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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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- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- Australian Coal Association
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Parliament of New Zealand
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- MS Steel International - UAE
- ASAPP Information Group - India
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- White Energy Company Limited
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- The University of Queensland
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
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