Piracy, Sanctions Top Shipowners’ List of Concerns
Legal and contractual issues, piracy and crime, and international sanctions are the most important areas of concern to merchant shipowners, according to a recent survey by the UK P&I Club. Close behind are crewing and personnel, insurance regulation, loss prevention, environmental legislation, shipboard risk management, cargo preparation and stowage, and port state control. Consequently, owners want information and advice from their P&I clubs on how to tackle the problems associated with these areas. Their priorities have been revealed by the UK P&I Club’s latest member survey. As one of the world’s largest marine mutuals, the UK P&I Club’s 122 million gross tons of international merchant shipping provides a representative cross section of the industry.
UK P&I Club Capital Reaches Record High
In its Review of the Year 2011, published this week, the UK Club posted total assets of $1.6 billion. “We have achieved our goal of balanced underwriting so that all the $69 million investment return of the year is transferred to the reserves. The Club’s $478 million free reserves and capital are the highest they have ever been; our Members can be confident that the process of rebuilding the Club’s reserves has been successful. The Club’s total assets exceed its claims liabilities by 159%, one of the strongest ratios among the clubs of the International Group.
