London P&I loses Cosco; report

London P&I Club has lost its account with Chinese state-owned China Ocean Shipping Company (Cosco) as the-now China COSCO Shipping (CCSG) restructures its marine insurance following the merger of COSCO with China Shipping, reports Lloyd’s List.

London P&I did not have the entire COSCO account. Previously it split its fleet among several providers. But London P&I was said to have a fair proportion of the P&I cover. The full impact on London P&I will be seen when its premium figures for the 2017/18 year are released.

CCSG now has more than 1,100 vessels, with a capacity of more than 85mDWT, while its containership fleet can carry 1.58mTEU. That will rise to more than 2mTEU after its order book is filled.

London Club CEO Ian Gooch told Lloyd’s List that Cosco and China Shipping had entries with many International Group clubs. “As a result of the consolidation, it looks as if they are making alternative arrangements. That will include a number of clubs, and we are one of them. We are seeing renewals not proceed, and terminations of entries this year.”