Total calls and premiums for 2020/21 were marginally lower than the previous year. The underwriting result was a deficit of USD20.5m before allowing for the investment return allocated to the technical account. The strong investment performance achieved for the financial year ended resulted in an overall surplus for the year of USD37.0m after tax. In October 2020 there was a capital distribution to Members of USD10.0m. The total capital resources of the Group therefore increased by USD27m to USD449m at 20 February 2021. Additional assets totalling USD177.8m held by Boudicca Insurance Company Limited are available to Britannia to meet future claims.
Genting Hong Kong, the owners of three cruise lines, German shipyards, and entertainment/leisure businesses, announced that it has completed terms for a $2.6 billion recapitalization of the business that will keep its shipyards operating and return the company to financial stability. In August 2020, citing the material impact on its financial positions and results from operations due to the pandemic, Genting Hong Kong announced that it was suspending payments to its financial creditors to preserve liquidity while it sought to refinance the company.
The Port of Corpus Christi, Teas is joining a growing list of ports around the globe seeking to become part of the emerging hydrogen infrastructure to support the maritime and other industries. The port plans to develop renewable energy infrastructure to support the production of green hydrogen and potentially to provide renewable power directly to the port and its customers.
An international alliance of 45 companies, research institutes, and port authorities, headed by the Port of Rotterdam Authority, has received EU funding for a new project focusing on the greening of port operations. The consortium will be using this grant to execute 10 pilot projects and demonstration projects that focus on sustainable and smart logistics in port operations.
California’s major seaports all reported continued record results in April driven largely by strong consumer sales which are driving record levels of imports. The ports of Long Beach, Los Angeles, and Oakland all reported new records for the month and continued to expect strong imports continuing into the summer of 2021. However, they noted that the downside is the continued weak exports levels at each of the ports.
The Department of Homeland Security has approved temporary Jones Act waivers for two Gulf Coast refiners, allowing them to ship cargoes of fuel aboard foreign-flag vessels to areas on the East Coast that have been affected by the Colonial Pipeline shutdown.
For the second time in less than a year, a containership operated by CMA CGM will set size records as the largest boxship to call at ports along the Atlantic Seaboard. The 16,022 TEU CMA CGM Marco Polo will set a total of seven North American big ship records in 11 days.