London P&I Club Reports Increased Free Reserves

Marinelink.com
Wednesday, May 22, 2013

The London P&I Club’s result for the 2012/2013 financial year was a surplus across all classes of $9.4 million, increasing the free reserve to $154 million.
 


Claims experience over the financial year was mixed, the company said. In the retained layer there was an encouraging picture at the attritional level, involving claims up to $100,000. There was also a continued moderation of claims in excess of $1 million, but there were additional indications of increasing claims cost and activity in the band between $100,000 and $1 million. Meanwhile, the club’s management team noted that adverse claims experience within the International Group’s Pool layers means that 2012/13 is looking likely to prove the most expensive year on record for claims on the pooling system.
 


In the year to February 20, 2013, the London Club recorded a return on invested assets and cash of approximately $23.7 million, or 6.9 percent, reflecting positive results across the whole of the asset base and, in particular, benchmark-beating performance by the investment-grade fixed income holdings, which form the lion’s share of the portfolio.


 
Over the course of the policy year the club secured additional entries from many existing members as well as from new members in countries which included Germany, Greece, India, Turkey, the United Arab Emirates and Ukraine.
 


There was also a relatively high level of ships withdrawn during the year, some sold for further trading but many for scrapping. As a result, there was a small increase in the club’s owned entry to approximately 41.5 gt. In addition, the charterers and # 8217; facility continued to make steady progress.

 

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

People & Company News

MN 100: AEP River Operations

16150 Main Circle Drive, Suite #400 St. Louis, MO 63017 Tel: (636) 530-2100  Email: info@aepriverops.com Website: www.aepriverops.com President: Keith Darling The

MN 100: Caterpillar Marine

Neumühlen 9 22763 Hamburg/Germany Tel: (713) 895-1449 Email: cat_power@cat.com Website: www.marine.cat.com Managing Director: Nigel Parkinson The Company: Caterpillar

Airbus May Sell Stake in Submarine Supplier

Airbus is considering a sale of its 49 percent stake in submarine supplier Atlas Elektronik as part of a reshuffle of its military business, German newspaper Die

Finance

Airbus May Sell Stake in Submarine Supplier

Airbus is considering a sale of its 49 percent stake in submarine supplier Atlas Elektronik as part of a reshuffle of its military business, German newspaper Die

W.Africa Crude Slow to Trade; Nigerian Glut Fading

Angolan cargoes for October loading are so far finding buyers slowly, traders said on Friday, while there were further signs that an overhang of September-loading Nigerian cargoes is being absorbed.

US Steel Producers Win Anti-dumping Case

The United States has approved anti-dumping duties against South Korea and other producers of steel pipes for the energy sector, a victory for domestic producers

Insurance

Maersk Line Still the Leading Carrier on Reliability in Q2

During the second quarter, the overall industry reliability has improved. However, Maersk Line is pleased to have improved their performance so that they can

Swedish Club Results Show Improvement

The Swedish Club today announced its half-year results in which it reported that the club continued to demonstrate a solid performance in the first six months of

'Double Jeopardy – Trial by Media, Trial by Law' London Opening

BIMCO notes that the highly acclaimed "Double Jeopardy - trial by media, trial by law" first showcased at the BIMCO AGM in Dubai earlier this year is to be brought

P&I Clubs

Ballast Water Management: California Update

The California State Lands Commission (CSL) has promulgated a letter to clarify its interpretation of existing ballast water requirements under the California's

Swedish Club Results Show Improvement

The Swedish Club today announced its half-year results in which it reported that the club continued to demonstrate a solid performance in the first six months of

American Club Issues Steel Cargo Warning

The American P&I Club has updated its advice to members on the handling of steel cargoes. It has done so in consequence of some recent cases where the absence of

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Ship Repair Shipbuilding / Vessel Construction 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: 0.1840 sec (5 req/sec)