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.
Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Marine Propulsion

Four Rescued from Boat Fire in California

U.S. Coast Guard and firefighter crews helped rescue four people from a boat fire Tuesday afternoon in Alameda, Calif.   Coast Guard Sector San Francisco Command

Engine Refit for Mersey Pilot Boat

James Troop supplies two new Volvo Penta engines to upgrade Mersey pilot boat   Merseyside-based engine specialist James Troop & Co has secured a deal to supply

Eastern Launches Second MPSV for Hornbeck

Eastern Shipbuilding Group, Inc. has launched the second of two 302’x76’x26’ multipurpose service vessels in the HOSMPSV 310ES series for Hornbeck Offshore Services, LLC.

Finance

Major Ivorian Cocoa Buyers Boycott Local Exporters Scheme

Major cocoa buyers are boycotting a scheme in Ivory Coast aimed at guaranteeing local firms a share of the lucrative export market, arguing that these players lack

Matson Pumps $30 Million into Alaska Operations

Ocean cargo shipper Matson, Inc. said it is moving quickly to fund improvements in its new Alaska operations following its May 29 acquisition of Horizon Lines' Alaska services.

General Dynamics Tops Q2 Estimates

General Dynamics Corp, a maker of ships, tanks and business jets, reported higher-than-expected quarterly earnings and revenues on Wednesday, and sharply raised its outlook for full-year profit.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Repair Shipbuilding / Vessel Construction Winch
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: 0.1303 sec (8 req/sec)