Shipowners’ Club Registers Strong 2010 Results

(Press Release)
Friday, July 08, 2011

Excellent financial results have been reported by the Shipowners’ Club for the trading year ending February 2011.  Positive growth or improvements across almost all parameters have been recorded, from increased tonnage and numbers of vessels entered, to an up-lift on gross earned premiums to US$196.8 million (up 13% on last year) and an underwriting surplus of US$25.2 million.

Chairman of the Club, Donald MacLeod puts the recent success of the Club down to the diversity of its Members and the results of organisational changes over the last two years that are now coming to fruition.  “Our strong performance coincides with the culmination of a period of change for the Club. The most significant of which was the process of rationalising activities between our London, Singapore and Vancouver branch offices, which has brought us closer to more of our Members and their brokers,” he said in his Chairman’s Statement.  Additionally, the volatile trading environment did not affect Shipowners as dramatically as it did others.  “The Club is uniquely suited to volatile conditions. Our Members, by and large, are not dependent on freight rates or commodity pricing.  Club vessels can be found throughout the world, engaged in a broad spectrum of activities from fishing to offshore to passenger carriage, dredging and towage. Such geographic and sectoral diversification acts as a natural hedge for the Club against regional, industry-specific trading volatility,” said MacLeod.

The Club’s operational performance, resulting in the underwriting surplus, contrasted with a small deficit in the previous year and, together with a 6.8% return on investments producing an income of US$27.6 million, returned an overall surplus of US$52.9 million.  This addition to free reserves brought an increase of 39% to US$187.9 million and a combined ratio for the 2011 year of 85%; total funds under management rose by 17% to US$431.0 million.  Claims reduced by 9% compared with the previous year and totalled US$107.2 million, while operating expense increased by just over US$6 million to US$40.5 million.

The Club’s strength in diversity was emphasised by a 9.5% increase in tonnage entered to 17.8 million GRT, an advance of 8.4% in vessel numbers to two short of 29,000 and 7% more Members than last year. Commenting on the very encouraging results, the Club’s Chief Executive Charles Hume said, “After a positive year of growth, coupled with organisational change, the Club looks forward to a period of consolidation as the three branch offices look to grow within their regions.  Looking forward, the Club primarily recognises the need to develop closer ties with its customers - the six hundred plus insurance brokers who place business with the Club and ultimately its worldwide membership.  We need to demonstrate the benefits of mutuality, the benefits of Member ownership, the benefits of belonging to, and of being insured within, an environment where the insurer seeks to find solutions.  We look forward, in particular to innovating;  to launching simplified products; to delivering peace of mind to our customers and to assuring owners of small and specialised ships, of all shapes and sizes, that they may go about their tasks safe in the knowledge that their P&I insurer is working alongside them in partnership.”

 

 

Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Baltic Mercur II makes maiden voyage to Antwerp

This week Atlantic Ro-Ro Carriers (ARRC) celebrates the maiden voyage of the Baltic Mercur II via the port of Antwerp as part of their regular transatlantic service to the US Gulf.

USCG Provides Safety Tips to Paddlesports Enthusiasts

As the boating season unofficially begins, the 9th Coast Guard District is reminding paddlesport enthusiasts to take precautions to ensure safe trips and increase

USS George Washington Completes Carrier Qualifications

Carrier Air Wing (CVW) 5 and the Nimitz-class aircraft carrier USS George Washington (CVN 73) completed its carrier qualifications (CQ), May 23. CQ allows

Finance

Hyundai Heavy Delivers 2,000th Ship

Hyundai Heavy Industries (HHI) has become the world's first shipbuilder to deliver its 2,000th ship. The world's largest shipbuilding company delivered a drillship, "Ocean BlackLion," to U.

Vinalines Plans Ports Divestment

The Vietnam National Shipping Lines (Vinalines) and the Ministry of Transport (MOT) hope the plan to reduce the state’s ownership ratio in the big shipping firm

Dubai Establishes Maritime Arbitration Centre

The Dubai Maritime City Authority (DMCA) is in the final stages of completing the rules for the first maritime arbitration centre in the Middles East: the Emirates

 
 
Maritime Careers / Shipboard Positions Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar Winch
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: 0.2250 sec (4 req/sec)