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George Procopiou News

06 Jun 2022

Shipowners Struggling with Lack of Clarity on Sanctions -Prokopiou

Shipowners are struggling to know what trades are still legal as a raft of sanctions against Russia and tough measures on other countries including Iran remain confusing, leading Greek shipowner George Procopiou said on Monday.Sanctions imposed on Moscow after it invaded Ukraine in February, including a U.S. ban on its oil imports, have prompted Russia to pivot to customers in India and China who are picking up cargoes at a steep discount, according to industry data and traders.Existing restrictions on Iran have also driven their oil trade towards Asia, with increasing due diligence required by shipowners to avoid falling foul of U.S.

11 Jun 2009

Eccleston Bids Farewell

Greek members of the ‘A’ rated, 100 million GT North of England P&I club bid farewell yesterday  to managing director Rodney Eccleston during a reception at the British Embassy in Athens. It was Eccleston’s last official event in Greece before he hands over to deputies Paul Jennings and Alan Wilson when he retires in September this year. Addressing around 300 members and their guests, Jennings reciprocated the welcome by British Ambassador Dr David Landsman and paid tribute to Eccleston’s successful tenure as managing director. ‘North has expanded and grown in strength significantly over the past ten years, and we will continue to base all of our operations on high-quality membership, excellent service and prudent finances.

11 Sep 2003

North of England P&I Club’s Accounts Confirm Strong Year

The North of England P&I club confirmed its emergence as one the world's strongest maritime insurers today (12 September 2003) with publication of its accounts for the 2002/2003 financial year. The A- rated shipping mutual reported another 12 months of solid growth in tonnage, income and reserves. Chairman George Procopiou confirmed in the club's 2003 'Management Report' that entered tonnage at the February 2003 renewal grew by 10% to 43 million GT, with 35 million GT owned and 8 million GT chartered. Gross premium income for all insurance classes rose by 25% in 2002/3 to US$ 133.1 million and the overall free reserve increased by 14.5% to US$ 99.6 million. Most growth came from existing members but Procopiou said the North of England would continue to look for suitable new members.