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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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Monday, 14 July 14
SGX CFR SOUTH CHINA COAL SWAP FOR Q3' 14 LOST 17.29% SINCE EARLY JANUARY 2014
COALspot.com: Coal price falling is continues as the impact oversupply and lower demand. API 8 CFR South China Coal swap for delivery in Q3 drops U ...
Sunday, 13 July 14
PANAMAX INDEX GAINS SLIGHTLY THIS WEEK; CAPE INDEX FALLS ALMOST 21.40%
COALspot.com: This week the freight market fell again after gaining last week. The cape index was down almost 21.40 pct and closed at 1465 points.
...
Friday, 11 July 14
EUROPE HAS A SUBSTANTIAL SURPLUS IN COAL SUPPLIES; RENEWABLE ENERGIES ARE REDUCING THE FULL-LOAD OPERATING HOURS OF HARD COAL-FIRED POWER PLANTS - VDKI
COALspot.com: General conditions for coal-fired power plants must be improved if the energy turnaround is to be a success, said German coal importe ...
Friday, 11 July 14
DR.CIESLIK RE-ELECTED AS CEO OF GERMAN COAL IMPORTER ASSOCIATION (VDKI)
Press Release : Dr Cieslik re-elected as CEO of German Coal Importer Association (VDKi) for the period 2014 – 2018. The German Coal Importer ...
Friday, 11 July 14
PORT OF NEWCASTLE SHIPPED $ 1.031 BILLION WORTH OF 11.744 MILLION TONS OF COAL IN JUNE 2014
COALspot.com: Port of Newcastle has shipped 11,744,396 tons of coal for the month ended 30 June 2014. According to Port’s monthly report, YTD ...
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- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
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- Altura Mining Limited, Indonesia
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- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
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- Formosa Plastics Group - Taiwan
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- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
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- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
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- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
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- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- The Treasury - Australian Government
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- Holcim Trading Pte Ltd - Singapore
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- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- White Energy Company Limited
- Indian Oil Corporation Limited
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- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- The University of Queensland
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Parliament of New Zealand
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
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- India Bulls Power Limited - India
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Economic Council, Georgia
- Anglo American - United Kingdom
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