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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, 27 February 14
NEWCASTLE COAL EXPORTS SLIP 26.68 PERCENT WEEK ON WEEK
COALspot.com: In the week ended 24 February 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, total 2. ...
Wednesday, 26 February 14
SMALLER SIZE SEGMENTS HOLDING ON TO THEIR LEVELS; CAPES CORRECTING UPWARDS - INTERMODAL
Chartering (Wet: Stable- / Dry: Stable+)
The Dry Bulk market continued to improve this past week, on the back of rates for the smaller size s ...
Tuesday, 25 February 14
GBCE, A COAL UPGRADING TECHNOLOGY DEVELOPER, APPOINTS RICHARD BULMAN AS PROJECT DIRECTOR
Press Release: GB Clean Energy Ltd. (GBCE) announced today the appointment of Richard Bulman as Project Director. In this capacity Mr. Bulman ...
Tuesday, 25 February 14
ULTRAMAXES ARE THE 'WEAPON OF CHOICE' FOR DRY BULK SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
It's been a busy start in 2014, as the first month of the year was a rather active in terms of second hand vessel purchases and newbuilding orderin ...
Tuesday, 25 February 14
SGX'S MONTHLY VOLUMES DRASTICALLY INCREASED AND REACHED A RECORD OF 810K TONNES YEAR-ON-YEAR
COALspot.com: SGX Thermal Coal derivatives started the new year with record volumes in January on the back of higher volatility, says SGX.
Accord ...
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- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- ASAPP Information Group - India
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Thai Mozambique Logistica
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Indika Energy - Indonesia
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