American Club Circular No. 31 /16 1 AUGUST 15, 2016 CIRCULAR NO. 31/16 TO MEMBERS OF THE ASSOCIATION Dear Member: CURRENTS - THE AMERICAN CLUB’S IN-HOUSE NEWSLETTER Reference is made to Circular No. 08/16 of February 11, 2016 which informed Members of the electronic format being adopted for the publication of Currents, the American Club’s in-house newsletter. The link contained in the previous sentence will connect readers to earlier editions of the newsletter going back to 2000. The latest edition, recently published, can be accessed at http://www.american-club.com/files/files/currents_37.pdf Your Managers hope that Members and their brokers, as well as the Club’s many business associates and other friends across the world, will enjoy reading this latest edition and, more particularly, find its contents to be both interesting and useful. Yours faithfully, Joseph E.M. Hughes, Chairman & CEO Shipowners Claims Bureau, Inc., Managers for THE AMERICAN CLUB