Knowledge & Developments

OUTLINEShips carrying oil as cargo are now required to comply with new vessel response planning criteria (APC) when visiting Alaskan portsCertification from the Alaska Maritime Prevention and Response Network and a contract with Alaska Chadux  must be evidenced in vessel response plansAlaska Chasux contracts do not comply with the International Group guidelines, liabilities under that contract may arise that are outside P&I cover

The Managers have been made aware that legislation has been passed in Indonesia which purports to place a ban on the expert of minerals from Indonesian ports, unless the shipper has been granted a specific export permit. The cargoes which may be affected include nickel ore, bauxite and iron ore. Reports suggest that ships which are scheduled to load or are in the process of loading ore cargoes may be subject to delays where the exporters of the cargo do not possess the relevant permit.

The Club has received an update regarding the final rule pertaining to the non-tank Vessel Response Plan (NTVRP) requirements. These requirements are enforced by the USCG under the Federal Water Pollution Control Act as amended by the Coast Guard Maritime Transportation Act of 2004.

2009 policy year closed; Open years developing favourably; Free reserves and Hybrid Capital increased to US$486 million; Combined ratio of 97 per cent

This year we report another operating surplus and a further increase in the Club's free reserves and hybrid capital to $486 million.  This level of capital, puts our Club's financial strength at the top level of its peer group in the P&I sector.  This result is particularly pleasing as it comes in a year which has seen results elsewhere in the market adversely affected by an increase in claims and volatile investment returns.  Overall the Club produced a surplus of $11 million.  The main driver behind this positive outcome was the continuing improvement in the claims reserves on the more recent policy years and the early indications that 2011 will be a low claims year.

Good result in difficult times:  This year we report another operating surplus and a further increase in the Club's free reserves and hybrid capital to $486 million.  This level of capital, puts our Club's financial strength at the top level of its peer group in the P&I sector.  This result is particularly pleasing as it comes in a year which has seen results elsewhere in the market adversely affected by an increase in claims and volatile investment returns. Overall the Club produced a surplus of $11 million.  The main driver behind this positive outcome was the continuing improvement in the claims reserves on the more recent policy years and the early indications that 2011 will be a low claims year.

The seasonal issue of Asian Gypsy Moth is already upon us and Members should be aware of the possible delays that may occur in North American ports if necessary precautions are not made prior to a vessels departure from East Asia.

An executive order by the President of the United States was issued on the 1st May extending further the impact of US sanctions against Iran and Syria.  This order strengthens the US Treasury’s ability to tackle foreign individuals and entities determined to have violated US sanctions on Syria or Iran.

An executive order “Prohibiting Certain Transactions with and Suspending Entry into the United States of Foreign Sanctions Evaders with Respect to Iran and Syria” (“FSE E.O.”)  by the President of the United States was issued on the 1st May extending further the impact of US sanctions against Iran and Syria.   This order strengthens the US Treasury’s ability to tackle foreign individuals and entities determined to have violated US sanctions on Syria or Iran.