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 the Annual Review 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”
