Britannia declares another USD20m capital distribution to Members

Highlights:

  • Britannia reports another strong financial performance, with an aggregate USD80.6m post-tax surplus for the year.
  • The Board approves a further USD20m capital distribution, to be paid to P&I mutual Members with ships on risk as at midnight 15 May 2018.
  • Members have now benefited from USD61m of deferred call waivers and capital distributions since October 2016.

Financial overview:

In the past 18 months, Britannia’s Members have benefitted from USD61m (or 32.8% ETC) of deferred call waivers and capital distributions, as well as nil General Increases for both P&I and FD&D calls for 2017/18 and 2018/19.   Even allowing for these distributions, S&P has confirmed Britannia’s rating of A (stable), AAA capital and exceptional liquidity (up from strong).

The Association’s ability to continue to assist Members is a consequence of repeated strong underwriting results; with 2017/18 seeing a USD64.6m underwriting surplus and a USD48.6m gain on its investment portfolio. Overall, the Association’s balance sheet reserves rose by USD50.6m. This is after taking into account the USD30m capital distribution made to Members during 2017. [The surplus assets in Boudicca (which are available to meet future claims) stood at USD211.6m.]

Given this further strengthening of the Association’s capital position, the Board decided to declare another USD20m capital distribution, payable to mutual Members with ships on risk as at midnight GMT 15 May 2018 (pro rata based on premium). This immediate benefit to Members re-affirms the Association’s commitment to mutuality, while reflecting its continuing financial strength which provides a high degree of security to its Members. The Board will review the Association’s financial position further at its October meeting.

Claims

While higher than in the 2016/17 policy year (a remarkably light one for claims), claims during the 2017/18 policy year were well within projection.   Large claims (those expected to cost the Association USD1m or more) have remained consistent in number but returned to the higher average seen in earlier years. IG Pool claims (Britannia has no Pool claims in 2017/18) have also seen an increase, with a number of high profile casualties. Nevertheless, they remain within projection.

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Thome Wins Seatrade CSR Award

The Thome Group has won the Corporate Social Responsibility award at the 2018 Seatrade Maritime Awards Asia.

The judging panel were impressed with the variety of different ways in which the company encouraged its employees to take part in activities designed to benefit the community.

Thome employees give up their free time to help those less fortunate than themselves and the community as a whole, in a wide variety of ways including:

  • Fun Run “ScholaRun” – A yearly event, Thome employees are sponsored to participate in a Fun Run for American Chamber Foundation Phils., Inc. Scholarship Program to benefit underprivileged kids and build better future and education.
  • Project Study Drive – Another annual activity by Thome Philippines which takes place every June. A back to school campaign that delivers basic school supplies to underprivileged children.
  • Tree Planting “Plant Trees to Feed the Future” – An environmental activity where Thome employees from the Philippines planted a total of 1,000 Mahogany Trees seedlings.

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Panama Maritime Authority Recognises Prevention at Sea’s Oil Record Book Software

Prevention at Sea Ltd has recently been authorized by the Panama Maritime Authority as a recognized manufacturer and distributor of the Panamanian Oil Record Book in electronic format as well as the electronic version of other official Books in general.

The merchant marine circular MMC-193 has been re-issued by the Panama Maritime Authority with the aim to notify the Industry that the Oil Record Book software as well as other official log books produced by the company are now accepted on board Panamanian vessels.

Since 2014, Prevention at Sea has been very active in software development in the maritime sector by winning multiple awards for innovation, especially with its Lloyd’s Register approved ε-ORB software, designed to be used for the preparation and printing of the traditional Oil Record Book.

This piece of software is already in compliance with the IMO guidelines published in the last PPR5 for electronic record books (February 2018) and will replace the traditional paper Oil Record Book whenever MARPOL is amended to allow the use of paperless electronic record systems.

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InterDam Accelerates Growth with New Office Opening in Houston

A new office expansion will enable InterDam to accelerate growth in the US Onshore and Offshore Industry and Renewable Sectors.

InterDam, leading supplier of Fire and Blast resistant architectural products for refineries, Oil & Gas Platforms and Offshore Wind Platforms, recently opened a new office in Houston, Texas to strengthen its position in the North American market and leverage the area’s diverse and expansive customer base.

InterDam’s product development over the past ten years has pushed the boundaries of fire resistant and post blast walls, windows and doors, by creating a world-class product line developed in response to the industry’s desire for fit-for-purpose prefabricated systems that fit modular and standardized building designs.

Conforming to US Coast Guard and UL fire and blast regulations, InterDam’s cost effective and lightweight products are designed to withstand a fire outbreak in a post blast situation, exceeding current standards and leading the market in workforce safety.

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Seafarers To Benefit From Innovative Catering Training Software – Launched by MCTC

As part of its dedication to providing catering crews with the best possible standard of training and management,

Marine Catering Training Consultancy (MCTC) is delighted to announce the launch of its brand new Learning Management System (LMS).

The innovative LMS will enable marine catering crews to manage their own training and communications digitally, and access all their course materials under one platform.

The new system is now available to all MCTC’s clients who subscribe to the training company’s flagship package the Catering Competency Development Programme, which incorporates on board/ onshore training, distance coaching and mentoring programmes, vessel visits, evaluation, support and consultancy, and trade tests.

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