The Shipowners P&I Club has just opened the ‘General Increase announcement’ season by releasing their half-year financial results, which shows an increase in the Club’s free reserves to USD291.2 million as at 30 June 2016. Last year, the Club announced that they will change their financial year from 20th February to 31st December, and after reporting free reserves as at 20th August 2015 of USD301.8 million, the shortened 2015 financial year (from 20th February to 31st December 2015) was closed with free reserves of USD279.4 million.

The Board has decided for the 3rd consecutive year to not seek any General increase and any uplift in deductible across the board. SOP do not apply release call or additional calls on mutual premiums for open years.

Whilst SOP is the first Club to announce their GI level for 2017 renewal, Steamship had set up expectations early on this year, as the Management Highlights in May 2016 mentioned that a return in premium was under consideration and alluded to continuation of the zero standard increase policy. This will be reviewed at the Club’s AGM on 24-25th October.

Skuld has already published their 6 month results in September, and the Board has confirmed the 2.5% return on 2015/16 mutual premium announced in May 2016 as part of the 2015 Annual review. With regards to 2017 renewal, no GI is published as the Club has abandoned the concept of GI 7 years ago already.