The Institute of Chartered Shipbrokers (ICS) is planning a new strategic direction after logging a surplus in its latest financial year.
Members of the professional body for the commercial shipping industry gathered at its annual general meeting in London on Wednesday, noting that finances continue to improve.
President Kevin Shakesheff, chairman and former managing director of Casper Shipping, welcomed a second consecutive year of positive financial results following a review of its fiscal and corporate governance structure, and investment in online training.
Chairman Glenn Murphy, the founder of Irish Shipbrokers, told members the operating profit was more than £250,000 ($277,000) in 2021/22.
“The improvement in our financial reserves will enable us to reinvest in our core education and membership services to ensure that the institute continues to remain relevant to future students, practising shipbrokers and other maritime professionals,” he said.
Murphy told the meeting the ICS would look to its controlling council later this year to devise a new strategic plan to set the future direction.
The aim is to introduce realistic plans and goals to achieve its organisational mission.
“We will be resetting our focus firmly on raising the bar for the international shipping community and ensuring that ICS membership is looked up to as the distinguished badge of trade,” he added.
The institute sets and examines the syllabus for membership and offers academic modules, such as its foundation and advanced diplomas, which form part of the higher professional qualifying examinations.
The courses cover areas including bulk and chartering, marine insurance, liner trades, ship finance and port and terminal management.
Director Robert Hill said the organisation has continued to provide the most recognised and respected peer qualification accredited in all four corners of the globe.
“Nonetheless, the industry we serve is changing rapidly and the institute must be ready to ensure that how we educate in the future continues to keep pace,” he added.
A total of 911 students sat 1,560 papers in November 2021 and 1,094 took 2,164 exams in May 2022.
No Shanghai examinations were able to take place due to Covid-19 and no exams were held in Russia or Ukraine because of the war.
