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UK Club update on recent market events


19 September 2008

This investment update is provided to members following recent unprecedented events in global financial markets. Despite the market turmoil the Club's conservative investment policy has meant that there are no material losses in the investment portfolio. In particular no exposure to Lehman Brothers has been identified.

The Club's investment policy remains unaltered since it was changed in October 2007, as a result of which equity holdings stand at around 3% with absolute return funds at 13% and 84% of the portfolio in cash and short dated fixed interest. This conservative investment stance has resulted in investment returns for the year to date being positive, even before today's rally in equities.

The Club successfully raised $100m of hybrid capital in August which is currently held in cash and further reinforces its capital strength.


Bunker certification update


It is now only sixty days until ships trading with ports in the signatory states to the ‘Bunkers Convention’ must have the right insurance certification on board. The
Convention enters into force in at least 25 countries on 21st November this year.

Members with state party registered ships should get in touch with their vessels’ flag states re application procedures for certificates. Those with non-state party registered ships should come to an arrangement with a particular state party and then inform the Club.

Blue Cards can be issued in hard copy or electronic format. To collect the necessary information, a Blue Card application form has been emailed to each Member - both owners of ships registered with state parties and those with ships registered elsewhere but likely to trade to state parties’ ports or offshore facilities. A swift response is urged.

We are continuing to update the Bunker Convention section of this website. This week the convention Q&A circular was revised to reflect recent developments on the issuance of certificates to non-State party ships and the Club’s procedure on issuing Blue Cards.

Where we have ascertained further contact or procedural details they have been added to the individual country information provided in this section. Denmark and Liberia have been added to the list of signatory countries.

The International Convention on Civil Liability for Bunker Oil Pollution Damage 2001 applies to vessels over 1,000 gross tons, whether or not they are registered in states which have signed up to the Convention. These vessels need certificates if they wish to enter and leave signatory states’ waters.

The Bunker Convention section of this website is located on the right hand side of this page. Members requiring further information on the issuance of Blue Cards should get in touch with their usual underwriting contact.

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 > Continuing quality management24/07/2008
 > Work in progress17/07/2008
 > Bunkers Convention Certification10/07/2008
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