Directors’ Report & Financial Statements
Directors’ Report & Financial Statements
For the year ended 20 February 2026
OFAC REVOKES GENERAL LICENSE AUTHORIZING CERTAIN TRANSACTIONS INVOLVING IRANIAN-ORIGIN OIL AND PETROLEUM PRODUCTS
JULY 8, 2026 CIRCULAR NO. 15/26 TO MEMBERS OF THE ASSOCIATION Dear Member: OFAC REVOKES GENERAL LICENSE AUTHORIZING CERTAIN TRANSACTIONS INVOLVING IRANIAN-ORIGIN OIL AND PETROLEUM PRODUCTS Reference is made to Circular No. 14/26 of June 24, 2026, concerning the U.S…
06/2026 Release calls and open policy years
Member Circular No. 06/2026 1 July 2026 The Association’s Board of Directors, and the Boards of its subsidiaries, have determined that the following procedures and factors shall be followed when determining the Release Call percentages and the collection of Release…
London P&I extends growth in business volumes, revenues and free reserves to continue positive multi-year momentum
London P&I is pleased to announce its financial results for 2025/26, reporting an operating surplus of US$21.2m, increasing year-end free reserves to US$192.4m.
The results followed an increase in the club’s premium base across both mutual and fixed P&I product lines, with gross premium income increasing 8% to reach US$172.9m. Entered tonnage across all geographies also rose during the year to over 80m GT.
Aries Marine Hosts Exclusive Industry Gathering in Porto Heli during Posidonia 2026
As part of the Posidonia 2026 celebrations and networking events, Aries Marine Insurance Brokers organized an exclusive weekend gathering in Porto Heli, bringing together valued business partners and close associates from Greece, London, and other key maritime markets. The event…
Steamship Mutual Publishes 2026 Management Highlights, Demonstrating Strength, Stability and Member Focus in a Challenging Market
Steamship Mutual has released its Management Highlights 2026, showcasing a year defined by resilience, disciplined decision-making and unwavering support for Members amid heightened claims activity, geopolitical uncertainty and an increasingly complex operating environment. The publication highlights the Club's continued financial strength,…
Djibouti Code of Conduct Chair condemns renewed piracy surge
The Chair of the Djibouti Code of Conduct/Jeddah Amendment has expressed grave concern over the resurgence of piracy in the Western Indian Ocean and Gulf of Aden, warning that recent attacks show maritime security gains in the region remain fragile. Speaking…
No.4 2026/27 – UK Expands Russia Sanctions Regime: Key Implications for Maritime, Energy and Regime: Key Implications for Maritime, Energy and Trade Trade
Tony Paulson Tony Paulson Head of Asia & Corporate Director The Russia (Sanctions) (EU Exit) (Amendment) Regulations 2026 On 20 May 2026, the UK On 20 May 2026, the UK Russia (Sanctions) (EU Exit) (Amendment) Regulations 2026 (SI 2026/543) (“Amended…
CUBA SANCTIONS UPDATES AND ISSUANCE OF EXECUTIVE ORDER 14404
On May 1, 2026, President Donald Trump signed a new Executive Order 14404, “Imposing Sanctions on Those Responsible for Repression in Cuba and for Threats to United States National Security and Foreign Policy” (the “Order”). This Executive Order significantly expands U.S…
INDUSTRY GUIDANCE ON SAFE MANAGEMENT OF VESSEL TRANSIT THROUGH THE STRAIT OF HORMUZ
The industry associations of BIMCO, the International Chamber of Shipping (ICS), the International Marine Contractors Association (IMCA), INTERCARGO, INTERTANKO and the Oil Companies International Marine Forum (OCIMF) have recently released the publication: Industry Guidance on Safe Management of Vessel Transit…
