UK P&I Club said on Thursday that it had started the new policy year from February 20th with total mutual owned tonnage of 139m gt, slightly higher than at the start of the previous policy year. Combined mutual-owned and chartered tonnage has reached about 239m gt.
The Club said that it appreciated that many operators were under financial pressure, and that it therefore sought ways to deliver P&I cover at a competitive rate, once again declining this year to announce a general increase.
It noted that almost all the fleets leaving the Club at the latest renewal had adverse loss records. It said that it had attracted “a number of significant new entries with a number of fleets opening an entry for the first time”.
Hugo Wynn-Williams, CEO of Club managers Thomas Miller P&I Ltd, said that “during these challenging economic times, the Club appreciates the loyalty and support our Members have shown at this renewal. We have sought to achieve a balance between the recognition of the market pressure on the members on the one hand, and the need to address adverse records on the other. This has led to some attrition of the entered fleet but this has been offset by gains both during the year and at renewal”.