Hong Kong Board Meeting - 25/26 January 2010

The Steamship Board Meetings held in Hong Kong on 25 and 26 January rounded up a year of the Club's Centenary Celebration.

The event was held in Hong Kong, recognising the importance of Hong Kong, China and the Far East in the Club's history and, indeed, its future.

The reception and dinner were attended by Members and other guests from a wide cross section of the local maritime community as well as some very welcome long standing friends of the Club from Taiwan, Korea and the Philippines.

In his speech at the dinner, Otto Fritzner, Chairman of the Board, spoke of the origins of the Club and the success it has achieved in the last century, notably in the Far East:

Club Chairman, Otto Fritzner

“Steamship Mutual has grown from its origins 100 years ago as P&I insurer of ships drawn mainly from the western regions of the United Kingdom to its current status as one of the largest and most geographically diverse of P&I Clubs. Today the Club has a total entry, owned and chartered, of approximately 85 million gross tons. This is composed approximately one third from the Americas, one third from Europe and one third from the East.

Although a centenary is a time to take pride in what has been achieved, it is perhaps more important to look to the future. If the Club is to thrive in the coming years it must remain relevant to the needs of shipowners. The attention of the Board is focussed on two main areas.

Firstly, service to the Members – but this needs to go further to reflect the current challenges facing shipowners.

Every day the Club must assist its Members in all those areas that ensure the most efficient operation of their ships, such as the defence of claims, advice on contracts, and the issuing of guarantees and certificates, whilst the challenges for shipowners keep growing.

Secondly, the financial strength of the Club.

The financial crisis has drawn the attention of many people, including governments, to the strength of the mutual system as a business model

The action already taken by the Board has put the Club in a strong financial position. The projected operating surplus for the current year will ensure that Steamship Mutual enters 2010 as one of the strongest Clubs in the International Group and is well placed to face the challenges that lie ahead.”