The London P&I Club increased its entry of both owners and charterers business following the recently completed renewal season.
Ian Gooch, chief executive of the club’s management team, says, “The renewal took place against a backdrop of another challenging year for our members, reflecting the depressed freight markets in many shipping sectors. The particularly difficult trading conditions intensified the focus on costs, including P&I rates. This led to some tough negotiations, and it proved impossible to agree renewal in a few cases. There were also a few instances where our underwriters took the decision not to offer terms.
“Notwithstanding this difficult renewal environment, however, the club recorded further steady growth in its shipowners’ business, of 700, 000 gt, with additions from new as well as existing members based in countries which included China, Greece, Singapore, Turkey and the UK. The club’s charterers’ entry also grew by over 3m gt during 2014/2015.
“Moreover, the increase in income earned by the club during the 2014 year, together with rate increases at renewal, means that premium levels continued to move in the right direction.”