Brokers say the lack of major losses coupled with the rules that prohibit existing tonnage being moving from one member of the International Group of P&I Clubs to another for a lower premium have seen many owners sticking with what they know.
Safety & Regulation
The main threat to shipping from cyber attackers coms from those aiming to make financial gain, says expert.
Singapore’s maritime industry will receive an additional SGD12.6 million (USD9.6 million) that will go toward training the next generation of seafarers.
Lim tells Fairplay that the advent of autonomous shipping is increasing the importance of communication between ships and ports, which will not only have to deal with safety issues but also provide services such as waste reception facilities and cold ironing.
North P&I Club's deputy global girector (Claims), Mike Salthouse, said the Club needs to be able to continue to seamlessly write that business on the assumption that the UK and EU do not reach a future trade agreement.
Classification society's president of marine and offshore and deputy chief executive Philippe Donche-Gay tells Fairplay that shipping should expect more transformative technology tie-ups.
Underwriters look to stand firm despite recent high profile casualties
As clubs compete to retain tonnage, their service offering is an important differentiator, says A.M.Best
With two major vessel losses in the past year, capacity from the hull sector has left the market, but for London, the growth of Asian underwriting centres is having an effect.
The deal comes just days before the traditional P&I renewal date of 20 February and London market brokers have said they have seen an increase in interest in fixed-premium P&I from owners who have seen their fleets contract.