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AMERICAN CLUB ANNOUNCES MODEST GENERAL INCREASE FOR 2016 POLICY YEAR: P&I PREMIUM TO RISE BY 2.5%, BUT NO INCREASE FOR FD&D

RELEASE CALL MARGINS FOR 2013 AND 2014 POLICY YEARS REDUCED: CURRENT YEAR TO BE REVIEWED IN FIRST HALF OF 2016

Premium uplift by international P&I insurer in line with current market trends 

NEW YORK, NOVEMBER 23, 2015:     At its meeting in New York on 20th November, the American Club’s board resolved to levy a general premium increase of 2.5% for P&I cover, but no increase in the cost of FD and D for the 2016 policy year. The club’s board also reviewed release call requirements for open policy years, significantly reducing the margins for 2013 and 2014, and undertaking to revisit the 2015 figure in the first half of 2016.

In reaching these decisions, the Board took account of the Club’s recent performance against a background of the overall economic climate, the outlook for the freight and investment markets and the implications of emerging trends within the P&I environment.

In a circular released to its members, the American Club said that, over the last twelve months, the “churn effect” (the term applied to the reduction of premium volume as older, higher-rated vessels are replaced by newer, lower-rated ships) had had a more subdued impact upon revenue than was the case from 2012 through 2014. Indeed, the average net rate per ton for the Club’s P&I entries was only 2% lower than it had been twelve months earlier, despite unrelenting pressure on premium pricing over that time. The Club also remarked that claims development for the 2015 policy year had been favorable to date as to both retained losses and those covered by the International Group’s pooling arrangements for larger claims.

In commenting on these developments and the outlook for the industry in general, Joe Hughes, Chairman and CEO of the American Club’s managers, Shipowners Claims Bureau, Inc., said:

“Price increases, however modest, are never welcome, particularly at a time when the freight markets continue to struggle.  Nevertheless, the board remains resolute in its commitment to consolidate the financial standing of the American Club, particularly in light of the progress it has made in recent years.

Let us hope that the outlook for shipping will improve as the global economy expands in 2016 and beyond. However, apart from the tanker sector and certain other specialist trades, the freight markets have yet to experience any sustained growth.

As to the prospects for P&I generally, pressure on premium pricing is likely to continue, given the difficulties facing shipowners at large. On the claims front, the severity of attritional losses will probably increase, even if their frequency continues to diminish, while the size and volatility of large claims are unlikely to abate,” Hughes concluded.

ENDS

Notes to Editors

American Club Circular

Full details of the American Club’s Circular number 41/15 dated November 20, 2015 can be found here http://www.american-club.com/files/files/cir_41_15.pdf

Highlights of Circular number 40/15

  • 2013 much improved by comparison with the position twelve months earlier. Release call reduced from 20% to 7.5% over and above the current estimated total premium for the year. Year expected to be closed in June 2016 in accordance with original budget.
  • 2014 exhibiting a deficit, but likely to improve toward closure expected in the first half of 2017.  Release call reduced from 20% to 12.5%.
  • 2015 developing well within initial expectations, release call to be maintained, for the time being, at 20%, but to be reviewed during the first half of 2016.
  • 2016 renewal to feature a 2.5% general increase on expiring estimated total premium for P&I entries.
  • 2016 renewal to feature a zero general increase for FD&D entries.
  • 2016 renewal also to feature increases in, and minimum levels of, certain deductibles, as well as of deductibles for certain P&I risks.

The American Club

American Steamship Owners Mutual Protection and Indemnity Association, Inc. (the American Club) was established in New York in 1917. It is the only mutual Protection and Indemnity Club domiciled in the entire Americas and its headquarters are in New York, USA.

The American Club has been successful in recent years in building on its US heritage to create a truly international insurer with a global reach second-to-none in the industry. Day to day management of the American Club is provided by Shipowners Claims Bureau, Inc. also headquartered in New York.

The Club is able to provide local service for its members across all time zones, communicating in eleven languages, and has subsidiary offices located in London, Piraeus, Hong Kong and Shanghai, plus a worldwide network of correspondents

The Club is a member of the International Group of P&I Clubs, a collective of thirteen mutuals which together provide Protection and Indemnity insurance for some 90% of all world shipping.

For more information, please visit the Club’s website http://www.american-club.com/

P&I Insurance

Protection and Indemnity insurance (commonly referred to as “P&I”) provides cover to shipowners and charterers against third-party liabilities encountered in their commercial operations; typical exposures include damage to cargo, pollution, death/injury or illness of passengers or crew or damage to docks and other installations

Running in parallel with a ship’s hull and machinery cover, traditional P&I cover distinguishes itself from usual forms of marine insurance by being based on the not-for-profit principle of mutuality where Members of the Club are both the insurers and the assureds.

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GEODIS to exhibit at annual Power-Gen event, Power-Generation International

Global supply chain operator GEODIS is exhibiting at POWER-GEN International, from December 8 – 10, in the Convention Center in Las Vegas, Nevada. The event is part of the Power Generation Week, co-located with Renewable Energy World Conference & Expo North America, NUCLEAR POWER International, COAL-GEN and GenForum.

Power-Gen International is the largest, most respected power generation event in the world – the ideal venue to showcase GEODIS’ expertise in this segment and to discover new, cutting-edge innovations and trends in power generation. During the 3-day event, attendees have the opportunity to meet experts of GEODIS ‘Industrial Projects activity, a global unit of the company’s Freight Forwarding network, specialized in project cargo operations, freight forwarding, customs clearance service, planning and execution of turnkey project solutions, coordinating complex out-of-gauge cargo transport and inland logistics.

The Industrial Project segment of GEODIS serves a range of global players in the areas of power and renewable energy, including the execution of a record-breaking airfreight shipment of wind turbine blades from China to Scandinavia and leading the first rail freight solution for a similar blade delivery in Europe. The company also managed the transport of the 16 lock gates for the Panama Canal expansion project, with the final gates arriving last year.

“With Regional Power Segment Leader in the U.S., Julie Shafer, and George Abreu, Director of Industrial Projects for North America, in attendance along with myself, we are eager to engage with other experts in the field of power generation in Las Vegas,” says Mikael Pedersen, Global Renewables Segment Director, “The event allows us to ensure we are in tune with our client’s needs and most of all, continue to provide reliable, transparent, and personalized solutions for the power industry.”

GEODIS will be exhibiting at Booth No. 9906, from 8 – 10 December, 2015, whereby attendees at the exhibition will have the opportunity to meet with both Global and U.S.-based teams in the Power Segment of the Industrial Projects division.

For more information on the Conference go to:

http://www.power-gen.com/

About GEODIS

Supply chain operator and subsidiary of SNCF Logistics, GEODIS is a global European company, ranking fourth in its field in Europe. Through its ability to overcome logistical constraints and coordinate the different steps of the logistic chain (Supply Chain Optimization, Freight Forwarding (air and sea), Contract Logistics, Distribution & Express, Road Transport), the Group is the growth partner for its clients and offers them tailored solutions. With over 39,000 employees in 67 countries, the Group constantly innovates to improve the performance of its clients. The Freight Forwarding business of GEODIS delivers tailor-made, integrated logistics solutions supported by a specialized Industrial Projects division, managing oversized cargo operations worldwide. This division has achieved international recognition for its innovative and sustainable approach to transportation solutions.

For more information about GEODIS go to – www.geodis.com

 

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NUE3 (AWS) Seasonal Suspension

November 18, 2015

 

COSCON, Yang Ming, Hanjin Shipping and Evergreen Line are to implement winter service adjustment to NUE3 (AWS) service.

In response to seasonal market demand, COSCON, Yang Ming, Hanjin Shipping and Evergreen Line will suspend NUE3 (AWS) service effective from December 3, 2015.

The last voyage of NUE3 (AWS) would be week 47, M/V Nagoya Tower Voy. 0012E/W (Ningbo ETA November 19, 2015) and Week 48 is implemented void sailing.

Meanwhile other AWE services will continue to provide high service quality to customers.

CKYHE alliance will still be providing one of the most comprehensive service coverage in the market even after this adjustment.

 

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TT Club Champions Operational Best Practice to Improve US Intermodal Efficiency

The global freight transport insurer is encouraging supply chain stakeholders to understand better the interrelationship of the various functions in the intermodal network, particularly in the United States where one effect of the enlarged Panama Canal will be to increase importers’ routing options in order to supply internal markets

New Jersey, 12 November, 2015

Negron Dan #2

Dan Negron

 

Speaking at the recent TOC Americas Conference in Panama, TT Club’s Senior Underwriter Dan Negron outlined the future opportunities to diversify both the export and import supply chains in the US as the widening of the Panama Canal (due to become operational early next year) will allow larger container ships to transit from Asia to Gulf and Atlantic Coast ports.

Explaining how freight transport and logistics operators are adapting to provide increasingly efficient and economic options to shippers, Negron said, “Stakeholders are beginning to understand the complex relationships of functions within the intermodal system.  Some have diversified to become multi-functional participants in the system.  However, whether operators choose to act independently or to diversify in this way, all need to ensure that they engage in best practices to avoid systems failures and delays.”

Additionally Negron pointed out the need to consider potential congestion at pinch-points beyond the ports of entry as the domestic transport process to deliver goods is adapted to changes in routings to and from internal markets.  The West Coast dominant intermodal network that has previously prevailed in serving Asian imports has had well documented congestion problems and care must be taken in avoiding similar failings as other alternative routes develop.

Negron put forward a number of operational guidelines in which the employment of best practice will particularly safeguard the integrity of the network. “While effective communications between participants along the distribution chain seems an obvious requirement it should be emphasised,” said Negron.  “An understanding of the legal environment in which operational functions take place, including standard trading conditions and the contractual obligations of the various partners is also vital.”

The complexity of the supply chain may be typified by the various modal options available (road, rail and inland river/waterway in particular), each with differing logistical and contractual requirements. Thorough understanding of the multimodal facets of the evolving system is required, together with greater investment in training to raise skill levels. This depth of understanding must encompass the appreciation of seamless insurance cover that ensures protection against mishap within each stage of complex transport arrangements.

End   -

Notes to Editors

TT Club

The TT Club is the international transport and logistics industry’s leading provider of insurance and related risk management services.  As a mutual insurer, the TT Club exists to provide its policyholders with benefits, which include specialist underwriting expertise, a world-wide office network providing claims management services, and first class risk management and loss prevention advice.

Customers include some of the world’s largest shipping lines, busiest ports, biggest freight forwarders and cargo handling terminals, to companies operating on a smaller scale but whose operations face similar risks. TT Club specialises in the insurance of Intermodal Operators, NVOCs, Freight Forwarders, Logistics Operators, Marine Terminals, Stevedores, Port Authorities and Ship Operators.

The TT Club is managed by Thomas Miller.

www.ttclub.com

Thomas Miller is an independent and international provider of insurance, professional and investment services. Founded in 1885, Thomas Miller’s origins are in the provision of management services to mutual organisations, particularly in the international transport and professional indemnity sectors; where today they manage a large percentage of the foremost insurance mutuals. Thomas Miller also manages insurance facilities for all the self-employed barristers in England & Wales, as well as trustees of pension schemes, patent agents and housing associations.

Principal activities include:

  • Management services for transport and professional indemnity insurance mutuals
  • Investment management for institutions and private clients
  • Professional services
  • Building defects insurance

www.thomasmiller.com

 

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Establishment of K LINE SHIPPING & LOGISTICS L.L.C

On 25 October 2015, we “K” Line established a new company called K LINE SHIPPING & LOGISTICS L.L.C (hereafter “KLSL”) in Dubai, UAE, and KLSL has started its operations. KLSL is a joint venture between “K” Line and Sharaf Group (*1) and is the first company to operate in the Middle East among the subsidiaries of Japanese shipping companies. KLSL will conduct businesses in the fields of marine transportation, land transportation and logistics, etc. and the company will develop new businesses actively through the networks of “K” Line and Sharaf Group (*2).

Outline of New Company in Dubai

Name of Company :  K LINE SHIPPING & LOGISTICS LLC

Business Scope : Marine transportation, logistics, land transportation, air cargo transportation, warehousing and supply chain solutions.

Representatives of the Company : Takashi Kodera, Director & General Manager;  Kazutaka Imaizumi, Director & Chairman;   Ibrahim Sharaf, Director & Vice Chairman

(*1) Sharaf Group was established in 1976 by Mr. Ibrahim Sharaf and Mr. Sharafuddin Sharaf and is now an established business house in Dubai, United Arab Emirates. Its number of employees across the group is over 11,000. Sharaf Group is doing businesses in many industries, and they include shipping agency (Sharaf Shipping Agency), logistics (Sharaf Logistics and Emirates Logistics), retail business, travel agency (Sharaf Travel) and Sharaf Exchange.

(*2) Sharaf Group has offices in Middle East, Indian Sub-Continent, Red Sea, African Continent, Europe, Far East /South East Asia, Russia and Australia and representative offices in Japan, Korea, China and Europe.

 

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Voyage Cancellation Plan for Asia-North Europe and Mediterranean Loops in Winter Season

CKYHE Alliance (COSCO, “K” Line, Yang Ming, Hanjin Shipping & Evergreen) is to implement a service adjustment on the Asia – North Europe and Mediterranean trade in order to cope with the seasonal market demand.

The CKYHE members will cancel a total of 9 voyages on the current Asia-North Europe/Mediterranean service loops from November 2015 through December 2015.

For details of updated schedule, please contact carrier’s local agent or visit the website of the relevant CKYHE line.

The CKYHE Alliance will continue providing excellent weekly services covering major ports connecting Asia and North Europe and Mediterranean regions.

Details of the cancelled voyages are as follows:

Asia-North Europe Services

45th week, NE7 (ETA Ningbo, Nov.04)

46th week, NE8 (ETA Taipei, Nov.08)

48th week, NE7 (ETA Ningbo, Nov.25)

51st week, NE8, (ETA Taipei, Dec.13)

51st week, NE7, (ETA Ningbo, Dec.16)

 

Asia-Mediterranean Services

47th week, MD2 (ETA Xiamen, Nov.15)

48th week, ADR (ETA Qingdao, Nov.26)

49th week, MD2 (ETA Xiamen, Nov.29)

51st week, MD2 (ETA Xiamen, Dec.13)

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“K” Line supports Ocean Transportation of Fire Engines and Ambulances to Republic of El Salvador

151104 Transportation of vehicles to El Salvador #1

(Center) Ms. Martha Lidia Zelayandia, Ambassador to Japan, Republic of El Salvador (Right) Mr. Koichiro Hara, Chairman of Japan-El Salvador Association (Left) Mr. Kunio Okumura, Assistant to Honorary Consul of El Salvador in Japan, “K” Line (on behalf of Mr. Hiroyuki Maekawa, Honorary Consul of El Salvador in Japan)

Kawasaki Kisen Kaisha, Ltd. (“K” Line) is providing free ocean transportation of three fire engines and two ambulances, donated by Japan Firefighters Association, to the Republic of El Salvador.

As part of its international support programme, the Japanese Firefighters Association has donated fire engines, previously used in Japan, to help with improvements to fire defense systems in developing countries. On this occasion it has donated five vehicles to El Salvador.

Since assuming charge as Honorary Consul of El Salvador since 1969, this is the third opportunity for “K” Line to transport donated vehicles to the country for free; previously in October 2014 and April 2015 it transported 4 vehicles in total.

A departure ceremony was held on October 21, with Ms. Martha Lidia Zelayandia, Ambassador of El Salvador to Japan, and Mr. Koichiro Hara, Chairman of Japan-El Salvador Association, in attendance.

On October 29, with the cooperation of Daito Corporation, an affiliate company of “K” Line,  the five vehicles where loaded onto “K” Line’s pure car carrier (PCC) at Yokohama and departed for the port of Acajutla, El Salvador where they will arrive in late November.

This year sees the 80th anniversary of the establishment of diplomatic relations between El Salvador and Japan. “K” Line hopes the vehicles it transported may contribute to the reinforcement of fire defense and lifesaving systems in the country and cordial relations between two countries may develop further.

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