Korea P&I Club gains 164 vessels

Inflow of new tonnage welcome after collapse of Hanjin.

April 4th, 2018 17:30 GMT by Jim Mulrenan

Published in Insurance

The Korea Shipowners' Mutual Protection & Indemnity Association signed up 164 vessels through the last policy year but, nevertheless, is expecting a downturn in premium income because of the collapse of the Hanjin group.

The annual meeting of the Seoul-based P&I club heard that an extended co-insurance collaboration deal with the Standard Club was making progress, with 29 large vessels entered.

That included 12 containerships from Sinokor Merchant Marine, a Hyundai Merchant Marine LNG carrier, capesize bulkers from Korea Shipping Corp and heavy cargo carriers from Pan Ocean.

At the February renewal, the club also attracted vessels from K World Line, Sun Hwa, SM Maritime, Saehan Shipping and East North Asia Car Ferry previously covered by International Group rivals.

Chinese operator Lianyungang Ferry helped the Korea P&I Club gain approval as a liability insurer from the Chinese government.

The club has also gained approval for vessels operating around Hong Kong and from the Indian government.

The Korea P&I Club has been mostly domestically orientated since it was founded in 2000, but now has 85 overseas vessels from six countries, accounting for 11% of total premium.

The overall fleet runs to 1,115 vessels controlled by 227 owners.

The Korea P&I Club puts its free reserve at $53.3m, which appears to be a $10m increase over the year.

The club adopted a new slogan — "Beyond IG" — with the reference to the International Group, signifying its global ambitions at the annual meeting.

Jong-Seug Park, of Korea Maritime Transport, was re-elected chairman of the club.

Representatives from Polaris Shipping, Boyang, Taiyoung, Daeho, Sinokor and Dong Won Fisheries were also elected directors, while Wooyang provided the club auditor.