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 November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

WSC CEO Koch to Retire in 2015

Chris Koch, current president and CEO of the World Shipping Council (WSC), will retire from his position on July 31, 2015, and WSC Senior Vice-President and General Counsel,

Cecon Secures Finances to Complete Newbuild

Cecon ASA has petitioned for a debt restructuring agreement (in Norwegian: gjeldsforhandling). Certain funds managed by York Capital Management Global Advisors,

HII Board of Directors Elects Two VPs

Huntington Ingalls Industries’ (HII) board of directors has elected Kellye Walker to serve as corporate vice president and general counsel and Charles R. “Chuck” Monroe Jr.

Navy

NRL Researchers Demo Ship-to-Shore Data Link

Scientists at the U.S. Naval Research Laboratory (NRL) along with Mercury Continuity (MC) have demonstrated the Tactical Reachback Extended Communications (TREC) system in the port of Miami.

NASSCO Opens Bremerton Repair Facility

General Dynamics NASSCO celebrated the grand opening of its new location in Bremerton, Wash., yesterday. The facility will support the company’s recently-awarded contract to repair and maintain U.

NASSCO Opens New Facility for Naval Repair

General Dynamics NASSCO opened a new location yesterday in Bremerton, Wash. to support the company’s recently-awarded contract to repair and maintain U.S. Navy

Finance

Cecon Secures Finances to Complete Newbuild

Cecon ASA has petitioned for a debt restructuring agreement (in Norwegian: gjeldsforhandling). Certain funds managed by York Capital Management Global Advisors,

Libyan State Oil Firm NOC Will Remain Independent

Libya's Tripoli-based state firm National Oil Corp (NOC) will remain independent, it said on Thursday, in an apparent attempt to reassure foreign oil buyers it will stay out of the country's conflict.

Oil Prices Retreat from Short-covering Rebound

Global crude prices fell more than $1 a barrel on Thursday, retreating from a short-covering charged rally as traders bet the market had not shaken off a six-month long rout on oversupply concerns.

Maritime Security

NASSCO Opens Bremerton Repair Facility

General Dynamics NASSCO celebrated the grand opening of its new location in Bremerton, Wash., yesterday. The facility will support the company’s recently-awarded contract to repair and maintain U.

USCG Commandant to Address PVA Convention

Commandant of the U.S. Coast Guard Admiral Paul F. Zukunft will attend the PVA Annual Convention at MariTrends 2015 in Long Beach, Calif. and deliver a keynote

Philippines to Buy Naval Assets, China Sea Dispute Simmers

The Philippines aims to buy two frigates, two helicopters and three gunboats for deployment in the South China Sea where a territorial dispute with China has lent

Casualties

Report: Dire Conditions in Indian Shipbreaking Yards

Report by Indian research institute reveals poor enforcement of occupational health and safety provisions   The working and living conditions at the shipbreaking yards of Alang,

Wrecked Bulker’s Bow Refloated, Scuttled off S.Africa

TITAN Salvage, Crowley Maritime Corp.'s Houston-based marine salvage, emergency response and wreck removal company, has refloated and scuttled the largest section of the wrecked bulk carrier, Smart.

Shell Resuming Nigeria EA Oil Production

Royal Dutch Shell said on Thursday it had resumed production of Nigerian EA crude oil and lifted its force majeure on the grade after completing repairs to a mooring platform.

Maritime Safety

USCG Says Unaffected by Cuba Policy Changes

The U.S. Coast Guard (USCG) issued a statement today stating that the United States’ Cuba policy change will not impact its missions annd operations. “Coast Guard

Report: Dire Conditions in Indian Shipbreaking Yards

Report by Indian research institute reveals poor enforcement of occupational health and safety provisions   The working and living conditions at the shipbreaking yards of Alang,

LR Supports Chinese Recycling Yards' EU Application

LR’s initial verification of the Ship Recycling Facility Plans for both Zhoushan Changhong International Ship Recycling Co. Ltd. and Jiangyin Xiagang Changjiang

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Pipelines Pod Propulsion Salvage Ship Electronics Ship Simulators Sonar
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: 0.2577 sec (4 req/sec)