The Institute of Chartered Shipbrokers, the professional body for the commercial shipping industry, held its Annual General Meeting (AGM) in London today (12 October 2022), at which it announced that its finances continue to improve.

As is customary, the President, Kevin Shakesheff (FICS), presented the 2021/22 annual report and financial statements to members.

He welcomed the Institute’s second consecutive year of positive financial results following a review of its financial and corporate governance structure and investment in online training.

The Institute’s Chairman, Glenn Murphy (FICS), said:

“In this financial year we achieved an operating profit of over £250,000 which is our second consecutive year to generate a positive operating surplus. The improvement in our financial reserves will enable us to reinvest in our core education and membership services to ensure that the Institute continues to remain relevant to future students, practicing shipbrokers and other maritime professionals.” 

He added:

“We will look to our Controlling Council later this year to devise a new strategic plan to set the future direction for the Institute and put in place realistic plans and goals to achieve our organizational mission. We will be resetting our focus firmly on raising the bar for the international shipping community and ensuring that ICS membership is looked up to as the distinguished badge of trade.”

The Institute sets and examines the syllabus for Membership, it offers various academic modules, such as its Foundation and Advanced Diplomas which form part of the higher Professional Qualifying Examinations. The modules are delivered online, via correspondence and in class rooms at various locations across its 26 Branch network and 14 International Teaching Centres. The courses cover a diverse set of areas including bulk and chartering, marine insurance, liner trades, ship finance and port & terminal management.

The Institute Director, Robert Hill (FICS), commented:

“The Institute, with its 112 year tradition of excellence in serving this industry, has continued to be the most recognised and respected peer qualification that is accredited in all four corners of the globe.  Nonetheless, the industry we serve is changing rapidly and the Institute must be ready to ensure that how we educate in the future continues to keep pace.”

The past 12 months saw 911 students sit 1560 papers in November 2021 and 1094 sit 2164 papers in 85 examination centres in May 2022. However, due to COVID lockdowns in May, no Shanghai examinations were able to take place. Also, no exams were sat in Russia or Ukraine in May due to the ongoing conflict in the region.