S&P’s Global Cargo Watch List reflected reduced air risk scores for Armenia and Azerbaijan, and increased risk in Venezuela due to US naval activity. The Israel–Iran conflict remains a concern, with potential implications for Gulf oil exports.

The GCWL clause was approved for release, with an explanatory note and standing group to monitor monthly updates. Progress was reported on satellite pre-launch, storage, LNG boil-off, and drop-down clauses. Members agreed to publish the storage clause. 

Discussions included IUMI conference feedback, rising claims from wind-related damage, and the re-emergence of attritional losses. A cyber theft writeback clause was proposed to address market gaps, combining elements of LMA5403 and Specie clauses.

The meeting concluded with planning for the JCC Christmas lunch and acknowledgment of a new shipping minister.