Marine link
 

P&I Club 19S

UK Club Rating Upgraded by S&P to A (Stable)

Financial rating image credit UK Club

Leading P&I club, the UK Club informs it has received the full report from Standard and Poor (“S&P”) explaining its reasons for upgrading the Club's financial rating. Extracts follow: The report explains that, in assessing the Club’s business and financial risk profiles across a set of criteria, S&P have determined an anchor rating of “A”.  This is based upon the “extremely strong capital adequacy” and “improved operating performance” of the Club.  This anchor rating translates, without adjustment, to an overall financial strength rating of A (stable). The restored rating is recognition of the financial progress made by the Club both in strengthening its capital and also in operating consistently at technical breakeven over a period.  The report also notes that the “club has strong relationships with its members” and anticipates that the “club will retain a leading position among the IG clubs” The report makes reference to one technical issue relating to “financial flexibility” which, while the Club’s position is described as “strong”, is still rated as “less than adequate”.  S&P’s criteria assume that an entity’s financial flexibility is dependent upon making sufficient profits to cover annual interest payments on capital instruments (such as the Club’s Hybrid Capital) by at least 400%


ConocoPhillips Announces Senior Management Changes

ConocoPhillips announced the following actions concerning the company's senior management: John Carrig, currently executive vice president, Finance, and chief financial officer, will become president and chief operating officer.  He will continue to report to Jim Mulva, chairman and chief executive officer. Jim Gallogly, currently executive vice president, Refining, Marketing & Transportation, will become executive vice president, Exploration & Production.


Propeller Club Holds Annual Convention

Over 400 participants converged on Biloxi, Miss., to attend the annual Propeller Club Convention. Maritime industry leaders, Propeller Club Members from around the world, Propeller Club Student Port Members and spouses enjoyed informative panel discussions that addressed issues such as Shipbuilding, Terminal Operations, Offshore Drilling Construction, Short Sea Shipping in Europe and the U.S., Inland Waterway Issues, Homeland and Port Security, Ballast Water Issues and others


Crew Medical Initiative Debuted in Ukraine

The American Club is the first P&I insurer to set up a program for pre-employment medical examinations (PEME) in the Ukraine. Claims resulting from pre-existing illnesses have been a big problem for shipowners and P&I clubs alike. However, certain illnesses and medical conditions can be identified during a PEME, and the American Club plans to establish an ‘approved’ list of quality clinics in labour-supplying countries where club members employ seafarers.


UK P&I Club Capital Reaches Record High

ukpandi.bmp

Latest Review of the Year shows enhanced financial strength of UK Club In its Review of the Year 2011, published this week, the UK Club posted total assets of $1.6 billion.    Dino Caroussis, Chairman of the UK P&I Club, commented: “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


Disciplined Underwriting Increases UK P&I Club Free Reserves

The UK P&I Club, one of the largest and oldest providers of mutual liability insurance to ship owners, announced its financial results for the year ended February 20, 2013. Highlights •    Surplus of $9.5 million increases free reserves and hybrid capital to new high of $494 million •    S&P rating upgraded to: A- (Positive outlook) •    $4.11 free reserves per gross ton


UK P&I Club Restructures

UKPI08.jpg

Move intended to increase efficiency under Solvency 2.   The UK P&I Club has announced that it is reorganising its structure to establish UK Europe as the sole provider of direct insurance to UK Club members. By reducing the number of separately regulated insurers from two to one, the UK Club aims to streamline governance, reduce compliance costs and manage more efficiently the Club’s solvency capital requirements whilst meeting the impending Solvency 2 regulations for


‘Excellent’ rating for UK War Risks

Excellent Rating for UK War Risks

  The UK War Risks Club announced the affirmation of its A- ‘Excellent’ financial strength rating with a ‘Stable’ outlook from the insurance rating agency AM Best. AM Best’s rating reflects the Club’s “excellent risk-adjusted capitalisation, track record of good operating performance and its established business profile as a specialist underwriter of war risk insurance for ships.”


US Pollution Risks: Federal & State Summaries

US Pollution Risks: Image courtesy of UK Club

The US Pollution Risks publication, recently published for its members by the UK P&I Club, compiles summaries of all the Federal and state requirements on liability, COFR requirements and vessel contingency plan requirements. Legal Briefings provide an overview of certain laws and regulations. The UK Club points out that while every effort has been made to ensure accuracy, the publication is only a guide and not a substitute for formal legal advice.


The American Club Reports Solid Progress in 2015

Arnold Witte (Photo: Donjon Marine)

The American Club reported solid progress during 2015 at the annual meeting of its members held in New York yesterday. Despite a challenging economic climate, the Club’s business developed respectably, and 2016 had started on a positive note.   The Club’s tonnage and revenue experienced some attenuation in 2015 as global trade slowed and freight markets continued to struggle. Following the 2016 renewal


New Training Program on Near-miss Reports

Photo: Videotel

Videotel, a KVH company, has launched a new training program, “Report a Near-Miss, Save a Life”, in association with The Standard Club, a protection and indemnity (P&I) club, which insures ship owners, operators, and charterers for their liabilities to third parties.


Shipowners’ Club Pact with Yachtpod Risk Partners

Photo:  The Shipowners Club

 Yachtowners, the specialist yacht syndicate of The Shipowners’ P&I Club, today announces that it has entered into a partnership with newly established super yacht specialists Yachtpod Risk Partners (Yachtpod). Yachtowners, the specialist yacht syndicate of The Shipowners’


Clearance for IOC's Kochi LPG Terminal

Logo:  Indian Oil Corporation Ltd

 The National Green Tribunal (NGT) has given a ‘go ahead’ to Indian Oil Corporation (IOC)’s stalled LPG import terminal project at Puthuvypeen near Kochi in South India.   A statement from IOC said that  NGT reaffirmed its previous order dated August 2, 2016


Indian Navy Fires Brahmos Land Attack Supersonic Cruise Missile

File photo: BrahMos Aerospace stall By Indian Navy

 Indian Navy successfully undertook the firing of BrahMos Land Attack Supersonic Cruise Missile from a ship on 21 April 2017.    This variant of Long Range BrahMos Missile was fired from Indian Naval Ship Teg, a Guided Missile Frigate, on a target on land.   


The American Club Celebrates Its Centenary

	Joe Hughes, Chairman and CEO of the American Club’s managers, Shipowners Claims Bureau, Inc. (Photo:  American Club)

The American P&I Club was founded in New York nearly a century ago. To celebrate its first 100 years, a book entitled The American Club: A Centennial History has just been published.   The book tells the story of the Club across ten decades of maritime and marine insurance history both


American Hellenic Insures 1,000 Vessels

Photo: American Hellenic Hull Insurance Company

 American Hellenic Hull Insurance Company (AHHIC) has already provided cover for 1,000 vessels managed from Europe, the Americas and Asia, said said Vincent Solarino, Chairman of the Board of Directors of AHHIC and President and COO of Shipowners Claims Bureau, managers of the American Club.


Benchmarking Against Peers Upheld Among BCOs

Image: World Shipping Council

 International transport and logistics executives are increasingly benchmarking their companies’ costs and supplier terms in ocean transport contracts, according to data gathered by Drewry Supply Chain Advisors.   In the past 6 months


China Adds More Ports to Its Low Sulphur ECAs

© William Messing / Adobe Stock

China has expanded its Emission Control Area (ECA) regulations to include ships berthing at six additional ports, bringing the total number of key ports in the country’s ECA to 11.   With the new rules, effective from January 1, 2017


Skuld Hires Cargo and Marine Property Head

Paul Knighton. Photo: TT Club

 Marine insurance provider Skuld announces the appointment of Paul Knighton as global head of marine cargo and marine property. He will join Skuld Syndicate 1897 in the summer.   Knighton will enhance Skuld’s well-established marine cargo and marine property portfolio by building


ASL Marine gets approval to delay redeeming $105m bonds

Headquartered and listed in Singapore since 17 March 2003, ASL Marine owns and operates shipyards in Singapore, Batam (Indonesia) and Guangdong (China) Photo ASL Marine

· ASL Marine received noteholders’ approval to extend the maturity dates of its S$100 million and S$50 million notes originally due in March 2017 and October 2018 respectively for three years each · One major condition for ASL Marine to drawdown up to S$99


Finalists of Mersey Maritime Industry Awards Announced

Chris Shirling Rooke Photo Mersey Maritime

The finalists of the 2017 Mersey Maritime Industry Awards (MMIAs) have been announced. The winners will be revealed at a prestigious black tie dinner that will have a Ministerial presence and promises to bring together the best of the maritime industry right across the Maritime


Viking XPRS Returns to Helsinki-Tallinn Route

M/S Viking XPRS. Photo: Viking Line

 Finnish ferry company Viking Line  continues to modernise its vessels. The M/S Viking XPRS, which has just undergone dry-docking, has been back sailing its usual Helsinki–Tallinn route starting on February 1.    Passengers on the renovated vessel can now look forward


North P&I Club Guidelines on Minimising Risk from Ro-Ro fires

By Kara  Adobe Stock Photo

North P&I Club has published a new loss prevention briefing on how to prevent, detect and fight fires on roll-on-roll-off (ro-ro) vessels and car carriers. Such vessels are twice as likely to catch fire as other ships and vehicle-deck fires are notoriously difficult to contain and put out.


Shipowners Caught in the Middle of Free Trade Battle

Photo: Danish Shipowners’ Association

 Protectionism and long hauled free trade negotiations can be an expensive battle for the Danish shipowners, if the market outside the European Union are not included in free trade negotiations.   The Danish Shipowners’ Association hosted a verbal rumble between the Danish Social


GustoMSC Debuts Self-propelled Cantilever Jack-up

Image: GustoMSC

The NG-5500X-LD is the latest design in GustoMSC’s series of self-propelled jack-up designs, the NG series. Based on the NG-2500X and NG-1800X designs, the NG-5500X-LD is a solution for light drilling and well intervention in a large number of mature fields in the Southern North Sea






 
rss feeds | archive | privacy | history | articles | contributors | top news | contact us | about us | copyright