＜Press Release＞ Summary of Financial Statements for the 2024 Business Year 22 July 2025 Tweet To the Members We are pleased to announce our summary of financial statements for the 2024 business year, which covers 1 April 2024 to 31 March 2025. In the 2024 business year, the Japan P&I Club strategically focused on three key priorities. These were: 1) recovery of entered tonnage, 2) improvement of income and expenditure, and 3) optimisation of personnel and organisational structure. These areas were prioritised in order to provide high-quality insurance services to our Members, underpinned by a strong financial foundation and stable operations. 2024 was marked by ongoing geopolitical risks in Ukraine and the Middle East, as well as growing uncertainty in the international economic environment due to policies implemented by new administration in the United States, particularly those related to tariffs and measures significantly affecting marine transportation.   The shipping market remained strong, with bulkers and tankers maintaining high rates mainly due to alternative crude oil shipments to Europe, even after the resolution of the Panama Canal drought issue. Container vessels also saw continued rate increases, driven by deteriorating voyage conditions, steady demand to North America, and last-minute shipments in anticipation of US tariffs. However, the outlook remains increasingly uncertain.   Thanks to the high-quality ship management of our Members, no ocean-going vessel entered with the Club was involved in a claim exceeding the Club’s IG retention in the 2024 policy year. Additionally, there were no claims on Naiko Class entries (Japanese coastal vessels) that would trigger reinsurance, i.e., claims exceeding JPY300 million.   In the P&I insurance industry, there was a noticeable increase in large claims across the International Group of P&I Clubs (IG). Pool claims reached a near-record high, mainly due to big claims such as the bridge