S&P’s Global Cargo Watch List reflected revised risk scores for several regions, including reductions in India and Syria, and increases in Mali and Somalia. The Middle East briefing highlighted renewed Houthi attacks on commercial shipping, with implications for Red Sea cargo risks.

Clause development updates included progress on satellite pre-launch, storage, LNG boil-off, and drop-down clauses. The LNG working group discussed technical challenges and sought expert input on “customary loss”. The GCWL clause was finalised, with an advisory sub-committee to monitor events. 

Members noted recent NatCat events, including wildfires and typhoons, though impacts on the London market were limited. The meeting marked Richard Golder’s final session as Chair, with Richard Costain appointed as successor and Chris Hicks as Deputy Chair.