Korea P&I Club wins another 135 ships at renewal
The Korea Shipowners’ Mutual Protection and Indemnity Association (Korea P&I Club) signed up vessels from Singapore, Taiwan, Vietnam and Indonesia as last month’s renewal proved successful for the club.
There are now 43 foreign ships in the overall fleet of the Seoul-based club, which gained 135 further vessels at the renewal, to lift its total fleet to 944 vessels of 18.2 million gross tons.
The club also increased its book of business from leading Korean owners, with Hanjin lifting its entry to 63 vessels and Hyundai Merchant Marine to 34 vessels.
The club says a 9% increase in business exceeded expectations against the background of a difficult shipping market.
A KRW 7.2bn ($6.5m) surplus was rung up through last year to lift the club’s free reserve to KRW 32.1bn ($28.8m).
The Korea P&I Club, which gained an “A-” rating from AM Best earlier this year, has an annual premium income of $31.5m.
Chang Myung Shipping chief Lee Kyung Jae has been elected chairman of the club, replacing Youn Jae Lee of Heoung-A Shipping, who has led the mutual for the 13 years since its establishment in 2000.
The latter has resigned to focus on chairing the Korea Shipowners’ Association.
The Chang Myung chief started his shipping career as a ship’s officer with Korea Shipping Corp, working as a broker and with Boyang Shipping before founding Chang Myung in 1989.
Other directors elected to the Korea P&I Club’s shipowner board were MC Seo of Namsung Shipping, DY Yook of Hanjin Shipping, NY Lee of Hyundai Merchant Marine, TK Kim of Heung-A Shipping, HB Bae of CJ Korea Express, YJ Moon of STX PanOcean and SD Hong of Hanaro Shipping.
(Source : 20 March 2013 TradeWinds)