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Mutual Remains Best Option T1.84 Club News Dec 99 aw 22/12/99 10:21 am Page 3 DECEMBER 1999 ISSUE 25 UK CLUB NEWS Mutual remains best option UK Club reserves have continued ‘At cost’ cover and shipowner income, reduced reinsurance costs to grow, the cost of P&I insurance control were the twin pillars upon and stable claims. The latter indicated to Members has been cut once again which the club system was firmly the success of loss prevention measures and the European Commission based. With reserve funds remaining across the P&I Clubs. shadow which threatened the under the control of a shipowner Mr. Palmgren said that although the International Group’s claim sharing board, attention could be focused on Club was stronger financially than ever and reinsurance arrangements has reducing cost rather than satisfying before, the Directors were determined receded. However, the Club is third party investors through payments to enhance this strength still further to continuing to develop a strategy of dividends. The P&I clubs’ spectacular virtually remove the only weakness of the to ensure that the essential features success in the past few years had been mutual system, i.e. the possibility of of the P&I system are maintained. due to substantial investment income unplanned supplementary or overspill calls. Writing in the UK Club’s 1998-99 on reserves being used to cut the It was also vital to take ongoing annual report, Chairman Nils-Gustaf premiums charged to Members. account of the commercial insurance Palmgren said the mutual club system Over the past five years, the cost market, particularly the fixed premium “remains the best option and one of P&I for UK Club Members had fallen alternatives. I which must be preserved.” by a third, because of investment UK voted Best P&I Club On the 17th November the UK P&I Club Maersk Line who were named best found itself in distinguished company mainline operator and Wan Hai Lines at the Maritime Asia Awards dinner at judged best intra-Asian operator. the Grand Hyatt Hotel in Hong Kong. Hyundai Mipo dockyard won the Over 400 luminaries of the maritime award for best ship repair yard and industry attended the gala dinner to Mitsubishi Heavy Industries the award INSIDE THIS ISSUE PAGE see the prize-giving. for best shipbuilder. Hong Kong report 2 The UK P&I Club was awarded the The Port of Singapore was named best New Directors 3 title "Best P&I Club" by the judges container terminal and China’s Dalian Stockholm report 4-5 and the award was collected by Herry Container Terminal as the best emerging Maritime industry charter 5 Lawford, the Asia Pacific chairman of container terminal. The best classification Mutual premium 6-7 Thomas Miller. society prize was awarded to ABS. Report and accounts 8 The title of maritime industry's An independent panel of judges Farewells 9 personality of the year was presented decided the award winners from a Crew’s Nigerian ordeal 10 to Mr. Frank Tsao Wen-king, chairman shortlist of 32 individuals and companies of IMC Holdings. nominated by Maritime Asia and Lloyd’s Other shipowner winners were List readers. I T1.84 Club News Dec 99 aw 22/12/99 10:21 am Page 4 Hong Kong Directors’ Meeting The October Annual General Meeting The Directors decided to order a 30 per fleets currently entered in the Club. and Club Board meeting were held on cent supplementary call in respect of US Oil Pollution the 25th of October in Hong Kong. As the 1998 policy year, instead of the The Directors noted the Managers' always the venue gave the Directors an originally planned 40 per cent. This was report on steps which had been taken opportunity to meet with the members the fifth year out of the past six that to assist Members in relation to in the region, and also those who the supplementary call had been compliance with the new California support the Club in its work. reduced below the planned level. contingency plan regulations. In relation to the COFR regulations, New & Retiring Directors Mutual Premiums the Managers confirmed that these had At the Annual General Meeting Messrs. The Board decided that mutual premiums not yet been finalised, but that the Andre (Suisse Atlantique, Lausanne), for the 2000 policy year would reflect California Office of Spill Prevention and Caroussis (Chios Navigation, London), the old advance call plus a planned 40 Response were issuing 'interim' COFRs, Hughes (P & O Cruises (UK), London), per cent supplementary call, but that to be substituted by real COFRs as and and Manthos (Admanthos Shipping only 75 per cent of the mutual premiums when the regulations took effect. Agency, Stamford) were re-elected to would be debited during the policy the Board of Directors. In addition three year. Three 25 per cent instalments will Hong Kong licence application new Directors were elected: Mr. Jorge be due for payment in four 25 per cent The Directors were advised that the Kamkoff of PDV S.A., Caracas; instalments to be paid not later than Association's application to the Mr. Heinrich von Rantzau of DAL Deutsche 20th March, 1st June, and 1st September Insurance Authority of Hong Kong for a Afrika Linien, Hamburg; and Mr. Kensatu 2000, and the fourth 25 per cent will licence had been successful. The Club’s Saito of Petrobras, Rio de Janeiro. be due for payment not later than 1st Hong Kong office can now become a The A.G.M. also marked the December 2001. This final instalment fully fledged branch office. retirement from the Board of would be subject to a mutual dividend Mr. T. Yamaguchi, in addition to Messrs. should it be decided in October 2001 Hull insurance facility Bandura, Grassi, Viney and Cdte. Ronaldo that the full instalment was not required. Since the last Board meeting, the new Machado who left the Board during the The supplementary premium for hull facility had launched and announced year. The Chairman thanked all of these the 2000 policy year would be estimated it would be trading under the name of gentlemen for their valuable at zero. See pages 6-7 for explanation Dex. Though the Club is not directly contribution to the affairs of the of mutual premiums. involved in Dex, the Board continues Association. to take an interest in developments. Reinsurance Arrangements for 2000 Reinsurance with Swiss Re The Managers reported that reinsurance Year 2000 issues The Board approved in principle a new negotiations for the 2000 policy year The Managers reported on the latest reinsurance contract with the Swiss Re were unlikely to be completed before stage of their Year 2000 continuity designed to underpin the Association’s December. The Board confirmed it planning and the steps that would be defences against any unplanned wished the oil pollution cover limit to taken to make sure that all Members supplementary or overspill call. be increased to $1 billion for 2000. and Correspondents were aware of the contact arrangements for the UK Club Investments Claims Review over the Millennium holiday. The Investment return had climbed back to The Managers had included within their Managers also reported on the level US$32 million since the July meeting. report a summary of the claims paid of support for "Safety Protocol". They This would produce an annualised return since the previous meeting, a commentary expressed disappointment that the of between 5 and 6 per cent,in line on a number of important cases and Safety Protocol had not been supported with the budget of a total investment news of developments in recent cases. by the charterers and asked the Directors return for the year of US$60 million. The Managers gave a verbal report of to use their influence to try and encourage the current status of the English court charterers to sign up. They said that Calls proceedings in the "DUBAI VALOUR". they would be contacting the oil majors The Directors decided to order no See pages 10 & 11 for a full account. in particular to see whether they could general increase for the 2000 policy be persuaded to give their support. year. However, they directed the Member quality Managers to take a strong line on In their annual review of Member Charitable contributions renewals to prevent further erosion quality the Board decided that renewal It was reported that the Chairman had of the general premium level. terms should not be offered to two approved contributions of US$15,000 2 T1.84 Club News Dec 99 aw 22/12/99 10:21 am Page 5 each to earthquake relief funds set up UK Board welcomes by shipowner associations in Greece and Turkey. new Directors Go ahead for Hong Kong branch The Insurance Authority of Hong Kong’s grant of a licence to the UK P&I Club has opened the way to expand the Club’s regional office into a fully-fledged branch office with the necessary executive Mr Kamkoff and Mr Saito authority to respond quickly and effect- ively to a wide range of member needs. Three new Directors were welcomed The Rantzau Group comprises a The Club can offer the region’s ship to the UK P&I Club Board at the recent number of famous names. John T operators a distinct advantage over Hong Kong Directors Meeting namely Essberger, founded in 1924, specialises other P&I providers. It can now optimise Mr Jorge Kamkoff of PDV S.A, in the transport of all forms of bulk the service to Members in the Greater Mr Heinrich von Rantzau of Deutsche liquids.
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