The club which is usually one of the top performing P&I mutuals is the only one to so far decide it will not seek an increase.
The club reports an improved combined ratio of 87% at the half way stage, down from 95.5% last year, indicating strong underwriting profitability.
But the result was held back by a $4.3m investment portfolio loss, amounting to a negative return of 1.5%, with adverse currency movements lifting the total financial side loss to $11.5m.
The overall $1.5m surplus lifts the Shipowners’ Club free reserve to $301.8m.
The Shipowners’ Club, insuring a huge portfolio of 32,000 vessels, saw a slight reduction in the number of claims filed through the first half but cautions the six month performance may not be a good guide to the full year.
“The difficult trading conditions affecting many sectors of the club’s membership were taken into consideration when the Board decided no general increase would be applied to premiums,” said chief executive, Simon Swallow.
“Diversification afforded through our various vessel types and trading regions, has supported increased vessel activity and the club remains in a secure financial position,” added Swallow.
