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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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Thursday, 12 June 14
HANDY : TA MARKET IS CONTINUING SOUTH WITH A DECREASE OF 26% W-O-W
Handy
The week started off with holidays in most European countries and the TA market is continuing south with a decrease of 26% w-o-w. We do see ...
Thursday, 12 June 14
CONSOLIDATION IS THE ' NAME OF THE GAME' WHEN IT COMES TO SHIPYARDS ACROSS ASIA - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Intense competition, a swelling of new greenfield shipyards over the past few years mainly in China, especially prior to the 2008 global financial ...
Wednesday, 11 June 14
INDONESIA'S COAL EXPORT VOLUME AND REVENUE SLIPS 2.75% AND 6.73% RESPECTIVELY IN APRIL
COALspot.com: Indonesia, one of the world's largest coal producer and the global largest multi grade coal exporter shipped around $1.8* b ...
Wednesday, 11 June 14
BPI TOUCHING A NEW LOW FOR THE YEAR
The Dry Bulk market closed off the week positively, on the back of firming Capesize rates, while the market overall continues to face a very challe ...
Monday, 09 June 14
GOVT GETS TOUGH ON ILLEGAL MINING, SUSPENDS LICENSES - THE JAKARTA POST
The government has temporarily suspended the licenses of 62 mineral and coal transportation companies as part of its efforts to curb illegal mining ...
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- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Thiess Contractors Indonesia
- Minerals Council of Australia
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- PTC India Limited - India
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
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