INTERTANKO - The International Association of Independent Tanker Owners
About INTERTANKO
A word from the Chairman
 
1. Annual Review
1.1 Chairman and Managing Director's review
1.2 The Poseidon challenge
1.3 A week in the life of INTERTANKO
1.4 State of the industry
1.5 The human element
1.6 Committee round-up
1.7 Regional round-up
 
2. Members' Tankers
 
3. Annual Report
3.1 Honorary members and governing bodies
3.2 Members by registration country
3.3 Members' fleet summaries
3.4 Associate members by business
3.5 Secretariat
3.6 Articles of Association
 
4. Financial Statement
 
5. Tanker Facts 2006
 
Financial Report

Managing Director's Financial Report 2005

INTERTANKO’s financial statements are presented on the basis of continuing business. The Secretariat’s personnel have not been subject to any mishaps or accidents in their working environment during the year. Health and safety policies and procedures are subject to regular review. The working environments in the respective offices are considered to be good.

It is the Management’s opinion that the financial statement, as presented, provides adequate information to assess the Association’s financial situation and the result for the year. Nothing has happened after the year-end which would materially effect the Association’s financial situation or the result for the year.

INTERTANKO’s Management has recommended that the surplus of USD 583 041 for 2005 be transferred to the Capital Fund, which at the end of the year stands at USD 1 460 525.

Peter Swift
Managing Director
27 February, 2006


INTERTANKO Profit and Loss Account for the Year Ending 31 December 2005

Expressed in USD

 

2005

 

2004

Note

 

 

 

 

 

I N C O M E

 

 

 

 

Membership Fees

3 894 516

 

3 694 522

 

Associate Membership Fees

735 318

 

666 591

 

Surcharge

448 045

 

0

 

Membership FDIP

143 999

 

152 000

 

Service Charge

476 321

 

330 925

 

Publications

472 016

 

408 477

 

Advertising

118 881

 

102 993

 

INTERTANKO Courses

1 898

 

2 234

 

Tanker Events- Income

388 372

 

274 348

 

Total Operating Income

6 769 366

 

5 632 090

 

 

 

 

 

 

 

 

 

 

 

E X P E N S E S

 

 

 

 

Salaries & Benefits

2 811 672

 

2 532 710

2

Social Security / Pensions

829 663

 

716 178

Meetings

179 153

 

141 520

 

Tanker Events- Expenses

298 389

 

329 453

 

Travels

446 828

 

377 355

 

Regional Representation

87 433

 

92 320

 

Consultancy

533 673

 

636 999

 

Representation U.S. Legislation

15 667

 

42 330

 

Public Relations

12 070

 

12 131

 

Projects / Research

56 641

 

38 185

 

Subscriptions

44 231

 

26 628

 

Printing

81 562

 

98 378

 

Post / Telephone

165 086

 

195 426

 

Office Expense / Rent

702 567

 

643 736

 

Total Operating Expenses

-6 264 635

 

-5 883 348

 

 

 

 

 

 

Operating Surpuls / Deficit

504 731

 

-251 258

 

 

 

 

 

 

Interest Income

41 821

 

8 279

 

Exchange Gains

112 717

 

10 754

 

Sum Non-Operating Income

154 538

 

19 033

 

 

 

 

 

 

Interest Expenses / Bank Charges

34 335

 

33 279

 

Depreciation

41 893

 

45 622

 

Sum Interest Exp. & Depreciation

-76 228

 

-78 901

 

 

 

 

 

 

Surplus / Deficit before Extraordinary Items

583 041

 

-311 126

 

 

 

 

 

 

Extraordinary Items

0

 

-149 196

 

 

 

 

 

 

Surplus / Deficit for the Year

583 041

 

-460 322

 


INTERTANKO Balance Sheet as of 31 December 2005

Expressed in USD

 

2005

 

2004

Note

 

 

 

 

 

A S S E T S

 

 

 

 

 

 

 

 

 

Fixed Assets

 

 

 

 

Office Furniture & Data Equipment

180 111

 

222 004

3

Total Fixed Assets

180 111

 

222 004

 

 

 

 

 

 

Long-term Investments

 

 

 

 

Long-term Mortgage Loans to Employees

2 506

 

3 362

4

Total Long-term Investments

2 506

 

3 362

 

 

 

 

 

 

Current Assets

 

 

 

 

Other Short-term Receivables

313 512

 

360 976

 

Accounts Receivable

194 791

 

48 100

 

Cash and Bank

1 587 966

 

936 395

5

Total Current Assets

2 096 269

 

1 345 472

 

 

 

 

 

 

TOTAL ASSETS

2 278 886

 

1 570 837

 

 

 

 

 

 

L I A B I L I T I E S  A N D  C A P I T A L

 

 

 

 

 

 

 

 

 

Capital

 

 

 

 

Capital Fund 01.01.--

887 484

 

1 337 806

 

Surplus/Deficit for the Year

583 041

 

-460 322

 

Capital Fund 31.12.--

1 460 525

 

877 484

 

 

 

 

 

 

Current Liabilities

 

 

 

 

Accounts Payable

22 295

 

67 834

 

Withheld Taxes, Social Security & Holiday Pay

185 143

 

227 152

 

Accrued Expenses & Deferred Income

610 923

 

398 367

 

Total Current Liabilities

818 361