This year's Annual Review reports strong financial results, continued strategic progress and enhanced support for shipowners operating in an increasingly complex and uncertain global environment.
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This year’s Annual Review reports a steady performance, highlighting the benefits of scale and diversification, despite an unsettling claims year. The club continues its successful strategy for growth, demonstrated by an increase in poolable mutual tonnage to just under 270M GT against 260M GT in the previous year.
Please use the tabs at the top of this page, or the arrows at the bottom, to move between each section of the report.
as at 20 February 2025
NorthStandard, with our enhanced ‘A’ stable rating from S&P Global, is one of the world’s largest providers of mutual maritime cover with annual premium income of US$886 million, free reserves of US$800 million, a net combined ratio of 113.8% and mutual poolable tonnage exceeding 270m GT.
2023/24: 836m
2022/23: 796m*
2021/22: 700m*
2023/24: 4.9%
2022/23: (4.5)%*
2021/22: (1.5)%*
2023/24: 93.2%
2022/23: 95.2%*
2021/22: 106.7%*
Feb 2024: 803m
Feb 2023: 686m*
Feb 2022: 744m*
Stable
AAA Capital Strength
*based on combined legacy club figures
A return to more elevated Pool claims in 2024/25 meant that NorthStandard saw a challenging claims experience in our second year of operation, and I am glad to say the club was more than ready to respond.
There is nothing like geopolitical turbulence and some serious maritime incidents to galvanise a P&I club. If 2023/24 was a story of creating NorthStandard and our strategic transformation, 2024/25 was the year for us to test those foundations.
Five significant claims on the International Group (IG) Pool in a year is by no means unprecedented. Nonetheless, to have claims on the Pool reach the heights we last saw in 2020 and 2021 has had an impact on our combined ratio - 113.8% - and a small decrease in our free reserves.
We have not allowed claims turbulence to blow us off course. NorthStandard was formed in response to the uncertainty we see in the world today, and the resilience of our club has proved its worth. Member service not only remained as strong as ever, our Net Promoter Score in our member and broker survey increased to +70, a testament to the commitment of our people.
As well as our own Pool claims, the “Dali” claim similarly tested the unique system that underpins the IG and once again demonstrates its resilience and value to shipowners.
Going beyond traditional ways of supporting our members, we continued to roll out an innovative programme of digital tools and partnerships that bring together our loss prevention expertise with other leaders in the industry.
Development of our specialty lines continued at pace. Our Offshore & Renewables teams had an exciting year of growth as well as establishing a new strategic partnership with NIORD. Our combined hull and liability offering for smaller vessels, bringing together the longstanding strengths of our Sunderland Marine and Coastal & Inland brands, has been another highlight.
No organisation is defined in the easier times. Whether it is the operational change from a merger, or an unfortunate run of Pool claims, challenges are what drives our club forward. More than anything else, NorthStandard thrives on dealing with the challenges that face our members and taking on tomorrow, together.
NorthStandard was formed in response to the uncertainty we see in the world today, and the resilience of our club has proved its worth.
Our members can expect us to represent their interests on key issues in the world today. Across the three megatrends of geopolitics, maritime decarbonisation and deployment of new technology, the club’s External Affairs team has led a significant programme of work.
We have worked with governments, and the relevant bodies responsible for sanctions, to raise awareness of the issues for shipping and facilitate dialogue on the basis that better-informed discussions make for better policy. Workshops we organised in several leading maritime locations, involving key sanctions bodies from the US and Europe alongside shipowner representatives, facilitated real discussions between governmental interests and the global shipping community.
The liability and regulatory frameworks for low-carbon fuels are an area where there are gaps, and we continue to play a role in identifying and assessing them. We also co-authored a whitepaper, with Lloyd’s Register and Core Power, on the opportunities for nuclear technology within maritime applications. This was successfully launched at a UK Parliamentary reception earlier this year.
Shipping is impacted by numerous factors, many of which can be interrelated. There are currently three megatrends impacting the industry – geopolitics, maritime decarbonisation and the deployment of new technology.
Conflicts, sanctions, trade tariffs, piracy and security risks all impact shipping. The development of sanctions policy has also resulted in the growth of the shadow/parallel fleet. Concerns are also emerging around the weaponisation of shipping in the form of subsea cable sabotage and the interpretation of long-established conventions, such as the United Nations Convention on the Law of the Sea (UNCLOS).
The IMO’s 2023 Greenhouse Gas (GHG) Strategy targets around 2050 for global shipping to reach net-zero emissions, with interim targets in place for 2030 and 2040. Global, regional and national regulation to reach net zero continues to develop in impact and complexity. The new fuels and technologies to reduce GHG emissions are also evolving, as is the associated supply, infrastructure, regulation, policy, financing and insurance.
Digitalisation and new technology overlap with geopolitics and decarbonisation, but they will also reach beyond these other megatrends, such as in the deployment of autonomous vessels. The introduction of the latest technology is likely to impact shipping in many different ways.
The Board’s strategy today is to continue diversifying the club and creating value for our members.
NorthStandard is a new club with a long history.
As we look to the future, I would first like to recognise the huge contribution Pratap Shirke has made to NorthStandard over many years. As a Director of Newcastle P&I club (from 1994 to 1998) and later a Chair of North (from 2011 to 2021), Pratap has helped guide clubs through much change, most recently as a much-valued voice of experience in the merger that formed NorthStandard – where I had the pleasure of getting to know him and to value his dedication and wisdom.
The Board’s strategy today is to continue diversifying the club and creating value for our members in the breadth and quality of the services that we provide – as well as the financial contribution from well managed commercial lines.
We are just as committed to innovating and re-defining how the club delivers its existing services, alongside new products and services. Where partnerships are the most effective route to serve our members, we will continue to work with other experts in the maritime world.
Finally, to give NorthStandard the history it deserves, we will invest in our long-term future, and that of the shipping industry, as we transition to a new world of risk – and reward.
Cesare d’Amico
CHAIR
29 May 2025
Notwithstanding the club’s Pool claims experience in the year, and the consequent spike in combined ratio to 113.8%, free reserves reduced only marginally to US$800 million. This was due to the strong investment performance, offsetting our underwriting deficit.
The club’s investments had a strong year, returning 5.9%, compared to 4.9% in the previous year. The club has a conservative investment policy in which it matches its claims liabilities with government and corporate bonds. A portion of its surplus is invested in growth assets such as equities, property, loans and private securities.
Financial returns benefited from the previous year’s reduction in inflation, which enabled The Federal Reserve System, the central bank of the USA, (the Fed) to finally start cutting short-term interest rates. Equities performed strongly and corporate bonds saw capital gains above 5% on top of their healthy yield. However, towards the end of the financial year economic uncertainty increased. Inflation persisted at around 3%, above the Fed’s 2% target, causing the Fed to pause cutting interest rates. In addition, the markets were unclear about the economic policy direction of the new American administration, particularly in relation to tariffs.
During the year NorthStandard embarked on a major project to reorganise and integrate its investment operations following the merger of the North and Standard Clubs. The Board reviewed and restructured the management of the club’s investment funds – funds will now be managed according to whether they are ‘matching’ (i.e. matching liabilities) or ‘surplus’, with different mandates provided to each fund. The matching assets are in corporate and government bonds with a duration set to match the liabilities. The surplus funds are permitted to be in a wider range of assets and are geared for growth.
S&P Global’s capital coverage remains above the “AAA” level, and we achieved our budgeted premium increases at renewal to support a sustainable underwriting book. In May, S&P Global reaffirmed the club’s “A” rating and stable outlook. As we grow and diversify the club, our commitment to the quality and pricing of the book remains and will stand us in good stead.
Year ending 20 February 2025
2024: 93.2%
2023: 95.2%*
2022: 106.7%*
Year ending 20 February 2025
2024: 4.9%
2023: (4.5)%*
2022: (1.5%)*
Year ending 20 February 2025
2024: 803m
2023: 686m*
2022: 744m*
At 20 February 2025
*based on combined legacy club figures
Given the return in 2024 to a less benign Pool claims environment, including the Baltimore bridge incident amongst several other sizable claims, it was to be expected that the IG’s reinsurance partners would require an increase in reinsurance rates. Overall, the General Excess of Loss and Collective Overspill (“GXL”) programme remained resilient with little change in its structure. There was no change to levels of club retention although the Bermudian Hydra captive was utilised to support the Group’s risk retention strategy and mitigate the need for market rises.
As ever, the GXL programme underpins the extensive scope of cover that we can offer and provides a unique level of security to the majority of the world’s shipowners. Its attachment point remains at US$100 million with three layers providing US$2 billion of cover excess of the US$100 million attachment. Above this there continues to be US$1 billion Collective Overspill cover.
25% of layer one (US$650 million excess of US$100 million) is provided by three private market placements and the Hydra captive retained an Annual Aggregate Deductible of US$107.1 million.
Significant cover is provided in respect of malicious cyber, COVID-19 and Pandemic risks which, although by way of some additional arrangements in layers two and three, have cover overall of US$2 billion in excess of the US$100 million attachment point. MLC cover and excess War P&I cover also continue to be provided within the programme.
In our last review, we could not discern strong reasons explaining why the IG Pool claims should have been so much lower in 2022 and 2023 than historically, even if 2023 was somewhat higher than the previous year. The 2024 policy year has returned not just to historical averages but has much in common with the record levels that we saw in 2020 and 2021.
With the exception of the 2022 policy year, the rising cost of Pool claims has been a challenge for all the IG clubs. While the average overall value of Pool claims (capped at US$90 million excess US$10 million) for the 10 years from 2015 to 2024 is US$274 million per year, the average has increased to US$335 million for the last five of those policy years, notwithstanding the low experience in 2022 and 2023. The 2024 policy year sees a return to the more general upward trend and the value of claims was higher than ever before with a 12-month point value of close to US$500 million.
The year has seen 15 claims notified at the 12-month point, five collisions, four FFO’s, three groundings, two wreck removals and a fire. As has been seen before, the volatility and high cost of admiralty claim types account for the bulk of the Pool’s exposure. The largest Pool claims are the Dali (Baltimore bridge allision) and our own claim in respect of the YM Witness.
NorthStandard reported five of these claims. The YM Witness (which concerns damage to container gantry cranes and a berth in Turkey) is estimated to be the largest of these. An incident for the Ultra Galaxy involved a grounding and subsequent wreck removal in South Africa, and a claim on the Vox Maxima arose out of a collision with the Marine Honour and subsequent pollution in Singapore. Finally, for the bluewater business, a claim on the Tarif arose out of contact with a jetty during berthing in Ulsan. The fifth Pool claim for NorthStandard relates to the Knidos, a Coastal & Inland entry which was involved in a collision and subsequently sank.
All of these claims fall into the category of admiralty incidents, although there is little discernible pattern amongst them. The Ultra Galaxy claim arose as the vessel took a more circuitous route avoiding the Red Sea, and in that respect there was a geopolitical element to this particular incident. For the most part, the Pool claims have been in respect of long-standing members of the club, sometimes with entries shared with other clubs. It is in the nature of P&I insurance that one club can have such an experience in any given policy year.
The mechanisms of the IG Pool and collective reinsurance arrangements continue to protect shipowners and clubs from the exposure associated with large claims when they arise. Our five claims declared to the Pool is certainly not unprecedented for a club of our size, nor indicative of any particular issue within our underwriting book. It is nonetheless a significant drag on our combined ratio and financial results this year.
Whilst we can reasonably hope that NorthStandard will not have such a high share of Pool claims in the next policy year, it would be imprudent not to expect that the Pool will have significant claims over the coming years. Whether this is the case for the forthcoming year is impossible to predict when the claims are so few and unpredictable in nature. However, the long-term trend is upwards as would be expected given the scale of global shipping and the challenges and liabilities it faces today.
The mechanisms of the IG Pool and collective reinsurance arrangements continue to protect shipowners and clubs from the exposure associated with large claims when they arise.
While retained claim numbers for the 2024 policy year were higher in comparison to the 2023 year, they were in line with other recent policy years. The club was, however, faced with a small number of high value claims which have a significant overall impact, although the club’s reinsurance arrangements mean that the retained value of claims remains in line with the 2023 policy year.
Across the NorthStandard P&I bluewater business there are 30 claims estimated in excess of US$1 million for the 2024 policy year, compared to an average of 36 in the five policy years up to and including the 2024 policy year. The largest claim on chartered business is a claim on the YM Mobility (an explosion during loading operations in China) which has a significant estimate, but where reinsurance (outside the IG Pool) caps the club’s overall exposure.
There has been an increase in admiralty claims in the 2024 policy year. As noted earlier, admiralty claims can be both high value and volatile, with the potential to directly impact overall policy year results in this way. On a positive note, there has been a reduction in the value of personal injury claims in the 2024 policy year, down to their lowest level in the last five years.
Fresh challenges facing the P&I industry over the next period will be the potential for the policies of the Trump administration to create (in the short term) unusual or unanticipated areas of liability or dispute. For example, cargoes abandoned on board or not collected after discharge because tariffs are not paid; delays to discharge of cargo while cargo interests re-negotiate and, in the medium term, the potential for more permanent changes in trading patterns to impact the claims landscape. Compliance with international sanctions and the impact of the Ukrainian conflict continue to pose administrative and operational challenges for both members and the club.
We have a global presence with 13 offices and more than 600 highly skilled and experienced individuals dedicated to providing exceptional service to our members and brokers worldwide. Our team genuinely cares, and we encourage innovative thinking to ensure that NorthStandard continues to thrive. We also promote strong connections within our local and global communities as part of our people-focused culture.
Pratap Shirke retired from the Board in November 2024, after an outstanding period of service to the club dating back to 1994 when he became a Director on the Board of Newcastle P&I. Having seen first-hand the merger between Newcastle P&I and North of England P&I, Pratap became Chair of North in 2011 and oversaw the acquisition of Sunderland Marine in 2014 and subsequent integration. Although he had retired as Chair in 2021, Pratap remained a Director of the Board through the merger that created NorthStandard in 2023 and brought his unique experience and perspective – giving us all the confidence of his support for the venture and guidance as to its execution. We thank Pratap for the huge difference that he has made to the club over so many years.
During 2024 we welcomed Markus Voorham (SMT Shipping) and Dimitris Marinos (Seastar Shipmanagement Ltd) to the Board of Directors. Both have their own history with the club and of contributing on our Members Board and we look forward to having the benefit of their knowledge and experience in shaping the future of the club.
As always we have reason to thank every member of our Board of Directors, whose invaluable commitment and guidance ensures that NorthStandard has been in a position to weather some significant claims this year, whilst also pushing forward on delivering our strategy and vision to be the marine insurer of choice.
This is a simple statement which very much understates the many and complex reasons why members choose NorthStandard. Our vision to be the marine insurer of choice guides our strategy, which is built around three core pillars: grow and diversify, innovate and lead, and invest in the future. Each pillar represents a critical area of focus, collectively driving our commitment to deliver exceptional value to our members, adapt to the evolving maritime landscape and ensure the long-term success of our club.
Click the boxes below to find out more on each pillar.
We aim first and foremost to create tangible value for our members. We prioritise sustainable growth, enhancing the quality and scope of our products and services, consistently providing market-leading support that meets our members’ evolving needs. The financial value of diversified income streams is a key component of this pillar.
We are responsive to the needs of our members in today’s dynamic environment. Using our deep sector expertise and stakeholder relationships, we equip our members with the tools, resources and support they need to confidently navigate the challenges and opportunities of an ever-changing marine landscape. As a mutual we have a complementary role to play in advocating for our members and demonstrating leadership.
We recognise our role in safeguarding the future of the club, and acting for our members, industry and wider communities. Our strategic commitment to sustainability is underpinned by comprehensive engagement to ensure that our investment drives impact in the areas that are of most priority. We will continue to embed responsible practices throughout our operations, building resilience, measuring and transparently reporting our progress.
NorthStandard is committed to long-term growth, with a focus on diversification. We selectively welcomed a small number of new members and received incredible support from across our existing membership – including substantial commitments at renewal or from new acquisitions expected to deliver in 2025.
Poolable mutual tonnage entered with the club grew to 270m GT, increased from 260m GT in 2024.
Our specialty lines are hugely important to the club, providing our members with access to a range of high-quality specialist covers as well as increased financial resilience to the club as a whole.
The Offshore & Renewables sector built on its 2024 success with another excellent year. Premium growth was close to 10% and we saw some key wins in new entries and expansion of existing entries. We announced a strategic partnership with NIORD, providing US$30 million capacity to insure fixed and floating wind farms and renewables devices.
Our Strike & Delay sector welcomed 12 new members as well as 95% of our existing members renewing, or expanding, their entries. We are in a strong position to support members over the forthcoming year as they navigate a challenging freight market and a volatile risk environment.
In our Coastal & Inland and Sunderland Marine sectors we have two of the most-respected offerings in the market for small and specialised vessels looking for excellent service in a mutual environment.
The Hull & War sector is a consistent success story within NorthStandard, having contributed profitable returns since its launch in 2020. During the year we have seen considerable activity in the War space, given continuing tensions across the world, and this will likely continue to be highly unpredictable.
Following our recent strategy of selectively building a book based on risk selection and quality of operations, we saw over 90% increase in aquaculture premiums – a commendable rate of development across a book that includes many mature and commercially competitive areas of business.
Sunderland Marine continues to grow its premium income whilst maintaining a 99% retention rate with existing accounts. The newly launched ‘one-stop-shop’ product, offered in collaboration with Coastal & Inland, provides excellent potential for further growth.
The current global shipping environment is dynamic, marked by constantly changing demands and challenges. NorthStandard is dedicated to finding and providing innovative solutions that quickly address the needs of our members and other stakeholders. As a leader in the industry, we are committed to advocating for the best interests of our members and the broader global shipping community.
As the maritime industry continues to evolve amidst dynamic global challenges, our Loss Prevention initiatives have once again proven popular with members. This year’s performance reflects not only significant engagement but also ongoing efforts to innovate and deliver meaningful member support related to safety, operations and decarbonisation.
These efforts are typified by our Get SET! suite of digital services that seek to support safety and efficiency through the use of technology. And of course, we continue to provide our usual friendly, reliable and professional service to members on a daily basis.
This year’s initiatives reflect a growing alignment between loss prevention services and the challenges members face in an evolving industry. From digital navigation support to safety education and decarbonisation guidance, we remain dedicated to equipping our members with the tools and insights necessary for safe, sustainable, and forward-thinking operations. With innovation and collaboration at the core of our approach, we look forward to another impactful year ahead.
We remain dedicated to equipping our members with the tools and insights necessary for safe, sustainable, and forward-thinking operations.
We work together with members on technical, operational, and safety issues to minimise claims and maximise operational efficiency.
Using our extensive claims experience and comprehensive club-wide data, we offer valuable insights and market leading loss prevention advice.
By blending personalised, friendly service with traditional loss prevention strategies and cutting-edge technology, we provide superior support to overcome challenges.
By promoting best practice and collaborating with international organisations and industry leaders, we aim to prioritise seafarer wellbeing, and create a safe and sustainable maritime community.
Closing the ship-to-shore gap with technology
The first service offered in the Get SET! program is the ETA, a continuous professional development tool designed to enhance the knowledge of bridge teams. Launched in the first quarter of 2024, ETA has become very popular, with over 5,000 bridge team users from more than 70 members participating in the assessment.
The Orca SeaPod and FleetView AI platforms offer onboard crew enhanced situational awareness that dramatically improves vessel safety and operational efficiency. Launched in quarter 1 of 2024, the uptake of the ORCA AI platform has been strong.
FleetVision from ShipIn utilises camera technology blended with AI to monitor and report on shipboard operations, automatically identifying and reporting risks and non-conformances. FleetVision empowers captains and crew members to conduct self-assessments, leading to significant improvements in the safety and productivity of vessels.
Since its launch in the third quarter of 2024, Fuel Insights, powered by VPS, is a fuel testing data platform developed in collaboration with VPS that has experienced accelerating user adoption and received very positive feedback from over 1,100 users.
The new Globeview platform was launched in the third quarter of 2024 and has already attracted over 1,000 users. Further significant developments are planned for 2025 and beyond.
The Loss Prevention team plays a crucial role in our Navigating Decarbonisation program. Our webinar series has drawn over 1,450 live attendees and has extended its reach with more than 6,000 views on YouTube, establishing it as a key component of our educational and outreach initiatives. Recently, the launch of our BetterSea FuelEU collaboration has garnered significant interest from members looking to fulfil their compliance requirements under the FuelEU directive.
Shipping and its associated industries have prospered as a result of open governance and a world committed to free trade and growth. Recent factors have combined to undermine that model, principally the emergence of national protectionism and a desire to reshore manufacturing coupled with the societal and physical tensions caused by climate change. At the same time, the emergence of new digital technologies presents opportunities and risks in equal measure.
We can and should engage with policymakers and governments to secure a business environment in which NorthStandard and its members can play a leading role in promoting growth and a frictionless, sustainable trading environment.
More generally, NorthStandard has been a driving force behind the IG’s review of the applicability of existing liability regimes to the new alternative low-carbon fuels. As a result of this work, the IG was able to co-sponsor a paper along with Australia, Canada and New Zealand seeking the addition of a new IMO Legal Committee output on the work programme on the suitability of IMO liability and compensation regimes concerning alternative fuels. The Legal Committee was receptive to the proposal and has allocated time to consider the issue. We were able to use our growing relationship with the UK government to ensure that the UK – which had omitted to sponsor the proposal – fully supports this workstream in the future.
Shipping has been profoundly affected by recent maritime sanctions programmes. A byproduct of those sanctions has been the growth of the so-called parallel or dark fleet – ships owned, managed, and insured in jurisdictions not subject to EU / G7 sanctions.
Earlier this year, we partnered with Lloyds Register, the leading classification society, and Core Power, one of the leading developers of floating nuclear technology solutions, to produce a whitepaper outlining the opportunities presented by floating nuclear technologies together with the obstacles that will need to be overcome if the technology is to reach commercial maturity. The paper was launched at a reception in the UK Houses of Parliament, which attracted politicians and leading industry representatives.
As part of this engagement initiative, we successfully lobbied for the inclusion of nuclear within the UK’s recently revised Maritime Delivery Strategy document. NorthStandard is an active member of the increasingly influential Nuclear Energy Maritime Organisation (NEMO) and participates in workstreams that aim to address the legal and regulatory obstacles that might prevent wider adoption of this exciting new technology.
The NorthStandard team has been at the forefront of efforts to highlight the risks posed by old, inadequately insured ships carrying environmentally sensitive cargoes through some of the world’s most congested waterways. Government and IMO policy is now evolving to manage the risks posed by such vessels. The club’s involvement in policy-making fora, such as the Royal United Services Institute Maritime Sanctions Taskforce, has helped develop targeted solutions that impact those seeking to evade industry standards whilst minimising the risk to mainstream shipping.
We can and should engage with policymakers and governments to secure a business environment in which NorthStandard and its members can play a leading role in promoting growth and a frictionless, sustainable trading environment.
In recent months we have explored the opportunities and risks presented by evolving digital technology in partnership with speakers from the Alan Turing Institute – the UK’s national institute for data science and artificial intelligence – in a series of podcasts.
Failing to understand the impact of these new technologies will leave the club and its members unable to properly engage in the discussions surrounding the regulation of this technology, and seeking out partners which can assist in developing that understanding will be of growing importance.
Featuring thought-provoking discussions on news and topics in the maritime industry. Experts from NorthStandard are joined by special guests in the field to discuss and provide insight into topics that are likely on your horizon.
Annual Review episode released 29 May
As a leading marine mutual, NorthStandard recognises the role we play in fostering a sustainable and resilient maritime industry. Sustainability is deeply integrated into our strategic framework, enabling us to support our members not only today, but for generations to come. We view it as essential to long-term resilience and success, understanding that systemic industry challenges can only be addressed through collaboration, shared ambitions, and proactive investment in the future.
In 2024/25, we further strengthened our strategic commitment to sustainability, recognising it as one of the fundamental drivers of our long-term success. These efforts highlight our strategic intent to actively invest in the future that balances immediate industry needs with long-term resilience, protecting it for generations to come. Together, we are committed to collaboration, confident that by working alongside our members and partners, we can effectively take on tomorrow’s challenges together.
Working across our value chain, we focused on:
and advance the wider maritime sector’s decarbonisation journey, safety performance, and sustainable growth.
achieving improvements in our own environmental footprint and operational efficiency.
launching programmes that enhance professional development, diversity, inclusion, and employee well-being, alongside impactful community engagement.
We have proactively supported our members in navigating sustainability challenges, delivering initiatives designed to enhance safety, reduce environmental impacts, and facilitate the sector’s decarbonisation journey.
Notable initiatives include:
Navigating Decarbonisation initiatives helping members manage the technical, operational and commercial impacts of decarbonisation, while adopting sustainable practices. Read more >
Supporting seafarer welfare with initiatives aiming to support wellbeing, inclusivity, and sustainability across the maritime industry and beyond.
Partnering with NIORD to provide capacity to insure fixed and floating wind farms and renewable energy devices, supporting the growth of offshore wind energy and other renewable energy sources. Read more >
Get SET! offers shipowners a digital gateway to essential resources, technology and actionable insights. Read more >
Residential Training Courses (RTC) offering members expert-led P&I training, to support sustainability of the industry through knowledge and skills development, and global collaboration. Read more >
Membership of the Maritime Anti-Corruption Network (MACN) with Jeremy Grose joining the Board, actively supporting its vision of a corruption-free society. Read more about MACN >
We are dedicated to operating responsibly with integrity, transparency, and accountability and continuously work to better understand and improve the impact of our operations on the environment.
Key developments this year include:
Actively working to reduce our carbon footprint during refurbishment of the Newcastle office
Installation of solar panels with a surface area of 435.4m², generating 91,000+ kWh annually.
Replacement of a gas heating system with an air source heat pump.
Installation of a smaller, more efficient uninterruptable power supply (UPS).
Re-use of all furniture and fixtures that didn’t need replacing, including desks and chairs.
Expansion of our recycling facilities to include paper, plastic, aluminium, glass, batteries, toners, and mobile phones.
Internal education
Focusing on raising staff awareness of various environmental issues and encouraging behavioural change.
† CO₂e (carbon dioxide equivalent) is a standardised unit used to express the combined impact of different greenhouse gases based on their global warming potential relative to carbon dioxide. It is commonly used in carbon accounting, sustainability reporting, and climate-related disclosures to provide a consistent measure of emissions. Reported CO₂e figures are often based on estimates and emissions factors, particularly where direct measurement is not feasible.
Investing in our people and the communities we serve is vital in protecting our shared future. This year we introduced several initiatives aimed at enhancing the employee experience, promoting diversity, equity, and inclusion, alongside enhancing our community outreach.
Notable initiatives include:
Reverse mentoring programmes and a shadow leadership team to provide growth opportunities at all organisational levels.
Enhanced staff support with introduction of a fertility leave, carers leave and network, and improved bonus calculations for those on maternity leave.
Joining Progress Together to help improve socio-economic diversity and benchmark against our peers. Read more about Progress Together >
Increased Corporate Social Responsibility (CSR) funding empowering our global offices to strengthen local community engagement and charitable support. Find out more about our CSR activities >
Employee Resource Groups (ERGs). We currently operate four employee-led ERGs, empowering our people to come together and promote positive change in the areas of Corporate Social Responsibility; Diversity, Equity and Inclusion; Health and wellbeing; and Social activities.
The 10,000 Black Interns programme. We support the programme in partnership with Career Ready, offering paid internships in Newcastle and London as part of our ongoing efforts to improve equity, diversity and inclusion and help build a more diverse talent pipeline.
We are committed to investing in the future and protecting it for generations to come, aligning our business goals with meaningful action that drives long-term impact across our industry and beyond. Our commitment is to embed sustainability deeply into our core operations, decision making, and governance, ensuring we remain well-positioned to help shape a maritime sector capable of thriving in a rapidly changing world.
Recognising that sustainability requires addressing systemic challenges through collective effort, we are intensifying our engagement with stakeholders, promoting industry-wide collaboration and driving meaningful action across our entire value chain.
With the appointment of a new Head of Sustainability, we have strengthened our strategic capability to address the evolving sustainability landscape proactively. In 2025/26 we will be focusing on maturing our approach to sustainability, with our immediate priorities including:
To learn more about our sustainability journey so far, please read our ‘Charting a course for a better tomorrow’ report.
