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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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Wednesday, 14 May 14
COAL PRICES IN CHINA HAVE DROPPED TO THEIR LOWEST LEVELS SINCE END-2008
COALspot.com: Coal prices in China have dropped to their lowest levels since end-2008, Fitch says in its latest rating report on one of the coal ...
Wednesday, 14 May 14
ALMOST THROUGH THE HALF OF THE YEAR, THE DRY BULK INDEX SHOW SIGNS OF WEAKNESS; CREATING TO BOTH EXISTING SHIP OWNERS AND POTENTIAL INVESTORS A LOT OF INSECURITY - PANOS MAKRINOS
Almost through the half of the year, the overall shipping market and more specifically the Dry Bulk Index show signs of weakness, creating to bo ...
Tuesday, 13 May 14
NPC COAL EXPORT VOLUMES PLUNGE TO 2.48 MMT WEEK ON WEEK
COALspot.com: In the week ended 07:00 hours 12 May 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Quee ...
Tuesday, 13 May 14
YET ANOTHER POSIDONIA EXHIBITION IS ON ITS WAY - INTERMODAL
With less than a month to go before another Posidonia exhibition starts and all the parties and celebrations get under way we thought that it wo ...
Monday, 12 May 14
TAIPOWER TO IMPORT AROUND 1 MMT OF SUB-BITUMINOUS COAL DURING AUGUST 2014 THROUGH NOVEMBER 2014
COALspot.com - Taiwan Power Company intends to procure 1.050 million tons of sub-bituminous coal for Taipower thermal power plant through open t ...
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- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
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