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

People & Company News

Dittmann Named Chairman of SEA Europe

Kjeld Dittmann, the Managing Director of Lyngsø Marine A/S, is the new Chairman of the European Ships and Maritime Equipment Association (SEA Europe).    He succeeds Govert Hamers,

Ex-BP Engineer Deserves New Gulf Spill Trial -US Appeals Court

A former BP Plc engineer deserves a new trial on an obstruction of justice charge related to the 2010 Gulf of Mexico oil spill, a federal appeals court ruled on Tuesday.

Shipping Confidence at 7-year Low -Survey

Overall confidence levels in the shipping industry fell during the three months to May 2015 to a level equal to the lowest rating recorded in the past seven years,

Finance

Monopiles Terminal to Be Built in Rotterdam

Sif and Verbrugge to build terminal for offshore wind energy on Maasvlakte 2   Sif Group, Verbrugge International and the Port of Rotterdam Authority have signed

Shipping Confidence at 7-year Low -Survey

Overall confidence levels in the shipping industry fell during the three months to May 2015 to a level equal to the lowest rating recorded in the past seven years,

Teekay Sells FPSO, Announces Dividend Boost

Teekay Corporation to complete sale of the Knarr FPSO and announces dividend increase of 75 percent   Teekay Corporation announced today that its board of directors

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Offshore Oil Port Authority Salvage Ship Electronics Ship Simulators 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: 0.2968 sec (3 req/sec)