• 2018 November 24 13:42

    North P&I Club directors announce no premium increase for 2019

    The Directors of the North P&I Club have decided, for the third year in succession, not to declare a premium increase for both protection and indemnity (P&I) cover and freight demurrage and defence (FD&D) cover at the February 2019 renewal, reflecting the Club’s continuing commitment to help its Members deal with challenging trading conditions, the company said in a press release.

    According to North’s chairman Pratap Shirke, ‘During the first part of the year the Club has seen an increase in the number and cost of retained claims over US$1m as well as an increase in Pool claims. Along with the ongoing volatility in equity market returns and the continuing trend of premium erosion, our combined ratio for the full financial  year is expected to be around 110%, slightly reducing the Club’s free reserves. Corrective action will be required in the near future to address this premium erosion and halt the decline in capital.’

    ‘However, we have decided not to declare any premium increases at the 2019 renewal in recognition of the prevailing economic difficulties facing many of our Members. Shipowners around the world are already grappling with increasing regulatory costs, political uncertainty with concerns around the impact of Brexit and disruption to worldwide trade from international protectionism. This, therefore, continues our  support for Members whilst managing the Club in a responsible way.’

    Chief Executive Paul Jennings says, ‘The Directors decided not to announce an increase to mutual and fixed premiums at the February 2019 renewal. Managers will, however, be undertaking a significant exercise to review all Members' premiums and terms in order to ensure that declining rates of premium are halted and equitably adjusted to  properly reflect performance and exposure going forward. This exercise will be robustly undertaken to avoid the need for greater premium increases in subsequent years. Members with adverse loss records, will of course  have their rates and terms adjusted accordingly in order to ensure that they make an equitable contribution.’

    Deductibles below US$25,000 for owned P&I cover will be increased by  at least US$1,000 per deductible. Mutual and fixed premiums for North’s FD&D cover will also not be subject to an increase at the February 2019 renewal and there will be no change to deductibles.    Jennings concludes, ‘The Directors are satisfied that the Club remains in strong financial health and are confident that our 2019 renewal strategy, allied with our disciplined financial approach and prudent underwriting philosophy, will position the Club appropriately  to meet the oncoming challenges of a “hardening” insurance market. Our over-riding aim is to ensure that all Members continue to receive the high levels of service and financial security they have come to expect from North.’

    North’s Mid-Year Review is published today, 23 November 2018, providing more detailed information on the Club’s financial position and claims development during the current Policy Year.  North P&I Club is a leading global marine insurer providing P&I, FD&D, war risks and ancillary insurance to 195 million GT of owned and chartered tonnage. Through its guaranteed subsidiary Sunderland Marine, North is also a leading insurer of fishing vessels, small craft and aquaculture risks. The Standard and Poor’s ‘A’ rated Club is based in Newcastle upon Tyne, UK with regional offices and subsidiaries in China (Hong Kong and Shanghai), Greece, Japan, Singapore, USA and Sunderland Marine offices worldwide. North is a leading member of the International Group of P&I Clubs (IG), with over 12% of the IG's owned tonnage. The 13 IG clubs provide liability cover for approximately 90% of the world's ocean-going tonnage and, as a member of the IG, North protects and promotes the interests of the international shipping industry.


2020 February 25

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14:05 Marakeb Technologies and Fincantieri sign MOU for unmanned technology collaboration
13:27 THE Alliance announces details of 2020 Middle East service network
12:42 Container Terminal Saint-Petersburg upgrades its fleet of production equipment
12:17 COSCO SHIPPING Lines maintains logistics chain for international trade
12:01 KSS Line adds one new VLGC model after four vessels in 2019
11:25 DP World acquires the largest multi-purpose deep-sea marine terminal on the West Coast of North America
11:16 PPA scores big in latest survey, continues to veer away from 'corruption' tag
10:43 World Maritime University signs MoU with Maritime Academy of Asia and the Pacific
10:15 Logistics specialist leases Newport Docks warehouse
10:14 CMA CGM announces PSS from Europe, Scandinavia, Black Sea & West Med to Reunion, Mauritius, Mayotte, Comoros, Seychelles & Madagascar
10:09 MABUX: Bunker market this morning, Feb 25
09:51 Throughput of port Shanghai (China) in Jan’20 fell by 13.2% to 41.75 million tonnes
09:30 Brent Crude futures price is up 0.3% to $55.94, Light Sweet Crude – up 0.39% to $51.63
09:12 Baltic Dry Index is up to 506 points

2020 February 24

16:43 MOL and DSME sign joint development agreement for environmental friendly FSRU technology
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10:45 MABUX: Bunker market this morning, Feb 24
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2020 February 23

15:01 Great Lakes reports record full year results
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12:23 Ingeteam signs the contract with Yantai CIMC Raffles Offshore for hybrid electric propulsion system delivery of two Ro-Ro vessels
11:21 USCG, other agencies to conduct search and rescue exercise near Perdido Bay

2020 February 22

17:14 First Subsea provide Cable Protection Systems for NnG
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11:39 USCG Cutter Legare returns home after interdicting over 3,300 pounds of drugs
10:47 Ray Fitzgerald to rejoin Crowley as COO

2020 February 21

18:12 Digitization of KN: paper is no longer used in the operation of Klaipėda LNG terminal
17:48 NIBULON Shipyard is about to launch second non-self-propelled open type vessel
17:17 CMA CGM announces Emergency Space Surcharge from North Europe, Scandinavia & Poland to West Med, East Med, Adriatic & North Africa
16:59 New roll trailers put into operation at Bronka port
16:04 AS Tallink Grupp’s wholly-owned subsidiary AS Hansatee Cargo merged with Group’s wholly-owned subsidiary AS Tallink
15:25 Russia's Main Department of State Expertise approved adjusted design documentation under Nord Stream 2 project
15:02 OCEAN Industries orders MAN Propulsion Packages for Royal Canadian Navy tugs
14:13 Diana Shipping announces time charter contract for m/v Coronis with Koch and cancellation of the sale of a Capesize dry bulk vessel
13:01 COSCO SHIPPING Lines provides water and rail transport services
12:40 Wärtsilä LPG Fuel Supply System the first ever to undergo engine testing
12:12 ABS to class world’s largest B-Tank VLECs by Jiangnan
11:30 Coronavirus disease 2019 – IMO urges no unnecessary delays to ships
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09:43 GTT acquires Icelandic company Marorka, an expert in Smart Shipping
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2020 February 20

18:27 SMOOTH PORTS Partners met and discussed in Livorno
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