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CURRENTS Issue Number 39 - May 2017

Celebrating 100 Years of Excellence

CURRENTS INTRODUCTION \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\

Issue Number 39 - May 2017

3 Introduction by: Joseph E.M. Hughes

Chairman & CEO
Shipowners Claims Bureau, Inc.

4 Managing Stowaways: Global

Trade Brings Local Problems
New York, NY, USA

6 Bills of Lading: The Importance of


What do Queen Elizabeth II and the American costs which had been passed on to Members. Overall
10 FD&D Corner Club have in common? The answer, at least for this
year, is two birthdays – an actual and an official. In
-and in light of similar trends experienced by other
clubs- the renewal brought with it satisfactory results,
the queen’s case, the two birthdays are April 21 (the although challenges will no doubt continue to exist
12 Nickel Ore: The risk of Liquefaction actual date of her birth in 1926) and -usually- the
second Saturday in June famous for, among other
for the marine insurance industry at large should
maritime economics continue in the doldrums.
things, the Trooping of the Color ceremony in
However, there are signs that freight rates may
16 Commercial & Legal Situation in
The Bronze Eagle, USA
In the American Club’s case, its actual 100th
be moving towards sustainable improvement in
certain sectors over forthcoming months. And it
Facing the Statue of Liberty across New York harbor, birthday took place February 14, just days before should also be noted that the Club’s Eagle Ocean
18 The American Club: Celebrating
100 Years of Excellence
the East Coast Memorial is located at the southern
end of Battery Park honoring the 4,601 missing
American servicemen who lost their lives in the Atlantic
the 2017 renewal. Its official centennial birthday
celebrations will begin with a dinner in New York
Marine business continues to generate excellent
profits for the overall mutuality, while its investment
on June 22, following the annual meeting of the in American Hellenic Hull is experiencing a very

Ocean while engaged in combat during World War
New Club Publications & Initiatives Members, and will continue with events in other promising business trajectory at this very early stage
II. The monument consists of a large, paved plaza
punctuated by eight massive gray granite pylons onto
major centers of activity over succeeding months. of development. Both performances inform an
which are inscribed the names, rank, organization and
The Club’s actual 100th birthday passed quietly, encouraging view of the Club’s prospects as it moves

26 state of each of the deceased. On the eastern side but did not go unmarked. The Managers’ offices through its centennial year and into its next century
The American Hellenic Hull News
of the plaza a monumental bronze eagle, sculpted collectively acknowledged the day through a brief of service to the global maritime community.
by Albino Manca and set on a pedestal of polished celebration involving video and telephone links with
My colleagues and I will be having the pleasure of

black granite, grips a laurel wreath over a wave their regional offices.
The American Club News meeting most, it not all, of the Club’s Members and
signifying the act of mourning at the watery grave.
The 2017 renewal, which was concluded a few days other friends as we celebrate its centennial over the
after the Club’s one hundredth, was characterized by months ahead both here in New York and elsewhere

34 Steaming Ahead
the same trends which have been present for at least
the past three years: a continuingly difficult shipping
climate, vessel churn, comparatively low claims levels
across the world. In doing so, we will be telling you
more about the progress of this lively centenarian, as
well as its plans for the future!
and a concomitant lack of premium pricing power.
Color Code Production and design by: The Club made a modest tonnage gain over the
Maria Mavroudi & Joanna Koukouli renewal itself, but recorded a more impressive 16%
General Claims & Industry Information
growth over the twelve months from February 20,
FD&D Corner 2016. Premium was about 4% down over the period,
Dorothea Ioannou
some of which was due to a reduction in reinsurance
Loss Prevention

Correspondents’ Corner
Illustrations by:
John Steventon 3

by: Jana N. Byron

Vice President, Claims Manager/Counsel
Shipowners Claims Bureau, Inc.
Houston, TX, USA Dealing with a stowaway while he or she is aboard immigration authorities or airline officials who may insist
a vessel is relatively straightforward. Unfortunately, that the stowaway be escorted until he exits the country
difficulty often arises when it comes time to disembark a of disembarkation. In making flight arrangements,
stowaway ashore and this difficulty can lead to significant the question of whether a visa for the stowaway will be
For as long as there has been international shipping becomes the “carrier” and the stowaway must be treated expense. The shipowner (or in some cases the charterer) required at lay-over airports must also be considered.
there have been stowaways. In recent years, however, more humanely. A stowaway should not be arrested or detained has a duty to repatriate the stowaway to his or her home
and more people are leaving their home countries and (although the master has the right to maintain discipline country. Often times, however, a shipowner cannot find a Clearly, because of the complications that can arise,
an increasing number of them have resorted to stowing on board), and should not be forced to work. jurisdiction willing to take a stowaway into custody and dealing with a stowaway can be a costly undertaking.
aboard ship. As trade becomes even more global, the assist with repatriation. It is a vicious cycle. In order to Thankfully, most P&I insurance policies will defray much
frequency of stowaways can only be expected to increase. Specifically, if a stowaway is discovered, the crew disembark a stowaway and arrange for repatriation, of the cost. Generally speaking P&I insurance will cover
While stowaways may be fleeing economic or political should: you need papers that identify stowaways’ nationality an owner or a charterer’s legal liability for expenses
hardship, they often cause significant legal and financial and stowaways often lie or have false papers (or even no incurred in caring for, disembarking and repatriating
• Check their state of health; a stowaway. This can include expenses related to food,
headaches for vessel owners. They can also create serious papers at all) so their identities are not easily confirmed.
human problems for crews charged with caring for the • Arrange food, clothing, medical care and lodging; Yet without papers to confirm a stowaway’s identity, you water and clothing; medical care; deviation (if approved
stowaways. would need to disembark the stowaway, which cannot be by the P&I club in advance); additional agents’ handling
• Thoroughly search the stowaway’s belongings and done without papers. In other words, without papers you fees; government fines and penalties; shoreside detention;
The 1957 Brussels Convention defines a stowaway confiscate items that might pose a threat to the crew cannot disembark a stowaway, but you cannot disembark obtaining documentation; embassy expenses and
as, “…a person who, at any port or place in the vicinity (pen-knives, razors and other potential weapons); a stowaway without papers. Moreover, ships are normally repatriation, including any required escorts.
thereof, secrets himself in a ship without the consent in port for short periods of time so the result is that
of the shipowner or the Master, or any other person in • Question stowaway concerning his or her identity, Obviously, the best way to manage the increasing
how they boarded the ship and the reasons they are on stowaways can remain onboard for weeks or even months stowaway problem across the globe is preventing them
charge of the ship and who is on board after the ship has until their disembarkation can be arranged.
left that port or place.” According to an alternative, wider, board (if possible); from boarding in the first place. While in port, the
definition (ICS / IMO), a stowaway is “…a person who To complicate matters further, there are numerous accommodation doors should be locked or guarded. A
• Explain emergency procedures and issue them with a crewmember should always be on duty on the gangway,
is secreted on a ship, or in cargo which is subsequently jurisdictions across the globe where the disembarkation of
lifejacket and lifeboat place; and tallying all persons boarding and disembarking. Stevedore
loaded on the ship, without the consent of the shipowner a stowaway is extremely difficult, if not impossible, even
or the Master or any other responsible person and who is with papers, because of local law or policy or simply local companies should notify the ship how many stevedores
• Inform the ship’s owner or agent.
detected on board after the ship has departed from a port, practice. While some jurisdictions may be “friendlier” to will be on board / access only via gangway / use of visual
or during its stay in port, or in the cargo while unloading The master should also prepare a signed statement a shipowner in assisting in repatriation of a stowaway, ID of gang members. Watchmen should be vigilant / use
it in the port of arrival, and is reported as a stowaway by containing all information relating to the stowaway to be a vessel performing its contractual duty does not have of flood lights at night. Only people on ship’s business
the Master to the appropriate authorities.” given to the authorities where the stowaway is delivered. the luxury to shop for the most user-friendly forum to should be allowed on board, such as stevedores and
For the duration of the voyage, stowaways should be kept disembark a stowaway. Accordingly, when a stowaway officials. Before departure, the vessel should be searched
The ways in which stowaways secret themselves in a cabin, store room or other location where the doors is found onboard a ship, the vessel owner must maintain thoroughly.
on a ship are limitless – from simply walking up the and windows can be secured. This is especially important the stowaway onboard until the ship arrives at a more
gangway or scaling mooring lines and hiding, to hiding With increasing globalization and the current global
when the vessel nears port where the chances of a stowaway-friendly port.
inside a container or in a ship’s rudder compartment, to political and economic turmoil, the number of stowaway
stowaway jumping ship increases (heavy fines are often
impersonating a member of a stevedore gang or bribing Once a ship reaches a port where disembarkation is incidents is likely to increase. Therefore, ship owners
imposed by government authorities against a ship owner
crewmembers. Once onboard, they can hide in any nook allowed, authorities will often attach stringent conditions have to employ higher levels of preventative measures to
who permits a stowaway to escape). To reduce the risk of
or cranny of the ship or its cargo, many of which are to disembarkation, such as immediate repatriation or decrease incidents, defray costs and keep the world’s ships
stowaways receiving help to escape from crew members
extremely unsafe. Regardless of how a stowaway comes a cash bond or guarantee posted by the vessel owners moving.
that they have befriended, contact with the crew should
to be aboard, however, once he or she is there, the ship be kept to a minimum. to cover potential costs. Of course there are local
4 5
Points of guidance when facing discrepancies at loading

(3) Another commercial alternative often seen is for vessel

owners to accept the shore scale or the shipper’s figures in
consideration of provision of a letter of indemnity (LOI)
by: Danai Manta, LL.M., MBA by the charterers (ideally signed by any sub-charterers, the
Claims Executive shippers and the receivers). This is a practice which is not
Shipowners Claims Bureau (Hellas), Inc.
supported or approved by the Club as owners consent to
Piraeus, Greece
insert figures being different to their own. Owners should
therefore bear in mind that if a claim arises as a direct
result of this transaction the only recourse they will have
The accuracy of the cargo figures in the bill(s) of lading (1) The first step would be to re-check the ship’s is to pursue the charterers. However, in case the charterers
is of great importance because, in many jurisdictions, it measurements, check all shore records and calculations do not honor their LOI obligations, the LOI may be
is treated as a direct contractual representation by the with the P&I Club surveyor, check the Vessel Experience unenforceable due to the underlying, known inaccuracy
vessel owners to the cargo shippers and the receivers Factor (VEF), the proper application of temperatures and regarding the quantity of cargo which therefore may not
as to the amount of cargo loaded onto the vessel. As a the density of cargo (when necessary or applicable), if the assist the vessel owners when seeking indemnity thereafter.
result, claims for alleged shortages of cargoes attributed to shore scales were calibrated, trim corrections, etc. and call
(4) Where all steps are taken to check the calculations
complications at the loading ports may create significant for recalculations so as to see whether the differences can
at the loading port and no resolution can be found, this
difficulties for any owner. When inaccurate figures are be resolved.
sets the basis for possible errors on either side and leaves
knowingly inserted in the bill(s) of lading by the Master,
(2) A commercial compromise is for the Master to room for either side to be correct thus creating a situation
owners are exposed to claims by receivers with limited the ship’s figures into the bill(s) of lading. However this
accept the shore scale / the shipper’s figures being under of a “genuine dispute” over the quantity loaded. In such a
defenses (if any), their P&I cover is put at risk and, in the approach may lead to a dispute at the loadport with the
pressure from the charterer and/or the shipper and as a case, the vessel owners may seek to obtain a LOI from the
majority of cases, they are deprived of the right to seek shippers commonly applying to court for an order that
consequence to issue a letter of protest. In such a case, charterers (ideally counter-signed by any sub-charterers,
indemnity from their charterers. their figures be inserted into the bill(s). In such situations,
while under English law the insertion of qualifying words the shippers and the receivers) to cover any losses which
there may be a tendency of the local courts to be more
As most of our Members know, many bills of lading on the bill(s) of lading such as “weight unknown” may still the owners may suffer by issuing bill(s) of lading under
sympathetic towards the interests of the local shippers. As
are presented to the Master for signature based on the offer owners some arguments against cargo claims, this compromise resolution with the shipper’s/shore figures.
a consequence, the vessel’s departure may be delayed and
shore scale or the shippers’ figures. Various practical and will usually offer little assistance to them at the discharge While this is also a commercial decision of the owners
the question then arises as to who is responsible for that
legal issues arise when they do not match the figures of port. Several jurisdictions do not recognize pre-printed who will then need to turn to the charterers (and any other
delay: where the Master’s (lower) figure turns out to be
the Master and/or the Club surveyor and the difference standard form qualifications, usually interpreting them party involved) in order to seek recovery of any possible
accurate, then English law would allow an owner to bring
between the two is beyond an “acceptable margin”. as forming part of the standard wording of the bill(s) of shortage claim, the likelihood of enforceability of the LOI
a claim for detention against the charterers for the delay
Although there is no industry standard for what is lading in question not added specifically in connection is higher given the absence of knowingly inserting clearly
which occurred after loading. Under a time charterparty
considered as an “acceptable margin”, a figure of no more with that particular shipment. This was in effect confirmed inaccurate figures.
owners may argue that the vessel is not off-hire because the
than 0.3% up to 0.5% is commonly accepted depending in “The Boukadoura” [1989] 1 Lloyds 393 where the judge, delay is due to the shippers / charterers’ act in attempting
(5) The bill(s) of lading may be claused so as to show
on the type of cargo and the jurisdiction involved. In such when talking about such a provision said “…it cannot to insist on inserting (incorrect) higher figures into the bills
both the vessel’s and the shore figures. This is a rare
a case, the shippers will typically insist that “their” figure be assumed….that these or other general phrases will of lading. If, however, the Master turns out to be wrong,
option which the charterers and/or the shippers may
be inserted into the bills of lading irrespective of the necessarily protect the shipowner in other jurisdictions”. the vessel owners’ detention claim would not succeed, the
simply not accept because it interferes with their letter of
extent of the discrepancy noted. If the Master accepts the Additionally, subject to the exact facts and circumstances, vessel may well be off-hire, and the vessel owners may face
credit arrangements when there are two sets of figures on
shore scale / the shippers’ figure and this is beyond any Club cover may be prejudiced as the insertion of the claims for delay and/or prejudice to the underlying sales
the bill(s) of lading. Still, the Master should press for the
“acceptable margin,” the vessel owners may face cargo shore figures may be considered as a misrepresentation contract. It is therefore important for the Master to take
bill(s) of lading to be claused with his figure as well, e.g.,
shortage claims from the receivers and the vessel could be under the Club’s rules, since the Master knowingly inserts accurate measurements and, ideally, to cross check same
“X metric tons as per the ship’s figures.”
arrested at the discharge port. a figure which does not represent the accurate or true with an independent surveyor to be appointed by the
quantity, especially when draft surveys have been carried (6) The best way to ensure the accuracy of the bill(s) of owners as opposed to any other party in order to ensure
What are some possible courses of action when facing out by him and/or the P&I Club surveyor showing a lower lading figure is for the Master to insist on inserting only the objectivity of his figures.
this problematic situation? quantity of cargo loaded.
6 7
continued from page 7

Assuming that the shipper’s or shore figures are inserted right to claim indemnity or damages if the Master acted
in the bill of lading and a shortage claim arises at the negligently in signing the bill(s) of lading without checking
discharging port arising out of that specific discrepancy, the accuracy of the statements or if he knowingly and
what legal rights may the vessel owner have against the without objection accepted inaccurate figures.
charterer or the shipper?
Given the types of dilemmas that vessel owners may
Under the bills of lading, where the Hague or Hague- be facing at the loadport, it is highly recommended to
Visby rules apply then Article III, rule 5 states that “the insert express provisions in their charterparties allowing
shipper shall be deemed to have guaranteed to the carrier the accuracy only for the vessel’s or the owners representatives’ figures
at the time of the shipment of the….number, quantity and weight, as to be inserted in the bill(s) of lading and to press for their
furnished by him and the shipper shall indemnify the carrier against charterparties to be clearly incorporated in the bill(s) of
all loss, damages and expenses resulting from inaccuracies in such lading so that they may have full control over the terms
particulars”. As such, if the shipper incorrectly overstates under which cargo operations are to take place. The
the amount of cargo loaded, then the owners may have relevant charterparty and bill of lading terms should also
a claim against the shipper. However, English law will be brought to the attention of the Master before cargo
look at the reasonableness of the Master’s reliance on the operations commence so that he may also be aware of
shipper’s figures placed in the bill(s) of lading. The more the parameters involved and protect the vessel’s interests
evidence there is that the Master knew that the shippers’ in case of disagreement between the various parties
figures in fact overstated the amount of cargo loaded, the participating in loading and/or discharge. Owners should
less likely it will be that the owners can successfully rely on also arrange for draft / ullage / tally surveys and hatch
Article III rule 5. sealing / unsealing at all loading and all discharging ports
(whenever feasible) in order to have as much control of the
If the Hague or Hague-Visby rules are incorporated quantities on board as possible and to protect themselves
into the charterparty, then the vessel owners may against potential cargo claims. Additionally, the Master
similarly be able to pursue the charterers for losses should be instructed not to sign any mate’s receipts or
arising from overstating the cargo in the bill(s) of lading. letters of authority/bill(s) of lading until the accuracy of
Furthermore, where a time charterparty incorporates the quantity is confirmed by him and/or the vessel owners’
the Inter-Club Agreement, a straightforward way for appointed surveyor. Finally, the vessel owners should give
dealing with shortage claims is provided to the counter- clear instructions to the Master to contact the company’s
parties. However, it may be suggested that, although head office immediately after any discrepancy is noted by
the Inter-Club Agreement generally overrides other also contacting the Club who will be in a position to assist
charterparty clauses in relation to cargo claims, it may and provide the necessary guidance as to the way forward.
not defeat a claim for damages or indemnity under bill(s)
of lading not issued in accordance with the charterparty As a conclusion, it is apparent that the accuracy of all
provisions, e.g., when the bill(s) of lading are not in strict statements on the bill(s) of lading, including the cargo
conformity with the mate’s receipt(s) as provided for in quantity, is of utmost importance. Bearing in mind that
the charterparty or when the Hague or Hague-Visby rules there is no clear-cut solution to be applied in every single
are not incorporated in the charterparty. In the case of case where complications arise with the cargo quantity
a voyage charterparty and so long as no straightforward at the loading port, vessel owners are urged to take the
clause deals with shortage claims, the vessel owner may aforementioned recommendations into consideration and
seek indemnity from the charterer provided that the to consult their P&I Club in order to protect themselves
Master did not have reasonable means of discovering the against such unfortunate difficulties.
inaccuracy. However, the vessel owner is deprived of the

8 9
On appeal to the Eleventh Circuit, Dan Bunkering did Although neither U.S. court reached the underlying
not challenge the District Court’s conclusion that Hong merits of the dispute - specifically, whether the Maritime
FD&D CORNER Kong law applied to the issues of contract formation, Lien Act grants global authority to charterers to bind ships
but instead challenged the dismissal of the suit under the and their owners to contracts where the law under which the
doctrine of forum non conveniens. The Eleventh Circuit ruled contract was formed denies them such authority - the result
that the District Court did not err in ordering a conditional of the courts’ rulings was effectively the same. Rather than
by: Muge Anber-Kontakis, LL.M.
dismissal and that such dismissal did not render Hong subjecting purely foreign transactions to U.S. substantive
Vice President, FD&D Manager, Counsel
Shipowners Claims Bureau, Inc.
Kong an inadequate forum just because Dan Bunkering law without any consideration of equity or reasonableness,
New York, NY, USA could not pursue its in rem claim there. The Eleventh the CENTRANS DEMETER decisions stand for the
Circuit also agreed with the District Court’s ruling that principle that a proper choice of law analysis must be
the relevant documents, parties, and witnesses were all in performed, and that foreign transactions should be judged,
Hong Kong and China, and that the only connection the in the first instance, by the countries with the strongest
A significant matter involving one of our Members the Commercial Instruments and Maritime Lien Act, 46 Vessel had with the United States was the fortuity that it interest and contacts with the parties and their dispute.
was decided by the US Circuit Court of Appeals for the U.S.C. §31342 (“the Maritime Lien Act”). Dan Bunkering had been arrested in Alabama. That connection alone,
Eleventh Circuit.1 This ruling offers a ray of hope for based its claim for a maritime lien on its Standard Terms the Eleventh Circuit held, was insufficient to outweigh the
vessel owners whose ships have been arrested to enforce and Conditions which allegedly gave Dan Bunkering the suit’s more extensive foreign connections.
unauthorized maritime liens purportedly incurred against option of relying on the law of any country where the
their property by charterers who fail to pay their fuel bills. Vessel might be found.2 Aries provided Dan Bunkering 1
A/S Dan Bunkering, Ltd v. M/V Centrans Demeter, 1:14-cv-00297-CG-N
with security for its claims and the Vessel was released 2
In relevant part, the Bunker Contract stated: “Our General Terms and Conditions of March 2010, which are known to you, are to apply. Copy
In the Centrans Demeter, Aries Shipping Co., Ltd. (“Aries”), from arrest. available on request and on our homepage” The General Terms and Conditions available on Dan-Bunkering’s
a Hong Kong company, is the owner of the Hong Kong
website contain a choice-of-law clause, which provided “The Bunker Contract shall be governed by the laws of Denmark. However, the choice of
flagged vessel the CENTRANS DEMETER (hereinafter Rather than simply apply U.S. law (as Dan Bunkering
law is for the sole benefit of the Seller and the Seller may apply and benefit from any law granting a maritime lien and/or right to arrest the Vessel
“the Vessel”). In November 2011, Aries chartered the urged), the United States District Court for the Southern in any country as stipulated in Section 9 hereof.”
Vessel to Zhenhua International Shipping Co., Ltd. District of Alabama conducted an analysis of what nation’s
The relevant portion of Section 9 read that “The Seller is entitled to rely on any provisions of law of the flag state of the Vessel, the place of delivery
(“Zhenhua”), a Chinese company with an office in Hong substantive law governed the issue of contract formation or where the Vessel is found and shall, among other things, enjoy full benefit of local rules granting the Seller maritime lien in the Vessel and/or
Kong. The charter party provided that Zhenhua was and whether, if foreign law applied, the case should be providing for the right to arrest the Vessel. Nothing in this Bunker Contract shall be construed to limit the rights or legal remedies that the Seller
obligated to pay for all bunkers consumed and expressly dismissed in favor of a foreign forum. The District Court may enjoy against the Vessel or the Buyer in any jurisdiction.”
stated that Zhenhua did not have authority to incur any noted that (1) the contract had been negotiated in Hong 3
Although the district court found that Hong Kong represented both an available and adequate forum, Dan Bunkering feared that it could not
obligation which may create a lien against the Vessel. Kong and China; (2) the port of Hong Kong was the place pursue its in rem claim in Hong Kong, as Hong Kong law does not recognize maritime lien for unpaid bunkers.
of performance; (3) Aries was a Hong Kong company;
On November 18, 2011, Zhenhua placed an order for and (4) the Vessel was flagged under the laws of Hong
bunkers with A/S Dan Bunkering, Ltd., a Danish bunker Kong. It therefore found that Hong Kong law controlled
supply company with offices in Shanghai and Beijing. issues of contract formation and that the United States
After delivery of the bunkers to the Vessel in Hong did not have a significant interest in applying its laws to
Kong, Dan Bunkering submitted an invoice to Zhenhua the dispute. While the parties disputed whether Hong
for US$593,484.00. Zhenhua tendered two payments to Kong law would allow enforcement of Dan Bunkering’s
Dan Bunkering, totaling US$150,000.00. Dan Bunkering claim if brought there,3 the District Court refrained from
alleged that no other payments were made. making any ruling on the effect of Hong Kong law on the
More than two and a half years later, in June 2014, underlying contractual dispute. Applying the doctrine of
Dan Bunkering brought suit in rem to enforce a maritime forum non conveniens, the District Court dismissed the case
lien against the Vessel and subsequently arrested it in the in favor of a Hong Kong forum, conditioned upon Aries’
port of Mobile, Alabama to satisfy the unpaid balance first agreeing to appear in Hong Kong and to waive any
of the bunker contract. Dan Bunkering claimed that it jurisdictional or statute of limitations defenses it might
possessed a maritime lien against the Vessel pursuant to have, which Aries did. Upon dismissal of the suit, Aries’
security was cancelled and returned.
10 11
loaded onboard ships in Indonesia and the Philippines A shortage and ongoing intimidation of surveyors
is made up of fine particles and can have a clay like that do attend nickel ore loadings in the Philippines has
consistency. Thus, the inherent moisture content can be resulted in some ships being loaded without a surveyor
higher than the moisture content of nickel ores shipped being onboard to monitor the process. In other cases,
from other countries as the cargo is generally mined at Masters or shipowners have been reluctant to follow the
the surface. advice of the surveyor.
by: John Wilson
Director Technical Services Asia
Lessons not learnt In 2015, two vessels that loaded nickel ore in Surigao,
SCB Management Consulting Services, Ltd. had to deviate to a safe port in the Philippines due
Hong Kong, SAR People’s Republic of China Whilst exports of nickel ore were still underway from to heavy lists developing soon into their voyages due
Indonesia prior to January 2014, the American Club, to the liquefaction of the cargo. One of the Club’s
along with other members of the International Group correspondents, Pandiman, have received reports of ships
of P&I Clubs, was seeing many instances whereby the arriving in China with the cargo liquefied in one or more
Between 2010 and 2013, six vessels that loaded Since then much research has been carried out and requirements the IMSBC Code, were not being complied of the cargo holds.
nickel ore in Indonesia sank during their voyages regulations have been updated and amended, particularly with. Certificates being provided by shippers often
to China, resulting in the loss of life of 81 the designation of nickel ore as a Group A cargo under contained inaccurate data about the MC, FMP and TML SOLAS and the IMSBC Code – changes
the International Maritime Solid Bulk Cargoes (IMSBC) of the cargo being presented. to promote safe carriage of nickel ore
Code. In January 2014, the Indonesian government
banned the export of nickel ore and the Philippines are Cargo was being brought to the ships and loaded onboard Shipowners who engage in the carriage of nickel ore
The cause of each casualty is thought to have
now clamping down on the nickel ore mining industry due from uncovered barges. Shipowners’ representative must ensure their Masters have an up-to-date copy of the
been due to liquefaction of the cargo affecting surveyors were obstructed from obtaining samples of the
to environmental concerns. There continue to be incidents IMSBC Code available to them and are fully familiar with
the stability of the vessel, resulting in the vessel cargo prior to it being loaded. Furthermore, shipowners
of nickel ore liquefying onboard ships, and there remains the contents. The same applies to their shore based staff
capsizing very quickly, sometimes within a
the very real threat of a fatal casualty, particularly with and the Master were pressured to load the cargo being who liaise with charterers to arrange for their vessels to
matter of minutes. For these reasons, nickel the latest developments affecting the nickel ore mining presented, but the suitability of the cargo had not been load such cargoes.
ore has been described as ‘the world’s most industry in Indonesia and the Philippines. properly demonstrated to be safe for carriage and in
accordance with the IMSBC Code. The safe seaborne carriage of nickel ore can be
dangerous cargo’.
Nickel ore exports from the enhanced by obtaining a representative sample amount
These same problems were being experienced at the of the cargo to be loaded, and this should be tested in
Philippines and Indonesia nickel ore load ports in the Philippines, and continue a laboratory using established protocols, to measure the
Nickel ore is a cargo that may liquefy if the Moisture Indonesia implemented a ban on the export of to be a problem today. The sampling methodology and MC, FMP and calculate the TML. For safe carriage,
Content (MC) exceeds the Transportable Moisture Limit unprocessed ores in January 2014, which included the laboratory analysis techniques used by the mines have the MC never exceeds the TML during loading and
(TML). The point at which the cargo can begin to act export of nickel ore. The intention of the export ban was been found to not be to the standards as required by the the voyage. Given the nature of the nickel ore material,
like a liquid is when the Flow Moisture Point (FMP) is to stimulate the Indonesian mines to build smelter facilities IMSBC Code. This has been exemplified by the fact when it is very difficult to accurately assess the MC and the
reached. The FMP can be measured, whilst the TML is a to process the locally mined ore into nickel. Prior to the surveyors have been able to obtain cargo samples and have suitability of the cargo to load, based purely on the visual
theoretical figure set at 90% of the FMP, so as to create a ban, in 2013, Indonesia and the Philippines accounted for them analyzed at laboratories outside the Philippines, on appearance of the cargo. An accurate sampling and
10% safety margin. over 60% of the worlds nickel ore exports, with the ore all occasions the samples have ‘failed’ with the FMP found laboratory analysis procedure must have been undertaken
mostly destined for ports in China for the manufacture to be around 35%, rather than the 40% that is typically and accurate certificates produced stating the test results.
Such dry bulk cargoes that can liquefy may appear to declared on certificates issued by the shippers, and
be in a relatively dry granular state when loaded, and yet of stainless steel. Australia, South Africa and the South
moisture readings have been between 8 to 10% in error1. Since the implementation of the Indonesia export ban
may contain sufficient moisture to become fluid under the Pacific nation of New Caledonia, made up the rest of the
in January 2014, various amendments to the IMSBC
stimulus of compaction and the vibration which occurs top five exporting countries. In 2014, without the supply An additional problem peculiar to the Philippines Code have entered into force. These seek to increase the
during a voyage. from Indonesia, mines in the Philippines accounted for is the threat from armed extremist gangs, who demand involvement of the designated “Competent Authority”2
50% of the worlds exports of nickel ore. The Philippines payments from the mines. If the payments are not made, and to enhance the procedures involved in acceptance
Since 2011, the American Club have issued a number continues to export more nickel ore than any other then the mine’s operation can be disrupted and mine and loading of solid bulk cargoes that may liquefy, which
of Circulars and Alerts concerning the carriage of nickel country. workers exposed to violence. include unprocessed mineral ores such as nickel ore.
ore and other cargoes which have the potential to liquefy.
This information and further guidance can be found on the Liquefaction does not occur when the cargo consists
Club’s website. In addition, the article entitled, “Watery of large particles or lumps and water passes through the 1
Information provided by Pandiman Philippines Inc, general correspondents for the American P&I Club in the Philippines.
Graves”, on the topic of liquefaction last appeared in this spaces between the particles and there is no increase in the 2
Under the IMSBC Code, Competent Authority means any national regulatory body or authority designated or otherwise recognized as such for any
publication in November 2013. water pressure. The nickel ore material that is mined and purpose in connection with this Code

12 13
continued from page 13

A prudent shipowner and Master should be aware of is available and samples from the full depth of the Government clampdown on nickel ore In the meantime, the export of nickel ore from the
some of the key elements of the IMSBC Code that apply stockpile can be extracted. (Section 4.4.8) exports from the Philippines Philippines continues as the mines operate under the
to steps prior to and during the loading of nickel ore. uncertainty of their closures. Shipowners and charterers
These include the following: • A test to determine the TML shall be conducted within In early February 2017, the Philippine Department of should endeavor to obtain verification from the cargo
6 months of the date of loading the cargo. (Section Environmental and Natural Resources said it had ordered shippers to demonstrate that the mine has the required
• The Competent Authority (CA) shall operate 4.5.1) the closure of 23 nickel ore mines in the Philippines, as mining and export license.
independently from the Shipper. (Section 1.7) a means to combat the environmental degradation being
• The interval between sampling / testing for moisture As for Indonesia, the associated in-house testing
• A signed certificate or declaration of the TML and MC content shall never be more than seven days. If there caused by the industry. That number of mines accounts
for half of the Philippines nickel production. The mining laboratories have been dormant in conjunction with
must be issued to the Master or his representative by has been significant rain between the time of testing the current ban. Consequently, there has been no
an entity recognized by the CA of the port of loading. and loading, check tests shall be conducted to ensure companies have appealed against the closures. There may
be further reviews and during that time the mines can improvement in the standards of equipment, training or
(Section 4.3.2) the MC of the cargo to be loaded is still below the operation of the laboratories. Their understanding of
TML. (Section 4.5.2) remain in operation, and it is therefore unclear at present
• The shipper must establish procedures to ensure the exactly how and when the mine closures will take effect. and adherence to the requirements of the IMSBC Code
MC is below the TML while onboard the vessel, in • If samples remain dry following a can test, the moisture may well fall short as a result. Once again, shipowners
accordance with the provisions of the Code, and they content of the material may still exceed the TML. The need for extra vigilance now and charterers should obtain information from the cargo
are to be approved and implementation checked by the shippers to demonstrate that the mine has the required
(Section 8.4.2) The problems that existed in the South East Asia nickel
CA. A copy of the approval document issued by the CA mining and export license.
ore export trade 6 years ago when ships were sinking
is to be provided to the Master or his representative. Possible resumption of exports of In both the Philippines and Indonesia, shipowners
due to liquefaction, have not gone away. Consequently,
(Section 4.3.3) nickel ore from Indonesia and Masters on their vessels need to exercise increased
incidents of nickel ore cargo liquefying continue, though
• If the cargo is loaded onto the ship from barges, the luckily without any fatalities. The ongoing political and vigilance when monitoring the condition of the nickel
During the nickel ore export ban period in Indonesia,
shippers shall include procedures to protect the cargo economic instability in Indonesia and the Philippine ore cargo being loaded and ensure adequate co-operation
some open cast mining has continued and the raw nickel
on the barges from any precipitation and water ingress. trades is difficult to solve. International organizations is provided to surveyors that attend onboard, and that
ore stored in uncovered stockpiles exposed to the elements
(Section 4.3.4) such as the IMO and Intercargo have thus far had little appropriate steps are taken so that only safe cargo is
and becoming wetter. In December 2016, the Indonesian
influence in ensuring that established and new regulations loaded onboard.
government officials announced that the export ban was
• For cargoes that may liquefy, the shipper shall facilitate are followed. It remains to be seen if the Competent
to be relaxed and that exports can be resumed within
access to stockpiles for the purpose of inspection, Authorities in Indonesia and the Philippines can establish
certain limits for mines that have the required export
sampling and subsequent testing by the ship’s nominated monitoring and tight control of the protocols and safety
permits. However, ships that then arrived to load nickel
representative. (Section 4.4.3) regimes that need to be followed by the nickel ore mines
ore in Indonesia had found that the mines did not actually
• Unless expressly provided otherwise, sampling for the have the required permits to export nickel ore and the and their laboratories.
test required by the Code shall follow an internationally loadings did not take place.
or nationally accepted standard procedure. (Section
If or when the export of nickel ore from Indonesia will
resume is not clear. However, if the reduction of the export
• The sampling of stationary stockpiles shall be carried quantities of nickel ore from the Philippines is imposed, it
out only when access to the full depth of the stockpile may influence the resumption of exports from Indonesia.

14 15

Taher Shtewi
a lot of foreigners had left the country because of the
Shtewi Legal & Pandi Services
Tripoli, Libya
safety of these employees. This has given rise to problems
in production due to the lack of expertise. However,
it is hoped that when the various factions finally reach
Six years after Libya’s dictator Moammar Gadhafi was deposed in a popular revolution, the country agreement and terrorist organizations are dealt with,
foreign workers will return giving rise to great prosperity.
remains trapped in a spiral of deteriorating security, economic crisis, and political deadlock. Trust
Before this can happen however, it will be necessary to
in the nation’s weak government institutions has fallen to an all-time low as political elites, unable
establish a national army and police force to maintain
to agree on even a governmental structure, deploy armed militias to control territory and economic law and order. At the end of the civil war thousands of
assets. An additional challenge comes from ISIS and other violent extremists exploiting the situation to Libyans retained their weapons and life in Libya is unsafe.
expand operations in Libya. Still, civil society organizations remain active and committed to laying the
However, by and large vessels are arriving in Libyan
foundation for a unity government capable of rebuilding the state.
ports and are being worked normally which of course
would include the usual problems arising from damages
Since 17/02/2011 the situation at Libyan ports were - Es Sider port (Oil port) and shortages of cargo. The claims are being dealt with
changed dramatically due to the revolution which took in the usual manner where possible but occasionally the
place in Libya giving rise to hundred of the queries from - Sirte port (Mainly Commercial port)
receiver will take the law into his own hands and demand
the ship-owners and the clubs about the current situation - Misurata Port (Commercial port ) immediate payment without recourse to the courts and
in each port. the Libyan law.
- Ak Khoms port (Commercial port)
First of all to all of the club Currents Magazine reader In Libya the club letters of undertaking are usually
I would like to explain the location of Libya which is - Tripoli port (Commercial port ) acceptable to cover any shortage or damage claims except
situated in the middle of Northern North Africa. South that as mentioned above, there are few traders who always
- Zawia port (Oil port)
of the Mediterranean Sea. The coast is about 1900 KM. insist in receiving cash settlement before allowing the ship
The coast begins with the border of Tunisia in the West - Melitah port (Oil port) sails from the port.
and Egypt in the East but Libyan deserts have borders
with Sudan in the East, Tunis and Algeria in the West, - Zwarah Port (Commercial port) Also as per Libyan Marine Law owners could limit
Tchad and Al Niger in the South. their liability by LD 100.00 (Approx. USD 80.00) for each
- Farwah ( Oil Terminal) package, bundle or MT which no doubt had assisted a lot
Due to the long coast, Libya had about 17 ports which of ship owners and clubs to minimize the cargo claims
- Bouri ( Oil Terminal)
are as follows: costs. However for obvious reasons if the receiver is
unwilling to accept this there is very little that can be done
- Marsa El Hariga (Oil port)
to force them if they have detained the vessel.
Due to the collapse of the Libyan State the situation of
- Tobruk port (Commercial port)
each port changed from time to time as many ports were The problem we currently face as club correspondent
- Derna Port (Commercial port) closed for many years due to the civil war which had been in Libya is that due to the situation we not able to provide
taken place in different parts of Libya and had affected the club with the required services due to the high risks
- Benghazi Port (Commercial port) the operation of the ports. of safety of the employees as a lot of kidnaps have taken
- Marsa El Brega (Oil & Commercial port) place in most of Libya cities.
Libya has a big wealth in oil, gas and fish but due to our
small population Libya is always dependant on foreign So far we did not report any problems against the ships
- Zuetina port (Oil port)
employees from most of the world countries but due to or the crew at any Libyan operating ports and hope to
- Ras Lanuf port (Commercial & Oil port) the upset took place in the country, for the past six year avoid any problems in future.

16 17
RRR 147


Global Reach, Local Touch

Celebrating 100 Years of Excellence

RRR 147

Club Directors of The American Club
Directors of the American Club

Introductory Remarks
By J. Arnold Witte, Chairman, The American Club
It is a particular pleasure to provide some comments for this March edition of Currents on the
eve of the American Club’s 100th Annual Meeting in June this year.
The Club celebrated its actual birthday on February 14, 2017, the day on which, one hundred
years earlier, the Club was an originally established. However, it is in the context of this year’s
annual meeting that the main celebration will take place, here in New York, to be followed by other AAA
WW: : Kenneth
W :Kenneth
WW: : James
W :James

events throughout the world over the months thereafter. Management

Eurotankers Inc.,George
Inc., George
Inc., D.

Many who read this will already have received a copy of the Club’s centennial history. The story Steven



WW: : Cliffe
W :Cliffe

of the American Club over the last 100 years is, as I am sure everyone will agree, a thoroughly AAA
WW: : John
W :John
IndependentBoard Board
LLC, Katia

interesting one which highlights the many twists and turns of world events over a remarkable period
WW: : Kenneth
W :Kenneth
Inc., Deputy
Cruise RMember,

: :H.James
B O V Member,
F R O N T R O W : Kenneth
Engstrom, CCCC
Cruise RIGHT TOP ROW: James P. Corcoran,
Management International, Inc., Corp.
Corp. Chairman
Deputy Independent Board Member,
of years. Given that the past has been so amply chronicled in the history itself, you will permit me
Craig Gotsis,
Reinauer Inc.,George
George Companies,
PhoenixShipping Shipping
Markos K. Marinakis, Marinakis Chartering Inc., Elias Gotsis, Eurotankers Inc., George
George Vakirtzis,
Polembros Shipping
to address what, in my view, the future may hold for the Club.
Chairman J. Arnold Witte, Donjon Marine Co., Inc., D. Gourdomichalis, Phoenix Shipping
Member, &Chih-Chien
Chih-Chien S.A.
Company, Ltd.
Ltd. T. Scalzo, Independent Board Member,
Steven & Trading, S.A.
WW: : Cliffe
W :Cliffe
CliffeF.F.F. Michael L. Murley, Martin Resource Mgmt. Corp. RIGHT BOT TOM ROW: Cliffe F.
We are mindful of the many challenges faced by our members in a
Corp., Martin
: : John
: John
of Marine,
LLC, Katia
A B O V E B AC K R O W : John E. Couloucoundis, Delta Laborde, Laborde Marine, LLC, Katia
Navigation Corp., Martin C. Recchuite, Independent Board Restis, Enterprises Shipping & Trading
complex legal, regulatory and operating environment. In view of these
Member, Richard H. Brown, Independent Board Member, S.A., Lianyu Zhu, CCCC International

challenges, we will continue to focus intently on meeting our members’

Angelos D. Kostakos, Oceanstar Management, Inc., Shipping Corp.
Craig Reinauer, Reinauer Transportation Companies,

needs. Doing so has been, and will continue to be, the basis of the
George Vakirtzis, Polembros Shipping Limited,
Chih-Chien Hsu, Eddie Steamship Company, Ltd.

American Club’s success. Directors

Directors as of March 2016

The Club has grown strongly in recent years, and has diversified
its operations in many ways: by reference to vessel type, domicile of
management and, indeed, line of business offered. However, growth New York Shanghai
and diversification for their own sake are not on our agenda. Benefits
from such development will, of course, show themselves - as they have
Hong Kong
already done – but we will be guided by the interests of the membership
first and foremost in making such strategic decisions.
So, in celebrating the Club’s first century, we have an eye to the
future which, I feel sure, will continue to be characterized by the success
which the Club has enjoyed in recent years, but always with a single-
minded commitment to our members’ interests over the years to come. Global Management Team

18 19
It is the people that make all the difference
By Dorothea G. Ioannou, Global Business Development Director

As a P&I Club, it’s very easy to talk about what we It all began 100 years ago in 1917 when many in the Through this strategy the Club went through what I of combined experience to the growing family of the
do. Indeed it is usually a topic of great interest. What I US shipowning sector suddenly found themselves without can only call an astounding metamorphosis. The Club American Club.
find even more interesting though is who we are, how we P&I cover as a result of British sanctions in 1916 during eventually became a full member of the International
The next stop was Piraeus, Greece in 2005. As the Club
got here and what it is that makes the difference. As we World War I and the American Club was founded to meet Group of P&I Clubs achieving significant milestones
grew its membership in Europe with a concentration
celebrate our 100 year anniversary I'd like to talk about that need. The Club has obviously gone through many over the last 20 year period including a five-fold increase
in Greece due to its high shipowning presence in the
our people. P&I is unique in that it’s built on relationships ups and downs in its 100 year history including in fact in tonnage, a four-fold increase of premium, an eight-
international shipping market, the Club expanded its
and the know-how of the individuals that make up the becoming at one point in time the largest P&I Club in fold growth in total funds and a ten-fold increase in free
office presence to Piraeus. Today the specialized team of
Club. We’re not simply an insurer you don’t really know the industry! It is however, the modern day history of the reserves. None of which could ever have been done
10 maritime professionals support business development,
but rather a dynamic living organization that provides a Club that has made the most significant impact. without the right people.
marketing as well as claims service and adds just over
wealth of expertise which uses its vast experience and data
In 1995 the Club implemented a new strategy which The NY office, the head office, was and remains the 100 years of maritime experience across all sectors of
to assist in assessing and meeting your risk needs. At the
brought in new leadership to promote the expansion of nucleus of the organization. In New York you will find the the industry. Believing in becoming a part of the regional
American Club we are especially proud of the ability to
the Club’s membership internationally and expand its core of every department: executive management, finance, community, the Club invested in local talent with local as
perform on a personal basis within each community we
service capabilities through international offices. Through accounts, underwriting, legal, claims, loss prevention, well as international experience and education in order
situate ourselves in, not only from the local office itself but
this global vision implemented by new leadership of its surveys and technical, business development, compliance, to provide the highest level of maritime regional know
by using our global reach to draw on every individual in
Managers, New York based Shipowners Claims Bureau, human resources, IT, actuarial, analytics, reinsurance, how for the shipping community in that region using also
the organization.
Inc., through Joseph Hughes and Vincent Solarino and global administration. It is the root of the Club’s fluency of the local language.
I would like to begin with our prestigious Board of and with the steadfast support of the Club’s Board of global family tree which stretches across continents today.
Moving even further East as the Club grew it opened
Directors. The American Club has an active Board of Directors, the American Club embarked on its great
London was where the Club first expanded in order to its doors in Shanghai in 2007. Today the office is
Directors representing every sector of shipping and all journey of growth and diversification on an international
meet the needs of a changing world of trade and insurance comprised of five maritime professionals, both from
major shipping regional hubs. The Managers work closely scale. It was this strategy which was the driving force
and also the changing face of the Club as it expanded the risk assessment perspective as well as legal/claims
with the Board and extract also their experiences and behind how the Club was able to enter the international
its membership eastward into Europe. The London backgrounds. It represents both the local know how
concerns as representatives of the industry as Shipowners shipping industry and span its membership and presence
office today is made up of a team of highly diversified and language capability necessary to become a part of
and operators to ensure needs of the market are met. The across continents. All the people that make up the Club
individuals with international experience in the industry and service that community. Merging the western can-
Board also has independent legal, financial and insurance that you know so well today were a part of this strategy to
serving as a hub for marine insurance broker relations do attitude with the eastern regional know how of local
Directors to provide further insight on important issues. make the difference in service and make the Club a global
with marketing and business development liaisons as well professionals, the team adds almost 40 years combined of
This is important as ultimately, the Club, being a mutual competitor.
as highly experienced claims staff bringing over 65 Years experience to the American Club family.
insurer, is a self-insurer.

20 21
The American P&I Club’s History
It is the people that make all the difference Awarded the “Best Global Marine Insurance
Services Provider 2017” at the Sea Transport
2017 Awards.
continued from page 21

Receives the Lloyd’s List North American

Celebrates its 100th Anniversary.
Recognizing the next major shipping hub for the Far even greater level of marine insurance expertise. The
East and South East Asia the Club chose Hong Kong Managers of AHHIC add the value of staff with 100 years 2016 Award 2016 for Maritime Services - General.

for its next office. Tapping in to the abilities and network of combined experience in Hull, War, Loss of Hire and
of maritime professionals with extensive experience in an array of products complimenting both Hull and P&I.
Enters the global H&M market with
Opens an office in Houston.
the region relating to claims, business development and
technical services, the Club today boasts a team with over
It has been a fantastic journey for the American Club 2016 American Hellenic Hull Insurance Company.
and its Managers, standing today as a global team of Embarks on its “Vision 2020” for further
50 Years of combined experience and know how in the
maritime experts, carrying a history of 100 years in the
marine insurance industry, but offering centuries more
diversification and expansive growth.
Coming full circle, the American Club being a US of combined expertise across its offices from within the 2012 Opens an office in Hong-Kong.
Introduced Eagle Ocean Marine, its fixed-
based insurer, and the only mutual P&I Club domiciled in most major shipping hubs on the planet. It is however, the premium facility in conjunction with
the Americas, the Managers recognized the significance
of the Gulf Coast shipping industry and made its most
dynamic of each and every individual working together
within the organization, and within each of the shipping
underwriters from Lloyd’s.
recent move in to the shipping community and growing
shipping hub of Houston which has added a wealth of
communities, hand in hand with the people within its
outstanding membership, which has made the Club what
2010 Membership becomes 15% US and 85% non-US.

value to the Club’s ability to serve our membership and

enhance its natural US footprint. With the specialized and
it is today, a truly global insurer.
Wins the prestigious P&I/Insurance Services
Opens an office in Shanghai.
As the American Club continues its journey of growth
highly qualified personnel based in Houston we have now
looking beyond its 100th birthday this year, it takes pride in 2005 Award of Lloyd’s List.
added a combined 25 years of experience in the maritime
having received prestigious accolades such as the Lloyds
List North American Marine Services Award 2016 and
Opens an office in Piraeus.
Most recently, the depth of the Club and its family of the Sea Transport Award for Insurance Services 2017.
experts has been enriched through the establishment and However, what the American Club truly prides itself 1998 Opens its first non-US office in London.

founding of American Hellenic Hull Insurance Company on are its people. In a world where insurance capacity Is admitted to the IG as a full pooling member.
Ltd., through which the Club further diversified into is high and covers available easily, it is the service that SCB Inc. recruits J.E.M. Hughes, a European Entered tonnage reaches 19.1 million in 2003.
the hull insurance sector. AHHIC Ltd. Through this differentiates the caliber of cover and product. That can insurance executive with extensive
diversification and joining of forces with Managers only be done by a company’s people and it is always the 1995 P&I experience, as its chairman and CEO.
The directors approve “Vision 2000”, a
Hellenic Hull Management, the team now offers an people that make all the difference. strategic plan for international expansion and
the enhancement of member services.
Becomes a reinsured member of the London-
1989 based International Group of P&I Clubs.
The American Club admits its first foreign
flag member.
The directors vote to admit foreign-flag
1973 members. The stock market crashes. The Club survives
the Depression and slowly builds its entered
Oil giant Standard Oil of New Jersey enters
1928 many of its tankers with the Club. Shipowners Claims Bureau, Inc. established
by Johnson and Higgins to provide dedicated
Entered tonnage reaches an early peak of 9.4 management services for the Club.
million, making the Club one of the largest
1922 P&I clubs in the world at that time. Insurance broker Johnson & Higgins
establishes the American Club to insure its
American-flag clients during WW I.
22 23
New Club Publications & Initiatives
New Collision Avoidance e-Learning Module
The American Club: A Centennial History In February, as part of the
American Club’s ongoing strategy
The American P&I Club published its Centennial through the development and
Book to celebrate its first 100 years of history. dissemination of loss prevention
services to our Members,
The American Club is the only P&I Club have introduced an e-learning
domiciled in the United States and was founded on training module on compliance
February 14, 1917 to provide a reliable source of with the International Regulations
third party liability coverage in the United States. for Preventing Collisions at Sea
(COLREGS). The development
At the time, P&I insurance was available of this module was the result of
primarily from Clubs in the United Kingdom and our claims and incidents data
Scandinavia. The World War I was ranging in that shows that since 2006, Club
Europe and as a result, the US-based shipowners Members have experienced more
were barred from buying cover from British Clubs than 60 collision incidents per
in consequence of UK government trade-related year at a cost of US$ 193,000 per
sanctions, which had been imposed on certain US incident. The module provides a
shipowners in 1916. summary of the COLREGS that
This book was written by Richard Blodgett, one set forth the "rules of the road"
of America’s most celebrated corporate historians or navigation rules to be followed by ships and other vessels at sea to prevent collisions between two or more vessels.
and explores the history and the achievements of Members are reminded that access to all e-learning tools are free of charge and access can be gained through our website
the first hundred years of the Club against the at
background of a turbulent century, describing
the impact of the world’s affairs on the shipping #AmericanPandI goes live!
industry both at home and overseas. Chronicling
the Club’s development in a constantly changing Members will be pleased to know that the
commercial environment, it shows how the Club has American Club now has a social media team
now managed to be navigating with confidence to a to communicate the Club’s and its Managers’
new century of service to its growing constituencies activities on a regular basis. The Club members
across the world. and the industry at large are now able to learn of
Club developments, updates, news, alerts, events,
All Members should by now have received a copy
publications, initiatives and happenings in real time
of the history, while its distribution to the many
on LinkedIn, Twitter and Instagram.
others who will have an interest in reading it remains
under way. If any Member should not have received Be sure to follow us!
a copy, the Managers can be contacted either at their
New York headquarters at info@american-club.
com or at any of their regional offices to arrange for @americanpandi and #americanpandi
one to be sent.
Events in celebration of the Club’s centennial are
planned for later in the year for our Members, their
brokers and other service providers.

24 25
The American Hellenic Hull News American Hellenic Hull’s first market presentation in Cyprus

American Hellenic Hull American Hellenic Hull’s

is growing first market presentation
On March 2nd, 2017, American Hellenic Hull in Cyprus
Insurance Company held its third Board of Directors
meeting in Limassol, Cyprus. The company reported At the company’s inaugural presentation in Cyprus,
1,286 insured vessels, writing accounts at a higher held in Limassol, on April 6th, 2017, the Cypriot market
than expected rate (+23,5%) month by month; kept was fully briefed on the company’s first eight months of
the operating expenses at lower levels than budgeted growth as well as the emerging potential of Cyprus as
(-10,6%); achieved Gross Loss Ratio on written a global marine insurance hub. The presentation was
premium 52.91% in its first seven months of operations. attended by Cypriot officials, shipowners, maritime
Being the first Hull & Machinery Underwriter in the sector executives, fellow members of the Association
Region under Solvency-II E.U. regime, it has already an of Insurance Companies, and brokers from the UK,
improved ratio of eligible own funds to Solvency Capital Germany, Cyprus and Greece as well as representatives
Requirement by +48% offering triple-protection to of the media.
policy holders. Speakers were Marios Demetriades, Minister of
All growth indications show that the company is close Transport, Communications and Works of Cyprus,
to meet its 2017 annual targets. The CEO roadshows Vince Solarino, Chairman of the American Hellenic
every two months to key markets, and is supported when Hull Insurance Company and President of the
needed by the American Club’s business development managers of the American P&I Club, and American
team. Until today the team has analyzed 221 prospect Hellenic Hull’s CEO Mr. Ilias Tsakiris.
companies, but insured only 75 (35,4%) of them, In his welcome speech, Mr. Demetriades highlighted
abiding to its strict Underwriting criteria. American American Hellenic Hull’s fast-expanding global
Hellenic Hull now works with more than 100 brokers presence as an important example of the growth
around the globe and its insured vessels are mainly from opportunities available to the Cypriot shipping cluster.
the German, Cypriot, Greek, UK, and Italian markets. Mr. Solarino briefed the audience on the 100-year
CEO Mr. Ilias Tsakiris stated: “We are committed history of the American Club. He also explained the
to grow the business, by turning Marine Insurance reasons for the company's move to invest in Cyprus.
underwriting into a personal trusted relationship and Mr. Tsakiris, the company's CEO, reported on progress
custom protection for every quality ship owner. Our in its first eight months of operations. The audience
team strives to build the brand awareness, to increase was told that the company has already insured 1,524
the portfolio and avoid financial and claims risks. In this vessels from 10 countries spread across three different
effort, we get invaluable support by every Board member continents, and is working with about 100 brokers. Mr.
and the American Club’s business development team”. Tsakiris said that American Hellenic Hull is currently in
the process of obtaining a rating from an international
rating agency. He also explained the importance and
benefits of positioning Cyprus globally as a shipping
centre, an effort to which American Hellenic Hull is
To close the event, guests enjoyed a pleasant cocktail
reception that provided an opportunity for further
networking and receiving feedback from attendees, who
were overwhelmingly positive in their response to the
company's presentation.

26 27


MARCH 2017
The American P&I Club and its Managers, Shipowners Claims
Bureau Inc. have been awarded the “Best Global Marine Insurance
Services Provider 2017” in the Sea Transport Awards that are hosted
by Transport News International Magazine and Al Global Media
The Sea Transport Awards 2017 aim to highlight the frontrunners
within this industry, outlining the hard work and dedicated
contributions of the decision makers and organizations that shape
ACI 6th Annual Forum on Admiralty & Maritime Claims Navigation Safety Conference
the Sea Transport sector. and Litigation January 2017 – Aikaterini Laskaridis Foundation, Athens,
It is thrilling for the Club to receive this prestigious award as it January 2017 – Miami, FL, USA Greece
celebrates its 100th birthday this year, but more importantly it verifies Boriana Farrar participated in a roundtable discussion on P&I Danielle Centeno delivered a video presentation on “ECDIS
that the strides that have been made by the American Club in its Club and Insurance, touching also upon Cybersecurity and the Navigation: Jamming and Spoofing”.
latest developments in claims..
recent history are recognized as achieving excellence in its sector by
the maritime industry internationally.


HELLENIC REPUBLIC 16th International P&I Conference Capital Link
February 2017 – Piraeus Marine Club, Piraeus, Greece February 2017 – Limassol, Cyprus
FEBRUARY 2017 - M/V HELLAS LIBERTY, PIRAEUS, GREECE “Clubing debates at the Piraeus Marine Club” The American P&I Club was a proud supporter of the Capital
Link Cyprus Forum. Also, Joe Hughes was a panelist on the panel
The American P&I Club supported the 190 anniversary of the frigate Hellas donation from U.S. to the Hellenic
th The 16 International P&I Conference was one of the best ever in

recent memory with Joseph Hughes asserting that “strong finances “Optimizing Insurance & Reinsurance-Trends & Developments”.
Republic and the 70th one of the Truman doctrine onboard the historical Liberty Ship. A memorable event organized by
were important, but that service excellence was more so”.
Propeller of U.S. Port of Piraeus and the "Friends of LIBERTY"!

23rd Annual Hellenic/Norwegian-American Chambers’ Propeller Club of New York & New Jersey Luncheon
Shipping Conference February 2017 - New York, NY, USA
February 2017 – New York, NY, USA Our New York office hosted the Propeller Club of New York and
George Tsimis participated on the panel for changing the regulatory New Jersey for a Speaker’s Luncheon. Vince Solarino welcomed
landscape and its impact on the shipping fleet. and introduced the Captain of the Port of New York, Cpt. Michael
Day who delivered an update on the status of the port of New York.
28 29

Long Island Sound Passenger Vessel Industry Day “Choosing Shipping” 12th Singapore Maritime Week London Marathon 2017
March 2017 – Sayville, NY, USA March 2017 – Chios island, Greece April 2017 – Singapore April 2017 – London,UK
Boriana Farrar was a speaker and panel member at the Dorothea Ioannou was one of a number of industry professionals The American Club supported the leading maritime event that To celebrate the American Club's centennial year Brian Davies ran
2017 Passenger Vessel Industry Day, where she presented an invited to address students of the Maritime Schools of Chios and gathers the international maritime community in Singapore. Chris the London Marathon and raised £9,593.73 for the needs of the
“Introduction to P&I Insurance”. Oinousses on the topic of maritime professions. Hall from our Hong Kong office attended the Conference. Sailor's Society that supports seafarers serving on ships navigating
the world's oceans.

P&I Clubs Workshop by QMUL in Greece & HMC International Women's Day 24th Annual International Maritime Hall of Fame Awards MLA's IOCS Meeting
March 2017 – HMC Premises, Piraeus, Greece March 2017 – Hong Kong May 2017 – Grand Hyatt, NY, USA May 2017 – New York Office, NY, USA
Students and shipping professionals had the opportunity to attend John Wilson attended the WISTA HK event celebrating the The Club was honored to host Mr. & Mrs. Markos Marinakis, The Club was honored to host the MLA's international organizations
P&I Clubs Workshop organized by QMUL and the Hellenic contribution of “Women at sea”. Carmen Chan and Joanne Kwok Deputy Chairman of the Club’s Board of Directors, at the 24th conventions and standards committee meeting at its headquarters in
Management Centre. Dorothea Ioannou presented the Collisions spoke about their experiences working at sea. Annual International Maritime Hall of Fame Awards 2017. New York.
P&I cover, FDD and the interplay of Hull RDC.

CMA Shipping 2017 T&T Salvage OPA 90 SMFF Seminar 2017 Marine Log Tugs & Barges Conference “Success Stories”
March 2017 – Stamford, CT, USA April 2017 – Shanghai, China May 2017 – Stamford, CT, USA May 2017 – Limassol, Cyprus
Senior Managers of the American Club conducted a seminar on Dimitris Seirinakis presented on Casualty Management in the The American Club supported the 2017 Marine Log Tugs & Barges Dorothea Ioannou participated on a panel organized by WISTA
current shipping issues and marine insurance matters. USA and the documents expertise of the Club at the seminar Conference. Boriana Farrar gave a presentation on Cybersecurity Cyprus and spoke about her career course in Shipping leading to
hosted by T&T Salvage. and the P&I Perspective and was joined by Danielle Centeno. her role at the American Club today.

30 31

winds Events
WEEKLY Photo: Trade
Joe Hughes.
b ch ief executive
American Clu

31 March 20

31 March 2017


Gallagher detects
eaPrl&yI psi ge n
s esn dou f
ri n h
g u
b llness as another
utuael ttopre 00 very
s 1co
mamrk Lo on an
ndexp d Ameriecaund n clubs reach mi
erw rite rs to
lestones in entw
lay down pens
ined history MARK JOHN
Capital Marke N: DVB
ts’ chief
Top broker ects mor executive mo
17 18:00 GMT writing was in the red with
a com- derates
the commod
Jim MulrenanJa nunary 19th, 20
nd on
bined ratio of 105.4%. ore
leadership de s’
ulren an Lo are beginn ing to see a reali- bate.
The Arthur by
sation that people aren’t
gevity of
J Gallag
years but the lon
group has seen blish
Puearly edmarke
indica tions acceptable returns on invest
me re ”15Suck- SHARING A
eto a

that the hull insurance ru
in marin ns underw riting, JOKE: Intert
cta nc y on av erageling said. fer en t sc ale . Stanzel and an
Seward & Kis ko managing director Ka
could be turning.
rpsor at life expe
eable bs is“We’veon aseen ry dif
veBerkle y thinki ng
sel lawyer La tharina
The marketCo
emnity (P&I) clu twice International
remain favour
rry Rutkows
been but one of the 13
about their future and
of d-ind
says the ki.
for buyers but the broker
protethe cti oning-an the last few weeksmo
there have all
nth made n 150
question of when soften
na ry ne re tha
s its centearedundant. g seen mo
riters ΙΚΗ
hull rates will begin to slow
AmericanJon Club ath few cargo
old, with foursignifi havin ve
spite this relati
n the
sion. ΙΟΥ
become a topic of discus
Wheledges Suc klinthag:nI 10 0 years “We’re not expecting a
ars old . De Μ. ΔΕΥΤΕΡ
re ye bs have
there is
bs will be mo re ty67 ys, WINDING DO μολόγια
l Group P&I clu
Gallagher acknow
Gr ou
views ponclu
the out-
k by the Ja pa n Clcantub , ationainme
reduct capaci but we
tio na WN: Former ημερινά δρο
ισαν τα καθ οο καταμαράν από
a wide range of
hull and war-
e ex cethin
pti on is the see a few more the
, to spec-In ter na Jack Buono
ExxonMobil sh
ipp ρασκευή 7
Απριλίου άρχ
μη με ταχύπλ ή Παρασκευή 14
mb his friend an ove) ‘retires’ an item of clo ing head
marin e might
look for the
als . Th to the nu Από την Πα ος Πανορμίτη και Σύ
risks marke renew
kyeowe draggetging downulate as to who it era be. of more than 13

but sugges ts in a althou gh I would n’t την προ σεχ
t d classmate πρ από ωγό πλοίο τηςών
To ge , Jack Noonan thing from από Ρόδο sos Seaways. Ωστόσο,
youngster from Q1ex
be in might
new report that change may
[of] 2018,1,7 we 00, giv“Iing might just see a few
astle and . την Dodekani και το επιβατ ολοκλήρωση των εργ ρησής

London, Newc
e in cess eofsee n
Απριλίου δρο ναγία Σκιαδενή», μετά
την σιας επιθεώ
ag theool and
The hull markeco mb
t has been ine d
will hav people put their pens in the
theLiendve of rp into the
πλαίσιο της
a as the so rb ed 14 εταιρείας «Πα επισκευής του, στο

, su chn now and
ne , ab υτιλίας.
with premium levels viewed
the wayside
er betwee
only the Neptu
ς και
by tom
t fellbot
ηση υ
the a gentle συν τήρ υργ είο
for about year. But I expect it will be thsudden μάκιο του υπο
too low by underwriters,
the clu bs tha ce nte na ry , wi του από κλι
Even beyoketnd theirwithdrawal of capaciptu
s, rather
20 years. proces
d, all suand
g asby athese
For much of this time, war-ri
nderl but an we will hin ub. Chief exec RGERON:
business compeSu nsated premi-
Club in 19 67, peris[of] “I think time we get to Q1
the London Cl με ελληνικέ
ς ρίζες
nd anniversary of ut
ums for this class rth of cover have
of En gla probably bum p 2018, we will have seen the
today Liberian Re ive of the ασφαλίσεις

το 2020
No the past st 150th t are
tomlas of ttheye ar’
marke and we will
tor ies bu gistry. μη στις ναυτ
fallen dramatically over
alon ntenaeryfor
g ther follows probably bump along theregely
is going to co
lourful his ς δύνα
ub ce
i piracy νή

five years as the Somal
can Cl avera εί η διεθ

threat abated. The Amerito re tha nthere
s pa’tsts andbemo
σμ τα να καταστ
I don
bit. I don’t
ausbit. lty

Managing director for specia
triou ρεία έβαλε ρό
The Gallagher report points have ill a dramatic hardenGr oup.o-
ing, even if

α ασφ
bs na tio na l
clu e is ter rance] Η εται

WR Berkley’s Bo th thin k ther of the In a major catastr J Gallag.her.

Photo: Arthur J GAllAGh

from see
mb ers we were to risks at Arthur clu
I Insu

t me P& Hull

smallesgoin tri- y other of
the llenic

people feel
[American He
year of
g the
of this
g to be
phe. A lot
to be a double orna an

marine hull at the start
of on

am rhaps more thamultiple

a reactio n to would need
interticwined, pe

as an indication of what may be left TARO: Lawy 00 ασφα-
reduc- take advantage
ever-reducing profitability.
tor ies are a dra
als o mat ple trigger [meaning
casualties or financial mar-
that generates a significant soft hull market to seek at Watson Fa
rley & Willia
er είναι το 202
0 να έχει 4.0
ε», τό-
there ishis
a good fleets renewing of the μας, στη οία. «Χτίζουμ εται-
report conclu des tion. But even
multi-year deals? ms. πιστοσύνη λισμένα πλ
further retrenchment as ket upsets].” expiring underwriters to ται στην εμ ής οι- ς, «μια νέα
chance of not with their “There are pros and cons της κυπριακ ε ο κ. Τσακίρη
even if we In particular, Suckling does ία,
capital providers look for
or who are in long-term
relation- of course σταθερότητα και κυ- νισ με παγκόσμια παρουσ
expect to see the sort of harden
ing encour- multi-year deals, because στο ελλ ην ικό α, γατών,
returns elsewhere. ships — which we always κονομίας, τιλία, ρεί
were to δίκτυο συνερ και
t neces-
on the seen in the early 1990s
— when little bit if you lock in, that doesn’ νιο στη ναυ παγκόσμιο
The broker’s assessment to raise age — we’re still seeing a sarily give you the flexibi
lity to πριακό δαιμό του Ηλ ία ς τη μίζ ερη
see a major underwriters were able η εμπειρία οσπερνώντα
state of the hull market is impose coming off. look elsewh ere,” he said. Intrepid Sh στην 22χρον ας δια- πρ ροσανατολιστική συζήτ
g, Gal- rates and deductibles and signifi- ι της ομάδ
brief but Jonathan Sucklin 31 March 20 “But we’re not seeing λμένου giv μαςes his
annual come ipping president Richard
had a οπ ρά είναι
wordings that were more
favour- “If we had a client who Τσακίρη κα διεθνές δίκτυο απ ίσης. Η αγο
lagher’s managing directo
r for spe-
cant reductions. There’

s very little
long-term relationship
with an Του απεστα
ραγεώργου dic introductio
du Moulin ρισ τών, στο I ση περί κρ ς με θάρ-
cialty risks, which includ es marine, able to them. going into double digits
but we’re
underwriter and didn’t
see any Λά μπρ ου Κα to the new co χει
του Ameri can P&
γκόσμια αν
τη βλέ πει
could be “I think it is the end, or
very that dis- mmodore. παρουσίας ν διε- πα ση». «Έχουμ
ε», συ-
tells TradeWinds there ing, seeing single figures, not reason to want to change,
then we 0 να συμ- διάθεση τω ρος και γνώ
end of the soften indem- ε στόχο το 202 ασφά- club, και στη την εμ-
change over the coming year. close to the ιστορία και

ment going forward. The
rather than a hard marke
t,” he similar to protection and might just be encouraging
them 31 March 20 ν λιακών κέν
τρων να
νέχισε, «την
“There are a couple of
things interest
to look for 18 months or two
years 17 μετάσχει στη τέρ ων θνών ναυτι όσ ον ό τον πρώτο
thing we might see is nity [P&I].” τή εφ ετώ ν, απ
t as we k σο ασφαλισ ιρία 22 σμο
that might affect the marke rates creeping up on both
sides of said.
ners Suckling notes that the outloo if the renewal was toward s the λισ η πε ρισ τον κό- δεχτούν νέο υπηρε- πε λοασφαλιστικό Σύνδε
get towards the first quarte
r of Suckling adds that shipow for hull underwriters is better, h
just ίων από όλο στάνταρντ Αλλη
s are still end of this year. από 4.000 πλο έχει διεθνή . με για την ελ-
the pond.” with good claims record as the P&I clubs have gone
εται- πηρέτησης» μιουργήσα
2018,” Suckling said. The Lloyd’s of London
market “But every case is differe
nt and σιών και εξυ το που δη ι κυπριακή ναυτιλία,
“One is that Lloyd’s combi ned getting hull insurance reduct on
the softest renewal for a long time, σμο, η ναυτα Hellenic Hull In- ρε ότι φέ τος
νική κα
ble ually. Τέλος, ανέφε
last year reported a profita needs to be looked at individ
ably still seeing reduct ions the two ρεία American α να καταστεί τρική λη κά ασφαλίσ
ratios, which were reason g combined ratio of 94.2%
for ma- “We’re
“And of but he is not suggesting I don’t think there’s a sort 2017
of ‘one P&I Club, μη ντας διαχρονι τητου στό-
movin good business,” he said. Marc h surance έβα
λε ρότ American ζει τα έχο ηνόκ
favourable, are likely to be rine, but this was after
back-year busi- are related. size fits all’ 31
strateg y to renew als.”
ναμη στις να
υτα- HIC, γιορτά
100% της AH ας του. Το Ame- το
25% του ελλ άμ-
close to 100%, which will
show course, as you know, when So is he recommending owner
η διεθνής δύ ηνικές ρίζες. Η ν». Επ ίσης υπογρ

releases. often ακίρης, ορί πλ οίω
it is not ness moves from A to B, very ελλ
Ο Ηλίας Τσ μβουλος 100 χρόνια ιστ έχει γραφεία σε λου Solvency II
capital providers that σφαλίσεις με

ssinsured fleet within year

For the pure year, marine ll Insu- όεδρος b ε ότι βάσει του ίες πρέπει να
going to be so attractive an
invest- Hellenic Hu είναι Solarino, πρ llenic διευθύνων
σύ rican P&I Clu ύστον, Λονδίνο, μισ
American Ο Vincent Hellenic φαλιστικές ετα


any (AHHIC Χιο κα-

American He της American .

Νέα Υόρκη,

ι Σαγ- ασ

αια για να

e rni

rance Comp ή του American

g h
άδ . της κα άλ

Galla an
τρι δ.σ νγκ κεφ

μη του Κο τα

Μάριος Δη Hull Insurance Πειραιά, Χο
νγκ έχουν τους ασφα-

ρικ και του
100% θυγατ νους Ο ταφορών, Hull InsuranceI Club. ν κατά 99,5%
λύπτει κινδύ & υπουργός Με και Έργων της λύπτου ς που ανα-
P&I Club, κα (Hull ν American P& μίγμα στε-
κάη. ν σύμβουλος ί- λιστικούς κινδύνου
Hellenic Hull Mutual focuse
d on ι μηχανής Επικοινωνιώ τίας. νηση, με ένα σμια και Ο διευθύνω της AHHIC
cover under a novation
deal but s but σκάφους κα εύει στη Λεμεσό Κυπριακής Δημοκρα ι- κυ βέρ Τσ ακ ίρη ς σημε νου ν, ενώ
Jim Mulrenan London Greek and Cypriot owner εδρ ματική κο την παγκό HIC Ηλίας ς λαμ βά ος, σημεί-

early signs of hull

the fleet on the books of Ameri
American Hellenic is castin
g the Machinery), ς γραφεία
στο ν
δα για την επ ιχε ιρη
ισε ότι λεχ
ών απ ό
και συγκε κρ ι- AH
την πλευρ ά του ότι του
λύπτουν το
15 0% . Τέλ
μό ζει
1,286 επ ίση τω ν ς. Τόν ή αγο ρά ε απ ό ρ- εφ αρ
Hellenic has now passed net wider and already has
signed και έχε ι το Χι- ρες, μεταξ ύ και το κρ άτο κυπριακ ρκάτζη ωσ
ς μήνες λει
ότι η εταιρε
American Hellenic Hull Insura r
Νέα Υόρκη, ό πέντε χώ , δια- νότητα ος έχει σταθερά εδραι- μένα τους: Ανδρέα Γεω μου εννέα πρώτου έφθασε να κα- ωσε νή διακυβέρ
numbe vessels. up German, Italian and
UK busi- Πειραιά, τη Σαγκάη απ ν Κύπριοι εφοπλιστές Δή ή και διαφα
has more than doubled the This is 23.5% ahead of
target, for fur- Λονδίνο, τη οποίω λέ- η Κύπρ ρισμένο διε
- firm, Δήμο ς η εταιρεία ά 1.512 πον- ισχυρ ικό έλεγχο
since its ness, with Asia a key target ούστον, το αισ ιώ- ίες κα ι στε ένα ανα γνω της LLC law t Ser - γία
ασφαλιστικ τον εσω τερ
of ships on its books
year. with other figures, such as
a gross
. το Χο νγκ Κονγκ. Πλ χει ρίσ τριες εταιρε κα ι εμ - ωθεί ως τιλ ίας κα ι πρό- eli us Ma nagemen λύπ τει οίω ν το νηση, με τη Mo ore Steph-
launch in the middle of last n pre- ther growth και
λέχη από Ελ
, μεσίτες ασ
φαλειών κέντρο ναυ της Fid νώλη της των οπ
όρα πλοία, εκ σίας ελληνι- να γίνετα ονομικό έλεγχο από
ι από
loss ratio of 52.9% of writte Tsakiris told the board meetin
g Αγ- θνές έχει τον λη Χατζημα

market recovery
Other key indicators are
also se lev- MICHAEL CH νεται με στε ι είναι η πρώτη χη από Κύπρο, ς η Κύπρος vices, Μανώ es, και τοπ
mium and operat ing expen
the company was close to
meeting ALOS: ιρογνώμονες - σθεσε πω τερο στόλο στην Ε.Ε. siness Servic αι πλοιοκτη ι το υπό- ens, τον οικ ιστής ρί-
looking favourable, with
chief levels, Lawyer at K& και Κύπρο,
ία της πε άδα, εκπρό Qualified Bu ς 50% είν κα ενώ αναλογ
els 10.6% below budgeted MARK JOHN τική εταιρε Γερμανία, Ελλ ι διεθνών τρίτο μεγ
πρόεδρος P&I Club του ι κυπριακής την KPMG, X actuaries.
executive Ilias Tsakiris
also favourable.
its 2017 target.
which Capital Marke
SON: DVB L Ga tes. ναυ τασ φα λισ
θηκε υπ ό γλί α,
ιακών κα Ο Vincen t Sol ari no ,
από το Am eri can
κή ς κα
οέρχεται απ ό άλλ ες
να είναι η LU εκτός του
board meetin g that the Hellenic Hull Mutual, ts’ chief υ αδε ιοδ οτή πο ι κυ πρ φα - μβ ου λίο υ της gh es, CE O, πο 50% πρ Υόρ - σκ ων
to a recent
had been in business since
1994, executive mo Κύπρου πο στις 24 σω ρόσωποι ασ του διοικητικ
ού συ
ll Insu- κ.κ
. Joe Hu λοι
siness Deve- αγορές, όπως είναι της Νέ
Στην εκδή
company is progressing
ahead of tive der BORIANA FA ς Solvency-II στην τραπεζών και εκπ . Hellenic Hu υ, Global Bu της Κύ-
its business plan.
Cautious and seleC
looked at ran into proble
ms four years ago the commodor ates RRAR: Vice-p το καθεστώ
. Όπως είπ
ε εταιριών American P&I Ιωάννο Director και James Cor- κης, του Λονδίνου, της
Μεταφορών Βι-
American Hellenic has es’ of the Ameri resident MARK JOHNSON: Ιουνίου 2016 ή λιστικών ήλωση χαιρέτισε ο American ας ιδιαί- έθηκαν η κα
n pens ial troubl es in ment της H2 Hol- του Αμβούργου. Δίνοντ
e underwriters to lay dow The Cyprus-based insura
but insured following the
financ leadership deb can Club. DVB μη παρουσίασ ν εκδ ran ce και του λω ν ότι lop n πρ ου παραβρ έφορος
fleets ate. Capital Marke Τη ρ- άλ ma -
Top broker expects mor
221 prospe ctive exchan con-
ge πρώτη επ ίση , υπ ου ταξ ύ an, Ch air ρή πο γεν ική
company, a wholly owned a com-
subsidi- of 35%, Cyprus, emergency on funds on ts’ chief JAή SOαγορά στο μητριάδης Club, τόνισε
με 100 cor Inc. NY. «H AHHIC απ
οτε- στην αυστη ρια Νάταρ, μο-
the red American only 75, an acceptance rate and a “haircut” executive mo στην κυπριακ N ZU ο-IDEM Μάριος Δη ικοινωνιών νεργάζεται ή τερη σημασία riting που ακο- κτώ πριακής Δη
ary of gNew
writin was in
which is seen as an indica tor of a trols
SHARING A der ate s της με νη ς εβδ A:ΜεEx
, Επ
ecutive dirής
ορ ών AH HIC συ
ες ασφαλει
- din gs
γική και οικ ονο μικ
ική unde rw φα λει ών Κυ ς,
τέλος της πρ No Δημο- η ος Ιωσηφίδη
the commodor οηγού rth ταφ ς Ασ
rit- deposit at Laiki Bank. Am ν Κυπριακ ector
- JOKE: Interta
Jim Mulrenan London bined
Steam ratio
ship of 105.4%
Owner s .
Mutua l Protec
cautious and selective underw ic and Stanzel and nko managing es’ ύνων γός
μεσό ο διευθ erican Ma ritiγω
me at the μαντικούς μεσίτ λους ναυτι- λεί στρατη του American P&I λιτ θεί η εταιρεία, ο κ. Τσακίρη ζη- κρατία
ς, Αλέξανδρ
υθυντής Κυ
ing toAssoci reali-
see a ation, These led to a cash call JOHN SYPNOWICH Seward & Kis leadership deb μάδας στη Λε εταιρείας Ηλίας κα
ι Έρ Mi nis tryλωAsσόρισε ση επένδυση
tion“Weand beginnnity
are Indem
ing strategy. American
rejecting the sel director Kathar ate . οίο ς κα so cia tio ό επτά μεγά προ, επι-
λου μέχρι τώρα . γενικός διε -
broking that people aren’t lly
ss origina makin
writ- g
subscrip- mortgage banks : law yer Larry Ru ina
της κρατί ας, ο οπ «Τα υ- ώνn. απ
μούς, οι οπ οί-
υ έγι νε στη ν Κύ
αποκ άλυ ψε ότι
AHHIC πρ ο- ανα πλ κο ύ Επ ιμε
The Arthur J Gallagher inherited
sation busine
writes an up-to-$10m as acceptable secu- Chief legal and tkowski. μήνες που και δήλωσε: ύς προορισ ί- Club πο κούς δια- ού Ναυτιλια Δράκου,
tions ILIAS TSAKIRIS: ten byable Hellensic
thereturn invest
onHull ments
Mutual, but can club’s policies ς, τους εννέα την επένδυση θεια λιακο βαιώνουν το υψηλό επ αποκλειστι ηκαν από την πλοία, αλλά πριακ φη
group has seen early indica accept
. ” Suck- tion share on hull risks compliance officer SH AR ING A JOKE Τσ ακ ίρη
σε να κα λύπ τει
τε με την πρ οσ πά
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ει εκδηλω
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be in ulate as to who it might υτιλιακής
new report that change may
Q1 [of] 2018, we
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32 see
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by: Vincent Solarino

President & COO
Shipowners Claims Bureau, Inc.
New York, NY, USA

The American Club celebrated its 100th Centennial Year France’s Marine Le Pen provided yet more intrigue and to show significant signs of economic improvement 2016 licensing by the Cypriot regulators under Solvency II
on February 14, 2017 with renewed vigor and a sharper uncertainty in this regard propelled by similar voter views and strengthening currencies. The world market, and directive. We project significant gains in insured vessels by
view of its Vision 2020 initiative. The milestones set in and concerns that influenced Trump’s ascension and certainly the maritime market, knows how to make course the end of 2017 while maintaining a very respectable loss
2015 to expand the Club’s brand through a robust Global Britons’ Brexit vote. Greece is still trying to climb out of correction and sort through all of the cyclical variables ratio presently less than 50%. Our Eagle Ocean Marine
Business Development initiative, new marine product national debt and capital controls, and Italy’s economy and psychology of the marketplace. The future appears to fixed premium facility is also enjoying considerable success
lines, market related partnerships, increased exposure to is placing strain on its ability to balance its budget and be shining a bit brighter than it had one year ago. and gaining market recognition for being a well serviced
capital markets and recruitment of key personnel have remain a “good member” of the European Union. What and well underwritten fixed P&I facility.
been met and exceeded. I am proud to say the American seems certain is that “business as usual” will not be so The American Club, and its Manager, are also looking
Club is without doubt steaming ahead on a steady course usual. into the future with a new initiative to expand its intern The American Club’s “BIG EVENT”, however, will
calling “ports of plan” as scheduled and picking up a head program worldwide. All department heads and satellite take place in New York City on June 22, 2017 with a gala
of steam! Now add to the mix China’s plans for a more expansive offices have been instructed to recruit interns and train the Centennial Annual Dinner celebration at Cipriani 42.
presence internationally under the banner of “One Belt, next generation of potential P&I candidates. The Club has This will be a celebration, not only to mark the 100th year
The changing political spectrum around the world One Road”, purchasing and long-term leasing strategic also initiated a Social Media program by forming a new in operation, but a tribute to all of the American Club’s
appears that it will continue to create an environment ports worldwide, their ability and intent to build fleets of Social Media team to communicate the American Club’s past and present shipowner members, Board Directors,
of uncertainty in the markets as a result of loud voices ships to move more than 60% of their own raw materials, and its Manager’s activities on a regular basis. Quite a Managers and all of the maritime industry participants
of opposition despite election results. Trump won the and their ship building capacity that can be triggered in bit of activity is happening at the American Club and that helped the American Club successfully operate and
U.S. Presidency by an electoral landside coming as a a short period of time to float enough tonnage to deflate the Manager’s team is anxious and excited that the entire compete as the only mutual P&I Club in the Americas!
shock to the opposition party (and perhaps, even to some freight rates for years to come. market is aware of its participation in a most interesting
of his own party) creating probably the worst partisan maritime industry. Thank you All,
politics in America’s history. Likewise, the Brexit vote Despite all of these uncertainties, political change, and
came as a bigger shock than a P&I Club’s unbudgeted major market forces shifting the economic landscape, The American Club’s participation in the hull &
supplementary call shaking the underpinnings of a the world economy is on an undeniable upward march. machinery insurance market through its related subsidiary
cohesive European Union experiment. Perhaps this was The U.S. stock market has hit one new high after another company, American Hellenic Hull Insurance Company,
the first shot heard around the world and a prelude to a and the economic confidence level has strengthened Ltd (Cyprus), is also steaming ahead quite well with over
more global groundswell of discontent for the status quo. considerably. The European markets have also begun 1,500 vessels insured in just a 9 month period since its July

34 35



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