North P&I Club Grows Despite 'Difficult' Renewal Period
Posted by Michelle Howard
Tuesday, February 23, 2016
North P&I Club is stronger after its annual renewal on February 20, 2016, further consolidating its position as one of the leading members of the International Group of P&I Clubs.
According to chairman Pratap Shirke, ‘As part of North's ongoing strategy to refine its membership, coupled with the very challenging trading environment for our members, it was inevitably going to be a tough renewal. However, I am pleased to report we have increased our owned tonnage year-on-year by 4% to 131 million GT and we continue to achieve our strategic objective of growing in line with world tonnage.’
Joint managing director Alan Wilson says, ‘While we are always prepared to make strong financial decisions to safeguard the interests of the club, this year – helped by a projected US$40 million financial year surplus – we have been able to moderate our renewal requirements to assist members during these very difficult shipping markets.’
North again secured an ‘A’ stable financial strength rating for the 12th consecutive year last month from leading ratings agency Standard and Poor's. The agency also increased the club's financial flexibility rating from adequate to strong. It said North had, ‘strong capital and earnings, supported by very strong capital adequacy, which we anticipate will be sufficient to support the group's growth over the next three years.’