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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, 19 June 14
PANAMAX: VERY CLOSE TO BREAKING THE ALL TIME LOW RECORD - FEARNLEYS AS
Handy
The Supra-Handy market is experiencing the same market slow down as its bigger sister markets however not to the same extent. We see TA rat ...
Wednesday, 18 June 14
CHINESE STEEL PRODUCTION SETS RECORD DURING FIRST TEN DAYS OF JUNE - COMMODORE RESEARCH & CONSULTANCY
Recently released data shows that average daily crude steel production at China's key steel mills hit a record high of 1.833 million tons durin ...
Wednesday, 18 June 14
MARKET INSIGHT - TIMOS PAPADIMITRIOU
Back in January the expectations for Q3 and Q4 were more than great. Talks and claims for a rising BDI and a healthy market were coming from everyw ...
Tuesday, 17 June 14
DRY BULK FREIGHT RATES TO RISE DURING THE SECOND HALF OF 2014, AS CHINA IS EXPECTED TO START IMPORTING MORE IRON ORE FROM BRAZIL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In its latest analysis of the dry bulk market, BIMCO said that it doesn’t expect freight rates to react significantly to increased demand bef ...
Monday, 16 June 14
INDONESIAN COAL SWAPS FOR Q3 DELIVERY FALL 2.34 % MONTH ON MONTH
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 ...
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- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- The University of Queensland
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
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