October 28 - P&I insurer The Shipowner's Club reported steady results for the six months ended August 10, 2015.
The Club has said it saw a slight reduction in the number of claims filed, although it cautioned that claims at the half-year point of the policy year are not necessarily a guide to the full year results.
From a risk perspective, The Shipowner's Club said the cost of claims continues to rise, with the greatest volatility seen in the USD1-5 million band, with four claims reported. Whilst there is no obvious trend in terms of vessel sector or trading region, environmental claims dominate.
The first six months of the year has produced a small surplus of USD1.5 million, increasing the Club's free reserves to USD301.8 million.
Simon Swallow, chief executive of The Shipowner's Club, said: "Falling oil prices and a reduction in trade with China have impacted certain sectors of the Club's business. Yet diversification afforded through our various vessel types and trading regions, has supported increased vessel activity and the Club remains in a secure financial position.
"The difficult trading conditions affecting many sectors of the Club's membership were taken into consideration when the Board decided no general increase would be applied to premiums. As the cost of claims continues to rise, the Club prides itself on working with our members, through loss prevention initiatives, to share claims information and lessons learned based on causation to improve the standard and quality of their operations."
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