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


2021 December 2

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17:54 Icebreaker assistance season starts in Big Port St. Petersburg on December 7
17:36 Vitol is first customer to approve completely digital inspection of cargo tanks
17:15 BIMCO launches new contract for employment of security escort vessels
16:45 GTT will design the tanks of four new LNG carriers ordered by Daewoo Shipbuilding & Marine Engineering to operate in Arctic waters
16:25 MOL announces delivery of next-generation coal carrier 'EeneX' series
16:05 PSA & ONE launch environmentally friendly barge service at Jurong Island Terminal
15:42 “K” Line conducts trial use of marine biofuel for decarbonization on car carrier
15:38 Wärtsilä wins order to supply cargo handling system for second LNG bunker vessel being built by Fincantieri Bay Shipbuilding
15:23 Verifavia launches industry’s first real-time carbon intensity indicator dashboard
14:55 Two more LK-60 icebreakers needed for regular year-round navigation on Northern Sea Route
14:28 Equinor and SSE reach financial close on the third phase of the world's biggest offshore wind farm
14:04 Nuclear-powered icebreaker Sibir to commence operation in Kara Sea in early January 2022 – Vyacheslav Ruksha
13:42 MABUX: Bunker Weekly Outlook, Week 48, 2021
13:02 European shipowners call for further action in the Gulf of Guinea
12:40 Rolls-Royce to supply eight mtu engines for new Svitzer tugs in Brazil
12:01 Throughput of Azov port in 11M’2021 climbed by 1% YoY
12:00 NORDEN simplifies business unit structure
11:36 Norway’s Eksfin tops NOK 10bn in offshore wind financing as Dogger Bank C reaches financial close
11:34 Annual throughput of Severnaya Zvezda project on Taimyr peninsula to exceed 7 million tonnes from 2026
11:10 MABUX: Uncertainty on Global bunker market to continue on Dec 02
10:00 Digital Twin Conference 2022 to be held virtually on 11-12 May 2022
09:33 Crude oil prices are rising in expectation of OPEC+ meeting
09:19 Baltic Dry Index as of December 1

2021 December 1

19:15 PortNews to hold Ship Repair, Modernization and Components Conference on 20 September 2022 in Saint-Petersburg
18:31 DP World celebrates 2,000 members of the Digital Freight Alliance
18:07 CMA CGM and Shell perform first Bio-LNG bunkering operation in Rotterdam
17:42 8 new fuel-efficient ships to join the X-Press Feeders fleet
17:26 Danish Smyril Lines Cargo starts second service between Iceland, the Faroe Islands and Rotterdam
17:06 Port of Antwerp invests in digitalisation of radar infrastructure
16:47 Western Australia and Port of Rotterdam to collaborate on renewable hydrogen
16:05 IMO moves ahead on GHG emissions, Black Carbon and marine litter
15:50 Diana Shipping announces completion of OceanPal spin-off
15:41 RF Federation Council approves Federal Law on Ratification of Nairobi Convention
15:04 Yang Ming adds the latest of its 9th 11,000 TEU ship to the Trans-Pacific service
14:07 SEA-LNG backs Europe’s goal-based, technology-neutral regulation for cleaner shipping
13:50 Liepaja SEZ Board appointed Uldis Hmieļevskis, Deputy CEO, as Acting Manager
13:14 Rolls-Royce extends TBO intervals of mtu Series 4000 engines for commercial marine application
13:03 Oil shipments via CPC Marine Terminal in 11M’21 climbed by 0.7% YoY
12:56 Valenciaport tenders the drafting of the urban development project for areas 2 and 5 of the Special Plan for zone 1 south of the Port of València
12:06 Mostotrest conducted 2,177 operations on raising bridges in Saint-Petersburg over navigation season of 2021
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10:49 Russian Railways' network loading climbed by 3.3% in 11M’2021
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09:51 Port of Kiel receives funding for digital test field
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2021 November 30

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16:48 RF Navy’s large anti-submarine ship Vice Admiral Kulakov enters Barents Sea
16:34 Brittany Ferries takes delivery of Salamanca
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