Reports Increased News

The London P&I Club has issued an advance summary of its result for the 2017/2018 financial year, ahead of the publication of its annual report.The club recorded an overall surplus after tax of $6.6 million, increasing the free reserve to $194.6 million. The combined ratio was 118.7 percent. In the year to 20 February 2018, there was an investment return on the club’s portfolio of 5.5 percent, or $18.9 million, net of associated management expenses.The club continues to receive additional entries from new as well as existing members and…

The London P&I Club has issued an advance summary of its result for the 2016/2017 financial year, ahead of the publication of its annual report. The Club recorded an overall surplus of $27.3 million, increasing the free reserve to $188 million. The combined ratio was 97.9 percent. The positive technical performance was supplemented by an investment return of 8.4 percent. Ian Gooch, CEO of the Club’s management team commented,"There were various drivers behind this positive result…

The London P&I Club’s result for the 2015/2016 financial year produced an overall operating surplus of $3.3 million, lifting the free reserve to $160.7 million. This result was underpinned by a technical underwriting surplus of $15.3 million, with the combined ratio standing at 82.5 percent. In a circular summarizing the result, the club’s management team says there was a substantially improved claims outturn following the unusually adverse experience seen in 2014/15. The club’s annual report will be released as usual in July and will contain further details of developments, including particular reductions seen in the costs of claims in the high severity and attritional retained layers, together with positive developments in the cost of older policy years.

Dan-Bunkering, with 13 offices positioned in nine countries around the world, announced it can this year present a very satisfactory result for the financial year 2014/15. The Dan-Bunkering Group has achieved a profit before tax of $16.4 million and a prosperity in gross profit of 11 percent compared with last year’s results. Company CEO Henrik Zederkof said, “We have experienced many positive changes within our organization, especially within the past six months, and these changes have only shown to be for the benefit of our business, i.e.

Container shipping company CMA CGM’s board of directors met under the chairmanship of Jacques R. Saadé, chairman and chief executive officer, to review the financial statements for the first quarter of 2015. For the first quarter of 2015, CMA CGM reported a rise in volumes by 10.5 percent to 3.1 million TEU, chiefly resulting from the increase in volumes on the East-West lines, particularly to and from the U.S., where volumes enjoyed sustained growth, and also from the launch of the Ocean Three Alliance.

T.D. Williamson (TDW) announced that it recently completed a comprehensive pipeline services program for a major offshore operator to assist with efforts to relieve increasing contact stress between a gas export riser and platform jacket offshore East Malaysia. Due to changes in seabed conditions, the platform jacket had moved, producing stress on the gas export riser attached to the platform jacket. The stress was most acute at the contact point between the bracings - or riser clamps - that anchor the riser to the platform structure.

Engineering, architecture and environmental consulting company GHD said it has achieved considerable cost savings by integrating AVEVA Electrical with AVEVA Instrumentation. GHD’s team in Brisbane, Australia has been using AVEVA Instrumentation successfully since 2011, and its productivity encouraged GHD to also implement AVEVA Electrical in the summer of 2013. “Using the combination of AVEVA Electrical and AVEVA Instrumentation enables us to create high-quality electrical and instrumentation design on one database,” said Rob Trout, Senior Process Control/Instrumentation Engineer, GHD.

The London P&I Club’s result for the 2012/2013 financial year was a surplus across all classes of $9.4 million, increasing the free reserve to $154 million. Claims experience over the financial year was mixed, the company said. In the retained layer there was an encouraging picture at the attritional level, involving claims up to $100,000. There was also a continued moderation of claims in excess of $1 million, but there were additional indications of increasing claims cost and activity in the band between $100,000 and $1 million.

Total revenue for the Singapore-based group increased by 7.7% year-on-year to $391.2-million in financial year ended 30, June 2012. ASL Marine Holdings Ltd. is a vertically-integrated marine services group principally engaged in shipbuilding, shiprepair and conversion, shipchartering and other marine related services, catering to customers mainly from Asia Pacific, South Asia, Europe, Australia and the Middle East. According to Ang Kok Tian, Chairman and Managing Director, “...we managed to post a decent set of results on the back of robust shipbuilding operations, a resilient chartering business and increased orders for the shiprepair and conversion segment from the buoyant offshore oil and gas sector.

Sea Tow Reports Increased Boating Activity and Calls for Assistance Midway Through July 4th Holiday Week. Incidents Underscore the Need to Follow Commonsense Boating Safety Guidelines. The extended July 4th holiday has been one of the busiest in recent years for Sea Tow Services International Inc., the nation’s leading on-water assistance provider, and its network of Sea Tow locations across the U.S. This increased activity reflects a growing desire among boaters to enjoy the many benefits of the boating lifestyle with friends and family. By midway through the July 4th holiday week, which runs this year from June 29-July 8, 2012, Sea Tow already had received more than 2,200 calls for assistance.

The company reports that it will uprate the unit by, crucially, just under 10% of current values. This move dispenses with the need to apply for a completely new type approval, as would be demanded by many classification societies, and significantly reduces costs and development. The L23/30H Mk. 2 will be matched to meet Tier-II emission requirements. Generally speaking, the GenSet’s characteristically long TBOs remain unchanged at 16,000 hours – 720/750 rpm and 12,000 hours – 900 rpm. MAN Diesel & Turbo states that all necessary production documentation for the Mk. 2 version has been released. The company also reports that the 5L23/30H GenSet will still be available with 130 kW per cylinder at 720 and 750 rpm, which is unchanged in relation to the present version.

The Industrial District of Dubai Maritime City, the enclosure for maritime related businesses, reported a twofold increase in number of operations from last year at the half-year mark of 2011. A total of 318 vessel docking and undocking operations were carried out till the end of June 2011. The facility recently recorded 50 vessels berthed in its wet and dry berths in a single day. The District was officially opened earlier this year and accommodates 3000-ton and 6000-ton ship lifts.

Aberdeen Harbor attracted increased traffic across the first half of 2011, with both vessel numbers and tonnage on the up. Vessel numbers rose by seven percent on the same period last year to 3,746 while shipping tonnage increased from 11.6 million tonnes to 12.2 million tonnes. Total cargo tonnage also increased over the same period by 4.7 percent from 2.2 to 2.3 million tonnes. The port also recorded 590,563 tons of shipping activity during the second week of July; the highest weekly tonnage ever to be handled.

The Panama Canal Authority (ACP) announced today second quarter (Q2) operational metrics for fiscal year 2004. Q2 data reveals an increase in tonnage flow and a rise in Panamax vessel (the maximum size vessel that can pass through the Canal) transits. Moreover, there was a notable increase in Canal revenue. These metrics are based on operations from January through March of 2004, the second quarter of the ACP's 2004 fiscal year. Panama Canal/Universal Measurement System (PC/UMS) tonnage increased this quarter by 7.8 percent - to 68,188,071 PC/UMS tons compared with 63,268,516 PC/UMS tons reported in Q2 FY2003. A record set on March 16, 2004, of more than one million (1,005,551) net PC/UMS tons transited through the Canal in one day helped to bolster these numbers.

C-MAP Norway reports increased demand for the weather forecasting service developed by C-MAP Marine Forecast, a business unit of C-MAP Norway. C-MAP Norway confirmed today that Green Charter, a business unit of the Bergen-based Green Reefers, recently ordered a subscription to the WeatherViewTM service for eight vessels. According to C-MAP marketing manager Willy Zeiler, the contract is further proof that the shipping industry has recognised the value of the weather forecasting service. "We are confident that as the industry becomes familiar with the innovative functionality and customised presentation of WeatherviewTM, demand will continue to rise," he says. The order placed by Green Reefers followed extensive testing about two of the company's vessels, Green Frost and Green Ice.

Gross Operating Income totaled $146.2m or 115.1 million euros, up 12.7% in the first half of 2006. Division was impacted by lower cargo rates. Operating income rose 7.6% to $90.4m or 71.2 million euros and reflects the increase in amortization and depreciation due to the rise in the number of vessels in the fleet. The Group share of net income in first half 2006 was $66m or 52.2 million euros. possible by the sale of the Vindemia shares in the second half of 2005. Finally, Bourbon recorded capital expenditures of $307.5m or 252 million euros for this half. "The Offshore Division and Towage & Salvage Division recorded very strong operating results.

Shipowners choosing MeasureMate have achieved savings in external steel condition assessment. Such was the case during recent class renewals of the world's largest ULCCs: Jahre Viking and Jahre Pollux. "We estimate the combined savings of these two ships alone to be around $600,000," said Jann Terje Anderssen, R&D manager, Red Band.