Steamship Mutual records strong financial results

by Richard Kilner

Story link: Steamship Mutual records strong financial results

Steamship Mutual has announced its latest financial results, which saw the firm achieve record levels.

Steamship, a P&I Club, has managed to attain an operating surplus of $27.6m, defying the difficult market conditions currently prevailing in the P&I environment.

The firm’s free reserves have hit a record level, up 17.5% to reach $185.8m, with entered tonnage rising by 9.1% to 72m GT, another record.

Prudent and disciplined underwriting has helped Steamship achieve such a strong set of financial results, according to chief executive officer James Stockdale.

Stockdale went on to say that if the firm maintained sound underwriting practices, effective loss prevention and proper financial management it will be set to flourish in the future.