Standard And Poor News

The lethargy in subcontinent recycling markets continues for another week as owners and cash buyers continue to offload tonnage at spiralling prices, chasing down rates seemingly by the day, reports GMS.“We have seen prices decline from over USD 600/LT LDT earlier this year, to seeing several standard (albeit poor condition) dry bulk sales below USD 500/LDT recently.”Therefore, a fall of over USD 100/LDT has been realized in recycling markets since the start of the summer and the problems persist of strained lines of credit and lack of financing…

Denmark-based energy giant successfully issued green hybrid capital securities for €600m ($660m) to refinance existing securities issued in 2015.The latest issue will have a maturity in 3019 and first call option after eight years, the Danish energy company said.Investments undertaken by Ørsted A/S in green renewable energy projects will be allocated to the new issue corresponding to the amount issued in accordance with Ørsted’s Green Finance Framework, which has received a second opinion with a Dark Green shading from Cicero.Ørsted A/S is rated Baa1, stable outlook, by Moody’s, BBB+, stable outlook, by Standard & Poor’s, and BBB+, stable outlook…

West of England P&I Club has announced its results for the year ending 20 February 2019. The Club’s capital has strengthened and remains considerably in excess of the ‘AAA’ capital strength requirement under Standard and Poor’s model.This has been re-affirmed in its financial strength rating of A-, reflecting its view that the Club will sustain its ‘extremely strong’ capitalization. The free reserve has been maintained in excess of $300 million at a near-record level of $306.4…

A.P. Moller-Maersk said on Friday it would spin off its offshore drilling operation and list it in Copenhagen next year, the latest move by the Danish shipping company to focus entirely on transport and logistics.Maersk, which cut its full-year profit outlook this month, sold Maersk Oil to French oil major Total last year in a $7.5 billion deal as part of a restructuring under Soren Skou, who became chief executive in 2016.Skou used to head Maersk's container business and is a…

MOL Plc. has been upgraded to BBB- investment grade long-term credit and issuer rating with stable outlook by Standard and Poor’s (S&P). S&P concluded that the upgrade to investment grade credit rating was justified by the improvement in MOL’s current and forecasted credit metrics, thanks to the company’s strong performance and supportive industry conditions. S&P added that MOL demonstrated the benefits of its integrated business model, delivered on its cost optimization program with sustainable benefits for profitability and increased the share of less volatile retail and petrochemicals segments. The stable outlook reflects S&P’s expectation that MOL will maintain robust credit metrics…

Skuld announced a positive bottom-line result of USD 8 million for the six months ending 20 August 2017, compared with USD 29 million at the half year in 2016. The period has been marked by a small number of substantial claims. However, the cost of these claims has been partly offset by the positive contribution from commercial operations which continue to produce a surplus. The technical result at the half year shows a negative outcome of USD 22 million and an overall combined ratio of 111%. Ståle Hansen, Skuld president and CEO, said: "Skuld's diversification strategy continues to benefit members by reducing volatility, as Skuld's commercial activities provided a combined ratio of 94%.

P3: An alternative to tolls or lockage fees in public-private partnerships for inland waterways. Within the generally sorry state of the U.S. inland waterways infrastructure, there are some locations where conditions are particularly dire. Among those in this latter situation are several locks and dams on the Illinois River, including the La Grange Lock and Dam and the Peoria Lock and Dam, both of which were completed in 1939. Both of them are on the U.S. National Register of Historic Places, which is a dubious distinction for a major transportation facility of the twenty-first century.

BP shares slide 8 pct after results miss forecasts. BP slumped to its biggest annual loss last year and announced thousands more job cuts on Tuesday, showing that even one of the nimblest oil producers is struggling in the worst market downturn in over a decade. The British oil and gas company, which is still grappling with about $55 billion of costs from the oil spill in the Gulf of Mexico in 2010, said it would cut 7,000 jobs by the end of 2017, or nearly 9 percent of its workforce. BP said it lost $6.5 billion in 2015 and its fourth-quarter underlying replacement cost profit, which is the company's definition of net income, came in at $196 million, well below analyst expectations of $730 million.

The UK P&I Club board has agreed at its meeting on October 27, 2014 that the general increase for the 2015 renewal will be 6.5%. The premium rating increase is in addition to any change in the cost of the international group reinsurance premium for 2015 for the mutual members, which will be determined next January. In setting the general increase, the UK Club board said it is mindful of the balance between the needs of the club’s members and its commitment to maintaining balanced underwriting and sound financial planning. The 2013 year has proved to be one of the most expensive claims years of the last two decades, the club said. Alan Olivier…

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. 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.

Petroleo Brasileiro SA borrowed 4 billion reais ($1.8 billion) in a 17-year loan from Banco Bradesco SA to help pay for work on the Abreu e Lima refinery in northeastern Brazil, a source with direct knowledge of the deal said on Tuesday. Petrobras, as Brazil's state-controlled oil producer is known, will pay annual interest of 9.5 percent plus Brazil's TR minimum savings remuneration rate, said the source, who declined to be identified because terms of the deal are subject to banking secrecy laws in Brazil. The TR yielded 0.3 percent in the 12 months through the end of February, according to the BM&FBovespa exchange. The Abreu e Lima Refinery, or RNEST, outside of Recife is expected to cost $20 billion by the time it reaches full operating capacity of 235,000 barrels a day in mid-2015.

Petroleo Brasileiro SA borrowed 4 billion reais ($1.8 billion) in a 17-year loan from Banco Bradesco SA to help pay for work on the Abreu e Lima refinery in northeastern Brazil, a source with direct knowledge of the deal said on Tuesday. Petrobras, as Brazil's state-controlled oil producer is known, will pay annual interest of 9.5 percent plus Brazil's TR minimum savings remuneration rate, said the source, who declined to be identified because terms of the deal are subject to banking secrecy laws in Brazil. The TR yielded 0.3 percent in the 12 months through the end of February, according to the BM&FBovespa exchange. The Abreu e Lima Refinery, or RNEST, outside of Recife is expected to cost $20 billion by the time it reaches full operating capacity of 235,000 barrels a day in mid-2015.

This article describes the impact of the “sequester” and budget showdowns on ports and port security, and also gives a preview of the House-Senate Conference on the Water Resources Development Act (WRDA). On the one hand, ports and port security have been severely hampered by the ongoing budget battles, as has the rest of the U.S. Government and economy. On the other hand, Congress appears to be on the brink of reauthorizing the Water Resources Development Act for the first time in six years.

The UK Club Board has decided on a general increase for 2014 renewal of 10 per cent. This across the board premium rating increase is in addition to any increase in the cost of the International Group reinsurance. Overall, the Club’s financial position remains strong with the free reserves and capital standing at US$473 million and total assets of US$1.6 billion as at 20 August 2013. Since these figures were recorded at the half year, the position has improved with investment income increasing from $6 million to $33 million.

Ratings agency Standard and Poor’s (S&P) has affirmed North P&I club’s "A" credit rating and stable outlook following a review of marine mutuals based on the agency’s new ratings criteria for insurers. The review confirms North’s continued status both as the second largest and as one of the highest-rated members of the International Group of P&I Clubs. It was based on S&P’s new rating methodology for insurers published on May 7, 2013. The analysts confirm North is one of the strongest members of the International Group. "The club ranks as the second-largest member by owned tonnage. The agency also commended the 170 million GT club for its "realistic approach" to the 2013 renewals and for its continued ‘resilience’.

The UK P&I Club (the UK Club), one of the oldest shipping protection and indemnity insurance mutuals, has announced that ratings agency Standard and Poor’s has extended its ‘A – ‘ rating to The United Kingdom Mutual Steamship Assurance Association (Europe) Ltd. (the Europe Club). This news follows the November announcement that Standard and Poor’s upgraded the outlook for The United Kingdom Mutual Steamship Assurance Association (Bermuda) Ltd. (the Bermuda Club) to “Positive.”  This upgraded ‘Positive’ outlook also extends to the Europe Club. As part of an internal reorganisation ahead of the introduction of Solvency II regulations, the Europe Club will become the group’s main provider of direct insurance from February 2013.

It also noted the Club’s improved operating performance as evidenced by the combined ratio, strength of management strategy, and the improvement in its competitive position. Dino Caroussis, Chairman of the UK P&I Club, said: “This is a welcome endorsement by S&P of the UK Club’s efforts to maintain balanced underwriting and a strong capital position in an environment of rising claims costs and volatile investments. Hugo Wynn-Williams, chief executive of Club managers Thomas Miller P&I Ltd…

Directors of North of England P&I club confirm that the ‘A' rated club emerged substantially stronger from the annual renewal in February 2011, with an underwriting surplus and investment income boosting its free reserve by 30% to US$ 312 million. Chairman Albert Engelsman and fellow board members approved the club's 2010/11 accounts in Cyprus on Friday (20 May 2011). ‘This year has been very successful for North, with a strong underwriting performance and positive investment return resulting in a substantial free reserve to underpin our continued development,' says Engelsman.

The ‘A’ rated 125 million GT North P&I club has confirmed its strategy for the start of its next 150 years will remain focused on service, strength and quality. According to joint managing director Paul Jennings, ‘Our strategic aims for the foreseeable future are still based on three principles: maintaining our financial and service strength, expanding our product range and increasing owned tonnage. We continue to make significant progress in each of these three areas’. The club has maintained its ‘A’ stable rating from Standard and Poor’s for the sixth consecutive year. In March 2011 it will move into a newly enlarged headquarters on Newcastle Quayside and total entered tonnage has grown 12% since the February 2010 renewal, recorded at 31 August 2010.

Alan Wilson and Paul Jennings became joint managing directors of the ‘A’ rated, 100 million GT North of England P&I club 18 September 2009 following the retirement of Rodney Eccleston after 21 years at the helm. Club chairman Albert Engelsman congratulated former deputies Wilson and Jennings on their appointments, which mirror the successful joint leadership role played by Eccleston and Peter Crichton for 18 years until Crichton’s retirement in 2006. Wilson joined North in 1981 after qualifying as a chartered accountant with Binder Hamlyn. He was appointed finance manager and company secretary in 1988 and subsequently became finance director of the club’s new wholly-owned management company, North Insurance Management Limited (NIML) in 2000.

to $220 million and total entered tonnage rising to 90 million GT. the club's 2007/8 accounts last week. $10 million. Net assets increased $45 million to $679 million. loss. return on investments. GT. deputy managing director Paul Jennings. reflects the club's proactive approach to service. Rodney Eccleston (58) retires in September 2009. for 18 years until May 2006, when Crichton retired. in a part-time marketing and advisory capacity after his retirement. Group.

Leading ratings agency Standard and Poor’s (S&P) has confirmed North of England P&I club’s ‘A’ financial strength rating and stable outlook for the fourth consecutive year. According to S&P, the rating reflects the club’s continued ‘strong competitive position, very strong financial flexibility and historical operating performance relative to its peers’. S&P analysts Rowena Potter and Ali Karakuyu said the club’s compound annual growth in free reserves over the past 10 years of 13.9% placed it ‘at the top of its peer group and represents an out-performance of the International Group as a whole.’ Total free reserves of the 13 International Group clubs grew 3.8% from 1998 to 2007. S&P also praised North of England’s management for its continuity and commitment to service quality.

The North of England P&I club confirmed its emergence as one the world's strongest maritime insurers today (12 September 2003) with publication of its accounts for the 2002/2003 financial year. The A- rated shipping mutual reported another 12 months of solid growth in tonnage, income and reserves. Chairman George Procopiou confirmed in the club's 2003 'Management Report' that entered tonnage at the February 2003 renewal grew by 10% to 43 million GT, with 35 million GT owned and 8 million GT chartered. Gross premium income for all insurance classes rose by 25% in 2002/3 to US$ 133.1 million and the overall free reserve increased by 14.5% to US$ 99.6 million. Most growth came from existing members but Procopiou said the North of England would continue to look for suitable new members.