The main factor behind Steamship’s performance in 2016/17 was the low level of claims in the 2016/17 year for both the Club’s and International Group Pool claims, according to Gary Rynsard, Executive Chairman, Steamship Mutual in the latest edition of Sea Venture. Prior years also developed favourably whilst investments returned 3%.
Rynsard said that these developments would enable the Steamship board to consider a further return of premium at their meeting in October, the Club having already returned 10% of premium on the 2014/15 year.
Rynsard said that the Club was “very conscious of the fact that the Club’s capital is the Members’ capital, that many of our Members face difficult times and the Board will be looking to ensure that the financial strength of the Club is used to the benefit of the Members”. He noted that the 2017 renewal saw the third successive year with no General Increase.
However, Rynsard said that freight markets continued to be difficult for many members and inevitably there were many tough negotiations. “Nevertheless the renewal has been concluded broadly in line with expectations”, he said, noting that a number of members had transferred tonnage to the Club from other International Group Clubs and new members had been welcomed into the Club. At 151m GT the entered tonnage was at an all-time high.
As part of an effort to improve its service to the Members Steamship anticipates that new offices will be opened in the near future in Singapore and Tokyo. “Despite the improvements in technology nothing can beat the immediacy of face to face communication”, Rynsard concluded. https://www.steamshipmutual.com/Downloads/Sea-Venture/SeaVenture27InteractivePDF.pdf