French orders to foreign shipyards

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88 The marine hull insurance market Hull & Machinery 1996 Gross premium 1996 Market share 1996 1997 Gross premium 1997 Market share 1997 1. Japan 702 15.54% 1. Japan 519 14.49% 2. UK (Lloyd’s) 542 12.00% 2. UK (Lloyd’s) 399 11.14% 3. France 428 9.47% 3. France 371 10.36% 4. UK (ILU) 382 8.46% 4. Norway 322 8.99% 5. USA 373 8.26% 5. USA 274 7.65% 6. Norway 372 8.23% 6. UK (IUA) 252 7.04% 7. Italy 266 5.89% 7. Italy 230 6.42% 8. Germany 222 4.91% 8. Germany 142 3.96% 9. Netherlands 154 3.41% 9. Netherlands 126 3.52% 10. Spain 149 3.3% 10. Spain 109 3.04% Total 3 590 79.47% Total 2 744 76.61% The volume of gross premiums for 1997 (the latest official figures) on the ten largest world markets fell 23.56% compared to 1996. France crossed the threshold of 10% of the world market share for the first time ever, while London’s share continued to diminish. Protection & Indemnity (P&I) The P&I market is not to be outdone by other sectors and competition in likewise stiff. The difference is that P&I club members always end up paying for poor results. Price wars have already lead to the disappearance of a number of P&I clubs, creating difficulties for their members. It should be noted that some P&I clubs currently have comfortable reserves, and thus reduce the risk of supplementary calls to a maximum. The mutual insurance system, which has functioned efficiently for 150 years, appears today to be somewhat limited, given the power of insurance companies. The reinsurance pooling of the international group of P&I clubs is being severely criticised by many shipowners, who dislike what they consider to be a cartel. These past few years have seen the rise of fixed premium P&I insurance facilities. In 1999, the first “One stop shops” appeared, including JLJ at Lloyd’s, Axa Global Risks in France and possibly “IF...AB” in Norway, who top a newly expanding list: UK Club/Lloyd’s, Unitas/Skuld?, AGF/?, etc. These developments in the industry and the current consolidation should bring wider coverage and more competitive prices to the maritime transport industry. Cargo insurance The cargo market has undergone the same downward trend as Hull and Machinery, although to a lesser extent. On the French market, this has resulted in a net loss ratio of nearly 115.76% with a perceptible decline in marine cargoes to 118.12% for the 1998 financial year. It is likely that this decline is identical on European markets overall. Nonetheless, unlike Hull insurance, no significant defections from underwriters were recorded. in million US$, Source: IUMI-AFSAT, September 1999 Following a period of stagnation caused by the Asian crisis, an increasing trend for seaborne traffic is foreseeable for the end of 1999. Marine insurance customers are seeking new products of the stock in transit and financial risk type, a risk category that will always be accommodated in a very highly competitive market. The world market for insurance of transported goods fell 9.71% in 1997 compared with 1996. Korea was replaced by the British market (excluding Lloyd’s) in the list of the top ten world markets. The cargo insurance market Gross premium 1997 Market share 1997 1. Japan 1710 22.07% 2. Germany 1075 13.88% 3. USA 702 9.06% 4. France 653 8.43% 5. Italy 532 6.87% 6. UK (Lloyd’s) 450 5.81% 7. Switzerland 239 3.09% 8. Netherlands 221 2.85% 9. Spain 192 2.48% 10. UK (IUA) 165 2.13% in million US$, Source: IUMI-AFSAT, September 1999 The marine insurance sector is actively preparing for an end to the crisis. After the consolidation activity in the business, the most powerful underwriters have decided to compete by diversifying their range of services. In France, the largest leading underwriters (Axa Global Risks, AGF Mat, Groupama Transports) have decided to set up in-house claims and prevention management structures rather than use market organisations. This trend will surely be emulated; some of the Lloyd’s syndicates have recruited and are anticipating the recruitment of claims management personnel. Smaller companies have joined subscription pools, a probable sign of consolidation
of future resources in order to meet a need created by the disappearance of market organisations. Possible problems concerning the electronic date change during the transition to the year 2000 are naturally of concern to marine underwriters, but more with regard to their reinsurers, themselves particularly worried, than to real fears about problems occurring on 1 January 2000 at 00:01. Regardless of whether the transition to the year 2000 causes a worsening of the total loss situation, there will still be a significant cyclical change and/or a series of bankruptcies or disappearances in 2000 for the world of marine insurance. Cap-Marine Assurances & Réassurances SA Rouen - Paris global@cap-marine.com R One, 351-cabin cruiseship, blt 1998 by Chantiers de l’Atlantique, owned by Renaissance Cruises. T h e m a r i n e i n s u r a n c e m a r k e t s S H I P P I N G A N D S H I P B U I L D I N G M A R K E T S 2 0 0 0 89
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Bad and good reasons ? At the end o
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The shipbuilding market in 1999 The
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Quarterly orders in gross tonnage (
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In contrast, most Chinese shipyards
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As an example, production costs for
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China As it was the case last year,
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10 9.5 9 8.5 8 7.5 7 The European C
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The Asian challenge is clearly felt
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Norway Norwegian shipyards, which a
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The cruise market in 1999 1998 was
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success. Carnival tried in vain to
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European sector. Very few second-ha
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The containership market in 1999 Br
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(before absorption), Evergreen, P&O
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Teu 300,000 250,000 200,000 150,000
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4,000-4,999 teu 17% 3,000-3,999 teu
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The reefership market in 1999 Anoth
Page 37 and 38: The spot market Compared to 1998, t
Page 39 and 40: concluded until very late. • Expo
Page 41 and 42: The dry bulk market in 1999 The pes
Page 43 and 44: 14 12 10 8 6 4 2 0 Jan 96 US$/tonne
Page 45 and 46: US$/day 15,000 13,000 11,000 9,000
Page 47 and 48: older ladies in the 15 years-old br
Page 49 and 50: The tanker market in 1999 Crude •
Page 51 and 52: 15% At the same time, youth in the
Page 53 and 54: for us just how stagnant this marke
Page 55 and 56: their specifications and their SBT
Page 57 and 58: Dwt 12,000,000 10,000,000 8,000,000
Page 59 and 60: The chemical carrier market in 1999
Page 61 and 62: the previous year. Deliveries for t
Page 63 and 64: There are two corollaries to this.
Page 65 and 66: The liquefied petroleum gas shippin
Page 67 and 68: We believe that further consolidati
Page 69 and 70: In this respect, the Chevron/Dynegy
Page 71 and 72: Perceptions As mentioned, the conso
Page 73 and 74: The liquefied natural gas shipping
Page 75 and 76: In Malaysia, the Japanese market wi
Page 77 and 78: The offshore market in 1999 Allow u
Page 79 and 80: The oil-drilling world also acknowl
Page 81 and 82: 35,000 30,000 25,000 20,000 15,000
Page 83 and 84: The fishing vessel market in 1999 D
Page 85 and 86: 45,000 40,000 35,000 30,000 25,000
Page 87: The marine insurance markets in 199
Page 91 and 92: French shipyards deliveries and ord
Page 93 and 94: Chantiers Piriou • Ships delivere
Page 95 and 96: French orders to foreign shipyards
Page 97 and 98: • Samsung (South Korea) FDS 2000
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French orders to foreign shipyards

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