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Wednesday, 04 June 14
SKULD: DIVERSIFICATION AND A ROBUST BOTTOM LINE
 In February, I was delighted to ring in the new policy year with the Skuld team following a solid renewal round and a strong year. 2013 was, in many ways, marked by continuity; in terms of premium growth, further diversification into new products and geographical areas and above all, a robust bottom line result of USD 29 million at the end of the year.
The solid premium growth and positive technical result Skuld delivered in 2013 was in line with our long-term strategy. Controlled growth has earned Skuld a clean ‘A’ rating, an important validation to our financial strength.
During 2013, we saw growth from current members, reflecting signs of recovery in the shipping sector. Skuld also harvested from geographical investments, in particular Singapore and the offshore market, and commercial operations delivered a significant growth in line with Skuld’s plans. In total, we recorded USD 379 million in premium, which represents a solid 19% increase from the year before. At the end of th year, our contingency reserves stood at a new record level of USD 335 million.
With regards to claims, 2013 was a good year and Skuld members did not have any pool claims. This is partly due to Skuld’s disciplined underwriting philosophy and the work that Skuld’s risk management has done in preventing losses. However, when it comes to claims, there will often also be an element of coincidence. We focus on attracting and retaining quality tonnage and building a close collaboration with members and clients to ensure that we can provide the best possible tools to manage risks. With the premium growth in 2013, Skuld is on track to reach its goal of USD 500 million in written premium in 2015.
COMMERCIAL OPERATIONS TO SUPPORT THE MUTUALITY
Commercial operations, Skuld 1897 in particular, play a key role in Skuld’s growth strategy. Our offering to charterers and offshore has been profitable from the beginning, and with further growth, our Lloyd’s syndicate will contribute to the bottom line. By 2020, we expect commercial operations to deliver half of Skuld’s premium income. In 2013 we expanded our product portfolio with fixed premium P&I and yacht insurances. We also established Skuld Claims Services; our Hull and Machinery claims lead handling. Further diversification is on Skuld’s agenda also going forward.
A STRONG AND UNIFIED SKULD
Skuld has come a long way from a Scandinavian P&I club. Today we’re a truly global marine insurer that is in a position to offer members and clients with a wide range of insurance covers, robust financial security and continued first-class service. We are larger than ever, but at the same time we are more unified. Strong focus on member and client needs is evident across the organisation – from the management team to claims handlers and support functions. We have invested in our people to ensure continued quality and availability of our services. After all, our business is all about people.
CONTINUING TO SUPPORT OUR MEMBERS’ AND CLIENTS’ NEEDS
Diversification has brought many new members and clients to Skuld. To meet the different segments’ varying needs and the increasing demand for digital services, we will be introducing new targeted digital publications and information services. We will also introduce enhanced online services that make cover and claims information available 24 hours a day.
In April, I was pleased to share the news that Skuld’s chief financial officer Ståle Hansen will take over the role of Skuld CEO in February 2015 as I move into a new position as executive board member. In essence, these changes are about ensuring seamless continuity.
A strong financial position, growth from commercial operations at the core of our strategy and innovation in services will remain as key objectives for Skuld’s leadership.
In 2013, Skuld continued its growth and expansion in a challenging underwriting environment. A combined ratio of 99% and a positive bottom line of USD 29 million is a good result in the current market – it underlines that expanding Skuld’s product portfolio into commercial areas was the right strategy for Skuld and its members.
It’s still early days for Skuld 1897, but I’m pleased to see that premium income for the Lloyd’s syndicate is developing according to plan. The value of Skuld’s commercial operations to our members goes beyond increased financial strength: a wider range of insurance covers has been welcomed by our members and clients.
Skuld Offshore continued its impressive growth in 2013. Skuld’s offering to the offshore arena has been welcomed by both leading and growing, specialised companies. Skuld Offshore has, over the last years, built a strong position through its passion for service and high level of competence.
EXCELLENT RESULTS
In late 2012 we expanded our platform in Asia by opening an office in Singapore. The expansion is already generating excellent results. Our members and clients in Asia have welcomed access to local service in addition to our global services available around the clock.
We see that an increasing number of P&I clubs are pursuing diversification to ensure their financial stability. All thirteen International Group clubs are facing the same challenges; Solvency II brings many changes and a range of regulatory requirements. Meeting these requirements calls for solid finances and some clubs will likely seek to strengthen their position by joining forces. In terms of financial robustness, Skuld stands out as one of the strongest. Reliability is important to our members, and with further growth we can preserve that.
A PASSION FOR SERVICE
In terms of service, I have been particularly pleased to see that as Skuld has grown, the Skuld culture has become stronger than ever. I’m confident that the customer focus is unique; all Skuld employees want to do the best they can to help members and clients. The global Skuld team shares a passion for service. Direct feedback from our members and clients assures me that the hands-on, dedicated service we provide is much appreciated. Our members know that when they need support from Skuld, the team is available at any time of day to provide legal, technical or commercial advice.
ALIGNMENT FOR STRATEGIC GOALS
I’m also happy to see that there is a very strong alignment across the Skuld management team, board and committee. Everyone is committed to working towards the same strategic goals. This level of alignment makes Skuld strong, and with the financial robustness we have achieved through disciplined growth, Skuld truly stands out among its competitors.
Skuld represents service, competence and reliability. In this spirit, the Skuld board was pleased to appoint Ståle Hansen as the new CEO from the beginning of February 2015. With Ståle’s strong commercial drive and commitment to financial strength, Skuld is well positioned to reach the growth targets the board and committee have set for the company.
Source: Skuld / Hellenic Shipping
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Wednesday, 02 July 14
THE PANAMAX MARKET CONTINUED TO BLEED FOR ANOTHER WEEK - INTERMODAL
COALspot.com: The Dry Bulk market succumbed to mounting pressure this past week, while the Capesize market proved unable to “save the day&rdq ...
Wednesday, 02 July 14
HANDY BULKERS PROVE TO BE THE MOST SOUGHT AFTER VESSELS OVER THE PAST WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The Handy dry bulker proved to be the most sought after ship by ship owners active in the second hand market, which saw a slight decline in terms o ...
Wednesday, 02 July 14
SHIPPING: MARKET INSIGHT - GEORGE DERMATIS
After 6 months, 57 ministerial meetings and 67 political agreements, the journey of the Greek Presidency in the EU reached its end yesterday; only ...
Tuesday, 01 July 14
INDIAN POWER PLANT COAL STOCKPILES VERY LOW
COALspot.com: According to today's Weekly Dry Bulk Report published by Commodore Research, Indian power plant coal stockpiles have now fallen t ...
Monday, 30 June 14
SUB-BIT FOB INDONESIA COAL PRICES ARE STILL STRUGGLING TO RECOVER
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on week and on month according to AsiaClear OTC coal swap's reports release ...
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- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- PTC India Limited - India
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Marubeni Corporation - India
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- The Treasury - Australian Government
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
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