London Club Sets Increase for P&I

press release
Friday, November 25, 2011
Ian Gooch, chief executive of the club’s management team

THE London P&I Club has set a general increase of five per cent in annual P&I call rates for the 2012/2013 policy year.

 

Commenting on the background to the decision, Ian Gooch, chief executive of the club’s management team, says, “Prior open policy years are developing in line with expectations. In the current year the news is conflicting. On the one hand, we have seen some signs of increased claims activity, mainly involving cargo cases in the $100,000-$1m band. But at the same time we are finding that claims above that band, as well as at the attritional level, are currently running at lower levels than at the same stage in the two prior policy years. International Group Pool claims for the year are presently in line with expectations. 

 

“This can be interpreted overall as encouraging news, but there is a long way to go and the position could of course change significantly before the 20 February year-end. There also seems to be little doubt that the underlying trend in P&I involves increasing claims costs. Moreover, our own experience last year of an unusual number of expensive casualty cases serves to underline the unpredictability of such costs.”

 

On the investment side, the club’s portfolio produced a return of 1.2 per cent for the year to 31 August. But Gooch cautions, “The recent volatility in the markets is such that we are taking a cautious approach to planning for investment contributions.”

 

He adds, “Putting all this together and recognising the tough trading conditions faced by members in most shipping sectors, the committee authorised a general increase in rates of 5 per cent for P&I and FD&D” The club’s owned mutual tonnage has increased by more than 1.5m gt during the year so far.  The charterers’ portfolio has also continued to grow, so that the club’s total entry stands at 44.3m gt.
 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

DP World to Manage Somaliland Port for 30 Years

DP World has reached an agreement to manage the Berbera port in Somaliland, which would allow it to become a major hub for goods to transit to and from the Horn of Africa,

Abu Dhabi Ports Try to Lure Chinese Businessmen

Abu Dhabi Ports - the master developer, operator and manager of ports and Khalifa Industrial Zone in the Emirate - presented the integrated offerings of Khalifa

NASSCO Lays Keel for Jones Act Tanker Liberty

U.S. shipbuilder General Dynamics NASSCO hosted a keel laying ceremony on Thursday, May 26 for the Liberty, one of three new ECO Class Jones Act tankers under a

Finance

CMA CGM Intends Offer to Acquire NOL

Following the satisfaction and waiver (as the case may be) of the conditions set forth in the pre-conditional offer announcement dated 7 December 2015, CMA CGM S.

Oman Shipping Makes Profit

Oman Shipping Company (OSC) reported a $180 million profit in 2015. Tariq bin Mohammed Al Junaidi, chief executive officer of OSC has been quoted by  Oman News

Korean Shipbuilder Could Be Liquidated

South Korea's STX Offshore & Shipbuilding Co. has filed for receivership, following massive losses that have mounted up over the past two years, says a report in the WSJ.

Insurance

APM Terminals Bahrain Push for Safety, IT systems

Hidd, Khalifa Bin Salman Port, Bahrain - APM Terminals Bahrain, operators of Khalifa bin Salman Port (KBSP), has recently made significant advances in Safety performance

TT Club Reports Robust Financial Results for 2015

TT Club has announced its financial results for the year ended December 31, 2015, and AM Best affirms its A- (Excellent) rating for the 10th consecutive year.   Knud Pontoppidan,

North P&I Club Repots Positive Financial Performance

North P&I Club reports that an exceptionally low year for claims has helped it increase its free reserves by $90 million to $428 million and deliver a combined ratio of 73.

P&I Clubs

TT Club Reports Robust Financial Results for 2015

TT Club has announced its financial results for the year ended December 31, 2015, and AM Best affirms its A- (Excellent) rating for the 10th consecutive year.   Knud Pontoppidan,

North P&I Club Repots Positive Financial Performance

North P&I Club reports that an exceptionally low year for claims has helped it increase its free reserves by $90 million to $428 million and deliver a combined ratio of 73.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Offshore Oil Pipelines Port Authority Salvage Ship Electronics 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: 0.1023 sec (10 req/sec)