The Swedish Club Maintains Zero Per Cent General Increase

For the fourth year in succession The Swedish Club has announced a zero per cent general increase for the forthcoming P&I year.

The decision was made by the Club’s board in consideration of the general market view that premiums are not in proportion with expected claims outcome.

Lars Rhodin, Managing Director of The Swedish Club says: “In a number of shipping sectors the market remains weak and we have a commitment to support members at this crucial point. Read more

Indian Register of Shipping wins two prestigious awards at separate ceremonies

Leading classification society Indian Register of Shipping (IRClass), won ‘Classification Society of the Year’ award at the Samudra Manthan Awards ceremony on 5 December, and on another occasion, the ‘Indywood Excellence Award for Professional Achievement – Class Compliance’ was bestowed upon Mr. Suresh Sinha, Managing Director of IRClass, recognising his efforts towards the development of the classification society landscape within the maritime sector.

The Indywood Excellence Awards 2018 (Marine / Offshore / Oil & Gas) were held at HITEX Exhibition Centre in Hyderabad on 2nd December, and this year’s Samudra Manthan Awards took place on 5th December at Sahara Star in Mumbai, India.

This marks the second occasion the classification society has been named the classification society of the year – where this year, the criterion for selection included digitalisation initiatives, cyber security, maritime research and industry projects.

Mr. Sinha said: “I am humbled to be bestowed with the Indywood Excellence Award, but the real winner is the team of committed and dedicated employees of IRClass globally; who have been instrumental in expanding the classification society within the marine and oil & gas sectors. I would like to congratulate each one of them for the hard work.”

He added: “This validates the work we have been doing for our valued clients and spurs us to further raise our service standards and to help the marine as well as oil & gas industries to cope with the new dynamics of the digital ecosystem in a changing shipping landscape.”

Tindall Riley to sell its Carina Fixed P&I Product to The MECO Group

Following a strategic review of its operations, Tindall Riley (TR) has agreed to sell Carina, its fixed premium P&I Managing General Agent (MGA), to The MECO Group for an undisclosed sum. Set up by TR in 2012, Carina is a successful and well managed specialised fixed premium P&I provider.

The terms of sale are agreed, but the transfer will only complete once all the regulatory and underwriting approvals have been received, which is scheduled before the end of 2018.

The focus of the parties has been on ensuring a seamless transfer, based on a ‘business as usual’ approach, under which the current Carina team will transfer across to MECO and continue to run Carina as part of the MECO Group. They will continue to offer clients the same first-class service and transactional efficiency in their new home.

From the date of transfer, Carina will become a MECO brand and MECO will assume TR’s role as the MGA that owns and operates Carina. MECO will take over all TR’s responsibilities as Managers of Carina and the existing Carina team will relocate to MECO’s London office. With effect from the date of transfer, MECO will take sole responsibility for current policies and all prior years.

The underlying security of Carina, as a Lloyd’s based product, will remain unchanged.

Commenting on the transaction Simon Scriven, Chairman of TR said:

“Carina has performed well in a challenging cycle, the decision to sell was not an easy one, but we concluded that despite its success, operating Carina as an MGA was not in-line with our key strategic objectives as one of the leading mutual management operations. We chose MECO Group as the new home for the Carina team because it is the oldest and most well-respected marine MGA in London.” 

Christopher Else, CEO of the MECO Group commented as follows:

“The acquisition of Carina represents a big step in the development of the MECO Group. Carina is a strong brand managed by an experienced and professional team that will fit well within the MECO Group. The last few years have been challenging in the marine insurance industry, but all our brands have been profitable during turbulent times and in a fast-changing market, the opportunities for expansion are genuinely exciting. The acquisition of Carina is just one example of how the MECO Group is well placed to grow in the current climate.”

Thome’s Chairman Receives Lifetime Achievement Award

Olav Eek Thorstensen, Executive Chairman of the Thome Group, received a Lifetime Achievement Award at the Tanker Shipping and Trade’s annual conference held in London on 20-21 November.

Looking back over his 50 years in the maritime industry, Mr Eek Thorstensen recalled the early days of third party ship management and how he realised that Thome could offer more efficient services to owners trading vessels in the Far East. So began Thome’s growth in that sector which continues to this day.

He also paid tribute to his staff recognising that the success of the Thome Group is not down to just one person and that every employee has contributed with dedication and hard work.

Looking to the future he predicted that, within the next 10 years, there would be fundamental changes in the structure of ship owning with an increase in vessels being owned by asset management companies which bodes well for third party ship managers as their expertise will be required to run these fleets.

In conclusion, he stated that he cherishes all his memories of working in such a dynamic industry and thanked the organisers for recognising him in this way.

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