Page 37: of Maritime Reporter Magazine (October 1999)

munity, however, are seen as growth opportunities — with the Club providing a fresh option for high quality owners of young tonnage looking for new alternatives.

With its focus on quality fleets, the Club has yet to lose a single vessel to the fixed premium P&I providers. Lindh adds: "We consider ourselves a fixed premium facility, in the sense that we have had no sup- plementary calls for the past eight years. In this way, we provide certainty."

Financial strength is a factor of crucial importance.

The Swedish Club's free reserves now approach $90 million. This allowed the Club to discount the 1998/99

P&I premium by 10 percent, freeze the 1999/2000 P&I premium and close the 1998 hull year at 95 percent of premium for existing members.

During the past year, The Swedish Club has made significant progress in enhancing its loss prevention services for members. The Club's current loss preven- tion program includes two major initiatives: continued support for Bridge Resource Management (BRM) training and a project aimed at reducing the incidence of main engine damage.

The Swedish Club, six other maritime organizations and the SAS Flight Academy signed a new BRM oper- ating agreement earlier this year. This marked the sixth anniversary of the establishment of this global training program, which focuses on developing positive human

Another One Bites The Dust

The consolidation craze sweeping maritime markets has claimed its latest victim, as Norway's Frontline last month won a two-year, often acrimonious battle for Swedish tanker company ICB Shipping. The final sale, however, required that four of 12 ICB tankers be sold to a new group set up by key ICB players. The deal means that Frontline— headed by shipping magnate John Fredriksen — is now one of the world's biggest tanker groups with a fleet of 37 Suezmax and VLCC tankers. In connection with the deal, ICB's board sold four VLCCs to a newly established company — ACOL

Tankers Ltd. — for $189 million. All four vessels currently operate on the market. ACOL will also acquire ICB's 30 percent shareholding in Stockholm Chartering at book value.

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ISO 9002 behavior, which contributes to the safe and pollution- free operation of vessels.

As for main engine damage, the Club has taken mea- sures to ensure that members are fully aware of the risks and problems associated with specific engine types, based on a careful analysis of engine damage

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It is now engaged in discussions with the manufac- turers, to encourage new initiatives designed to reduce main engine damage.

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October, 1999 Circle 271 on Reader Service Card Circle 329 on Reader Service Card 37