London P&I Club Reports Financial Growth

Wednesday, July 06, 2011

The London P&I Club consolidated its financial strength by recording an overall surplus of $3.6 million for the 2010/2011 year of account. This lifted free reserves to $145.1 million, the highest level in the club’s 145-year history.

The club’s continued policy of achieving controlled growth in its membership resulted in a five percent increase, of almost 2 million gt in owned entered tonnage over the course of the year. The volume of charterers’ business also continued to grow, and these developments produced a total entry of 42.5m gt at year-end, with more ships scheduled to attach during the course of 2011.

Pointing out that the 2010/2011 policy year saw an unusually high number of claims in excess of $1 million, Chairman John M. Lyras said, “Our claims exposure – whether to incidents involving our members or other clubs’ members through the International Group Pool – plays the greatest part in the club’s performance.” He emphasized that loss prevention awareness occupies an increasingly important role in the club’s activities, with further attention being given to the dissemination of relevant information through its loss prevention publication and alerts programme, as well as workshops and seminars provided in response to member feedback and requests.

Elsewhere in his comments in the Annual Report, Lyras lamented the “inadequacy” of governmental response to the problem of piracy, and the troubling signs of increased risk to the wellbeing and safety of hostage crew members. The important Best Management Practices produced by the shipping industry and international naval organisations played a significant part in reducing the danger of piracy, but the way in which the risk has developed meant that the ‘industry debate over the potential role to be played by properly trained guards’ was "unsurprising."

On another subject, Lyras also expressed the hope that the provision by the clubs of a very substantial amount of information to those conducting the European Commission review of some of the International Group’s arrangements would help inform the EC case team’s understanding of the unique features of mutual P&I and the important benefits it delivers.

Maritime Reporter March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

TDDCL Seeks Input for New Repair Yard

Trinidad Dry Dock Company to develop new ship repair yard at Port of Spain; company requests Expressions of Interest for Environmental Impact Assessment and Geotechnical

NORDEN CEO: Bulk Market Challenges to Continue

Klaus Nyborg, interim CEO at Denmark-based dry bulk and product tanker shipping company Dampskibsselskabet NORDEN A/S, expects difficult dry cargo market conditions

Maritime Training Five Years from Now: A Look Ahead

For anyone involved in maritime training, now is an incredibly exciting time full of opportunity. More than ever before, there are new advanced techniques and technologies

Navy

Indonesia Partners with China on Maritime

Indonesian President Joko “Jokowi” Widodo and Chinese President Xi Jinping pledged increased maritime cooperation during the formers visit to China.   The joint

China Strengthens Maritime Ties with Pak

The Vice Chairman of China's Central Military Commission General Fan Changlong has pledged to deepen maritime security and military technology cooperation during

17 Countries for Maritime Security Training in Indonesia

Representatives from 17 countries would take part in the sixth Maritime Security Desktop Exercise that is scheduled to be held in Yogyakarta, Indonesia from March 30 to April 1.

Finance

NORDEN CEO: Bulk Market Challenges to Continue

Klaus Nyborg, interim CEO at Denmark-based dry bulk and product tanker shipping company Dampskibsselskabet NORDEN A/S, expects difficult dry cargo market conditions

Turkey Maritime Sector Alive & Kicking

Located on the periphery of two great continents, Turkey has benefitted from being in a favored position right at the center of an assertive and fast growing economic area.

Advanced Drillships a Burden for Owners as Business Slows

Not so long ago, advanced drillships costing more than half a billion dollars each and capable of operating in ever-deeper waters practically guaranteed big profits for oil-rig operators.

Maritime Security

Mediterranean Rescue Operations Strain Shipping

The Wall Street Journal ran a story yesterday describing how the increasing number of seaborne migrants making the journey from Africa to Europe has not only

Port of Aden Under Threat with Enemy at the Gates

As Saudi Arabia and its Arab allies stage air strikes against Shi'ite Muslim militiamen threatening to topple Yemeni President Abd-Rabbu Mansour Hadi, the southern

Maritime Training Academy Announces Diploma in Maritime Security

The Maritime Training Academy announced the launch of its new diploma in maritime security today.   The Surrey, UK-based distance learning center said the

Maritime Safety

Mediterranean Rescue Operations Strain Shipping

The Wall Street Journal ran a story yesterday describing how the increasing number of seaborne migrants making the journey from Africa to Europe has not only

Port of Aden Under Threat with Enemy at the Gates

As Saudi Arabia and its Arab allies stage air strikes against Shi'ite Muslim militiamen threatening to topple Yemeni President Abd-Rabbu Mansour Hadi, the southern

Greek Ferry Still Stuck

The Greek ferry that ran aground just outside of port on the Aegean Island of Kassos Wednesday night is still stuck. The 227 passengers and 55 crew aboard the

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Repair Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1702 sec (6 req/sec)