The thirteen P&I Clubs which comprise the International Group between them provide marine liability cover for approximately 90% of the world’s ocean-going tonnage. In their recently released Annual Review 2017/18, Hugo Wynn-Williams, Chairman made the following statements in his introduction:
Tonnage up — reinsurance cost down
Another increase in Group-entered tonnage, and a fourth year of savings in the cost of the Group reinsurance purchase, albeit more modest than in recent years, were among the notable and welcome features of 2017/18 for
the Group clubs and their shipowner members.
World fleet growth continues to slow
World fleet growth continued to slow during 2017/18, from just under 4% to just under 3% as at July 2018, a far cry from the 8-9% growth rates experienced in 2010-12. Total Group-entered tonnage as at February 2018 had
increased to just over 1.209 billion GT, up from 1.16 billion GT a year earlier.
Freight markets continue to challenge
The freight markets have experienced a modest upward trend in Continue reading “International Group of P&I Clubs Annual Review 2017/18 published”
