The Renewal period is always an interesting time of year for the Members and Club. The 2005 Renewal was no dif ferent. P&I insurance is built on the concept of ser vice, a concept we strive to meet to the greatest extent possible at all times. Inevitably, when it comes to the Renewal period relationships between Members and the Club that are close during the balance of the year may be strained when negotiating rates for the coming year. Instead of total concentration on “working together” there is an element of hard bargaining. This is particularly so when the Club is looking for incr eases as was the case this year. For tunately, in almost every case it proved possible to come to a result that both the Members and Club found satisfactory and now, with the 20th February 2005 already more than two months behind us, the normal close working relationship between Member and Club is again free of the potential strains of the Renewal period. The financial position of the Club is sound. Indeed, many Members were disappointed that given the healthy state of the Club’s finances we were still looking to increase premiums. During the Renewal period we did our best to explain that total premium income was still not sufficient to pay the total outgoings by way of claims, reinsurance premiums and administration costs. Historically, much of the difference has been covered by investment income. Given the current lowered expectations in investment markets it is prudent to reduce this reliance. The increases achieved at the 2005 Renewal, taken together with increases at the previous two Renewals, will go a long way to achieve a breakeven underwriting position. One of the strengths of Steamship Mutual has been the geographical spread of membership. It was especially pleasing that during 2004 and at this year’s Renewal we have been able to welcome 26 new Members from across the globe but particularly pleasing were new Members from Greece and Turkey. The total Club tonnage as at 20th February 2005 is appr oximately 55,125,000 GT , an incr ease of approximately 316,520 GT on the figure as at 20th February 2004. This is a small but significant increase. Significant because it marks an acceptance for the market as a whole that Steamship Mutual is once again financially str ong. W e are intent on ensuring not only that service levels remain high but also that any new Members will add to the strengths of the Club. If that is not the case, increasing the tonnage alone is not necessar y in the inter ests of the membership as a whole. W e believe these twin goals are being achieved and continue to look forward with optimism. Gary Rynsard 30th April 2005 2005 Renewal “We are intent on ensuring not only that service levels remain high but also that any new Members will add to the strengths of the Club. ” Sea V entur e newsletter Issue 23Sea V entur e newsletter Issue 2 2005 Renewal ................................3 Steamship Mutual Clubs Results Rated ..................................4 Steamship Mutual Members Receive Top Seatrade Awards..........5 Chittagong Short Landing of Edible Oils ............6 Predicament on Proximate Cause of The Tsunami ....................7 An Arbitrator’s Perspective ..............8 U.S. - Willful Concealment of Pre-Existing Injury ........................8 Containerised Cargo What Constitutes a “Package” ......9 Athens Convention Application to Hong Kong/ Macau and Hong Kong/ Mainland China Routes ................................10 Wood