“Last year was challenging, but we took 2011 in our stride”, said Lars Rhodin, The Swedish Club’s Managing Director, during his address to the Club’s 140th AGM in Gothenburg on June 14. He added: “Several large claims and an unsupportive investment environment gave us the opportunity to demonstrate the Club’s resilience.”

The Club ended 2011 with a single figure deficit of USD 9.3 million. Lars Rhodin described the result as “acceptable in a turbulent year.” The free reserves stood at USD 141.9 million at the year’s end. The Swedish Club’s free reserves have grown by 40 per cent over the past three years.

Lars Rhodin told members attending the AGM: “During 2011 we continued to maintain a dynamic momentum in the market. The Club’s P&I book – owners and charterers – passed the 50 million GT mark during the year. Our position as a Marine Hull leader was reinforced. Furthermore, our new Energy business performed ahead of expectations in its first year. These are substantial achievements.”

The Swedish Club’s Managing Director noted that most International Group Clubs are experiencing an upturn in claims numbers and severity. He highlighted the growth in P&I claims concerned with cargo, injury and illness. Turning to the Marine Hull sector, he said: “We can expect claims frequency to rise in the wake of economic recovery. Any increase in shipping activity will be reflected in claims frequency.”

Lars Rhodin also underlined the importance of Maritime Resource Management training in addressing the root causes of accidents such as the “Rena” and “Costa Concordia”.

This year The Swedish Club celebrates 140 years of service to the shipping community, together with 30 years in Hong Kong – where The Club’s office serves the important Asian region.

 

Contact:
Henric Gard  The Swedish Club  Telephone: +46 31 638 400
TRS Public Relations Telephone: +44 1304 813 366