American Club Reports Solid Performance

Monday, June 16, 2003
The American Club reported its results for 2002 at its annual meeting in New York. “The future is bright,” said Paul Sa (Standard Shipping Inc.), the club’s chairman, “and I am certain that the club will continue to enjoy success at the forefront of the global P&I industry over the years to come.” In addition to a further increase in entered tonnage, taking the club to a total of nearly 19m. gross tons, it also achieved a post-tax operating profit of $3.2m. despite difficult trading conditions. It was the second successive year to show an operating surplus, bucking an almost universal trend seen elsewhere in the market of year-on-year losses. The New York-based mutual once again saw its premium income rise – to $53.3m. from $41.5m – an uplift of 28%. Total assets grew by 15% (to $119.2m.), while free reserves rose by an identical margin of 15% to $20.3m. Although claims incurred rose by just under $8m., reflecting substantial tonnage growth over the period, paid claims actually reduced by 15% due to the stabilisation of claims costs during the preceding 12 months. Another feature of the year was further diversification of vessel type and domicile of management. Non-US members now account for nearly 80% of the total, widely spread around the world. Sa told the meeting that the year 2002 began with a significant increase in entered tonnage, and steady growth and financial progress continued through the year. The 2003 renewal in February brought new highs in entered tonnage and premium revenue, “and the club is well positioned for strong growth in the future.” Endorsing these remarks, Joe Hughes, chairman and CEO of Shipowners Claims Bureau Inc., the managers, said that progress was made in every area of the club’s activities – operationally, financially and, most importantly, in the continuing development of service capabilities. Further, “2003 has started well …. entered tonnage stands yet again at a record level and the club’s chief financial indicators continue to move ahead, outperforming industry trends in most areas.” Sounding a note of caution, however, Hughes said it was unlikely that trading conditions for marine insurers in general and for P&I clubs in particular would dramatically improve in the short to medium term, especially in view of current geopolitical uncertainties which would continue to affect the business climate at large. At the meeting, Chih Chien Hsu (Eddie Steamship Company Ltd., Taipei) was welcomed as a new member of the board, the club’s first director from Asia.

Marine Propulsion

C-Job Designs Flettner Freighter for Switijnk

The Dutch shipping company family Switijnk has contracted C-Job Naval Architects to develop a Rotor Sail-equipped design to meet their specific loading and sailing profile.

MN100: R.W. Fernstrum & Company

The Company: R.W. Fernstrum & Company set the standard in marine heat exchangers over 65 years ago, building a reputation focused on innovation. Today, its commitment is to continual improvement,

SMM 2016: World Premieres from around the Globe

Some 50,000 trade visitors from the whole of the world are expected in Hamburg for the start of SMM in less than two weeks. And once again, it is fully booked – with a total of more than 2,

Finance

Meyer Turku Continues Shipyard Investments

Meyer Turku shipyard  has further enlarged it’s investment package with a new 75 million euro steel storage and pretreatment facility. This is already a third large

Carriers have Withdrawn Extremely Low Spot Market Freight Rates - Drewry

Drewry’s Global Freight Rate Index, a weighted average of spot container freight rates across all major routes except intra-Asia, swung back in July by 13% to reach $1,403 per 40ft box.

Hapag-Lloyd Cruises Orders Two Vessels

TUI Group, the world’s number one tourism group, will invest in two new-builds for its Hamburg-based subsidiary Hapag-Lloyd Cruises. The two, new, 5-star expedition

 
 
Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Repair Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0773 sec (13 req/sec)