with the reasons for the delay. Where you make the request by electronic form means, the information shall be provided by electronic means where possible, unless otherwise requested by you. If you have provided your consent to any of the processing of your personal data, you have the right to withdraw your consent to that processing at any time, where relevant. Please contact the Data Protection Officer in writing if you wish to do so. If you object to processing based on legitimate interests, we must no longer process that personal data unless we can demonstrate compelling legitimate grounds for the processing which override your interests, rights and freedoms or that the processing is required for the establishment, exercise or defence of legal claims.

EF Marine announces strategic alliance with Swiss Re Corporate Solutions

EF Marine announces strategic alliance with Swiss Re Corporate Solutions to offer Fixed Premium Protection and Indemnity (P&I) insurance to cover increasingly complex marine risks. EF Marine (EFM) teams up with Swiss Re Corporate Solutions to further penetrate the Fixed Premium Protection & Indemnity (P&I) sector. This agreement will support small to medium size companies active in the marine logistics chain by offering tailor-made solutions to manage increasingly complex marine risks. The alliance offers Ship Owners, Charterers and MultiModal operators access to a wide range of insurance products and outstanding service, backed by Swiss Re’s brand and financial strength. Singapore, 27th December 2018 – EF Marine is pleased to announce a Managing General Agent (MGA) agreement with Swiss Re Corporate Solutions effective January 1, 2019. The alliance between Swiss Re Corporate Solutions and EF Marine will be an excellent proposition to the market, providing a partnership that will be beneficial to small and medium sized Ship Owners, Charterers and Multimodal operators globally. Edwin Li, Managing Director at EF Marine, says: ‘We are happy to be working with Swiss Re Corporate Solutions. Our underwriters have in-depth knowledge of clients’ businesses and are supported by skilled claims professionals who are determined to provide quick solutions and 24/7 emergency response assistance. By working with Swiss Re Corporate Solutions, we can offer our clients some of the largest capacities in the market from one of the largest and financially secure (re)insurance companies in the world.” With the strong growth in the Asia Pacific maritime industry, there is a trend of ship owners moving from classic mutual insurance model towards fixed premium P&I due to the increasingly complex marine risks. These risks include increased trade transparency, competition and regulatory pressures, which expose charterers to new liabilities that require high level of specialization and service from insurers. “Combining EF Marine’s best-in-class P&I capabilities and expertise with our capacity and flair for innovation, will allow us to deliver tailor-made solutions to a fast evolving sector that faces new liabilities and more complex risks,” states Peter Schraa, Head of Marine Cargo, APAC. “We’re excited to partner with EF Marine to expand our product range beyond Cargo, Project Cargo and Hull and Machinery covers.” About Swiss Re Corporate Solutions Swiss Re Corporate Solutions provides risk transfer solutions to large and mid-sized corporations around the world. Its innovative, highly customised products and standard insurance covers help to make businesses more resilient, while its industry-leading claims service provides additional peace of mind. Swiss Re Corporate Solutions serves clients from over 50 offices worldwide and is backed by the financial strength of the Swiss Re Group. Visit corporatesolutions. swissre.com or follow us on linkedin.com/company/swiss-re-corporate-solutions and Twitter @SwissRe_CS. About EF Marine EF Marine is a fixed premium P&I specialist. Through a team of highly skilled marine professionals in Singapore (head office) and Rotterdam offering a combined P&I experience of over 150 years, EF Marine has profound knowledge of complex marine risks. With a global reach, broad range of products and deep understanding of the marine logistical supply chain EF Marine works closely together with its clients and brokers. By doing so it provides unrivalled service and real tailored solutions. The combination of EF Marine’s strengths, and the exclusive and long-term support of Swiss Re, makes EF Marine a market leader from the start. EF Marine | Ensuring the Future, Your Future – www.EFMarineGroup.com For Media enquiry: Mileage Communications Pte. Ltd. Ms Patsy Phay Email:patsy@mileage.com.sg Tel: +65-62 22 16 78

UN, US Latest Sanction Focus on Shipping Industry

On 14 May, the U.S. Treasury Department, along with the State Department and the Coast Guard issued a global advisory to alert the maritime industry and those active in the energy and metals sectors to deceptive shipping practices used to evade U.S. economic sanctions, with a focus on Iran, DPRK (Democratic People’s Republic of Korea), and Syria. Earlier this year, the United Nations (UN) Security Council has released the 2019/2020 UN Panel of Experts of North Korea Sanctions Report. The report accuses DPRK of increasing illegal coal exports, imports of petroleum products and continuing with cyber-attacks on financial institutions and cryptocurrency exchanges to gain illicit revenue. Maritime activities have been identified as facilitating this revenue stream for DPRK. This Circular is intended to bring this to your attention. The U.S. Sanctions Advisory for the Shipping Industry The new advisory titled “Guidance to Address Illicit Shipping and Sanctions Evasion Practices” was built on prior shipping guidance issued by OFAC. According to the advisory, approximately 90 percent of global trade involves maritime transportation and “malign actors” are always seeking novel ways to exploit global supply chains to their benefit. The advisory encourages entities and individuals operating near or in areas they determine to be high-risk including those that trade in crude oil, refined petroleum, petrochemicals, steel, iron, aluminum, copper, sand, and coal to review the advisory and take appropriate action as deemed necessary or advisable.  In addition, the advisory identifies and addresses the following deceptive shipping practices, noting that those in the industry must be vigilant against these tactics and should exercise heightened due diligence, as necessary: Disabling or manipulating the Automatic Identification System (AIS) on vessels Physically altering vessel identification; Falsifying cargo and vessel documents; Ship-to-Ship (STS) transfers; Voyage irregularities; False flags and flag hopping; and Complex ownership and management. Furthermore, the advisory details best practices that may assist in more effectively identifying potential sanctions evasion. These practices are: Institutionalize sanctions compliance programs; Establish AIS best practices and contractual requirements; Monitor ships throughout the entire transaction lifecycle; Know your customer and counterparty; Exercise supply chain due diligence; Contractual language; and Industry information sharing. The full content of the advisory can be read at: https://www.treasury.gov/resource-center/sanctions/Programs/Documents/05142020_global_advisory_v1.pdf The 2019/2020 UN Panel of Experts of North Korea Sanctions Report The UN Report noted that the DPRK has continued to make profit for its ballistic missile programme through the illicit import of refined petroleum and export of commodities. Stringent sanctions measures have therefore remained in force. The report outlines the main areas of activity deployed by the DPRK to circumvent security council resolutions. New methods of sanctions evasion identified by the panel include: The export of banned commodities transported on self-propelled barges over 100in length undertaking ocean-going voyages; The use of larger Non-DPRK flagged bulk carriers to deliver coal from DPRK-flagged vessels as opposed to the transfer of coal to smaller, lighter vessels for delivery; and The suspected acquisition by the DPRK of a bulk carrier, destined for scrap, to illicitly export coal. In addition, vessels associated with the transshipment of banned commodities originating in the country have called at more ports along the Chinese coast, as reported by a Member State. The full content of the report can be read at: https://undocs.org/S/2020/151 OUR RECOMMENDATION Both UN and the U.S. authorities have delivered the message that the shipping industry have become their recent focus and the relevant authorities are monitoring vessel movements closely with satellites and other resources. It is also made clear that whilst suspicious activity is investigated, vessels may be subject to search and detained at ports. We expect this trend to continue in the near term. Shipowners, especially those in the high-risk areas, are strongly advised to proceed with extreme caution and exercise the fullest due diligence to ensure that they are not at risk of breaching sanction and that that they do not knowingly or inadvertently perform prohibited activities with Iranian, North Korean and Syrian entities, including but not limited to STS operations. QUESTIONS? Should you have any questions following this information, please do not hesitate to contact us. ABOUT EF MARINE EF Marine provides Fixed Premium P&I solutions to Shipowners, Charterers and MultiModal operators. EF Marine has a global client base and offices in Singapore and Rotterdam. EF Marine provides ‘AA- ‘rated security from Swiss Re Corporate Solutions with limits up to USD 500m. Through our partnership with Swiss Re Corporate Solutions we provide our clients with first class security combined with EF Marine’s extensive knowledge of the P&I market.

Covid-19 and P&I Cover – What is in and what is out of the P&I scope?

“Does Covid-19 cases bring me out of the scope of my P&I cover? What do I need to do when a crew has fallen ill with Covid-19? Am I covered for loss of hire and what if I need to deviate? What is quarantine in terms of P&I cover?” These are some of the many questions Shipowners, Charterers and other Shipping Industry players are asking themselves in these times of uncertainty and global crisis.  The aim of this circular is providing guidance on what a Shipowner and a Charterers can expect from EF Marine’s insurance cover. 1/ ARE COVID-19 CASES TREATED DIFFERENTLY THAN ANY OTHER ILLNESS CASES? The answer is simple: no, they are not. Covid-19 infections are covered the same way as any other illness. The fact that it is a pandemic causes logistical and practical issues but does not in itself affects the P&I cover.  If you have taken out insurance inclusive of crew and / or passenger illness, then it will be covered as per the terms and condition of that cover. 2/ AS A SHIPOWNER, WHAT AM I COVERED FOR IN CASE OF CREW ILLNESS? Section 4 of the Shipowners policy provides a comprehensive list of what is covered and what is not. Typically, medical costs, repatriation and sick wages are covered. A copy of our terms and condition can be found on our website under Product / Shipowners’ P&I or can be provided on demand. You should also check your Certificate of Insurance where additional terms and conditions might have been agreed (in respect of a specific crew employment contract, what deductible will apply and if there are exclusions on the crew nationality). 3/ WHAT IF THE CREW MEMBER CONTRACTS COVID-19 WHEN EN ROUTE TO THE VESSEL OR FROM THE VESSEL TO HIS HOME COUNTRY? Provided that the travelling is part of the employment contract and the crew member contracts the illness during that time then the cover will respond. 4/ MY CREW MEMBER CANNOT GET HOME DUE TO COVID-19 RESTRICTIONS AND MUST STAY ON THE VESSEL FOR A LONGER PERIOD. WHAT DO I NEED TO DO AND WHAT IS COVERED? Even if the crew contract has expired, as long as the crew members remains on board the P&I cover will respond in the usual manner. The costs (payment of wages / costs of maintenance of the crew) during this prolonged stay on board will not be covered by the P&I insurance. Should a crew member however become ill or injured then the P&I cover will respond as normal. In case the situation leads to having an excessive number of persons on board (above the maximum allowed), you should immediately notify us of the situation. This otherwise might bring you out of cover. 5/ ONE OF MY CREW MEMBERS IS STUCK IN TRANSIT ON HIS WAY HOME. WHAT CAN I CLAIM FROM MY P&I? If the crew member was being repatriated to his country of origin on an operational matter (end of employment contract for example) then the extra expenses for maintaining the crew member during his prolonged transit time will not fall under the P&I cover. The P&I cover responds only in case of repatriation due to an illness or other listed events in the terms and condition of the insurance wording such as a casualty. For example, a crew member has suffered an injury on board a vessel and needs to be repatriated home due to the injury. Injury medical care and repatriation due to an injury is covered under the Shipowners P&I insurance. If because of Covid-19 restrictions he needs to stay longer in the country where he was disembarked before proceeding home (due to no flights availability, extra quarantine measures on shore, etc...), these extra expenses will be covered under the P&I insurance cover as they are part of the expenses made to repatriate the injured crew. 6/ HOW DOES IT WORK WITH MY DEDUCTIBLE WHEN THERE IS MORE THAN ONE CREW MEMBER ILL WITH COVID- 19? It will depend on how the deductible was agreed. Per incident means one deductible even if more than one crew is ill if they got ill at the same time (same port, same disease). Per crew member means one deductible per sick crew even if all are ill at the same time. 7/ Quarantine – definition as per the Shipowners’ P&I cover. The Shipowners’ P&I policy provides for cover of expenses in case of a quarantine situation on board of the insured vessel. For this cover to be activated the following conditions must be in place: the crew is already ill or becomes ill it takes place on board the vessel Therefore, preventive quarantine when no crew is ill will not be covered under this clause. 8/ QUARANTINE EXPENSES INCURRED BY A SHIPOWNER: IS MY LOSS OF HIRE OR OTHER EARNING ALSO INCLUDED? The P&I will cover liability to pay damages or compensation and/or additional expenses incurred by the Assured as a direct consequence of an outbreak of a contagious or infectious disease on the Insured Vessel during her Operation including: quarantine and disinfection expenses the net loss to the Assured in respect of bunkers, insurance, wages, stores, provisions and port charges It does not include loss of hire or other commercial losses. Loss of hire is not a liability incurred by the Shipowner and therefore will only be covered under a P&I insurance when it is specifically and explicitly mentioned. 9/ QUARANTINE – DEFINITION AS PER THE CHARTERERS LIABILITY COVER As a Charterer you might not be too concerned by crew illness expenses but might still suffer delay and loss of income due to any quarantine of the vessel, depending on the contractual terms. The Charterers Liability cover provides for some compensation due to quarantine of a vessel. It is restricted to liability for extra costs reasonably, necessarily and solely incurred to comply with unavoidable quarantine and disinfection requirements resulting from the outbreak of a contagious or infectious disease on board of the Insured Vessel. These costs should be unexpected. This means that in case it was already known that extra quarantine costs were to be incurred at the time of sending the vessel to a specific port then the Charterers Liability cover does not respond. Also, the Charterers need to be responsible under the applicable contracts for such costs.  It does not include loss of earnings such as hire payment or demurrage. 10/ Am I covered in case a cargo is damaged due to a Covid-19 related delay? There is no specific exclusion in the policy for cargo damages resulting from epidemics / pandemics and therefore cargo claims resulting from delays caused by the Covid-19 prevention restrictions will be covered as per the usual cargo liability cover of the Shipowners’ P&I and Charterers liability policies. Specific exclusions such as loss of market will remain in force as in every other cargo claim. 11/ What is my liability as a carrier under the B/L for cargo claim related to Covid-19 restrictions? The extend of a carrier under the B/L’s liability towards the third-party claimant will depend on what has been agreed in the contracts / C/P. Some contracts have a force majeure or general exemption clause encompassing the epidemics scenario. The Hague Visby Rules (HVR) governing most of the B/L claims, have a specific exemption of liability of the carrier in case of quarantine restrictions (see art IV-2-h). 12/ Deviation and P&I cover, what is covered? The P&I insurance covers for: deviation to disembark a crew member who is ill under certain circumstances, deviation to an alternative port of discharge in case the cargo is damaged and cannot be discharged at her initial port Deviation is often considered as a breach of the contract of carriage and is only allowed under very specific circumstances. To avoid putting yourself in breach of either the contract of carriage or your insurance cover, you must notify EF Marine of the intention to deviate before deviating and the deviation should be allowed under the applicable contracts (B/L, C/P). As a general rule and condition, Sue and Labour expenses must be agreed before these are made. 13/ I cannot get my class certificates renewed due to Covid-19 preventive measures. What do I need to do to remain covered? If you encounter any delay in keeping your vessel’s class certificate up to date and valid or cannot have a P&I condition survey performed due to Covid-19 restrictions, you must immediately notify us of the difficulties. A case by case approach will be applied to such situation after assessment of the specific situation. 14/ Lay-up and P&I insurance: condition survey and premium return? When the vessel is unfortunately in lay-up due to the poor market caused by the pandemic, you need to notify us of the situation so as to guarantee continuity of the P&I cover. Depending on how long the lay-up will last, a condition survey might need to be performed prior to the vessel being put back in operations. Premium refund due to lay-up of the vessel will be considered on a case by case basis, always depending on what was has been agreed under the terms and condition of the specific certificate of insurance. 15/ One of the skeleton crew left on board during vessel’s lay-up gets ill with Covid-19. Is this covered? Yes, it is in the same way than any crew illness, provided always that the vessel remains covered as per 14 above. Necessary steps to protect the crew remaining on board the vessel during the lay-up from Covid-19 infections should be taken by the Shipowners. Please refer to our circular on Covid-19 – Take Responsibility for further guidance or contact us / your insurance broker for assistance. QUESTIONS? Should you have any questions following this information, please do not hesitate to contact us. ABOUT EF MARINE EF Marine provides Fixed Premium P&I solutions to Shipowners, Charterers and MultiModal operators. EF Marine has a global client base and offices in Singapore and Rotterdam. EF Marine provides ‘AA- ‘rated security from Swiss Re Corporate Solutions with limits up to USD 500m. Through our partnership with Swiss Re Corporate Solutions we provide our clients with first class security combined with EF Marine’s extensive knowledge of the P&I market.

HYDOR ACQUIRES EF MARINE

The Oslo-based, specialist Marine MGA Hydor AS has today acquired all the shares in the Singapore- and Rotterdam-based marine MGA, EF Marine Pte. Ltd., and its subsidiary. The combined company will from hereafter be branded as Hydor, with a total team of 34 people, having offices in Oslo (head office), Rotterdam, Hamburg, Singapore, Hong Kong and Shanghai. The acquisition follows the investment by Longship Fund II (“Longship”) into Hydor in April 2022, and represents an important non-organic step in developing and growing Hydor further. Says Morten Skomsøy, current CEO of Hydor: “The acquisition of EF Marine represents a perfect fit for Hydor with EF Marine being a company of equal size and providing complementing geographical footprint, limited common producing brokers and no overlapping accounts, all within the common space of fixed premium P&I insurance.” Says Folkert Strengholt, current CEO of EF Marine: “From the moment we started our discussions with the Hydor management it was immediately clear our organisations share similar business principles, reflecting common risk understanding and appetite. The joined company will be well extremely positioned for the future, forming an even stronger partner for our mutual clients moving forward.” The joined Hydor will be a leading specialist P&I and Marine MGA with a premium income of USD 40 million. Hydor will continue to focus on fixed premium P&I cover for Shipowners and Charterers with limits up to USD 1 bn, plus optional FD&D insurance. The company will continue to provide war cover and ancillary products to its clients. The company is also doing Energy, Marine Hull and Machinery and Marine cargo insurance, enabling Hydor to be a full-service provider to our clients covering their Marine and Energy adventure. Following the acquisition, the “new Hydor” will be owned by Longship, Johan Gjernes, Morten Skomsøy and Folkert Strengholt as shareholders. As of the 4th of August 2023, Folkert Strengholt will be the new Chief Executive Officer of Hydor forming the management team together with Eirik Bøhm (Chief Financial Officer), Johan Gjernes (Chief Business Development), Morten Skomsøy (Chief Underwriting Officer) and Eglantine Bentz (Chief Claims Officer). About Hydor: Hydor was founded in 2010 and is a Norway-based, marine-focused MGA offering fixed premium P&I insurance mainly targeting the smaller vessel segment including offshore supply, tugs, fishing, research vessels, bulkers, cargo, and tankers. The key segment is P&I for owners and charterers, but Hydor also offers specialist operations coverage and FD&D insurance. Hydor is backed by Lloyds’ syndicates and currently provides insurance for more than 2,500 ships globally. The company also has its own insurance capacity Hydor Insurance Ltd. established in Guernsey and has 13 employees. About EF Marine: EF Marine was established in 2019 and is a Fixed Premium P&I specialist underwriting agency with focus on Shipowners P&I, Charterers Liability, MultiModal and Ancillary covers. EF Marine has been specializing in smaller and specialist vessels (non-cargo carrying vessels) such as offshore support and supply vessels, tugs, barges, dredgers, fishing vessels, yachts, and other specialist craft, making up some 50% of the total fleet. Between the current offices in Singapore and Rotterdam the company has 16 employees. About Longship Longship is a Norwegian-based private equity investor established in 2015. Longship invests in companies with a significant growth potential in the Norwegian lower mid-market, and is applying a transformational growth approach, organically and through M&A. Longship pursue a thematic investment strategy, supporting long-term sustainable businesses within Technology and Digitalization, Sustainability, Leisure and Lifestyle, and Health and Care. The team consists of twelve investment professionals, making Longship the leading player in the Norwegian lower mid-market. Longship closed its third fund in January 2023 and has NOK 5.2 bn of assets under management. For more information, please contact: Folkert Strengholt, EF Marine, +31 6 20 530846, folkert.strengholt@efmarinegroup.com Morten Skomsøy, Hydor, + 47 46626933, morten.skomsoy@hydor.no Oslo, 4.8.2023

Fixed Premium P&I - Is fixed still truly fixed?

In the early nineties of the previous century a new phenomenon in the world of Protection and Indemnity insurance started to take shape; Fixed Premium P&I. Until then the P&I industry was dominated by the mutuals, the International Group of P&I Clubs who were and still are united in in the International Group Agreement (IGA). Fixed premium P&I insurance was established as an alternative to that mutual system. As from then there was a new situation; Mutual versus Fixed. Back then fixed facilities were considered as a strange breed within the P&I industry and were heavily criticized, in particular by the mutuals. It admittedly has taken some time for the fixed premium market to develop into a true alternative to the mutual system, but nowadays fixed premium P&I is well established and forms a viable alternative. Not for all types of tonnage, but certainly for the small to medium sized shipowners and vessels. In fact, the perception of fixed P&I has changed so much over time that over the last 5 years IGA clubs have created their own fixed facilities as an answer to the advance of fixed P&I in the market. The biggest differentiator between fixed and mutual is that a fixed facility will not charge general increases and supplementary calls. What you see is what you get. Within a mutual the members bear the results i.e. even when a member does not have any claims, it will need to contribute to the claims of other members. So, if at year’s end it turns out that there is insufficient premium income to cover the claims, a general increase is applied to all members and in some cases, supplementary calls are applied to previous underwriting years. A true fixed facility, and this is widely regarded as the typical trademark of a true fixed facility, judges Assureds on their individual performance. Assureds will not be penalized for claims caused by others. But is that still the case? Is fixed P&I in today’s world still truly fixed? Consolidation is something that has also found its way into the fixed P&I market. Some of the fixed facilities created by IGA clubs have been sold off, independent fixed facilities have been taken over by large conglomerates, or companies involved in managing IGA clubs have taken over fixed facilities, also becoming large animals in the P&I atmosphere. There are not much true independent fixed P&I facilities around anymore. What is the impact of this development on fixed P&I? The fixed facilities say that this gives them financial strength and a wider platform to operate from. At the same time, they try and echo that typical fixed P&I sound. The question is if they can still be considered as a true fixed facility. That typical fixed P&I trademark, judging Assureds on their individual performance, is difficult when combining fixed facilities into one or when P&I is just another product within a range of plenty. Although they will say that they will not apply general increases, the results of the conglomerate, or the lack thereof, are often used to push and apply increases, even on those who have clean loss records. Sounds familiar? It appears that over the years the mutual system and the fixed system have grown closer and have become more alike. Fixed facilities that have been taken over are echoing that typical fixed P&I sound and have become a shadow of what once was. General increases are applied but wrapped in a package to hide what they really are. Some IGA clubs conceal general increases as if they are judging Assureds on their individual performance. If the distinction between mutual and fixed fades, what choice is left? EF Marine is perhaps one of the last independent and true fixed facilities. We are not part of a large management company managing various facilities nor are we not part of a large conglomerate. We are truly independent; a true fixed facility and we are all about providing service. Financial strength? Our long term and exclusive partner is Swiss Re Corporate Solutions, “AA- “rated by Standard and Poor’s. A stronger security than many IGA clubs and stronger than all fixed facilities. Experience? EF Marine is a new name in the market, but team EF Marine is certainly not new. Team EF Marine has over 200 years of combined experience in fixed premium P&I. Service? Meaningful and top of the bill service, both on underwriting and claims. Our claims handlers are ready to protect your balance sheet whenever necessary. Our underwriters are ready to provide instant, tailored and comprehensive assistance to your insurance needs. No general increases and no influence of results that are not linked to P&I. Just a straightforward, easy to understand and tailored P&I insurance cover where Assureds are judged by their own individual performance. QUESTIONS? Should you have any questions following this information, please do not hesitate to contact us. EF MARINE – ENSURING THE FUTURE, YOUR FUTURE

COVID-19 – TAKE RESPONSIBILITY

Since our circular in respect of COVID-19 dated 5 February 2020 we have unfortunately witnessed increasing numbers and exponential growth of COVID-19 cases worldwide. More and more countries are taking necessary and far reaching measures by which all non-essential movements of people are restricted/prohibited. In order to avoid further spreading of the virus and to avoid an overload of health care systems and medical facilities in countries across the globe it is of paramount importance that we all remain alert and vigilant and implement and comply with the most recent advices and recommendations in respect of hygiene measures, precautionary measures and restricting or banning travel. This accounts for both your land-based offices as well as on board of your vessels, if not already done. EF Marine is monitoring the recommendations by the World Health Organization (WHO) and other experts. It is important to keep your crews updated with the most recent recommendations in respect of hygiene and preventive measures which include more frequent cleaning and disinfection strategies on board of your vessels and limiting the number of on board and visitors from shore and their access to ships areas. We wish everyone strength and the best of health in these difficult times and recommend you take note of the below: DISEASE OUTBREAK PREPAREDNESS AND RESPONSE PLAN It is highly recommended to develop a clear and written disease outbreak preparedness and response plan. In case you are unable to do this yourself please contact a medical service supplier to assist you. For the disease outbreak preparedness and response plan for your land-based offices we refer you to the guidance and instructions of your local authorities. For the disease outbreak preparedness and response plan for your vessels we advise that the plan should at least (but not limited to) cover the following topics: Stringent hygienic rules in respect of cleaning, disinfection and waste management on board of your vessel. Options for onboard treatment and medical equipment inventories. Management of close contacts. Identifying a suspected case of COVID-19. An isolation plan stipulating the locations where suspected cases can be emporarily individually isolated until disembarkation together with hygiene rules for the isolation room including the use of personal protective equipment, cleaning and disinfection procedures and waste management. FURTHER RECOMMENDATIONS Considering the international trade shipping is involved in, several medical experts, government agencies and stakeholders have over time issued guidelines with the aim to support ship operators and crews in managing suspect COVID-19 cases on board of vessels. Below we have listed the more/most important ones: A. FINDING ACCURATE INFORMATION ON COVID-19 In the times of social media and fast online communication, fake news is unfortunately spreading rapidly and can lead to people treating the issue with the wrong measures. Official government website and the website of the World Health Organization (WHO) should be consulted and considered as reliable source of information. Other website information should be taken with caution and doubled checked against official sources. B. WHAT ARE THE SYMPTOMS OF COVID-19? Most common symptoms for COVID-19 are fever, tiredness and a dry cough. Some patients also develop aches and pains, nasal congestion, runny nose, sore throat or diarrhea. It can be difficult to dissociate these symptoms from the common flu or a cold. It is therefore important to treat all cases – even mild cases - with caution. Some people become infected but do not develop any symptoms and do not feel unwell while others become seriously ill (respiratory distress). From the current observations made, most of the patients affected with COVID-19 who have become seriously ill are above 70 years of age or have underlying conditions that make them more susceptible to develop a serious condition from the COVID-19. C. KNOWN INCUBATION PERIOD OF COVID-19 Based on what is known to date, the incubation period might go up to 14 days. This means that someone who has visited an affected area or has been in close contact with someone sick with COVID-19 can take up to 14 days to show symptoms. From what is known, a person infected with COVID-19 that does not show symptoms can be contagious and therefore anyone who stays on board after having visited an affected area or been in close contact with someone sick without protection should self-isolate for a period of 14 days. D. ISOLATION ON BOARD THE VESSEL If it is determined that there is a suspected case of COVID-19 on board, isolate the patient immediately, in a predefined isolation ward, cabin, room or quarters, with the door closed. Minimal contact should take place with the patient and only designated personnel should be allowed to enter the room where the patient is isolated. The caretaker should protect him/herself from in turn contracting the virus in wearing protective gear such as a mask, gloves, goggles and an overall. Once the caretaker has left the room, he/she should immediately disinfect all protective reusable gear and dispose of any garbage into a closed specifically designated bin. Depending on the configuration of the vessel, in case no separate bathroom / lavatory is available, the facilities should be thoroughly disinfected every time the patient has made use of it. Other crew members or passengers that were in close contact with the ill person should also be asked to keep distances from other crew on board, to adopt a strict hygiene and to self-isolate as much as possible. Close contact can be working in the same area or share a cabin. Due to the confined space on board of a vessel, it will unfortunately not be rare that most of the crew has been in close contact with the patient during the incubation period. It is therefore recommended that each crew self-monitors its health and report any issues once a suspected case is declared on board. A log of the patient condition and treatment provided should be kept. E. HOW TO TREAT COVID-19? Unfortunately, no cure or specific vaccine is yet available. Usual cold and flu medicine available in the vessels’ pharmacy should be provided on a case by case and as necessary. The patient should be monitored to make sure that his / her condition does not require emergency (respiratory) care. Medical advice should be seek if the patient develops a breathing problem or feels very ill (for example a fever that cannot be brought down by usual medicines such as paracetamol). If the respiratory frequency is above 20 breath per minute when the person is resting, or if the person has a moderately to severely reduced general condition it might be necessary to provide hospital care. In case of doubt the crew should contact medical services for advice. F. MEDICAL SUPPLIES AND EQUIPMENT To allow your crew to deal with a possible infection by COVID-19, necessary disinfection products such as hand gel and protective gown should be available on board. See also the International Chamber of Shipping’s “Guidance for Ship Operators for the Protection of the Health of Seafarers”. https://www.ics-shipping.org/docs/default-source/resources/coronavirus-(covid-19)-guidance-for-ship-operators-for-the-protection-of-the-health-of-seafarers.pdf?sfvrsn=6 G. CALLING A PORT WITH A SUSPECTED CASE ON BOARD In the event of a suspected diagnosis of COVID-19 onboard, the master should report the event as soon as possible to the next port of call, to allow the competent authority at the port to arrange, depending on the situation, medical evacuation or special arrangements for disembarkation and hospitalization of the patient and laboratory diagnosis. As soon as the patient has been removed from the ship, the cabin or quarters where the suspected case of COVID-19 was isolated and managed should be thoroughly cleaned and disinfected by staff using PPE and who are trained to clean surfaces contaminated with infectious agents. The port health authority will conduct a risk assessment and all contacts of the suspect case should be identified and follow the instructions of the public health authorities, until the laboratory results of the suspect case are available. If the laboratory examination of the suspect case is positive for COVID-19, then all close contacts are likely to be quarantined for 14 days according to instructions from the competent authorities. USEFUL LINKS: https://www.who.int/emergencies/diseases/novel-coronavirus-2019 https://www.ics-shipping.org/news/press-releases/2020/03/05/international- chamber-ofshipping-(ics)-issues-new-coronavirus-(covid-19)-guidance-for- shipping-industry http://www.imo.org/en/MediaCentre/HotTopics/Pages/Coronavirus.aspx QUESTIONS? Should you have any questions following this information, please do not hesitate to contact us. ABOUT EF MARINE EF Marine provides Fixed Premium P&I solutions to Shipowners, Charterers and MultiModal operators. EF Marine has a global client base and offices in Singapore and Rotterdam. EF Marine provides ‘AA-‘rated security from Swiss Re Corporate Solutions with limits up to USD 500m. Through our partnership with Swiss Re Corporate Solutions we provide our clients with first class security combined with EF Marine’s extensive knowledge of the P&I market.