THE London P&I Club’s mutual entry has continued to increase despite a period of unprecedented economic turmoil and turbulence in the shipping industry, and now stands at over 39m gt.
Michael Hill, Underwriting Director of the London Club’s management team, A Bilbrough & Co, said:“There is no room for complacency, but it is encouraging to see how the London has continued to make good progress during such a challenging time.
“The Club has gained a number of new members from the Far East and Europe, including Dalian Hongfeng Ship Management from the PRC, Trust Oil Tankers, Greece, and Vietnam Ocean Shipping (VOSCO). Additionally, there have been other positive developments in the profile of its fleet. For instance, the average age of ships entered with The London in 2008/09 was just over seven years. And more than 55 per cent of the ships now covered by the Club are less than ten years of age.”
Writing in the latest edition of London Club News, Hill stressed: “A number of factors have combined to make the last twelve months very tough for P&I. The unparalleled volatility in the investment markets made strengthening the Club’s financial position important and was one of the key factors behind the decisive calling decisions taken by the Committee last October.
“The London P&I Club is well regarded for its commitment to mutuality, borne out by its wholehearted focus on giving its members a high-class, responsive service. Our continued growth shows how important these core values are to our members, and illustrates also their support for the continued strengthening of the London’s quality and breadth of operations as we move forward.”