North P&I Club has reported, for the first time in the Club’s 159-year history, a projected total entered tonnage of more than 200m gt.
North P&I Club CEO Paul Jennings said that “our 2019 renewal strategy was very clear. We provided ongoing support to Members dealing with persistently challenging trading conditions through our decision not to declare a general increase. To reduce the risk of more significant premium increases in coming years we reviewed and adjusted Members’ premiums and terms to reflect performance and exposure to ensure that they made an equitable contribution.”
North P&I Club Chief Underwriting Officer Savraj Mehta said that “we are very pleased to report that we are currently projecting our total entered tonnage to exceed 200m gt for the first time. Early indications show that we are expected to reach P&I owned gross tonnage of 147m, representing a year on year increase of 5m gt”. FD&D gross tonnage was projected to reach 95m, also representing an increase of 5m gt. Chartered tonnage was expected to exceed 60m gt.