Bilbrough Co News

London Club says owners must not accept exemptions from IMSBC code for DRI cargoes. THE London P&I Club has urged shipowners to be alert to any attempt by shippers and other cargo interests to claim exemptions from the International Maritime Solid Bulk Cargoes (IMSBC) Code in connection with the carriage of DRI (Direct Reduced Iron) cargoes. Long-standing concerns about the carriage of DRI - involving the possibility of a chemical reaction between the cargo and water, leading…

The London P&I Club says the increasing amount of new tonnage being ordered by its members, and entered with the Club for P&I and FD&D risks, is confirmation of the current healthy state of the shipping industry, as well as being good news for the Club itself. Twenty-five per cent of the vessels entered with the London Club during the last twelve months have been newbuildings. Many of these have been entered by shipowners who have not previously bought new tonnage. The newbuildings have been split equally between tankers, bulk carriers and containerships. Michael Hill, Underwriting Director of A Bilbrough & Co, Managers of the London Club, says, "Shipping markets generally are going through a boom period at the moment.

Graham Edmiston is to retire as chairman and chief executive of A Bilbrough & Co, managers of the London P&I Club, on February 20, 2002. Edmiston has been with Bilbroughs for 30 years, 27 of them as director. The directors, however, are pleased to announce that Edmiston will continue to be associated with Bilbroughs as a consultant. Edmiston will be succeeded as chairman and chief executive by Paul Hinton. Hinton joined Bilbroughs in 1976, and was appointed a director in 1987.

The London P&I Club completed its 2001/2002 financial year in a healthy position, with free reserves of more than $80m. years. The year was a difficult one for marine mutual liability underwriters. years' claims and a deterioration in the performance of investment markets. membership. lowest of any International Group club. clubs, virtually the whole of its premium is collected by year-end. more than 4m gross tons, was entered into the Club for P&I risks. 48 were newbuildings. vessels are shown to be less than ten years old. average ship size in the International Group. business was largely unchanged from the previous year at 31.5m gt. policy year, 2001/02 reverted to a more moderate level. twenty per cent less than for the previous year.

The London P&I Club has reported that its level of claims for the 2003/4 year of account was down by fourteen per cent on the previous year. And it says its ongoing vessel inspection programme, which sees roughly half its entered fleet inspected each year, has helped produce this marked improvement. John M Lyras, Chairman of the London Club, says, “Claims for the 2003/4 policy year are running at a lower level than at any time during the last twenty years, a fact that I believe is a reflection of the selectivity of our underwriting”. He adds that such selectivity results in part from tactical decisions based on the Club’s ship inspection programme and other means of assessing members.

The London P&I Club has agreed to provide the $3.2 million bail required for release of Captain Apostolos Mangouras, master of the Prestige, from the high-security Spanish jail in which he has been incarcerated for more than two months. indeed". this occasion. considerations. personal risk to do his duty in very difficult circumstances. "The level of bail is offensive, in the context of the captain's situation. cornerstone of society. less than a third of the bail required from Capt Mangouras. this occasion. avoided in the future. Spanish coast. London Club.

The London P&I Club has confirmed that, as at February 20, 2003, claims for the 2002 policy year were ten percent lower than for the 2001 policy year, and thirty per cent lower than for the 2000 policy year. Writing in the latest issue of its London Club News, the Club says the downturn in claims over recent years is “a great source of encouragement”. It adds that this positive trend, coupled with an improving fleet age profile and the Club’s proven ability in a difficult market to maintain calls in line with original estimates for many years, “bodes well for the continuing success of the London Club”. In April, the London Club Committee reaffirmed an initial supplementary call for the 2003/2004 policy year of forty per cent for the P&I class…

The London Club has announced a general increase of 25 percent in its advance call for the 2003/04 policy year. confirmed that supplementary calls for all open underwriting years remain unchanged. correction of premium levels has been required. uncertainty, more needs to be done. also apply. ensure that the Club's financial position remained sound.