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Swedish Club News

15 Oct 2023

Gard: Increase in Stern Tube Damage Concerning

Source: Gard

The number of stern tube-related damage claims has increased considerably over the last few years, and this is causing marine insurer Gard some concern.In the past, damage to a stern tube was often considered a relatively straightforward casualty by surveyors. The cause was often obvious – contact with a floating object such as ice, fishing nets or ropes, for example.These causes still exist, but the significant increase in frequency over the past years, without any apparent explanation…

02 Mar 2023

WALLENIUS SOL Names Karle COO

Henrik Karle (Photo: WALLENIUS SOL)

Swedish RoRo shipping company WALLENIUS SOL announced it has appointed Henrik Karle as chief operating officer (COO).with more than 20 years of experience and an extensive track record from the shipping industry, Karle has from 1 March 2023 taken a position on the WALLENIUS SOL management team. He comes from a role as technical manager at the marine insurance company The Swedish Club, and before that he held the position as managing director at AdMare Ship Management. He has also spent a large part of his career at sea.“Henrik is a welcome addition to our organization…

21 Dec 2022

Swedish Club Managing Director Lars Rhodin Retires

Lars Rhodin (Photo: The Swedish Club)

Lars Rhodin, will retire as managing director of The Swedish Club, ffective January 1, 2023.Rhodin first joined The Swedish Club in 1986 and has spent 15 years at the helm. During that time, he spearheaded a period of considerable growth for the Club, successfully steering it through challenges and overseeing the opening of three new offices in Oslo, London and, the latest, in Singapore.“Since I joined the Club in 1986, I have been part of a family,” Rhodin  said. “The shipping industry is unique and It’s an exciting business…

04 Aug 2022

The Swedish Club Opens Singapore Office

Brian Png, Team Manager for The Swedish Club's Singapore office (Photo: The Swedish Club)

The Swedish Club announced it has opened a new full-service office in Singapore, responsible for members in Singapore and other markets in Asia, including India, Japan and Thailand.Brian Png, Team Manager for the Singapore office, said, "Singapore is widely recognized as one of the most important maritime hubs in the world, and the opening of this new office is an important step for The Swedish Club. It will complement Team Hong Kong and enable us jointly to fully capitalise on our all-in-one offering and secure and further enhance our position in Asia…

05 Jul 2019

Swedish Club's NextGen Loss Prevention

The marine mutual insurer Swedish Club has introduced the next generation of Loss Prevention. It means that shipowners can now be offered real time personalized loss prevention, tailored to their location, and voyage profile.Trade Enabling Loss Prevention (TELP) allows The Swedish Club to use a combination of the latest automatic identification system (AIS) technology coupled with solid statistics and expertise built up over years to map a risk profile for an individual vessel at every stage of its voyage, It can then provide members and their vessels with timely, tailored advice when they are approaching areas of particular risk.Over the last ten years the Loss Prevention team has carried out detailed analysis of the entire fleet…

06 Jun 2019

DNV GL Updates Shaft Alignment Design Rules

Classification society DNV GL DNV GL informed that it will update its shaft alignment design rules to differentiate between Environmentally Acceptable Lubricants (EALs) and mineral oils in stern tubes.The update, will apply from 1 July 2019, and is based on the phase 1 findings from the joint development project (JDP) DNV GL has been operating along with the Swedish Club, Norwegian Hull Club, Gard and Skuld.The JDP was prompted by an upsurge in stern tube bearing failures that coincided with the increased uptake of EALs after the introduction of regulations requiring their use in commercial vessels trading in U.S. waters in late 2013.In phase 1 the JDP has focused on mapping out differences in the load carrying capacity between EALs and mineral oils.

09 Dec 2018

Swedish Club Maintains Zero Per Cent General Increase

The mutual marine insurance company Sveriges Angfartygs Assurans Forening (The Swedish Club) has announced a zero per cent general increase for the forthcoming P&I year for the fourth year in succession.The decision was made by the Club’s board in consideration of the general market view that premiums are not in proportion with expected claims outcome.Lars Rhodin, Managing Director of The Swedish Club says: “In a number of shipping sectors the market remains weak and we have a commitment to support members at this crucial point.“At the same time, we must balance this with the fact that we have seen premium erosion for a number of years, to the extent there is a danger of the formula becoming unworkable.

01 Jul 2018

Slow, Steady Vessels Lower Operating Costs

The Swedish Club warns that vessel operators should always look to the long term, when specifying the type of engines to be installed across the fleet. Latest statistics from the Club show that vessels propelled by medium/high speed engines have a claims frequency 2.5 times higher than slow speed engines, with an average claims cost of close to USD 650,000. Main Engine Damage, the latest loss prevention report from The Swedish Club, sheds light on an expensive category of damage that is all too frequent. Statistically a vessel will suffer between one and two incidences of main engine damage during its life time. Considering the costly consequences for ship owners and their hull insurers, it is important to identify the main causes of this damage and examine how these can be prevented.

09 Mar 2018

Stena Line, Swedish Club to Test Emergency Plans

Photo: The Swedish Club

The Swedish Club and Stena Line have completed a major Emergency Response Training Exercise, designed to test how Stena’s own emergency procedures integrate with those of the authorities and support services in the event of a major incident. The round table exercise took place last week at the Swedish Sea Rescue Society headquarters, with over sixty expert contributors taking part. The drill, jointly planned and conducted by the Club and the Swedish Joint Rescue Coordination Centre (JRCC)…

21 Feb 2018

The Swedish Club Moves Forward on a Firm Footing

Lars Rhodin (Photo: The Swedish Club)

The Swedish Club has reported results for the 2018 renewal season in line with its focus on quality business and expert approach to managing current and future risks. Growth is running according to plan and the P&I gross tonnage has moved in excess of the 50 million GT milestone. This follows on from the positive news announced by S&P Global Ratings (S&P) earlier this year, when it revised its outlook on The Swedish Club to positive from stable, affirming the 'BBB+' long-term insurer financial strength and issuer credit ratings for the Club.

16 Jan 2018

DNV GL Launches Project to Test Biodegradable Lubricants

Photo: DNV GL

Classification society DNV GL has launched a new joint development project (JDP) in cooperation with marine insurers The Swedish Club, Norwegian Hull Club, Gard and Skuld to test the potential influence of Environmentally Acceptable Lubricants (EALs) on failures in stern tube bearings. DNV GL will oversee detailed laboratory testing of EALs by Leonardo Testing Services Ltd. at the University of Sheffield (UoS), UK. The JDP has been prompted by an increase in stern tube bearing failures over the last few years.

09 Dec 2016

The Swedish Club: 0% General Increase

Lars Rhodin (Photo: The Swedish Club)

In a move designed to support owners in difficult trading conditions, for the second year running The Swedish Club has announced a zero percent general increase for the up-coming P&I renewals 2017-2018. Speaking at the Club’s Board meeting in Bangkok, Lars Rhodin, Managing Director of The Swedish Club, said that entered tonnage on the P&I side of the business was sustaining controlled growth, a continued appreciation from the Club’s members for the zero general increase previously declared for 2016/2017.

18 Oct 2016

ABB Turbocharger PM Model Demonstrates RoI

ABB announced study results which show a 202% return on investment (ROI) from using ABB Preventive Maintenance. The new study indicates that the payback of preventive maintenance is immediate, while the Net Present Value - a measure of profitability of a projected investment – can be around US$1.3 million over three years for a typical organization. Preventive maintenance involves maintaining and servicing equipment at regular intervals in line with manufacturer recommendations, rather than waiting to carry out reactive or corrective repairs – also known as ‘corrective maintenance’. According to the study, a corrective maintenance approach can have financial consequences for a company.

07 Jul 2016

Swedish Club Alerts on Black Sea Ports, Russia

In view of the beginning new 'grain' season in Russia and the expected considerable export volume of grain cargoes this year there will be an increase of the vessel traffic in such areas as Port Kavkaz (STS operations of sea/ocean going vessels) and Kerch Strait (comparatively small river-sea going vessels calling ports of Rostov, Azov and Taganrog), cautions the Swedish Club. There have been several recent issues with the vessels loading grain cargoes at Port Kavkaz anchorage and OPL Kavkaz (neutral waters of the Black Sea). According to the Charter Party terms, the Master was to sign Bills of Lading with weight to be as per shipper's figures.

31 Mar 2016

Swedish Club: Consistent Underwriting in Challenging Year

The Swedish Club reported to its board today that it has achieved a consistent 2015 underwriting performance with financial stability and cost-efficient quality services for its members. It delivered a balanced underwriting result, despite higher claims activity and increased volatility, and demonstrated a resilience that is underpinned by diversification in its product lines, based on prudent management, the Club announced. The year began with a series of major casualties, including total losses which were far beyond what could be expected in terms of probability. However, the Club closed the year with a combined ratio of 99 percent. The challenge was on the investment side, particularly given the turbulent period in the autumn which was led by sharp equity falls in Shanghai and Shenzhen.

16 Mar 2016

Swedish Club Report Shines Light on Vessel Claims

The life of seafarers is never straightforward, and as a new report from the Swedish Club shows, the hazards and job complexities they face are very much dependent on the type of vessel they find themselves crewing. In P&I Claims Analysis, published this week, the Club has studied thousands of incidents in the last ten years, across a range of vessel segments and claims types, and made some interesting discoveries. Seafarers on containerships needs to watch their step, as almost 60% of all slips and falls occur on container vessels – almost certainly due to the amount of debris on board and the number of people involved in cargo operations.

08 Mar 2016

DNV GL, Gard, The Swedish Club Step in to Cut Anchor Losses

The root cause of many groundings and collisions, lost anchors are among the top five reasons for claims costs. A rising number of anchor losses reported over the last several years prompted DNV GL, Gard and The Swedish Club to investigate this issue. Based on an analysis of damage cases involving anchor and anchor chain losses, the project partners have issued a presentation identifying the most frequent technical and operational causes, and some steps crews and operators can take to address them. “One of the key takeaways of our investigation is the importance of the officers and crew being aware of the environmental loads their equipment is designed for,” says Håkon Skaret, Senior Principal Engineer at DNV GL.

19 Jan 2016

Insurer Caution to Slow Oil Tanker Market's Return to Iran

Foreign oil tanker owners are expected to make a slow return to Iran despite the lifting of many sanctions as insurers tread carefully, leaving shipping players unwilling to pick up cargoes as quickly as Tehran has wanted. A nuclear deal between world powers - known as the P5+1 - and Iran led to the removal on Saturday of international oil export prohibitions as well as restrictions on banking, insurance and shipping for Tehran. With U.S. sanctions still in place, which exclude U.S. persons, banks and insurers from trading with Iran including dollar business, shipping and marine insurance sources say many foreign companies are likely to take their time. They are also mindful of sanctions being reimposed in a "snap back" if Iran reneges on commitments.

07 Dec 2015

Swedish Club Maintains 'Balanced Approach'

The Swedish Club has announced a zero percent General Increase for 2016, in a move which supports the continued balanced approach adopted by the Club considering the state of the global shipping market. At the Club’s Board Meeting in London, Lars Rhodin, Managing Director of The Swedish Club, said the Club witnessed better than expected growth in P&I tonnage with the P&I book now standing at 66 million GT including charterers’ entries. “We see this as a vote of confidence going forward,” he told Board members. Volumes in Marine were slightly up, albeit with improved distribution of exposure. Rhodin said the volatile start seen on the claims side in the first six months of the year has since abated with the combined ratio now close to 100 percent.

04 Dec 2015

Swedish Club Maintains Balanced Approach

The Swedish Club has announced a zero per cent General Increase for 2016, in a move which supports the continued balanced approach adopted by the Club considering the state of the global shipping. At the Club’s Board Meeting in London, Lars Rhodin, Managing Director of The Swedish Club, said the Club witnessed better than expected growth in P&I tonnage with the P&I book now standing at 66 million GT including charterers’ entries. “We see this as a vote of confidence going forward,” he told Board members. Volumes in Marine were slightly up, albeit with improved distribution of exposure. Mr Rhodin said the volatile start seen on the claims side in the first six months of the year has since abated with the combined ratio now close to 100%.

12 Nov 2015

Lack of Proper Management Systems Cause Engine Damage

A new report from The Swedish Club shows that incorrect maintenance and repair continues to be the most frequent cause of main engine damage – a trend which has continued unabated since the Club began monitoring the issue nearly ten years ago. Main Engine Damage investigates more than 1,000 Hull and Machinery claims relating to over 5,400 vessel years of statistics and its findings make interesting reading. “Main engine damage makes up nearly 35% of machinery claims costs,” says Lars Malm, Director, Strategic Business Development and Client Relationship for The Swedish Club. “It is the most expensive category of claim with an average cost of over half a million USD per claim.

07 Sep 2015

Swedish Club 1H post $ 6.3 mln Deficit

In the first six months of the accounting year 2015 the Swedish Club made a deficit of USD 6.3 million. The result was affected by lower returns from both the technical- and non-technical accounts. Underwriting performance registered a combined ratio of 112% but remains slightly below 100% over a fiveyear rolling period. The result reflects the volatile nature of marine insurance. The yield of the investment portfolio was 0.3%, affected by negative currency movements and unsupportive market conditions, however, it was slightly ahead of the aggregated benchmark of 0.2%. The end of the reporting period, June, was affected by adverse interest rate movements, however, there was a partial recovery thereafter, in July.

27 Mar 2015

Swedish Club Reports 'Healthy Growth'

The Swedish Club reported a solid operating result to its board today, continuing a record of building on steady growth. 2014 was seen as a stable year, where the underwriting result outperformed the financial performance and the insurance products across the board returned a staunch to high surplus. Renewals were in line with that market environment showing a modest increase in both tonnage and new members. Importantly, the Club was able to demonstrate almost 100% member retention - affirming the high levels of customer satisfaction it has reported throughout the year.