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

People & Company News

SunEdison Restrained from 'Unusual' Asset Transfers

Solar company SunEdison Inc said a U.S. court has restrained the company from making any unusual asset transfers until a hearing in a lawsuit brought on by investors

Maersk to Scrap Ships at India's Alang Beaches, NGO Dismayed

Maersk Line said on Friday it had chosen four shipbreaking yards along India's Alang beaches to handle an increase in vessels that need to be scrapped, to the dismay

Teknotherm Marine Moves HVAC Arm to Bergen

Maritime heating, ventilation and air conditioning (HVAC) firm Teknotherm Marine has established a new subsidiary is established with the name Teknotherm Marine HVAC AS.

Finance

SunEdison Restrained from 'Unusual' Asset Transfers

Solar company SunEdison Inc said a U.S. court has restrained the company from making any unusual asset transfers until a hearing in a lawsuit brought on by investors

Paragon Offshore to File for Bankruptcy

Paragon Offshore Plc said it will file for Chapter 11 bankruptcy on or before Feb. 14, becoming the first U.S. energy-related company to seek court protection from

Philippines Mulls Bilateral Sea Talks with China

The Philippines may consider two-way talks with China to resolve a territorial dispute in the South China Sea but only if it wins its case with Beijing at an arbitration tribunal in The Hague,

 
 
Maritime Contracts Maritime Security Navigation Offshore Oil Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
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: 0.1030 sec (10 req/sec)