The 2019 year review is mixed for the American P&I Club with positive and rather disappointing notes, but measures have been made to welcome the new year and despite the uncertainty Joseph EM Hughes, President of The American P&I Club, expressed optimism about 2020 in an interview with maritimes.gr

“We look forward to growing our relationship with the Greek community,” Mr Hughes said, underlining the importance of the Greek market to the Club.

An interesting year closes for the American P&I Club , with very good investment return on one hand and a slowdown in development compared to 2016-2017 and not so good claims as in 2018, and another interesting year begins, he noted.

Asked about the results of the club’s expansion to Eagle Ocean Marine, the American Club’s fixed premium product in recent years and the launch of the American Hellenic Hull in 2016, Hughes said that they were positive, both ventures are profitable and it is expected that the results will be greater in coming months and years.

Regarding the club’s planning for the cost of premium next year, he said that they were not seeking standardized or general increase, but looking to apply ratings in terms of conditions, individual accounts, on more customized basis.

When it comes to the effect of the implementation of the IMO regulations 2020 on the maritime insurance market, Hughes said that they have prepared as much as possible, nobody knows what precisely will happen on January 1st, but they are well equipped to provide the service needed.

“We are optimistic it will proceed smoothly. Sulphur cap 2020 is just the advanced guard of even greater changes that will likely occur over the future,” he said.

Enormous challenges are presented to the industry, he added, voicing confidence that all P&I clubs will be able to respond to them with enthusiasm.

“Although there will be changes, I am sure our industry will rise to them. I think 2020 is going to be a very interesting year. In the Club we are very optimistic for the future. We are very well positioned to take advantage of opportunities which lie ahead. Those well positioned as we are, will take benefit, so I feel very enthusiastic and optimistic about the year ahead,” Mr Hughes concluded.

interview:Markos Kantzios

camera: studio Panos Halkidis