Club Committee News

BIMCO, the world’s largest shipping association, has elected Nikolaus H. Schües, CEO and owner of Reederei F. Laeisz as President at the organization's general meeting in Hong Kong on Thursday.Schües takes over as the 46th President of BIMCO and the first German national holding the position since 2011. He takes over from Sabrina Chao of Wah Kwong Maritime Transport Holdings Limited, who has completed her two-year term.“I am honoured to be elected President of an organization…

The London P&I Club reported that, while investment performance was adversely affected in the year to February 20, 2009, its financial position has been considerably strengthened as a result of action taken by its committee in setting additional calls in October 2008. The club’s annual report will be published in July. But a summary of results for the 2008/9 financial year reports a 13.4 per cent fall in the value of the club’s investments, equating to $39m, despite the decision…

The Club has been experiencing very high levels of claims since 2006 (most particularly claims on the International Group Pool) and since the middle of 2007, a negative impact of the credit crunch on its investments. As a consequence, free reserves fell to just under $81M on February 20, 2008. The Club announced that Additional Calls will now be levied and an increase in Advance Calls going forward is required. The Club reports that the 2005/2006 policy year has developed satisfactorily and will be closed without further call. For 2006/2007, an Additional Call will be payable at 35 percent of the Estimated Total Cost (the ETC) for the year.

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. 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.

The London P&I Club has agreed to provide the $3.2 million bail required for release of Captain Apostolos Mangouras, master of the Prestige, from the high-security Spanish jail in which he has been incarcerated for more than two months. indeed". this occasion. considerations. personal risk to do his duty in very difficult circumstances. "The level of bail is offensive, in the context of the captain's situation. cornerstone of society. less than a third of the bail required from Capt Mangouras. this occasion. avoided in the future. Spanish coast. London Club.

The London P&I Club has confirmed that, as at February 20, 2003, claims for the 2002 policy year were ten percent lower than for the 2001 policy year, and thirty per cent lower than for the 2000 policy year. Writing in the latest issue of its London Club News, the Club says the downturn in claims over recent years is “a great source of encouragement”. It adds that this positive trend, coupled with an improving fleet age profile and the Club’s proven ability in a difficult market to maintain calls in line with original estimates for many years, “bodes well for the continuing success of the London Club”. In April, the London Club Committee reaffirmed an initial supplementary call for the 2003/2004 policy year of forty per cent for the P&I class…

The London P&I Club has, for more than 10 years, continued to maintain the policy of stable supplementary and release calls. Following a meeting on April 16, 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 2000/2001 and 2001/2002 remain unchanged. For 2002/2003, a supplementary call of 40 percent will be levied in July this year, as originally estimated, and will be payable in two installments on August 20, and October 20, 2003. The release call will remain at 60 percent until the supplementary call has been levied, when it will reduce to 20 percent.

The London Club has announced a general increase of 25 percent in its advance call for the 2003/04 policy year. confirmed that supplementary calls for all open underwriting years remain unchanged. correction of premium levels has been required. uncertainty, more needs to be done. also apply. ensure that the Club's financial position remained sound.