Hiroaki Sawabe, executive director at japan P&I Club, has expressed his “deepest appreciation” to all Members for the 2018 Policy Year Renewal.
The Club’s Board did not to ask for any general increase on P&I premiums for “Ocean-going vessels insurance (mutual entries)” for the 2018 Policy Year (as was also the case for the previous Policy Year).
Premiums for “Japanese Coastal vessels insurance (fixed premium entries)” have remained unchanged for the past seven years.
For “Ocean-going vessels”, many entries were cancelled due to sales or scrapping, but the number of new entries outstripped those cancelled during the 2017 Policy Year. As a result, the Club’s entered volume as of February 20th 2018 was up on February 20th 2017.
Entered volume of Japanese Coastal vessels decreased, with Policy Year 2018 starting with 2,323 vessels / 91.1m tons of Ocean-going vessels entered (showing an increase of seven vessels / 2.8m tons on the previous Policy Year) and 1,960 vessels / 2.5m tons of Japanese Coastal vessels entered (showing a decrease of 82 vessels and slight decrease of tonnage).