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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, 07 July 14
RBCT, THE WORLD'S SINGLE LARGEST EXPORT COAL TERMINAL SHIPPED 31.91 MMT OF COAL IN H1 2014
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the world’s single largest export coal terminal, shipped 31.91 million ton ...
Monday, 07 July 14
SOUTH AFRICA'S RICHARDS BAY COAL TERMINAL SHIPPED 12% LESS COAL IN JUNE COMPARED TO MAY EXPORTS
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the world’s single largest export coal terminal, shipped 4.91 million tons ...
Monday, 07 July 14
INDONESIAN SUB-BIT COAL SWAPS FOR Q3 DELIVERY CRASHES THROUGH $ 54.50
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on day, week and on month according to AsiaClear OTC coal swap's reports re ...
Monday, 07 July 14
API 8 CFR SOUTH CHINA COAL SWAPS SHOW A DOWNWARD TREND THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for delivery in Q3 drops US$ 5.47 month on month on Friday, dipping under $68 a ton. The CFR South Ch ...
Sunday, 06 July 14
PANAMAX INDEX BEING THE BIGGEST GAINER THIS WEEK; UP 52.75% W-O-W
COALspot.com: This week there was some positive signs in all the sectors. The Panamax index being the biggest gainer this week after losing for sev ...
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- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
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- The University of Queensland
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- Australian Coal Association
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- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
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- PTC India Limited - India
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- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
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- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
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- Parliament of New Zealand
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
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- Essar Steel Hazira Ltd - India
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- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
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- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
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- Uttam Galva Steels Limited - India
- Economic Council, Georgia
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- Semirara Mining and Power Corporation, Philippines
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- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
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- Makarim & Taira - Indonesia
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
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- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Cement Manufacturers Association - India
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- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
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- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
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- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
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- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Videocon Industries ltd - India
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- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
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- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
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