London Club Confirms Financial Stability

The London P&I Club has maintained the policy of stable supplementary and release calls which has been a hallmark of its performance over the last ten years. Following its meeting in London on April 24, the Club Committee confirmed that all calls are to be maintained in line with original estimates. In the Protection and Indemnity Class, the supplementary and release calls for 1999/2000 and 2000/2001 are unchanged. For 2001/2002, a supplementary call of 40 percent will be levied in July this year, at which time the release call will be reduced from 60 to 20 percent. The initial supplementary call estimate for 2002/2003 has been confirmed at 40 percent and the release call at 60 per cent, as advised to members in December last year. In the FD&D Class, meanwhile, the supplementary and release calls for 1999/2000 and 2000/2001 are also unchanged. For 2001/2002, the supplementary call will be levied in July this year, at which time the release call will be reduced from 50 to 20 percent. The supplementary call estimate for 2002/2003 remains at 30 percent, with the release call continuing at 50 percent, as advised to members in December last year. The ability to maintain calls in line with original estimates, at an extremely difficult time for all P&I clubs, emphasises the continuing financial stability of the London Club.