Triton no 2 2014 - The Swedish Club

Transcription

The Swedish Club
No. 2 - 2014
AGM
REPORT
Page 4-23
Facing the
challenges
head on
Entering
into
The first wave of the MRM Campaign
Builder’s
– a resounding success! Risk
Page 28-29
Legal update: What it is all about
Page 26
Page 25
| Content |
3 LEADER
24 CLUB INFORMATION
Presumed innocent until proven guilty!
4-23 ANNUAL GENERAL MEETING
Marine Insurance Course
25 LEGAL UPDATE
What it is all about
Managing Director’s Report 4-5
Keynote speaker: Martin Stopford 6-7
Keynote speaker: Magnus Lindkvist 8-9
STRATEGIC BUSINESS DEVELOPMENT & CLIENT RELATIONSHIP
Panel discussion:
Putting the eco-ship into perspective 10-11
Entering into Builder’s Risk
Panel discussion moderator: Khalid Hashim 11
AGM-profiles: Martin Stopford 12
Dagfinn Lunde 12-13
Carl-Johan Hagman 13
John Coustas 14
Hermann Klein 14
The Swedish Club Board of Directors 2014 15
26
New Board Member:
Michael Bodouroglou, Allseas Marine 16-17
Early Arrivals Dinner 18-19
27-29 SAFETY
Why do heavy weather claims occur? 27
The first wave of the MRM Campaign – a resounding success! 28-29
Martin Hernqvist speaks at the 17th European Manning and Training Conference 29
30-36 CLUB INFORMATION
News from Team Piraeus 30
News from Team Gothenburg 30
News from Team Norway 31
News from Team Asia 31
Out and About 32-35
Staff News 35
Club calendar 35
Club quiz 35
Contact 36
AGM Dinner 20-21
Out & About: Mutual Cup 22
Out & About: Partners’ Programme 22
Out & About: The Swedish Club Grand Classic 23
Out & About: A day outside 23
|2 |
Triton 2 – 2014 August
| Leader |
PHOTO: Jonas Ahlsén
Presumed innocent
until proven guilty!
Lars Rhodin
Managing Director
Dear members and associates,
Presumed innocent until proven guilty is a fundamental
principle in criminal law. It is not until the prosecutor has
submitted evidence “beyond reasonable doubt” that the
suspect can be found guilty of a crime at trial. Until then,
the wrongdoer is not guilty under criminal legislation.
This principle however does not seem to apply in marine
casualties. The media and society has little tolerance
with shipping accidents. I can understand this reaction in
cases involving loss of life, but less in incidents resulting
in environmental damage and property loss. Yet the
presumption in all these cases is “guilty”.
The tragic ferry sinking of the MV Sewol in South Korea in
April resulted in widespread social and political reaction in
South Korea; from criticism of the actions of the captain and
most of the crew of the ferry, to criticism of the ferry operator
and the regulators who oversaw its operations, to criticism
of the South Korean government and media for its disaster
response and attempts to downplay government culpability.
Subsequently, the captain and three crew members were
charged with murder, while the other 11 members of the
crew were indicted for abandoning ship.
The Swedish Club Triton is published three times a year
and distributed free of charge. The Swedish Club Triton is an
editorially independent newsletter and opinions expressed
by external contributors are not necessarily those of The
Swedish Club. Articles herein are not intended to provide
legal advice and the Club does not accept responsibility
for errors or omissions or their consequences. For further
information regarding any issue raised herein, please contact
our head office in Gothenburg.
“Women and children first” does not seem to apply
anymore. We saw that in the Costa Concordia case too – a
captain who slipped into a lifeboat way ahead of other
people onboard. This deplorable behaviour is evidence of
a bad, inexcusable culture; it does make a great disservice
to the industry, creates a major outcry and gives us a very
strong case of “guilty”.
The Swedish Club’s AGM 2014 in June carried a strong
programme, in common with previous years, which again
generated a high level of interest. Dr Martin Stopford is a
world name and second to none in shipping research. His
thought-provoking speech on Members’ Day “Past, Present
and Future of shipping” led us in to an interesting debate
on the state and prospect of the industry with the highpowered group of panelists.
Our second keynote speaker – Magnus Lindkvist – took
us on a journey past tomorrow in a way only trend spotters
and futurologists can do. These items are fully covered in the
Triton together with the other features and social activities of
the events, so please enjoy your read.
Production Coordinator
Susanne Blomstrand
PR-consultant
Elaborate Communications Ltd
© The Swedish Club
Articles or extracts may be quoted
provided that The Swedish Club is
credited as the source.
Layout
Eliasson Information, Gothenburg
Cover photo:
Jonas Ahlsén
Print
PR Offset, Mölndal
14085000B
[email protected]
www.swedishclub.com
|3 |
| AGM/ Managing Director's Report |
Returning a strong perfo
“Last year was a good year for the Club
with results showing a positive return on
investment and a very good contribution
from the underwriting side,” said Lars
Rhodin, The Swedish Club’s managing
director, during his address to the Club’s
142nd Annual General Meeting (AGM) in
Gothenburg on 12 June.
“We had a strong operating performance, returning a surplus of USD 17 million, and we saw
further diversification within marine and energy
with planned growth in all sectors.”
During the year, the Club strengthened its office in Norway, decided to offer its Maritime Resource Management (MRM) programme free of
charge to members and saw its free reserves rise
to a historically high level of USD 168 million.
The Club sees MRM training as a significant
contribution to the drive to reduce large navigation claims resulting from human error.
The strengthening of its services to the Norwegian market includes the offshore service initiative, described in the Club’s annual review as
being of particular significance.
While the scrapping of elderly tonnage during
2013 has had an adverse impact on the premium
income of some clubs, the average age of The
Swedish Club’s P&I fleet is just 9.7 years old, so
the disposal of older ships had less effect on pricing.
The year in review
He told members attending the AGM that the
results were the combination of four factors:
“First of all we had a benign claims year; then we
saw the effects of diversification over many products in different business areas and we also had a
strong marine operating performance with a very
good combined ratio. The way we transfer risk
today means the Club takes more risk, enabling
us to conserve the upside.”
The Swedish Club’s managing director also
underlined the importance of the Club’s future
growth strategy. He said: “Growth is important
|4 |
and our goal is to grow a bit more than the market. In P&I we have grown by 50% over the past
four years, against a growth in the world fleet of
30%. P&I volume in terms of tonnage increased
by 8% in 2013, which was in line with expectations. The year saw the P&I fleet pass the 55 million gross tonnes mark.
In H&M we have increased the number of
units we insure from 1,500 to 2,000. Part of this
Managing Director’s Report
is regular growth and part is the addition of more
offshore service vessels which we have entered in
through our regional offices.”
He also pointed to the strong contribution
that came from the underwriting side. He added: “We saw a total net combined ratio of 93%
which was made up from a net combined ratio in
marine of 67%; a net combined ratio in energy
of 84%; net combined ratio in P&I of 112% —
which is acceptable under the circumstances —
and a net combined ratio in FD&D of 81%.”
While claims frequency may have been up a
little, the size of the average claim fell in P&I.
There was a rise in cargo and injury claims last
year, members were told.
Hull and machinery average claim costs were
down in 2013 compared to the previous year’s
figures, although the number of H&M claims
per vessel showed an upward trend.
2013 – a good year for the Club
He reiterated that 2013 was a good year for the
Club and it developed well in all areas. “Not that
many companies stand the test of time over so
many years and so many economic cycles,” he
said, but some companies do. “History is supportive because that gives us identity and experience.”
He stressed the importance of the Club’s
long-standing relationships in a business which
is based on trust. “Insurance is not a quick fix
but a matter of long term confidence. 2013 was
the year when the Club showed progress despite
| AGM/ Managing Director's Report |
rmance
the tough conditions prevailing for shipping we
were fortunate to make a bottom line [surplus] of
USD 17 million.”
He reminded the audience of the spiralling
cost of casualties like the Costa Concordia and
the Rena. There has been considerable concern
in the industry about the rising cost of wreck
removal, which often was aggregated by excessive
intervention from coastal states.
Changes in The Swedish Club Board
The Swedish Club appointed two new directors
at its AGM including Idil Baran of the CerBa
Group and Michael Bodouroglou of Allseas Marine, which manages Paragon Shipping and Box
Ships’ fleets.
Captain John P. Samartzis of JP Samartzis
Maritime Enterprises S.A. and Suay Umut of
Dünya Denizcilik ve Ticaret A.S. resigned at the
AGM. Samartzis has been on the Club’s board
for over 30 years and Umut for 12 years.
Looking ahead
Rhodin described The Swedish Club as a “composite” insurer, and the Club is continuing to
expand the services it offers, including in the
offshore sector. One new area of diversification is
into Builder’s Risk, initially to provide insurance
to Norwegian yards building offshore supply vessels.
This new area of diversification in writing yard
risk is in line with The Swedish Club’s expanding offshore activity and while Rhodin told the
AGM that remaining static was not an option,
he was not necessarily in favour of an aggressive
growth strategy.
The Club’s Norwegian office began by focusing on floating storage and rigs and then progressed to offshore supply vessels now to enter
into Builder’s Risk.
|5 |
| AGM/ Keynote Speaker: Martin Stopford |
KEYNOTE SPEAKER Martin Stopford, Clarkson Research Services
Radical change in fuel prices, regulation and climate
change issues, as well as an economic depression and a
banking system that has “walked away from us”, are just
some of the challenges the shipping industry is facing at
the moment. For these reasons now is the time to think
seriously about what to do in the future, Dr Martin Stopford told The Swedish Club members in his much awaited
AGM presentation.
“Every decade is different and we are an evolving business,” he said.
“The future is what you make of it”. Back in the 1960s, 80% of the
tanker fleet was on 10 or 15 year time charters. “Those were the
days when shipping was a really serious industrial shipping business
led by the charterers. In the 1970s and ‘80s, when nearly the whole
tanker fleet went onto spot; then in the 1990s it was hoped there
would be another boom, but this didn’t happen and there
was hardly enough money to pay for the ships. Then in
the 2000s money was pouring in and shipping became a
huge money machine.”
As a result the last forty years has been a financial
roller coaster. For five years in the 1980s there was no
money at all with rates of $4,000 per day. At the start
of the 1990s this had moved to $10,000-$12,000. By
2000 VLCC earnings reached $80,000 per day.
The market collapsed again in 2002 but by
2004, earnings for a VLCC had risen to
$220,000 while in June 2008 capesize
rates had moved to $300,000. Prices
have now moved back down to
$9,500 per day.
|6 |
“Past, pres
The current decade is the one that is most difficult
to assess
“Those who get it right will have a very successful decade regardless
of what the market does”, he said. “I believe today’s tough financial
environment will drag on and a renewed focus on the cost effective
technical management of the industry is the core building block for
survival and success.”
Good time to invest now?
Coming to the present day and whether now is a good time to be
investing, Dr Stopford said he did not think it was a time for speculative buying to make a quick buck. “During the great boom when
we all made lots of money, shipbuilding capacity got out of control.
Since the capesize bulk carrier market collapsed in 2008 there were
deliveries in quite a few years of 100m tonnes
of bulk carriers, while during the boom it
was only 20m tonnes a year. In conse-
Facing
quence a surplus has built up
and he does not believe really
good returns “until this lot disappears”. If trade grows at 3.5%
per year and yards deliver 85m
dwt a year, the surplus of ships will
still be there in 2020”.
Some form of disruption in the next
year or two
As far as the world economy is concerned
Chinese growth is now running at the
rate of 7.5% as against 15%. Stopford described the picture in
Asia (excluding Japan and
China) as worrying, dominated by India when the
question is whether incoming Prime Minister Narendra
Modi will change the econo-
| AGM/ Keynote Speaker: Martin Stopford |
ent and future of shipping – Time to invest?”
my and there are a lot of issues in Indonesia and Thailand.
“The thing to watch out for is the next crisis – whether it is an
energy crisis or a financial crisis. Odds are there will be some form
of disruption in the next year or two”.
The peak of the ship deliveries came after the credit crisis in 2011
with 160m tonnes. “We are now locked in going forward at 90m
tonnes per annum”. Stopford believes that if owners are not coming forward with new orders, the yards will do the traditional thing
and cut prices and there will be some good, cheap newbuildings
coming along. The key point will be to get the right price.
Supply and demand analysis
As far as supply and demand analysis is concerned at the moment
shipowners needed help from cargo owners rather than there being
an adversarial marketplace. “If owners are afraid of charterers you
get lousy rates even if there is a good supply and demand balance”.
This differed from the days when the cargo owners ran the business
those providing shipping services, but there will also be increased
competition, he said.
Owners of cargos may need to get closer to the owners of the
ships in order to achieve the kind of shipping operations that they
want. There is a big issue going forward in terms of the industry’s
long term customer base. The customer and the carbon footprint
are both key. “In terms of operational efficiency for the last 50 years
we have been on autopilot because we have had very cheap fuel and
could afford to build whatever ships we liked. Now bunker oil prices have gone up enormously and at the same time the issue of the
carbon footprint regulations are pushing in the same direction. The
industry is under technical pressures that it hasn’t been used to.”
Money speaks in the end in shipping
For the last 50 years the ship was expensive and the fuel dirt cheap,
he said. Because the ship was much more expensive, the priority was
to design it to make it as fast as possible. Until 2006 it was more expensive to go slower, given the cost
of the ship. Now
charterers have a
greater incentive for
getting a slower ship than they used to. He advised reviewing operating speeds constantly, having contracts that allowed for this and a
strategy that deals with market fluctuations.
“Money speaks in the end in shipping and if you are up against it
financially then people will change. Economies of scale have been
the mantra”, he says. “With today’s high fuel prices you don’t really
save with the size of the ship.”
There is an information revolution going on and “we need to
evolve ship systems to make use of it. We have new technology to
help out. Companies have to evolve”, he said. “If you spend money
on IT there is no guarantee it will work”.
As far as investing for the future is concerned, he advocated before spending a lot of money on ships to “think about the fact that
technology is a chore. Have you done everything required to get
value for your ship and is it actually going to give you a proper guaranteed return to take to your customer and say ‘this is real value
added’?”
the challenges head on
and a shipowner would negotiate a 15 year charter which made him
the cargo owner’s “man”.
The shipping industry is an old fashioned one and set in its ways,
according to Stopford. He feels that the time has come to do something completely different. “In looking at a strategy the first thing is
to consider what business you are in”, he said. “Is it running ships or
delivering cargo?”
Looking at the business strategically
The issue of buying and selling ships to make a profit he described
as arbitrage or gambling and not adding value. There was nothing
wrong with this – someone in the world economy has to carry this
risk - and for shipping companies “it can be a good sideline” but in
his opinion it should not be the central focus for the business.
“We need to look at the business going forward strategically as a
whole. We need to look at the demand and who our customers are.
How often do you have a discussion about customers, getting close
to customers and visiting customers?” he asked. He advocated supporting customers and getting to know their needs.
Another issue is what companies are doing to make ships operate
more efficiently. Speed management is the biggest way to cut the
carbon footprint. A lot of companies he
believes do not know how and whether
their carbon footprint has improved
over time.
Looking ahead
Shipping has a whole bunch of new
customers Stopford explained, particularly in the Pacific and they are going to
import a lot more cargo. Pacific cargo
share has increased from 18% to 53% in
2013. Growth in non-OECD countries
should provide increased potential for
Trade cargo, not ships
Energy costs are high and rising and climate change concerns and
regulation are increasing. According to Stopford “we are going to
have to change, it’s just a matter of when, who changes and who
makes the best job of the change”. Cargo ownership is also changing and he believed maybe the industry should be looking beyond
the spot market.
Another issue was the adversarial relationship with cargo owners
and charterers has been spot driven, he said. “You need the cargo
interests to help out with the big changes that are needed today.”
“Trade cargo, not ships should be our new mantra.”
|7 |
| AGM / Keynote speaker: Magnus Lindkvist |
How to change
the world one step at a
Magnus Lindkvist, Trend spotter and
Futurologist, challenged and
entertained the audience at The
Swedish Club’s Members’
Day with a keynote speech
on Pattern Recognition
“Futurology – a journey past
tomorrow”.
Interviewed after the event, we
asked Magnus Lindkvist how he deals
with many different
industries and does
he think that shipping is a conservative
proposition?
“An industry is the name
we give to a collection of companies who are quite mature and who
are doing similar things,” he says. “It is
by its very definition conservative, meaning
sticking with the methodologies that it has,
and making incremental change and not much
else.”
Shipping was once like Google, he maintains. It was virtually an industry in itself.
“There is no collection of Googles, there is just
one, with an 85% world market share of research.” Today, very few industries have that
KEYNOTE SPEAKER Magnus Lindkvist
luxury, although they might have had it once. “Now only a rare
few have the technology and the guts to pull it off”.
“In an industry you tend to be quite process oriented, and you
consider how to make it efficient and cut costs”. Process-driven
people are also required, he explained. “It leads to homogeneity.
A bit like in the Army, it is quite difficult to have, for example, a
ninety year-old woman on the staff.”
The opposite of being process-driven is being product-driven
and by that he means creating something brand new at least once
a year, “because you know the iceberg is always melting”. “In a
product-driven company things are different, because you actually
want someone outside the mould around to see new ideas and get
things in. It’s almost the opposite to having that streamlined, efficient, cost-cutting, driving approach. It’s a little bit like whether
we change the recipe or we repeat it”.
Vertical change and vertical growth
Magnus Lindkvist quotes a comment that “the most difficult,
painful race is the one that you don’t know you’re in”. This was the
|8 |
case with Encyclopaedia Britannica which, due to technological
advances, suddenly had to contend with competitors who had not
previously been in the field. “I see something similar with public
speaking, there may be about 50 of us in Europe who can make a
living out of public speaking, but there are thousands now who
are willing to do it for free”.
The difficulty of vertical change and vertical growth is that “you
have to let go,” he says. “One myth of progress,” he adds, “is that
everything you do, has to be new.” He takes as an example the use
of bicycles in Copenhagen. People are moving away from using
cars in favour of them, because it is more practical and cheaper to
have a bicycle to get around on. For a short while people might
think that it was running against the grain of technological advances, but sometimes this approach was needed. Concord, for
example, was probably “the right idea with the wrong execution”.
According to him “we still haven’t been able to manipulate gravity, that is why we don’t have flying cars”.
Two events changed him
Magnus Lindkvist grew up in the Swedish ex-pat community in
London, based round Kingston. He describes himself as a “happygo-lucky” person up to the age of 17 when his father had all his
money embezzled in a Madoff style scam. “That was probably ultimately to the good because it saved me from becoming a rich kid,”
he says.
The second shock was that he was victim of a burglary in the
house, in which he was tied up and threatened with being killed.
These two events changed him from being a carefree individual to
a more reflective person.
Started trend spotting as a hobby
He went to business school but this did not appeal and he got a
scholarship to study film in 1998. He tried working in advertising, but gave this up to train as a journalist and write a novel. He
started doing trend spotting sessions as a hobby.
After three years of doing odd jobs he was able to start a company in 2005 to focus full time on public speaking and studying
trends. It took him about three years to be able to develop this
into a full-time career. Since 2008 he has been living off public
speaking full-time and “it takes me around the world,” he says.
So how has he collected the view that he expounds in his
lectures?
“Anita Roddick of The Body Shop once said you have to be an opportunistic collector, and that is what I am.” “Attention is a twoway street, we have top-down attention which means ‘I am looking for x’ and then there is bottom-up attention which means ‘x’
finds you. I am much more bottom up.”
Everything gives him ideas, and he is open to opportunities
– today, Magnus Stopford’s talk at the AGM was particularly
thought provoking. He says he saves all the speeches he has done.
| AGM / Keynote speaker: Magnus Lindkvist |
time
The challenge for any innovator is a trade-off between ‘new’ and
‘reliable’ and most people he deals with want ‘reliable’, even if they
say they want ‘new and funny’. “They want a Mercedes and not a
Ferrari, and that is a challenge.”
To predict how it is all going to end up
“Not only is there a challenge to hit the right note in business, but
also in trying to predict how it is
all going to end up,“ he says. “In the
shipping industry there is a lot of interest in the need for change in design to meet the demands of competing for business, yet at the same time
there is a lot of reticence about taking the industry by storm with
eco-ships, particularly when the world fleet is so young.”
Most industry segments believe they “sell drills when you want
holes”. He cites as an example Scandinavian airline SAS who will
advertise upgrades to their cabin space when what the industry
wants is for planes to go faster.
is where the newspaper industry was in 1999, he says. However, “we
are starting to see more patterns in what you can create and innovate, so why don’t we use that as the cue to move forward”.
What will the customer be like in the future?
“A ship is just the way you do things right now – whereas a plane
sacrifices cost and scale for speed, a ship will sacrifice speed for cost,
scale and reliability,” he says.
“If we keep on asking the
same question of what a ship
will be like in the future we
will continue to arrive at similar answers. Perhaps we should
be asking instead, what will the customer be like in the future? If
we don’t have the right question we will find the wrong answer. We
can all dream up technologically sci-fi models but the real challenge
is in predicting how business will be done in future.”
“Many people admire Apple’s Steve Jobs because he took death
defying risks - “Is it better to have many small ideas than one big
one?” he asked. This could apply to what the ships of the future
should look like. Those who invented the container didn’t set out to
change the world, but it happened anyway,” concludes Magnus.
“Not only is there a challenge to hit the
right note in business, but also in trying
to predict how it is all going to end up,“
Allow the individual to innovate
Innovation is difficult to do on a company-wide level but so the focus must be on allowing the individual to innovate. The ball is still
very much in the shipping industry’s court. The shipping industry
|9 |
| AGM / Panel discussion |
Debating key industry issues. From left: Khalid Hashim, John Coustas, Carl-Johan Hagman, Dagfinn Lunde, Hermann Klein and Martin Stopford.
Putting the eco-ship into per
Having some of the finest shipping minds together on
one panel debating key industry issues is one of the
strong points of the conference section of The Swedish
Club’s Annual General Meeting and this year was no exception.
Shipowner heavyweights Dr Hermann Klein, CEO of E.R
Schiffahrt and Dr John Coustas, President and Chief Executive of
Danaos Shipping Co., joined forces with Dagfinn Lunde, Chairman of Executive Ship Management and Stena Shipping and Drilling’s Chief Executive Carl-Johan Hagman, to discuss the whole
issue of eco-friendly tonnage and its role in shipping today and
tomorrow. All debated under the superb direction of Precious Shipping’s Managing Director Khalid Hashim.
And as Dr Hermann Klein said as he got proceedings off to a
good start: “Shipping now is all about arriving on time and arriving at the lowest cost, in the safest and most reliable way, but what
about the future? We have all heard about the driverless car but
what about driverless shipping? We talked about the driverless cars
possibly producing less accidents but can this be the same for shipping – less accidents, lower costs and maybe safer to operate. Some
food for thought?”
Food for thought indeed, especially when you consider the advances being made in technology today such as the 3D printer.
“We have seen the market change dramatically over the last 20 to
25 years. Nobody could foresee this and the question is what we
will be dealing with in the future, the same vessels or something
| 10 |
totally different?” he
questioned. “Like the 3D
printer: maybe this is the
real competitor for conSean Moloney
tainers if you can produce
Managing Director
your shoes and clothes via
Elaborate Communications
Bedfordshire, UK
a 3D printer will you need
transportation? You need
to ask what will be the real competitor moving forward. Long-term
investment in shipping may end up not only being transportation
but also the production of goods.”
Dr Klein also talked to delegates about the eco-vessel revolution
and the need for vessel modification and crew training to take into
account as well. “Modification of your vessels is absolutely necessary
and you have to carry out modifications on existing vessels to make
sure your ship is at the best market level it can be. I.e. conversions
from DP1 to DP2 in the offshore side; and when it comes to bulkers and container ships we are looking at improved efficiency. But
you can save money through important crew training because very
few crew today know how to operate a modified vessel efficiently,”
he said.
Dr John Coustas added to the debate by suggesting that the
time may have come for the truth to come out from all the eco-ship
‘jargon’. “The first real eco-ships were built after the oil crisis. I am
sure many of you will remember the age of the steam turbine. Then
we had the second oil crisis back in the late 70s and 80s and by that
time oil went up to $40 a barrel, and because people thought oil
| AGM / Panel discussion |
would go to $150+ there was tremendous research in the yards for
the first long stroke engines.”
“In the 80s people predicted we would have very expensive
fuels and ships would have to be run at slower speeds. There is an
example of US Lines, which isn’t around anymore, which made
a bet at the time that oil would go to $100 a barrel and they built
4,200teu box ships designed to run at 17-18 knots. By the time the
ships came on stream, the oil price had dropped dramatically and
the ships were useless. The company went down because of that
investment.”
He was quite forthright when he told the conference: “We see
on one hand, eco designs based on a market projection. However,
we are in an environment where we can’t know exactly how the
oil price will develop so it is dangerous for us to make bets that are
truly one way.”
“All these eco designs (bulkers and tankers) started with a dearth
in shipyard orders. I cannot understand how you can have a good
design at 14 knots developed by a yard and all of a sudden without
any major breakthrough in engine fuel oil consumption, or any
kind of hydrodynamic miracles, you can go out and say the same
ship will have 15% less consumption. The only way you can do that
is if you start from a bad vessel design.”
Dagfinn Lunde, put some solid figures to the facts when he told
delegates: “There are 5,000 vessels on order now, and this year’s deliveries will require $120bn of financing. Compared to other industries, shipping has traditionally used a lot more commercial banks.”
“Export credit agencies
are the future and they
will provide the necessary
financing because they are
financing the newbuildings. The financing will be there. The only gap in the market will be
in the second-hand market – there are few commercial banks who
will help owners buy second-hand tonnage.”
He added: “One interesting thing is that I am sitting looking at
the industry and we have had sails, steam, now diesel and I don’t
even imagine you can change to LNG or other fuels. In my mind,
there are extreme advantages in LNG such as the economy of the
fuel and society’s reaction. But don’t forget, if you have a new ship
delivering $6,000 saving and your investment is based on those
savings, what percentage of that is taken by the charterer? Well between 50% to 70%, with the average being 67%.”
spective
Stena’s Carl-Johan Hagman added: “Despite the fact the world
is changing, there is an unlimited amount of financing out there
and no matter what you say, in US private equity there are sufficient numbers of rich people out there to invest. But structurally
I don’t see how we will move from trading vessels to trading cargo
and doing it profitably. Stena has made 70% of its profits from asset
plays and 30% from daily operations and 99.9% of our staff work in
daily operations.
Tongue in his cheek, he said: “I do not believe in fundamentals
in this market as we should not be here.”
The last word went to John Coustas who said: “The only way the
industry can make money is if the world pays more for our services.
If the game is for us to sell a vessel from one another more expensively and one person wins and makes money, that is really where
we should collectively work together.”
Khalid Hashim, Managing
Director of Precious Shipping
Co and moderator of the
panel discussion held at the
Club’s Members’ Day.
Timing is key to
profit growth
Bangkok–based Precious Shipping’s relationship
with The Swedish Club dates back to 1993 when
Managing Director Khalid Hashim discussed entering the company’s ships for hull and machinery
cover.
The relationship has gone from strength to strength. In 1996
he joined the board of The Swedish Club and was appointed
chairman of the Club’s finance and audit committee a year
later. In 2007 he became deputy chairman of the Club.
He disagrees with the idea there is no money to be made
in shipping. The founding shareholders at Precious Shipping
started out with USD 3 million of equity in 1987 to buy ships.
A couple of “dilutions” followed and then a public offering on
the Thai stock market. Today the founding shareholders hold
61% which is worth in market capitalisation terms about USD
510 million – so it has grown 170 times in 27 years.
“Timing is the key,” he says. Shipping is a cyclical market
and he believes that it is predictable, although one may not
always get the timing right. “You don’t have to have a very big
fleet to make money,” he advises. Precious Shipping currently
has 40 ships with 29 more to be delivered, although tonnage
will be sold to bring the overall fleet back to about 50 ships.
The company also values its crew. He points out that ships
sail on three ‘M’s – meals, money and mail – so it is all about
ensuring the crew is properly fed, properly paid at ITF rates
and can communicate with their loved ones. “These three ‘M’s
are things that we are very good at,” he says.
Training is an important factor and Precious recently paid
USD 1 million for a simulator. “Training looks expensive until you try an accident,” he warns. The company also uses The
Swedish Club Academy’s Maritime Resource Management
programme.
Predicting a market upcycle in the final quarter, he reveals
he believes all forecasts in shipping are generally wrong. “Forecasting in shipping is very painful, it is like chewing glass,” he
concludes.
| 11 |
| AGM / AGM-profiles |
The right vision for the future
Martin Stopford has long been considered one of the few analysts prepared
to stick his head above the parapet
when making predictions about the future of the shipping industry. Recently
retired from Clarksons, he has been
branching out into other areas.
Commenting on the ship management segment, he maintains that ship management
companies should be trying to differentiate
themselves from the opposition. Even the largest, he says are trying to market their services
as being cheap, whereas registries like the Marshall Islands have proved that with the right
formula you can prove attractive to a different
type of client. Today the shipping industry
faces many new technical and regulatory challenges. ”If a ship manager is
running 3,000 ships, he is in a
much better position to provide
a qualified professional staff to deal with the issues. Even big companies struggle with this and
for the 10 ship company it’s a problem.”
ture.” That vision is more important. “If you
don’t order a ship then someone else will. You
can’t be a shipowner without ships. Ships have
to be ordered at some point and sometimes the
timing isn’t right.” Once you have the ships, the
vision tells you how to use them to provide the
quality service charterers demand, at the rock
bottom freight rates competitors offer.
That’s where the technical part is tricky for
smaller companies without much room for
technical overheads. The technical management issue plays a big part in this vision and
outsourcing may be an option – but the right
partner is crucial.
With his departure from Clarksons, is he now semiretired?
Dr Stopford says he puts two to three days a
week aside for farming. Just after the credit crisis he found a unique but rundown Georgian
farm in Staffordshire and grazes organic beef,
in a joint venture with a local farmer. “The
farm brings you back to basics,” he says. “You
are creating from the raw ingredients and when
you have worked in the City, it’s a good balHas the shipping industry learned from its mistakes? ance.”
Dr Stopford will generally spend two days a
He believes the right question to ask is not
whether shipping has learned from its mistakes week travelling to speaking engagements and
conferences and is also developing a blended ebut whether the industry has the right vision
learning business, building on the franchise of
going forward. For example the vision of ship
his book Maritime Economics, “so that when
management today reflects its history, and he
says “doesn’t quite take on board the potential I’m too old to get on a plane, I can still carry on
pontificating.”
that ship management could have for the fu-
AGM-PROFILE Martin Stopford
Making crew count
Although Dagfinn Lunde is perhaps
best known for his banking role at DVB,
from which he retired last year, he is
quick to point out that his previous role
was as Managing Director of Independent Tanker Owners Association INTERTANKO and before that at Klaveness,
which puts him in good stead for his
new role as Chairman of Executive Ship
Management.
He took over as Chairman of Singapore-based
Executive Ship Management (ESM) with the
role of raising its client profile and to help the
AGM-PROFILE Dagfinn Lunde
| 12 |
company expand. “ESM currently runs about
140 ships but could do much more. ESM is a
very specialised company in the tanker industry with a special focus on education and training of crew,” he explains.
So what does he consider to be the key focus regarding training at the moment?
“Accidents,” he says. “Training for navigation is a key issue for the company because the
industry increasingly suffers from rampant
navigational blunders, from untrained or inadequately trained seafarers. The last big accident
in Singapore was one example, when the rules
of the road were not respected. The situation is
really serious.”
Keeping ahead
of changing markets
Fighting protectionism is one of the
key challenges faced by the shipping
industry, according to Stena shipping
and drilling chief executive Carl-Johan
Hagman.
regulations differ substantially between regions - or risk not being enforced properly,
as may happen with the low sulphur SECA
regulations. That can lead to unfair competition which is not good.”
So what are your views on eco-ships?
“On the whole, the shipping industry lives
on international trade and historically has
always benefitted from increased globalisation. The biggest threat to the industry is
therefore if we see growing protectionism,
with countries or regions isolating themselves.”
“In addition legislative measures focusing on, for example, vessels’ age and size
rather than quality, can be damaging in
particular segments. I believe the traditional shipowners in this industry are dealing
very professionally with the challenges we
are facing.”
Environmental regulation is putting shipping
firms under pressure, how is Stena dealing
with the issues?
“We welcome environmental regulations
as they make the world’s greenest industry
even greener. It also forces the industry to
find new solutions and new technology such as Stena’s projects with methanol as
marine fuel. What is challenging is when
He says that the current tonnage oversupply situation affecting the market is not
new. What shipping should be doing is being careful to buy at the right time, working
closely with customers and building an efficient operation. This “carries you through if
you have low leverage on your balance sheet”.
“ESM has a special philosophy,” he says
“with its focus on specialised vessels like
tankers and training. Their pre-sea training
centre trains about 400 officer cadets each
year who go to join the ships managed by
ESM only.” “This creates loyalty with people coming back to a ship,” he explains. “If
you get the same crew back on the ship, they
“Eco-ships came into existence due to the
high fuel prices we have seen over the past
few years and in addition are beneficial
for the environment - so they are good for
all. I believe the term ‘eco’ will gradually
be phased out as it’s very unlikely that fuel
prices will drop
AGM-PROFILE
substantially and
hence no ‘non–eco’ ships will be built in
future.”
Market views
In terms of the way the market is going to
perform going forward he believes that the
future will very much depend on segment,
macroeconomic factors and order books.
“We are positive on the shipping market
overall as shipping demand has always
grown quicker than world GDP. However
trade barriers, fuel prices and the influx of
private equity in certain segments are factors that can have damaging effects in specific sectors - which we can see today.”
know what to do and that’s the best way of
running a ship. Retention is key and ESM
has 98% retention.”
So is the market growing for third party
managers?
With the number of new ships coming in
the next two years, demand is huge. “You
hear about the lack of qualified people at
many conferences. Look at LNG, you can’t
find good people today and there is a huge
demand for offshore companies. That is the
biggest deficiency in the shipping industry –
qualified crew.”
Carl-Johan Hagman
As far as the debate on new investment as against consolidating
with existing assets and improving energy efficiency measures
is concerned, Hagman says that
with quality maintenance a ship’s
life can be long and “as such we
focus first hand on taking care of
the ships that we already own before we order new ones. We have
improved energy efficiency substantially over the years in many
of our existing vessels and are
continuously improving in that
area. Newbuildings are great, but
a vessel’s age is only one parameter. When comparing the quality
of ships, it is important to look at
the full picture.”
New technology is key to
driving the industry forward
So what steps are Stena taking in
this respect? “We are traditionally one of the most technology
driven shipowners there is, with
in-house developments such as the
wide body MAX-concept tanker
design, the high speed HSS ferry,
the ice class DrillMAX drillship
and our methanol ferry conversion. So we embrace new technology to deliver safety and quality
to our customers. We always have
to evolve - or we will sink.”
| 13 |
“Efficiency is King”
Dr. John Coustas is President and
CEO of Danaos Corporation. He has
over 25 years’ experience in the
shipping industry and assumed
management of Danaos in 1987
from his father, Dimitris Coustas,
who founded Danaos Shipping in
1972. He is also Deputy Chairman
and a member of the board of directors of The Swedish Club.
The shipping industry is going through
an interesting period at the moment, with
much concern being expressed about oversupply of tonnage, and Danaos Corp President and CEO John Coustas predicts slow
growth round the world for the next two
years, with few peaks.
“We are going to see a relatively flat market. With slow steaming it will be possible
to keep demand and supply not greatly out
of check. I think most market players do
not have growth plans but are looking to
consolidate and invest, not in new assets
but in improving the efficiency of the assets
they already have,” he believes.
Even the ship’s crew, he says can make
up to a five per cent improvement in consumption in the way they run the ship.
Another issue he highlights is greater control of operations. Maersk, he says went
back into the black purely as a result of
cost controls, not because of higher rates or
volumes.
He expects to see more consolidation
among small owners who don’t have the
expertise or the power to invest in all that
is necessary to make the improvements,
including information technology.
He believes that greater use must be
made of cutting-edge technology in order
to drive such improvements. “Word should
AGM-PROFILE
go out to the industry
to concentrate on operational efficiency of
ny has a research department which purely
existing assets because even if owners order
deals with the issue of operational efficienthe best eco-ship, if supply and demand is
cy, and its trade partners benchmark the
not there, the investment will not be justified,” he says.
company on the basis that its ships are run
more efficiently than those of competitors.
To ensure that crews are competent,
“That’s where we get our competitive adtraining is an important component and it
vantage. You cannot substitute technology
is also necessary for shipping companies to
for inefficiency at the core of the business.”
understand what operational efficiencies
are all about, Dr Coustas says. His compa-
John Coustas
“Shipping markets are
continuing to suffer”
Hermann Klein, CEO of E.R. Schiffahrt, a
member of The Swedish Club, has outlined
some of the challenges the industry is facing.
According to Dr Klein: “The shipping markets
in general are still suffering from overcapacity. At
the same time we see the number of idle ships decreasing. But despite signs of recovery for certain
container vessel sizes we will still see a tremendous
number of newbuilding deliveries in 2014 and
2015. TEU-wise it will be the biggest newbuilding
volume we have ever witnessed.
“As for container vessels, markets remain difficult to predict in the medium term, partly because
AGM-PROFILE Hermann Klein
of the cascading effect. Larger vessels will continue
to replace smaller vessels and soon many of them
will even be able to pass the Panama Canal.
| 14 |
“Except for 12,000 to 18,000 TEU vessels sailing on Europe-Asia trades, it will become much
harder to predict which vessel sizes will dominate
on which trades.
“Speed flexibility and fuel efficiency are and will
continue to be of vital importance for all shipping
companies. This applies not only to container vessels but also to bulk carriers,” Dr Klein says.
“Throughout the last years we have implemented
numerous different measures and modifications so
today E.R. Schiffahrt offers state of the art vessels
to the charter market and, as a ship manager, offers
extensive knowledge, services and support to its
customers.”
He adds that the offshore market is still characterized by solid asset values and believes it will
remain attractive within the years to come. “That
is why we just signed an order for two modern platform supply vessels,” he added.
| AGM / The Swedsih Club Board of Directors |
The Swedish Club
Board of Directors
as per 12 June 2014
At The Swedish Club’s Annual General Meeting on 12 June two new board
members were elected:
Idil Baran, CerBa Group of Companies, Istanbul, Turkey
Michael Bodouroglou, Allseas Marine S.A., Voula, Greece.
BACK ROW from left:
Andonis Lemos
Michael Vinnen
Sumate Tanthuwanit
Anders Leissner (Board Secretary)
Anders Källsson
Rob Grool
Diamantis Manos
Anders Boman
Kim Kyong Soo
Gustaf Grönberg
Fred Cheng
Elisabeth Rydén (elected by the employees)
Lars Höglund
Jakob Osvald (elected by the employees)
FRONT ROW from left:
Michael Bodouroglou
Demetri Dragazis
Chen Xiang
Lennart Simonsson (Chairman)
Khalid Hashim (Deputy Chairman)
John Coustas (Deputy Chairman)
Idil Baran
Lars Rhodin (Managing Director)
NOT IN PHOTO:
Li Zhen
Peter Claesson
Weng Yi
| 15 |
| AGM / New Board Member |
Looking forward to the challenges ahead seems to be the mantra of the newest director
elected to The Swedish Club’s board. Michael Bodouroglou of Allseas Marine, who also
manages the Paragon Shipping and Box Ships fleets, is an experienced shipowner and
while the shipping markets toil slowly to emerge from the deepest financial crisis in living
memory, he remains optimistic about the future ahead.
As far as market conditions go, generally speaking people think the worst is behind them,
says Bodouroglou. “I am very pleased to be able to contribute to the best of my ability to the
efforts of the board.”
A cautious optimist
AT THE MOMENT he has seven vessels entered with The
Swedish Club and sees the trend as upward. “We look forward to increasing the number of ships we have entered
with the Club going forward,” he says. “It’s a very good
Club which is managed very well and very diligently and
has a hands-on approach with the members. What has
struck me positively is the loyalty between the Club and
its members over the years. I haven’t seen that in any other
club.”
So does he find the Club very proactive in what it does?
“Absolutely, it has a very clear culture and very clear thinking regarding how things should be managed and what
it expects from its members. It tries to assist members as
much as possible.” He feels that the Club is of a size that
allows it to both have the resources and be proactive but at
the same time be hands-on with its members. “It’s a combination that works in my view.”
So how does he see the market developing over the next year
or so?
“I’m quite optimistic as far as the demand side of the equation is concerned,” he says. “Although on a micro basis
there will always be news which is of concern to the market. I think that marine transportation is fundamental
for the global economy and that maritime transportation
will increase over the years with a healthy demand in all
sectors.” Whilst the wet market is difficult to predict he is
pretty confident on the dry side given the emerging economies in Asia. On the container side the market will be driven by consumers all round the world.
His major concern is the order book
He says he was far more optimistic a year ago with the lack
of liquidity on the part of the banks and the
availability of finance for shipowners
which kept the order book constrained. The fact that private
equity money has been poured
into the market is a concern
as “it remains to be seen
whether demand will be
able to outpace the big order book.”
“We should never
compromise on quality
and safety aspects.”
Never compromise on quality and safety
One concern he points to is on the cost side of the equation, because there is a floor beyond which an operator
cannot go without compromising quality and safety. “This
should not be negotiable by any company,” because “if you
think investing in quality and safety is expensive, try having an accident.”
“We should never compromise on quality and safety aspects, and because of that there is a floor on expenses below
which we cannot really go. Crews have to be paid competitive salaries and companies have to be insured with the
right people, while spare parts have to be bought from reliable sources.”
Views on the market
“Those shipowners who owe a lot of money to the banks
will continue to find the market difficult over the years
to come,” he says. The underlying market fundamentals
do not allow for a great deal of optimism but at the same
time “I don’t expect that we will see rates as low as they are
today. I think the market will be a bit better, but not substantially good enough to actually benefit those who are
over-leveraged.”
At the moment he believes the investor community is
quite cautious. The current level of the market has surprised everybody as they were expecting it to be at a higher
level. However, on the private side for as long as owners
need to sell assets to be liquid, and for as long as markets
remain at depressed levels “I think there will be private
money around to invest in existing assets”.
As far as the eco-ship debate is concerned he feels that
perhaps they have been “over-sold a bit”. There are advantages with eco-vessels but he does not feel that the difference is so meaningful to make a big difference going forward. Ships have to be considered in the context of when
they are also in ballast and not only when they are loaded
or when they are in bad weather conditions, as there are
certain design features for eco-ships which are not very favourable to them when operating in certain weather conditions.
NEW BOARD MEMBER Michael Bodouroglou
| 16 |
| AGM / New Board Member|
| 17 |
| AGM / Early Arrivals Dinner |
Dinner for Early Arrivals
- at Kajskjul 8, 11 June
THE EARLY ARRIVALS DINNER this
year was held at Kajskjul 8, located next to the
Maritime Museum in Gothenburg harbour.
Lars Rhodin greeted all the guests as usual –
with a toast and a funny story.
More photos can be found on www.swedishclub.com
| 18 |
od buffet.
Some of the guests enjoying the seafo
| AGM / Early Arrivals Dinner |
The Club’s own choir started warming up the guests by
singing schnaps songs.
Entertainment for the evening was the
Swedish cover band
“Bröderna Haaks”.
From left: Joe Balls (Omni Ltd, UK), Ûlkem Gürdeniz and Karin Dermitas
(Omni Ltd, Turkey) and Maria Berndtsson (The Swedish Club).
Having a nice time. From left: Jürgen Hahn (Stichling Hahn Hilbrich GmbH,
Hamburg, Alexander Kay (Junge & Co Versicherungsmakler GmbH) and
Thomas Kühl (Pandi Marine Insurance Vermittlungs GmbH, Bremen).
rchis
ance Services Ltd, UK), Vincent M. DeO
From left: Nick Embiricos (Seascope Insur
cer (Miller Insurance Services,
Spen
Paul
,
USA)
ds,
Rhoa
&
er
Walk
(Montgomery, McCracken,
Marine AB, Sweden).
London) and Jan Risinger (Fairwater
re Shipping Co S.A., Greece)
From left: Diamantis Manos (Costama
Shipping S.A., Greece).
together with George Bamiotis (Conbulk
| 19 |
| AGM / Dinner |
Åsa and Mikael Laurin (Laurin Maritime AB, Sweden).
Filippos Lemos (N.S. Lemos & Co.) and Andonis Lemos (Enesel S.A.),
the guests of honour.
From left: Helmut Ponath (NSB Niederelbe Schiffahrtsgesellschaft, Germany), Vivienne
E. Pitroff (Holman Fenwick Willan), Syliva Wurzel and Rüdiger Hansel (Junge & Co
Versicherungsmakler, Germany).
AGM Dinner, 12 June
LARS RHODIN welcomed all guests to the AGM
dinner, held in the Banquet Hall at the Elite Park
Avenue Hotel. Guests of honour were the brothers
Andonis Lemos of Enesel S.A. and Filippos Lemos of
N.S. Lemos & Co., who gave the after-dinner speech,
which was very well received by all the guests. They
told the guests that “The Swedish Club brings Swedish
flair to the most international of businesses, you do
what you say, you never over promise and you always
deliver on your word.”
From left: Sumathe Tanthuwanit and Surerat Tanthuwanit (Regional Container Lines,
Bangkok) together with Vivian Ae Kyung Kim and Kyung Soo Kim (IMC Shipping, Singapore).
| 20 |
| AGM / Dinner |
Peter Cowling (Chairman Election
Committee, UK) and Karin Demirtas (Omni
Ltd., Turkey).
Demetri Dragazis (LATSCO, London) with his wife Elizabeth.
Peter Jacobsson and Sara Båth
(Floatel International AB, Sweden).
The evening’s entertainment “Cookies & Beans”
reinforced by Filippos Lemos.
| 21 |
| AGM / Out and About |
A friendly and relaxing moment after the game
The Mutual Cup, 11 June
TEAM SWEDEN finally won the annual football match 6-2, after losing two
years in a row. A lot of spectators, both guests and TSC staff, gathered to watch
the exciting game. It was nice to see most of
the tournament sponsors there, either watching or playing. This year we had two “Swedish
Club hot-dog men” on the spot serving hot
dogs and drinks, which was really appreciated, both by the players and spectators.
“The Swedish Club hot-dog men”
Claes Åman and Peter Stenberg.
The referee was tough but fair.
Partners’ Programme, 12 June
Recycle, Repurpose, Relove
THIS YEAR’S PARTNERS’ PROGRAMME was in the recycling spirit. The participants started the day with a creative session at the Villa Belparc restaurant in “Slottskogen”
city park. After lunch, the group continued to the Röhsska Museum for Design, Fashion
and Decorative Arts to look at the Picasso on a plate exhibition and the Nordic jewellery
exhibition.
| 22 |
| AGM / Out and About |
From left: Kaare Langeland (Holman Fenwick Willan, UK), Ruizong Wang (The Swedish Club Hong Kong) and
Martin Holm (Dansk Rederi A/S, Denmark).
The Swedish Club Grand Classic, 13 June
AN EAGER GROUP of golfers set out for Delsjö Golf Club, early on Friday 13 June. The sun
was shining, the course was in very good condition and the group had a comfortable day’s play.
When all 18 golfers, divided into 6 teams, had finished the game, a lunch buffet and prize ceremony awaited them.
Tord Nilsson from The Swedish Club,
congratulates this year’s winner, Walter
Wekenborg of Marlow Navigation,
Cyprus.
A cup of coffee in the sunshine. From left: Li He (Sinotrans & CCs
Group, PR of China) Jason Wu (The Swedish Club Hong Kong),
Ruihong Guan and Youdi Han (Hong Kong Haibao Shipping, Hong
Kong).
A day outside: nature, sculpture and....sheep, 13 June
A TRIP was arranged on Friday 13 June to the island of Tjörn and
its beautiful scenery.
The first stop was Sundsby Säteri, a manor house built in the 16th
century and now open to the public with cultural events, a park,
hiking routes and a café. The second stop was “Sculpture at Pilane”
which is one of Sweden’s most beautiful cultural landscapes. Here,
the sheep graze freely as they have done for centuries.
Lunch was served at Björholmen’s Marina before the bus took us
back to Gothenburg.
| 23 |
| Club Information / Marine Insurance Course |
Group of Marine Insurance Course 2014 gathered in the rain outside Restaurant Isbolaget on Donsö Island.
Know-how and networking
at the Marine Insurance Course
ON 5-9 MAY, the fourteenth consecutive Marine Insurance Course was held at
the Club’s head office in Gothenburg. The
course is an annual event designed to provide an opportunity for people working for
shipowners, ship managers, marine insurance brokers and club correspondents, to
improve their knowledge of marine insur-
I learnt a lot
and already
feel more
confident in
my dayto-day job
activities.
George Karapateas of Global Marine
Insurance Brokerage Services Ltd.
ance and learn more about The Swedish
Club.
This year’s group had a packed schedule with presentations covering the major
aspects of Marine Insurance, such as Protection & Indemnity, Hull & Machinery,
Freight Demurrage & Defence, as well as
reinsurance, loss prevention and Maritime
Resource Management. The most appreciated part of the course was the case studies
and workshops that summed up the week.
To take part in a course is not only to
learn new things, but also to make new
contacts, especially if you are new to the
business. To get to know the participants
and The Swedish Club’s staff, an event was
held on Monday evening with a trip to a
lookout point, locally known as “the Lipstick” and then dinner at a restaurant nearby. On Thursday the participants went on a
trip out in the archipelago for dinner at the
Isbolaget Restaurant on Donsö Island.
This year’s course participants repre-
On the boat to Donsö, from left: Christin Ottman (Willis AS, Norway) Heidi
Winkler (J Lauritzen A/S, Denmark) and Florence Gourlet (ETIC SAS, France).
| 24 |
Therese Lindqvist-Reis
Corporate Communications
sented members, brokers and reinsurance
companies from eleven different countries.
They all contributed to making the course
not only about learning, but also about
interesting discussions and networking.
The Swedish Club’s staff would like to
thank all participants for making our 14th
Marine Insurance Course an enjoyable
event and we are looking forward to next
year, which will be the 15-year anniversary.
The date for next year's course
is 4-8 May 2015.
On the boat to Donsö, from left: Sharon Beck (Stena Ltd., Ireland) Christoffer Nilsson (Stena Line AB, Sweden) and Korina Skiniti (J.P.
Samartzis Maritime Enterprises Company S.A., Greece).
PHOTO: iStock
| Legal / Update |
Anders Leissner
Director
Corporate Legal and FD&D
What it is all about
SOME MOMENTS stick out. I recently found myself sitting on
the terrace of one of Gothenburg’s finest restaurants with a cheerful group of colleagues and lawyers, watching the sunset and the
flashing from the Vinga lighthouse far away at the port entrance.
It was a soft, early summer evening and Sweden was at its best. It
is the type of restaurant you go to when you have something to
celebrate and that we had; the week earlier the Club had won an
arbitration worth a significant amount of money and which had
involved a large group of people for a long time, myself included.
The discussion was boisterous and we analysed the events with
the benefit of hindsight. Had it been possible to detect any signals
from the Tribunal at the hearing? Could the opponent have chosen
another angle? The relief after a long period of tension could not be
mistaken. For my own part, the arbitration and its successful result
reminded me of two things.
Teamwork
Firstly, the importance of teamwork. To get something right you
need to cover all the bases and the likelihood you will do this is far
greater with more people involved. We all think differently and the
things you miss yourself others can see. To this end, competent external lawyers are essential as they come from an unbiased position
and view things with a fresh pair of eyes.
…and gut feeling
Secondly, a gut feeling is often right. When the Club initially was
faced with the situation that eventually resulted in the arbitration,
our initial reaction was that the legal proposition for the claim
“must be wrong”. That was before we had undertaken the thorough
legal analysis of all possible aspects and avenues. The analyses and,
ultimately, the award, proved our gut feeling had been right.
Amorgos in Lake Maracaibo, Venezuela in 1997, the Norwegian
Club has made interim payment to claimants and is also exposed
to further unpaid claims in excess of the CLC limit, which was
disregarded by the Venezuelan court. The Fund however refuses to
indemnify Gard for any payments on the basis that there is no legal
decision against the Fund.
The Fund also alleges claims against it are time barred. The position taken by the Fund is arguably unlawful and/or against established practice and certainly puts clubs in very exposed positions
when dealing with third party claimants following pollution incidents. To add salt to the wound, the Fund has decided to dissolve
itself.
As a result, Gard issued, and was recently granted, a freezing injunction against the Fund for claims subject to proceedings in the
United Kingdom (case ref [2014] EWHC 1394 (Comm). The action against the Fund raises interesting questions about the mechanism of the IOPC Funds and also whether they are immune from
legal proceedings. The battle will continue.
Compliance
On the regulatory front, we receive an increasing amount of requests from our US business partners to confirm we are “FATCA
compliant”. FATCA stands for Foreign Accounts Tax Compliance
Act and seeks to identify payment receivers worldwide. The Act is
imposed by the US tax authorities to combat tax evasion by US tax
payers. If certain documentation is not completed (form IRS W8BEN-E to be more precise), the payer must withhold 30% of the
payment. The arm of the law can be long indeed.
IOPC Fund legal battle
One legal case that is currently of major interest for the P&I community is Gard’s battle against the 1971 International Oil Pollution Compensation Fund. Following the grounding of Nissos
| 25 |
| Strategic Business Development & Client Relationship / Update |
PHOTO: iStock
Lars A. Malm
Director
Strategic Business Development & Client Relationship
Entering into Builder’s Risk
IN OUR STRIVE to become more diversified and more accessible
to prospective clients, the Club has taken another important step
by entering into Builder’s Risk. This step is to be seen as a natural
progression in the Club’s ambition to expand our global reach.
More specifically, this applies to the Energy and Offshore markets
where we have, firmly positioned ourselves, slowly and surely over
the past three years. Our most important base in developing these
new business areas is our office in Norway, which we know offers
the Club great future potential for further sustainable growth.
Trading ships and commodities is becoming an ever greater
challenge to our business partners. In light of constantly changing
trading conditions, one of our key priorities is to have insurance
solutions at hand that match the contemporary and future needs of
the industry. It should be pointed out that it is equally important
for us to further develop and enhance our already very good ability
to handle claims and otherwise service the business solutions we
provide. Areas of particular focus for the Club during 2014 are additional cover for trade disruptions and extended cover for charterers and commodity traders. We have seen a greater need for operators to protect themselves against various risks that may interrupt
their trade and negatively affect cash flow. To that end, products
designed to manage such exposure ranks high on our agenda to develop.
Claims environment
Very similarly to 2013 the first half of 2014 has continued to be
fairly uneventful on the claims side of our business. With Marine
& Energy we are seeing the benefits of slow steaming, a lower steel
price, increased yard capacity and, in most shipping segments, low
freight rates. All of these and certain other features of the shipping
markets, contribute to a more benign claims trend. For P&I we are
no different than our competitors and in this sense the liability
business is more a matter of balancing underwriting performance
over time. It is also, to a much greater extent than that which applies to Marine & Energy, a matter of the effects of larger claims. As
| 26 |
pleasing as this development is, we are carefully monitoring relevant
indicators in order to adapt to any changes in the claims environment going forward.
Loss prevention – sharing experience
The Club has recently published two new publications that have
attracted a lot of useful attention: “Ice - Advice for trading in the Polar
Regions” and “Heavy Weather”. Both of them are very useful to our
membership and business partners, especially the “Heavy Weather”
as it offers very hands-on guidance for preventing a recurrence of
claims. Over the year we will of course publish our annual publication “Claims at a glance” and will also issue updates to “Main
Engine Damage Study”, “P&I Claims Analysis” and “Navigational
Claims”.
Adding value and making a difference has always been part of
the Club’s business philosophy and sharing our experience on the
claims side with a view of making the shipping industry safer and
helping our membership to save costs, is an integrated part of our
value-adding culture.
| Safety / Heavy weather |
Why do heavy
weather claims
occur?
Heavy weather not only causes typical P&I claims such as
damage to cargo or loss of cargo overboard. It also causes H&M claims, which can include structural damage to
the vessel or damage to machinery and equipment etc.
A large proportion of cases where containers are lost at sea occur in
heavy weather.
The questions are:
Why did the vessel sail through the heavy weather?
Could the vessel have navigated around the heavy weather?
Did the vessel use weather routing or not?
Did the crew slow down or alter course to avoid the impact of large waves or high winds?
Was the cargo correctly secured?
Casualties have been recorded when vessels are in port and a tsunami of hurricane hits. If the vessel receives information about a
tsunami, hurricane or other severe weather heading for the port, it
is likely that the vessel is safer at sea than in port.
Today there are usually warnings about the development of a
hurricane or other serious weather phenomena. This information is
Joakim Enström
Loss Prevention Officer
often available many days before the weather arrives. The key is how
the information is used and what preventive measures are taken.
With the correct preparation and procedures the vessel can minimize the effects of sailing through heavy weather. The included
cases in our publication highlight that the best prevention against
heavy weather casualties is to plan the route properly and to reduce
speed and alter course as required.
For more details about recurring issues, concerns and preventive
measures, please see our recent publication “Heavy Weather”
available on our website.
| 27 |
| Safety / Free MRM licence |
Over 40 members of The Swedish Club are now MRM licensees. Statistics show that successful implementation of MRM has an extraordinary impact on
accident frequency. This is the main reason behind the Club’s MRM campaign launched in October 2013. All members insured for lead Hull or P&I are
welcome to join.
The first wave of the MRM Campaign
– a resounding succes
The first half of
2014 has been a
very busy time for
The Swedish Club
Academy. It wasn’t
Lorraine M. Hager
Project Coordinator
only the time for
The Swedish Club Academy AB
renewals of the
existing MRM licensees, but also time for welcoming
many new members who are taking advantage of The
Swedish Club’s MRM campaign.
23 members enrolled
After The Swedish Club launched its MRM campaign in October
2013, offering insurance members free licences for two years, the
number of licensees coming from the Club’s membership has more
than doubled. To the existing 18 licensees we have added a further
23 members bringing the total to 41 Club members now taking
part in the Club’s biggest safety investment.
44 new certified MRM facilitators from the Club members
There was a good turnout at the four MRM facilitator training
events in the first half of 2014 – a significant accomplishment for
| 28 |
the Academy. Some 15 members, mostly shipowners, sent 44 representatives to attend one of the four events and become familiarized
with the MRM concept.
What’s next?
The Swedish Club Academy is constantly striving to provide strong
support for our members especially in implementing the MRM
programme at their companies. We are aiming to deliver a new
learning platform and updated course material by the end of this
year. A new approach to running courses is also being looked at.
After the enrolment process and having completed the facilitator
training course, a bigger challenge awaits; our certified facilitators
are now equipped with the knowledge, skills and motivation to deliver the MRM programme at their organisations.
Making MRM transparent throughout the organisation
Successful MRM implementation doesn’t just end with the facilitators delivering the information to the seafarers and shore-side staff.
That is just the start of the process. It is highly recommended that
an introduction to MRM is given to management so that managers
have a better understanding of what MRM is all about. The main
components for successful MRM implementation are a strong com-
| Safety / MRM |
We would like to welcome the most
recent addition of The Swedish
Club members to the MRM network
s!
Allseas Marine S.A., Greece
Blossom Maritime Corporation, Greece
Cara Shipping Pte. Limited, Singapore
Danaos Shipping Co. Ltd., Greece
Dianik Bross Shipping Corporation S.A., Greece
Dioryx Maritime Corporation, Greece
Enesel S.A., Greece
Fairdeal Group Management, Greece
Furetank Rederi, Sweden
GC Tankers, Singapore
Global Marine Ship Management Co., Ltd., Chin
a
Goodwood Ship Management, Singapore
ID Wallem Ship Management Ltd., Hong Kong
Iseaco Holdings Pte Ltd, Singapore
Kallianis Bros Shipping SA, Greece
Laurin Maritime AB, Sweden
MSI Ship Management Pte. Ltd., Singapore
MST Mineralien Schiffahrt Spedition und Transport
GmbH,
Germany
Northern Marine Management Ltd., U.K.
Orion Bulkers GmbH & Co. KG, Germany
Reederei NORD GmbH, Germany
Stena Line Scandinavia AB, Sweden
STOC Tankers AB, Sweden
Other new MRM licensees
Ekol Denizcilik, Turkey
Maestro Shipmanagement Ltd., Cyprus
MMS Maritime (India) Pvt. Ltd., India
OSM Crew Management Ltd, Cyprus
mitment to implementing the MRM programme from management at the shore organisation, open communication between
the people onboard and shore-side staff, and an open interaction
between the ship and shore-side staff. A top to bottom approach
has proved to be an effective strategy in making sure that the
MRM concept is not just being taught and learned, but also practiced and implemented at the organisation. An MRM Best Practice guide to support members is being developed.
Next batch
While providing support to our new licensees, we are also preparing for the next wave of members coming in the next batch. We
urge all Swedish Club members to take advantage of The Swedish
Club’s MRM campaign. Don’t miss this opportunity to come on
board the safety train. Sign up now!
Martin Hernqvist
speaks at the 17th
European Manning and
Training Conference
PROMINENT personalities from the shipping industry convened
to tackle issues related to manning and training during the recent
Manning and Training Conference held on 13-14 May 2014, at the
Radisson Blu Falconer Hotel & Conference Centre in Copenhagen.
This year’s theme focused on building innovative strategies to the
crews of today’s global fleet.
Delivering his presentation to the group of delegates, Martin
Hernqvist of The Swedish Club Academy, talked about the topic
“Developing effective safety cultures on board – moving outside the
box to achieve results”. He emphasized the importance of putting
into practice the attitudes, knowledge and skills of seafarers in the
workplace, rather than focusing on acquiring certificates.
He explained: “It is only through a genuine change in attitude
that behaviour can be changed and a demonstrable improvement
made to a company’s performance. If attitudes are poor, it doesn’t
matter what technical skills and knowledge a company has in
place.”
“It’s about having the right safety culture – both at sea and ashore
– and this is why implementation of training lessons must ultimately be driven by the shipowners themselves. A company culture can
only be changed from within the organisation.”
| 29 |
| Club Information / News from Team Piraeus / News from Team Gothenburg |
NEWS from Team Piraeus
Hans Filipsson
Area Manager
Half-Year report from Piraeus
IT REALLY HAS BEEN a
very interesting and prosperous first half-year in Greece.
The presidency of the EU
brought a lot of high profile
executives to meetings and
conferences here in Athens.
We will still have to work
hard to get back on track but
it seems like we are getting
there. When it comes to shipping the freight market has
not yet recovered, but some
improvements have been seen.
Scandinavians always talk
about the weather, so let me just add a few words about that. The
weather has been colder than normal for the season and we had a
number of rain showers during Posidonia. Heavy rain is normally
not expected in June but after the Posidonia week the sun came
back to Greece.
Before handing over the EU presidency to Italy, Posidonia 2014
took place in Athens during the first week of June. A massive
event! The exhibition was huge. Apart from the exhibition and all
the interesting seminars, there were many companies hosting receptions, parties, dinners and sports events. I think it is fair to say
that Posidonia 2014 was a 24/7 event for about 12 days in total.
This first half-year has also been very successful for The Swedish
Club. Due to organic growth among our members and also a number of new members, our office in Piraeus reached a new milestone
in Owners P&I. At our Open House on 5 June we took the opportunity to celebrate 10,000,000 GT. That is an “All time high” for
us here in Piraeus. It is the result of hard work, a strong long-term
commitment to the Greek market and successful shipowners. As
stated previously, Greek shipping is a global force and it is very interesting to be part of this very active shipping market.
As you can imagine it has been a very hectic period and the summer has allowed us to have a couple of weeks off to recharge our
batteries, because there are no signs that the activities in this shipping market will slow down.
NEWS from Team Gothenburg
Jacob Vierø
Acting Area Manager
Consolidation diversification
WE HAVE SEEN encouraging growth in hull and
machinery accounts over the
past year, coming as it has
from client recommendations, and the flow of new
members making the Club
the claims lead for their vessels has been impressive.
Members are attracted by
the holistic approach we offer, which provides added
value and a great claims lead
at the right premium.
We are also delighted to
have successfully launched our new Kidnap and Ransom insurance
which has been taken up by some of our most prominent members.
Keeping close to our members is very important to us and networking events are key to understanding how we can serve our
members better.
| 30 |
In April a members’ lunch was held in Istanbul, which proved a
great success. During the lunch Lars Rhodin, Managing Director
of The Swedish Club, briefed members on the Club’s progress and
the current market situation. Following his presentation, members enjoyed an introduction to Freight, Demurrage and Defence
(FD&D) insurance under the title “It is your money”. This was
followed by the Club’s Loss Prevention department providing an
in-depth look at the latest loss prevention initiative - The Swedish
Club’s Operations Review (SCORE) programme.
This successful format was rolled out to almost 100 guests at a
members’ dinner in Hamburg held mid-May, and the following
day to over 50 guests at a members’ dinner in Bremen.
We are looking forward to a similar event that is due to be held
in Copenhagen in early autumn, giving our members another detailed insight and a chance to share their views, and through that
influencing the interface with their Club.
| Club Information / News from Team Norway / News from Team Asia |
NEWS from Team Norway
Tore Forsmo
Area Manager
Soft market reaching the bottom?
THE NORWEGIAN marine insurance market remains soft,
which is also the position globally. Young underwriters who joined
the industry in the past ten to fifteen years have never experienced
a hard market. There may however be signals that the bottom of
the cycle is near. Attempts to cancel and rewrite policies with premiums locked in on a 24-48 month basis always indicate imminent
cycle changes.
In the energy segment, a number of mobile offshore units are
being delivered, many of which without firm contracts, leading to
overcapacity and a general reduction in rig rates expected to last
for the next two to three years. This has strong bearings on the
insurance market which remains soft on good accounts and where
only poor claims records merit increases, at best. The market is still
struggling with overcapacity even though the number of new entrants seems to be stabilizing.
John Fredriksen, who turned 70 on 11 May, might consider
reconsolidating his bulk carrier operations in Knightsbridge and
Golden Ocean into one single company. Knightsbridge has recently taken over 25 capesize newbuildings from Frontline 2012
and Golden Ocean currently has a fleet of 26 bulkers from supramax to capesize. In addition it handles commercial management of
Knightsbridge’s bulkers.
Earlier this year Klaveness Marine and JP Morgan took over
the ownership of Norwegian Car Carriers and recently delisted
NOCC from the Oslo Stock Exchange. Klaveness Marine recently
cancelled its “Project Phoenix” and plans to enter the dry bulk
segment with a series of ecofriendly handysize newbuildings.
Kristian Jebsens Rederi is
back in shipping again after a
recent, troubled past and has
ordered two handysize bulkers, with its partner Aboitiz,
from Tsuneishi in Cebu, the
Philippines. The vessels are
scheduled to be delivered in
June and September next year.
In the offshore service segment, John Fredriksen’s Deep
Sea Supply has recently confirmed its plans to add 10 new PSV newbuildings to its books by
the end of Q3 2014, taking its global fleet of OSVs to 40 units. At
the same time, spot rates for PSVs in the North Sea are expected to
increase, as vessels are leaving the area and periodical contracts are
coming into play.
Staffing at the Norway office is in the process of being finalized
for now with a Team Assistant in place. With this latest addition,
Team Norway is ready to take the next step as a self-sufficient operation of The Swedish Club.
NEWS from Team Asia
Ruizong Wang
Area Manager
Continued growth in Asia
THE CLUB’S BUSINESS continues to grow at a good pace in
Asia. Over the past few months since the P&I renewals on 20
February, our Owners’ P & I tonnage has increased by over 5%.
We added a few new members for owners’ P&I entry, together
with good organic growth from our existing members. We have
also added a number of marine accounts since 1 January. On some
fleets we do claim lead, on others we have taken small following
lines. We have entered a few new Charterers’ P&I insurance members as well since 20 February.
We managed to achieve high growth rate on owners’ P&I tonnage despite the fact that some of our members in China have
started to dispose their old tonnage. The Chinese government
announced a new policy to encourage disposing old tonnage and
building new ships in 2013. This policy obviously has the good intention of upgrading China’s national merchant fleets and boost
the freight market, as well as supporting Chinese shipyards. In accordance with the policy if a Chinese flagged vessel that is 23 years
old or older is scrapped in a government designated scrapyard and
a new one built at the same or greater tonnage, the owners will re-
ceive RMB1,500 per GT for
the scrapped vessel.
This subsidy applies from
the beginning of 2013 to the
end of 2015. As expected we
will see some of our insured
vessels on the Chinese market disappear this year or
next, therefore there will be
a slowdown in our P&I tonnage growth. This is however
a positive development in the
long run for the Club as China’s shipping fleets expand
with better and newer quality
tonnage.
| 31 |
| Club Information / Out and About |
Breakfast Seminar
in Oslo,
18 March 2014
THE SWEDISH CLUB Norway’s
traditional spring breakfast seminar was held at ‘The Thief ’ hotel on
Tjuvholmen in Oslo in March this
year. Early risers gathered for a light
breakfast and mingle, followed by an
update by Lars Rhodin on the Club’s
state of affairs. Area Manager Tore
Forsmo told the audience about the
latest developments in the Norwegian
outfit’s marine and OSV (Offshore
Service Vessels) business. The morning
event ended with the sunlight pushing
through the clouds and the Oslo office’s Marketing Manager Erik Lund’s
update about Oslo’s energy portfolio.
Member Lunch
in Piraeus,
9 April 2014
ANOTHER very successful Member’s
Lunch was held in Piraeus on 9 April
2014, at the Piraeus Marine Club. In a very friendly, familiar environment, Team Piraeus Area and General
Manager, Hans Filipsson, warmly
welcomed our members to the annual
lunch. Lars Rhodin then updated
everyone briefly about the “Current
State of Affairs”. The floor was then
taken over by Anders Leissner and
Joakim Enström, who provided information and advice to our guests with
their presentations on “FD&D – it’s
your money” and “Loss Prevention”.
| 32 |
Member Lunch in Istanbul,
10 April 2014
THE CLUB’S traditional lunch in Istanbul was held this year at
the Grand Hyatt Hotel. The lunch was well attended with representatives from members and other business associates from the Turkish shipping world. Guests were updated on the Club’s current state
of affairs, why FD&D insurance is an important cover for shipowners in the current market, and last but not least, how the Club can
assist members with various loss prevention products.
From left: Cisem
Karaaslan Gudelci from
Omni Ltd and Fredrik
Bergqvist, The Swedish
Club.
From left: Enver Bilgi and Gürol Zorer from Zenith Gemi Isletmeciligi and
Lars Rhodin, The Swedish Club.
From left: Selim Bilgisin (Vitsan Mümessillik ve Musavirlik A.S.) and Cem
Varisli (Marsh Marine Practice).
From left: Alexandros Lemonidis (Element Shipmanagement S.A.) and
Mauro Renaldi (V.Ships Greece Ltd.).
From left: Costas P. Drivas (Overseas Marine Enterprises Inc.), George
Agathokleous (British Bulkers Inc.) and Andrew Gordon (Seascope Insurance
Services Ltd.).
Open House in Piraeus,
5 June 2014
DURING THE POSIDONIA week, our office in Piraeus hosted
an “Open House”. The event was very well attended.
We also celebrated that the Team Piraeus has reached another
milestone. The volume of “Owners P&I” now exceeds 10,000,000
GT which is an “All Time High” for us in Greece. This was
celebrated in a warm and friendly atmosphere, chatting and
mingling over a delicious buffet and drinks.
From left: Andrianos Agathokleous (CEO of British Bulkers Inc) and Stamatis
Angelikoussis (Chartering-Dianik Bross Shipping Corporation S.A.).
| 33 |
Bremen, 22 May 
Hamburg, 21 May 
From left: Birgitta Hed (The Swedish Club) and Markus Hempel
(Norddeutsche Reederei H. Schuldt GmbH & Co. KG).
From left: Erwin Flathmann and Gerd Ley (Schlüssel Reederei KG).
From left: Olaf Fölsch (Aon Risk Solutions) and Alexander Thoms (Kingfisher
Insurance Broker GmbH).
From left: Charly Bergmann (JWA Marine GmbH), Dirk Janssen (Groninger,
Welke & Janssen) and Tilmann Kauffeld (The Swedish Club).
From left: Linda Reumann (Norddeutsche Reederei H. Schuldt GmbH & Co.
KG), Françoise Fouchier-Matte (The Swedish Club) and Olga Darin (Marine
Assekuranz GmbH).
From left: Folker Verwoldt (JWA Marine GMBH) and Bernd Hein (F.A. Vinnen
& Co).
Club Evenings in Germany: Meeting face to face. A “must”
and a “need” at The Swedish Club
SOME 150 members, brokers and business
associates ignored the exceptionally warm
spring and joined up at The Swedish Club
Hamburg and Bremen Club evening events.
These events have become as much of a tradition as the Swedish midsummer and this
year’s events were no exception. The Swed-
| 34 |
ish Club’s employees covering all parts of
our business and member services met up
at the two events to discuss current and
general matters face-to-face and with other
people joining in this added extra dynamics
to the topical discussions.
Our Managing Director’s State of Affairs
presentation started off the formal part of
the evenings, highlighting to our members
how the Club is performing. Additional
presentations about FD&D insurance and
Loss Prevention added wider information
to our guests and members.
| Club Information / Out and About / Staff News / Club Calendar / Club Quiz |
The GöteborgsVarvet
Half Marathon, 17 May 2014
THE SWEDISH CLUB Team
participated this year with a
team of runners comprising
47 members, business partners
and employees of the Club.
The winner of The Swedish
Club Team was Christoffer
Ahlqvist who scored 01:28:41.
CLUB
QU I Z
 What
More photos can be found on
www.swedishclub.com
Christoffer Ahlqvist (Transbulk 1904 AB,
Gothenburg) with his medal after a well-run
race.
Staff News
was the name of Captain Hook’s pirate ship?
1 The Santa Maria
X The Hooked
2 The Jolly Roger

What
kind of knot is taught by: “The rabbit comes out
of the hole, around the tree and back into the
hole”?
1 Figure eight knot
X Bowline
2 Sheet bend
TEAM GOTHENBURG
Oscar Holmqvist
Credit Control Officer, team Gothenburg.
Oscar Holmqvist has been appointed Credit
Control Officer at Team Gothenburg as of 1
September 2014.

What
TEAM PIRAEUS
Tina Tzortzis
Underwriter
Tina Tzortzis has been appointed Underwriter in
Team Piraeus as of 1 April 2014.
is ”Inchmaree Clause”?
1 Extension of hull cover to include loss or damage to hull and machinery caused by negligence
X Cover for damage to “fixed and floating objects”
2 Cover for removal expenses
Answer to [email protected]
The first right answer will be awarded a Club give-away.
Winner of Club Quiz 1-2014
Club Calendar
2014
2 October
4 December Board Meeting
Board Meeting
Istanbul
London
Board Meeting
Marine Insurance Course
AGM Events
Board Meeting
Annual General Meeting
Hong Kong
Gothenburg
Gothenburg
Gothenburg
Gothenburg
2015
26 March
4-8 May
10-12 June
10 June
11 June
For further upcoming events, please refer to
www.swedishclub.com/Club Calendar
Winner of Club Quiz in Triton No 1-2014 is Peter Van den
Wouwer, Marsh S.A. Antwerp who has been awarded a
Club give-away.
The right answers to Qlub Quiz No 1-2014 are:
X A nautic mile
X Josef Ressel
X Poseidon & Amphitrite
| 35 |
The Swedish Club is a mutual marine insurance
company, owned and controlled by its members.
The Club writes Protection & Indemnity, Freight,
Demurrage & Defence, Charterers' Liability, Hull &
Machinery, War risks, Loss of Hire insurance and any
additional insurance required by shipowners.
The Club also writes Hull & Machinery, War risks and
Loss of Hire for Mobile offshore units and FPSO's.
Contact
Head Office Gothenburg
Visiting address: Gullbergs Strandgata 6, 411 04 Gothenburg
Postal address: P.O. Box 171, SE-401 22 Gothenburg, Sweden
Tel: +46 31 638 400 , Fax: +46 31 156 711
E-mail: [email protected]
EMERGENCY NUMBER: +46 31 151 328
Greece
5th Floor, 87 Akti Miaouli, GR-185 38 Piraeus, Greece
Tel: +30 211 120 8400, Fax: +30 210 452 5957
Hong Kong
Suite 6306, Central Plaza, 18 Harbour Road,
Wanchai, Hong Kong
Tel: +852 2598 6238, Fax: +852 2845 9203
EMERGENCY NUMBER: +852 2598 6464
Japan
2-14, 3 Chome, Oshima Kawasaki-Ku,
Kawasaki Kanagawa 210-0834, Japan
Tel: +81 44 222 0082 (24-hour tel), Fax: +81 44 222 0145
Norway
Tjuvholmen Allé 17, N-0252, Oslo, Norway
Tel: +47 9828 1822, Mobile: +47 9058 6725
www.swedishclub.com
| 36 |
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Triton no 2 2014 - The Swedish Club

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