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Standard Shipping Inc News

20 Jun 2005

American Club Announces Record Year

The American Club reported solid progress in its financial performance and business development at the annual meeting of its members in New York. In spite of challenges encountered early in 2004, the year ended on a high, with both tonnage and premium reaching record figures against a background of strong operating results. Paul Sa (Standard Shipping Inc.), the club’s chairman, told members: “Although somewhat negative conditions prevailed at the beginning of the year, the club’s fortunes improved steadily during the later part of 2004. Tonnage and premium continued to grow, funds under investment increased substantially and, by year-end, the club’s free reserves had hit a new high despite anaemic capital markets. “The first half of 2005 has also shown promise.

16 Jun 2003

American Club Reports Solid Performance

The American Club reported its results for 2002 at its annual meeting in New York. In addition to a further increase in entered tonnage, taking the club to a total of nearly 19m. gross tons, it also achieved a post-tax operating profit of $3.2m. despite difficult trading conditions. It was the second successive year to show an operating surplus, bucking an almost universal trend seen elsewhere in the market of year-on-year losses. The New York-based mutual once again saw its premium income rise – to $53.3m. from $41.5m – an uplift of 28%. Total assets grew by 15% (to $119.2m.), while free reserves rose by an identical margin of 15% to $20.3m.