North of England Releases Financial Details
The North of England P&I club increased its overall free reserve in the
year
ended 20 February 2003 by 14% to US$ 99.6 million.
The club's accounts for the 2002/03 year, which were approved by the
directors in Greece at the end of last month, show continued growth in
tonnage and an improved investment return, further consolidating the
club's
financial position.
The P&I class investment portfolio, which is conservatively structured
with
approximately 80% in bonds and cash and 20% in equities, generated a
return
of 4.82% and a total contribution of US$ 14 million.
The FD&D portfolio, which is invested in bonds and cash, produced a
return
of 13.6%, contributing US$ 3 million.
P&I class net assets increased by US$ 13 million to US$ 354 million and
the
P&I class free reserve increased by 10% to US$ 88 million. The results
were
slightly ahead of expectations.
Standard & Poor's reaffirmed the North of England's financial strength
rating earlier this year as A- positive. The P&I class currently stands
at
44 million GT including 36 million GT of owned tonnage and 8 million GT
of
chartered tonnage.
