Transport communications

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TT Club’s Specialised Cover for China-Europe Rail Link

Leading international freight transport insurer, TT Club is ensuring that its Members utilising the burgeoning Asia-Europe rail corridor for container traffic are adequately protected regarding liability exposures.

London, Hong Kong & Shanghai, 29 June 2017

Chinese Government investment in its ‘One Belt, One Road’ policy is considerable, aiming at developing trade via the overland route linking China and intervening regions to Europe, also sometimes referred to as the Silk Road.  Part of this investment has encouraged container freight, both east and westbound onto the rail services to and from fifteen European cities and multiple Chinese locations.

TT Club has been focused upon the growing Transport Operator and Logistics sector of the Asia Pacific region, and in particular on  mainland China for some time.  One of a number of initiatives the insurer has taken in order to provide effective support for this growth is to draw up robust trading conditions for multimodal transits offered by its Members.

“TT Club has throughout its near fifty year history been dedicated to facilitating container moves via all modes,” says Asia Pacific Regional Director Phillip Emmanuel.  “We are therefore well-placed by reason of our experience and network coverage to offer relevant insurance products and service for the rapidly expanding rail oriented Asia-Europe trade.”

Depending on the start/finish points, the 9-12,000 kilometre rail journey can take between 12 and 18 days; some thirty-five trains a week on average ran last year and carried over 150,000TEU.  Estimates based on the currently committed investment levels would see nearly half a million TEU moved on over 5,000 trains in three years’ time.  It is clear that TT Club logistics and forwarding Members are going to have an increasing requirement for the seamless multimodal cover and service provided.

True to its mutual heritage the Club also offers a variety of advisory facilities to additionally assist such transport operators.  An example is an International Freight Forwarding Agency Agreement developed to support Asian Members in making contracts with their customers. The agreement, offered in both English and Mandarin, stipulates the services to be performed by the operator, the liability regime in place and the responsibilities of the cargo interest.

In its latest initiative, TT Club has drafted trading conditions for use when moving freight by rail between China and Europe. These conditions aim to offer a contractual framework to meet the requirements of the ever growing trade flowing from the ‘One Belt, One Road’ initiative, reviving and developing the historic overland trade links. The Rail Consignment Note is a bilingual document in English and Mandarin addressing these requirements of moving freight across two continents and through multiple jurisdictions, where a number of legal regimes may be in force. The contractual terms (in English) on the reverse side of the Rail Consignment Note regulate the operator’s liability during the transit, with a Mandarin copy of these conditions available to supplement understanding.

“This work was developed in response to a specific request from one of our Members based in Hong Kong with extensive operations in mainland China,” explains Emmanuel. “And delivered to the market by using our expertise based in Shanghai, Hong Kong & London, this initiative is just one example of TT Club’s customer-focussed service mentality and our responsiveness to market trends – in this case the rapid growth of rail-based inter-continental trade.”

ENDS

About TT Club

TT Club is the international transport and logistics industry’s leading provider of insurance and related risk management services. Established in 1968, the Club’s membership comprises ship operators, ports and terminals, road, rail and airfreight operators, logistics companies and container lessors. As a mutual insurer, the 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.  TT Club is managed by Thomas Miller.

www.ttclub.com

 

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The American Club reports solid progress in 2016 despite challenging business climate

Positive trends continue into 2017 centennial year

  • P & I and FD & D entries grow by 16% and 19% respectively during 2016.
  • 2016 policy year premium flat, but financial year revenue grows by 17%.  
  • Tonnage and premium increase by further 6% through June 2017. 
  • Membership risk profile continues to improve.
  • Attritional claims developing favorably, in line with earlier years.
  • Pool claims continue at moderate levels.
  • 2014 policy year closed without call in excess of original estimate.
  • 2015 policy year release call margin reduced from 15% to 10%.
  • Eagle Ocean Marine continues to gain market share with excellent profitability.
  • American Hellenic Hull gains Solvency II licensing, early growth exceeds expectations.
  • Houston office opened to extend Club’s capabilities in US gulf and beyond.
  • Club’s surpluses move strongly upward over first quarter of 2017.
Joe Hughes - Sept 16

Joe Hughes, Chairman and CEO of the American Club’s managers, Shipowners Claims Bureau, Inc.

NEW YORK, JUNE 23, 2017:  Despite a challenging business climate, the American Club reported solid progress during 2016, the closing year of its first century of service to the global shipping community.  Members attending the one-hundredth Annual Meeting of the Club in New York yesterday heard that its business was developing positively and that 2017, its centennial year, had started on an upbeat note.

Club tonnage had grown substantially during 2016 – P & I entries by 16% and FD & D business by 19%.  2017 had also started well in this respect, both tonnage and premiumhaving grown by 6% over the four months since renewal.  It was also encouraging that the business renewed by the Club continued to enjoy a favorable risk profile, with a trailing five-year loss ratio of only 51%.

The results of the financial year to December 31, 2016 disclosed a small operating loss of just under $2 million.  Total premium was up 17% for the year at $95.3 million, as were net investment income and net realized investment gains which, at just under $7 million, were about 13% higher than 2015 ($6.2 million).  However, losses and other expenses had risen from $83.3 million to $108.5 million, mainly due to two claims of unusual severity during the course of the 2016 policy year.  This, combined with a small unrealized loss on investments of $2.9 million, had generated a total Members’ Equity at year-end of $51.4 million, just under $5 million less than it had been at the end of 2015.

Encouragingly, however, the Club’s surpluses had risen substantially as of March 31, 2017, by which time the balance of premium for the 2016 policy year had been fully recognized.  The Club’s GAAP surplus had grown over the quarter by 17% to $60 million, a figure about 9% above that recorded twelve months earlier.  Its statutory surplus also rose by nearly 10%, to $72.8 million.

Loss development continued to follow the favorable trends of recent years.  Claims for 2015 were still at comparatively low levels and had moved the year into respectable surplus.  Attritional exposures for the 2016 policy year were developing at a level largely the same as they had been for 2015 at a similar stage.  Claims for the 2017 policy year, albeit at a very early point of development, were following the positive emergence of 2015 in particular.  Losses within the International Group’s Pool also continued to develop favorably.

The Club’s investments had generated an overall return of some 2.4% during the period against a blended benchmark of 2.2%.  This was a substantial improvement on the previous year’s return of only 28 basis points.  It was a creditable result given the market uncertainties which prevailed during most of 2016.

The Club’s Eagle Ocean Marine fixed premium facility had performed strongly in 2016, and into the early part of 2017.  With an aggregate combined ratio of just over 60%, the facility was making a very healthy contribution to mutual results.

Taking all these circumstances into account, the Club’s Board resolved formally to close the 2014 policy year without call in excess of the original forecast.  At the same time, in view of its continuingly positive development, it was decided to reduce the release call margin for the 2015 policy year from 15% to 10%.

A highlight of 2016 had been the licensing of American Hellenic Hull by the Cypriot authorities.  Fully capitalized and compliant under the Solvency II insurance regulations of the European Union, American Hellenic Hull had made excellent progress to date.  Some 1700 vessels are now insured by the new company which continues to gain market share and promises to make a significant contribution to the Club’s business from a variety of perspectives over the years ahead.

On the service front, the Club’s Managers had opened an office in Houston, Texas in July, 2016 in order to extend the Club’s capabilities in the US Gulf and beyond.

In assessing the condition of the Club’s affairs in its centennial year, the Club’s Chairman, Arnold Witte of Donjon Marine Co. Inc., said: “2016 was yet another challenging period for the shipping industry and all those who serve its interests.  But it was also a year of achievement for the American Club across a wide spectrum of activity.   The Club remains well placed to exploit opportunities in the future.  In this special, centennial year, my fellow Directors and I wish to thank the Members, and all those who act on their behalf, for their continuing support as we move into our second century of service to the global maritime community.”

Joe Hughes, Chairman and CEO of the American Club’s Managers, Shipowners Claims Bureau Inc., echoed Mr. Witte’s remarks: “Notwithstanding difficult business conditions, 2016 was a solid year for the American Club.  It advanced its business in many areas as the year unfolded.  It was particularly encouraging to see a solid increase in tonnage, a trend which has continued into 2017.  Claims continue to develop favorably, revenue is growing despite a weak pricing environment, investments are performing well, membership is expanding, free reserves are increasing, and the Club’s service capabilities continue to be enlarged.”

He concluded: “As we reflect on the American Club’s first century, we will continue to exploit the energy and enthusiasm which have driven its recent progress, fortifying the Club’s prospects for further success over the years ahead.”

The Annual Meeting saw the election of Ms. Judy L. Collins of Patriot Contract Services, LLC, Concord, California and Mr. Gary K. Cutler of Poling & Cutler Marine Transportation, Inc. of Freehold, New Jersey, as new members of the Board.

The retirement of Mr. James P. Corcoran, an independent member of the Board, and a former Superintendent of Insurance for the State of New York, was also noted.  Mr. Corcoran was thanked most warmly for his outstanding contribution to the Club’s affairs over many years of diligent service.

ENDS

Notes to Editors

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, Shanghai and Houston, 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/

The full 2016 Annual Report for the American Club can be accessed on its website.

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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Evergreen rolls out sea freight services for Alibaba.com members

June 21, 2017 — Evergreen Line has teamed up with Alibaba.com, a leading wholesale marketplace for global trade under Alibaba Group, to provide Alibaba.com members with the option of booking sea freight services online with guaranteed space and prices. Evergreen Line has also appointed Evergreen Logistics Corporation as a designated provider of customized, comprehensive logistics solutions for Alibaba.com members opting for its sea freight services.

The growth of e-commerce has resulted in small, fragmented orders from global buyers. Taking note of the need for user-friendly logistics services of smaller volume shippers, Evergreen Line is collaborating with Alibaba.com to allow shippers to search for freight rates and reserve cargo space on the Alibaba.com platform directly, a service that will be available to primarily suppliers in China. Once a booking is confirmed, the selected price is also locked-in.  The rate will not alter regardless of how the market price changes. With a guarantee of space and price, shippers can keep their production lines running with assurance and control their logistics costs with confidence.

In addition to this new direct booking facility , Evergreen Line is also responding to the needs of smaller shippers for one-stop logistics services by appointing Evergreen Logistics as a supplier of such services for Alibaba.com suppliers opting for Evergreen Line’s sea freight services, contactable at the online booking point. No matter if it is a trucking arrangement, customs clearance or documentation requirement, Evergreen Logistics can provide cost-effective and time-critical solutions to shippers who may not be familiar with such procedures.

At this initial stage of its partnership with Alibaba.com, Evergreen Line will be offering Alibaba.com suppliers the booking facility on routes from China’s main ports to Israel and the South American region. Detailed ports and service routes are outlined below:

  • Israel Service

FEM

–     Port of Loading: Shekou, Yantian

–     Port of Discharge: Ashdod, Haifa at Israel

 

  • South America Service

ESA

–     Port of Loading: Shanghai, Ningbo, Yantian

–     Port of Discharge: Buenos Aires, Argentina; Montevideo, Uruguay; Brazilian ports including Itaguai, Santos, Paranagua, Navegantes, Rio Grande

 

WSA/WSA2

–     Port of Loading: Shanghai, Ningbo, Shekou, Yantian

–     Port of Discharge: Buenaventura, Columbia; Guayaquil, Ecuador; Callao, Peru

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TT Club announces robust financial results for 2016 and AM Best affirms A- (Excellent) rating

TT Club, the leading international transport and logistics insurance provider, today announces its financial results for the year ended 31 December 2016, and AM Best affirms its A- (Excellent) rating for the 11th consecutive year

Highlights:

  • $177.8 million gross earned premiums (2015: $172.0 million)
  • $5.2 million surplus (2015: $4.8 million)
  • Total assets of $613.0 million (2015: $618.1 million)
  • Total surplus and reserves $185.8 million (2015: $178.1 million)
  • AM Best affirms financial strength rating  as  A- (Excellent)
  • 2016 financial year combined ratio of 95.3% (2015: 94.4%)

In his inaugural report since taking over from Knud Pontoppidan in July 2016, new Chairman of TT Club Ulrich Kranich, said: “2016 will be a year that many of us remember for some time. The theme of recent years of an increasing number of factors causing instability around the world has continued, and shows little sign of abating. Set in this context, the stability in the Club’s performance is extremely welcome.”

“The Club retained its A- (Excellent) financial strength rating from AM Best for the 11th successive year and maintaining this rating is one of our main objectives. Financial performance was in line with the Board’s business plan and the financial year combined ratio – the main measure of operating performance – was within its target risk appetite. As a mutual, the Club’s finances are managed to produce a small surplus and to achieve this was therefore an entirely satisfactory result.”

“2016 was a good year for new business for the Club and as its Member retention rate continued at the very high levels of recent years, premium income was managed to satisfactory levels. Attritional claims in 2016 were as expected, however, and positively contrasted to 2015, large claims in 2016 were just below the long-term trend level. The main claim event in 2016 was the demise of Hanjin Shipping which led to claims on the Club from transport operators and container lessors.”

“Overall, the Club’s surplus and reserves grew by US$ 5 million in the year. Regulatory and solvency capital remained very strong in the year and is forecast to continue as such in 2017, and accordingly it is expected the Club will maintain its AM Best A- rating in 2017.”

Charles Fenton, Chief Executive of TT Club, added: “In enduringly trying economic circumstances, TT Club continues to perform strongly and retain its financially strong position and maintain its AM Best Excellent A- rating. As we continue to work towards keeping insurance costs down, we remain committed to working with members and brokers to maintain our loss prevention and service levels to sustain our position as (one of) the world’s leading provider(s) of international transport and logistics insurance.”

Mr Kranich also made a warm tribute to Mr Pontoppidan’s leadership of the Club which has significantly strengthened and as a result has been able to cope very well with difficult market conditions in both the insurance and global transport markets.

The TT Club’s 2016 Annual Report and Financial Highlights can be downloaded by clicking here

Ends  -

 

Notes to editors

TT Club 

TT Club is the international transport and logistics industry’s leading provider of insurance and related risk management services. Established in 1968, the Club’s membership comprises ship operators, ports and terminals, road, rail and airfreight operators, logistics companies and container lessors. As a mutual insurer, the 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.

 

Thomas Miller

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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“K” Line Honors Recipients of “K” Line Group Environmental Awards 2017

On 5 June, “K” Line presented “K” Line Group Environmental Awards 2017 to recipients invited from national and international companies of the Group.

These Awards were established to give recognition to, and present prizes in the name of, the President for outstanding environmental and biodiversity conservation activities carried out by all offices and employees of the “K” Line Group under “K” Line Environmental Vision 2050 developed in March 2015 as our long-term environmental management policy.

For this year’s Awards 2017, third time this ceremony has been held, Mr. Eizo Murakami, President & CEO, has selected one Grand Award and eight Excellence Awards from among many applications, after considerable review that took into account such factors as “creativeness,” “difficulty,” “contribution level,” “continuity” and “repercussions.”

Through these Environmental Awards, “K” Line Group is engaged in promoting widespread awareness of various environmental conservation activities within the Group and encouraging others to likewise adopt those activities as actions of the entire Group. We will also continue to focus on how to contribute to environmental and biodiversity conservation in an active manner in order to fulfill our mission to hand down a sustainable society as well as this blue and beautiful ocean to the next generation, which is set under “K” Line Environmental Vision 2050.

Recipients of this year’s Awards 2017 are as shown below.

 

Grand Award

Energy Saving Project by Implementing Detailed Forecasting and Communication

(KAWASAKI KINKAI KISEN KAISHA, LTD.)

The shipper, weather information provider, and the shipping company (Kawasaki Kinkai Kisen) enabled to facilitate rapid and thorough positioning of the transportation plans by utilizing the weather information system in order to predict the demand of products which are affected by the temperature change.

In addition, the captioned vessels adopted an optimum route supporting system which established economic operations based on optimum routes by considering the meteorological and oceanographic phenomenon.

This activity won the Grand Award for the 17th Annual Environmental Logistics Awards and also the Energy Conservation Grand Prize, Business Models Category, METI Minister’s Award.

 

Excellence Awards

Environmental Preservation Activities of PrixCar Services Pty. Ltd.

(“K” LINE (AUSTRALIA) PTY LIMITED)

 

Saving Cost and Protecting Environment Recycling Resource by Selling Wastes

Cost-Saving by Re-using Wood Wastes

(K LINE CONTAINER SERVICE (THAILAND) LTD. )

 

Publication of Petit Eco Information

(NITTO TOTAL LOGISTICS LTD.)

 

Adoption of Document Control Software for Electronic Storage of Office Papers

Office Group Software Adoption for Electronic Documents and Strengthening Safety Control

(SEAGATE CORPORATION)

 

E-learning for Vessel Crews, `Energy Efficiency Onboard`

(KAWASAKI KISEN KAISHA, LTD.  MARINE ENERGY SAVING DIVISION)

 

Why Clean India, for Our Future Children

(‘K’ LINE SHIP MANAGEMENT (INDIA) PRIVATE LIMITED &K Line Maritime Academy (India) )

 

Planting 240 Trees in Asparuhovo Region, Varna, Bulgaria

(STARGATE MARITIME LTD.)

 

Strengthening Environmental Awareness of Crews by Visiting the Vessels

(KAWASAKI KISEN KAISHA, LTD. CONTAINERSHIPS STRATEGIC GROUP CONTAINER TRANSPORT MANAGEMENT TEAM)

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“K” Line Again Re-Selected for Inclusion in the ETHIBEL EXCELLENCE Investment Register

June 2, 2017

Kawasaki Kisen Kaisha, Ltd. was once again re-selected for inclusion in the ETHIBEL EXCELLENCE Investment Register investment universe (*) operated by the Forum ETHIBEL, an organization in Belgium that promotes socially responsible investments (www.forumethibel.org), following similar recognition in 2014.

This investment universe consists of 350 companies fulfilling their social responsibility and demonstrating a higher than usual level of performance, of which 41 companies are Japanese. An assessment was implemented in each field of human rights, human resources, environment, business behavior, governance and community involvement in the selection and our initiatives in these fields were highly regarded.

(*) Investment universe: Stocks that are candidates for fund investments.

We have raised ESG (Environment, Social and Governance) as one of the important initiatives in our medium-term management plan, “Revival for Greater Strides” for three years from April 2017 toward our 100th Anniversary in 2019, which was announced on April 28, 2017. We will continue striving to fulfill our social responsibility through ESG initiatives and contribute to sustainable progress of the society.

 

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Hughes bullish on Club’s future, and that of the International Group

NEW YORK MARITIME INC. HOSTS ANNUAL MEETING OF MEMBERS.

AMERICAN CLUB’S JOE HUGHES DELIVERS KEYNOTE ADDRESS CELEBRATING CLUB’S CENTURY OF SERVICE TO THE GLOBAL SHIPPING COMMUThe American ClubNITY, EXEMPLIFYING NEW YORK’S OUTREACH TO THE WORLD.

New York, June 1, 2017 :  New York Maritime Inc. (NYMAR) recently hosted the annual meeting of its members in New York.  NYMAR represents the many maritime service related businesses in New York, and seeks to promote the city as a leading global maritime cluster.

The keynote speech at the meeting was delivered by Joe Hughes, chairman and CEO of the managers of the American Club and a director of NYMAR.  Entitled Celebrating the American Club’s Centennial: Reflecting on the past to gain perspectives for the future, his speech reviewed the first 100 years of American Club history and the changes in the P & I world which had taken place over the last 40 years; made predictions as to what the future might hold, both for P & I insurers in general and for the American Club itself; and assessed what the Club and its managers had learned from their experience of recent years, including what perspectives that experience had provided for the future.

Hughes’ address contained a positive message in regard to the future of both the International Group and the American Club.  In regard to the former he said:

“The International Group will maintain its basic shape; the cooperative deployment of Group resources will strengthen; there will be a growing emphasis on financial and risk modeling; Group market share will be maintained; regionalization of service delivery will expand; there will be continuing product diversification by the clubs; and specialist, fixed-premium insurers will continue to have a respectable role in the market.”

Hughes emphasized the importance of the American Club, and the development of its business globally over recent years, in promoting the New York maritime community.  This development had seen the Club not only becoming more international in its reach for membership, but also diversifying its product lines into the fixed premium P & I sector through Eagle Ocean Marine, and the market for hull insurance in the form of American Hellenic in Cyprus.  He commented:

“We are proud to fly the US flag as the only mutual P & I insurer domiciled in the Americas.  The Club’s future is a bright one, and its interests will continue to be pursued with energy over the years ahead.”

Looking back over his 40-year experience in the sector, Hughes noted the many changes which had taken place over the period since the late 1970s.  They were of both a quantitative and qualitative nature – the size of club retentions and pooling exposures, broker involvement, rating agency presence in the market, and the scale of reinsurance coverages being a few of the many areas of change to which he referred.

In considering the lessons learned from the development of the American Club over the previous 20 years, Hughes observed:

“Perseverance is the most basic resource upon which the American Club has relied in developing its position in the global market.  The decline of its traditional markets forced the Club to develop internationally.  This required hard work in taking an organization that was exclusively an American operation in decline to a confident player on the world stage.  But it had to be done for survival’s sake.”

Acknowledging the importance of New York as a dynamic maritime cluster, Hughes concluded by saying:

“As the American Club celebrates its centennial, let us equally celebrate the distinctions of its hometown of which it is proud to be centenarian daughter.  New York has always celebrated its strivers, and the American Club will continue to strive, in that worthy tradition, over the years to come, flying the flag of both the city of its birth and the nation of whose principles and deep entrepreneurial instincts it seeks to remain an example for all to see.”

 

Notes to Editors

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, Houston, 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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Notice of Trade Name and Location of New Container Shipping Joint Venture

31 May 2017

Kawasaki Kisen Kaisha, Ltd., Mitsui O.S.K. Lines, Ltd., and Nippon Yusen Kabushiki Kaisha have announced that their new joint venture (JV) will operate under the tradename “Ocean Network Express.” The establishment of this new JV, which will integrate the three companies’ container shipping businesses (including worldwide terminal operation businesses, excluding those in Japan), was previously announced in the “Notice of Agreement to the Integration of Container Shipping Businesses” released on October 31, 2016.

Establishment of a holding company is currently planned in Japan, and an operating company is planned to be incorporated in Singapore. In addition, regional headquarters of the operating company will be set up in Singapore, Hong Kong, United Kingdom (London), United States (Richmond, VA), and Brazil (Sao Paulo).

The move will allow Ocean Network Express to better meet customers’ needs by providing high-quality, competitive services through the consolidation and enhancement of the three companies’ global network and service structures.

Following the announcement on October 31, 2016, the three companies have been progressing towards their target of establishing the new JV. The establishment of new JV will officially be announced once all anti-trust reviews are completed. The service commencement date for Ocean Network Express is April 1, 2018.

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“K” Line take delivery of Woodchip Carrier “FORESTAL GAIA”

May 24, 2017Woodchip Carrier “FORESTAL GAIA”

Kawasaki Kisen Kaisha, Ltd., Tokyo, (hereafter called “K” Line) is proud to announce the delivery of “FORESTAL GAIA,” a woodchip carrier from Tsuneishi Factory of Tsuneishi Shipbuilding Co., Ltd., Japan on May 24, 2017.

“FORESTAL GAIA” is in dedicated service to Nippon Paper Industries Co., Ltd. for carrying woodchips for paper materials. She sailed today for Dung Quat Port, Vietnam as her maiden voyage.

She inherited this traditional and unique vessel name from a predecessor also engaged in service to Nippon Paper Industries Co., Ltd. for a long time in the past.

She is equipped with the latest environmental-friendly, safety-oriented features.

“K” Line is committed to continue offering our customers a high-quality transport services in line with our company’s corporate policy.

Vessel’s Particulars: 

LOA :  199.90m

Depth  :  22.85m

Beam  :  32.20m

DWT  :  about 49,200mt

Hold/Hatch  :  6/6

Hold Capacity  :  about 3,600,000cft

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Evergreen Recognized for Corporate Governance Excellence for the Third Consecutive Year

May 24, 2017 – The Taiwan Stock Exchange (TWSE) recently announced the result of its third annual corporate governance evaluation of both listed and Over-The-Counter (OTC) companies in Taiwan.  Evergreen Marine Corporation (EMC) is ranked among the top 5% of all listed companies for the third year in a row and is the only shipping company recognized for such excellent performance. Honoring outstanding contributions in this realm, TWSE presented the award to EMC Executive Vice President Eric Hsieh at a ceremony which took place at the Taipei International Convention Center yesterday.

In line with global trends, the evaluation highlights the importance of corporate governance and requires both listed and OTC companies to disclose not only financial data but also non-fiscal information.  The KPIs included in this evaluation assess protection of shareholders’ rights; equitable treatment of shareholders; board composition and management; information transparency and corporate social responsibility.  This year a total of 843 listed and 653 OTC companies were appraised.  Among the listed companies, as few as 21 joined EMC in achieving a rank in the top 5% for the third consecutive year.

In order to fulfil the requirements to attain a high standard of corporate governance, EMC invited senior accountants and lawyer to join the company’s board as independent directors, calling upon their expertise to strengthen the board’s managing and supervising functions. With regard to information transparency, EMC publishes an annual corporate social responsibility (CSR) report in addition to financial statements. The report enables EMC’s stakeholders, including investors, customers and service partners to understand the implementation of the company’s policies related to corporate social responsibility, business integrity, competition compliance and the comprehensive welfare of its employees.

Evergreen Group founder and chairman Dr. Y.F. Chang once said, “The ultimate goal of an enterprise is to contribute to the well-being of human life and to give back to society.”  EMC adheres to this philosophy, applying it in practice through support of various charities and social well-being activities.

In 2016 EMC continued in its efforts to sponsor charitable activities that illustrate the company’s commitment to this philosophy.  During the aftermath of an earthquake near Tainan City in southern Taiwan, EMC supported the relief efforts of Chang Yung-Fa Foundation, the charity foundation of Evergreen Group named in honor of its founder.  In addition, EMC also offered aid for the care of a Search and Rescue (SAR) dog injured in the line of duty; supporting its training and the equipment needs for future rescue missions.

Through other charitable activities, EMC donated servers and personal computers to schools in the mountainous Hsinchu County to enhance their online education capabilities.  Furthermore, EMC continues to work with Chang Yung-Fa Foundation to promote maritime education in rural areas of Taiwan, encouraging poor students to pursue a maritime career in order to help improve their families’ financial conditions.

Together with other ship owners of Evergreen Group, EMC establishes a policy which safeguards sustainable environment for the earth.  Designed in 2003, Evergreen’s award-winning S-type eco-ships demonstrated its forward-looking initiatives to protect the oceans with stringent standards set above the requirements of international regulations. Delivered from 2012 onwards, the carrier’s L-type containerships featured even more advanced technologies to enhance their environmental protection capabilities.  Commencing in the third quarter of 2017, Evergreen will take delivery of its B-type newbuildings, which are equipped with innovative Sea-Sword Bow technology to reduce fuel consumption and emissions.

In addition to its efforts to optimize vessel design, Evergreen has also been putting sustainable concepts into practice, such as reducing greenhouse gas emissions in port communities by voluntary speed reduction. Some preventative actions can have multiple benefits, slow steaming for instance not only reduces fuel consumption and emissions but also lowers the risk of whale collisions with ships. In 2016 Evergreen has also been honored with an environmental protection award by the Port Authority of Los Angeles for voluntarily cooperating in a vessel speed reduction program, contributing to cleaner air on shore and whale conservation in the Santa Barbara Channel region. Full details of Evergreen’s initiatives to mitigate its carbon footprint are available on the ‘Environmental Guardian’ section of Evergreen Line’s website.

Implementation of corporate governance policies has become an important global trend among responsible companies.  In harmony with striving for enhanced profitability, many enterprises now also see their roles as guardians of social welfare and environmental protection.  As a strategic partner for shippers around the world, Evergreen is committed to facilitating world trade and, while continuing with its obligation to create profit, it is committed to improve the welfare of its employees and give back to society as a whole.

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