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Korea Shipowners Association Encourages Entry into Korea P&I Club with a Sense of Ownership  
administrator 17-10-23 15:12  

Korea Shipowners Association Encourages Entry into Korea P&I

Club with a Sense of Ownership

- Korea P&I Club is an important steppingstone for the development of Korean shipping industry -


KSA (Korea Shipowners’ Association, Chairman Yoonjae Lee) encourages its members to enter into KP&I (Korea P&I Club).

Through its official document KSA requested for enthusiastic entries into KP&I as it writes “Although KP&I has developed to compete with IG Clubs in financial stability and claims handling ability, the development was stagnated due to our industy’s practice and aggressive attacks by the P&I Clubs overseas.

KP&I was established in 2000 with contribution funds from KSA, Korean shipowners, and the Government and the Club contributes significantly toward the development of domestic shipping market strengthening competitiveness of the industry through reduced costs and convenient services for Korean shipowners, and preventing spillage of dollars abroad.

KP&I, however, has been in plateau since 2011 which may not only lead to failures against the purpose of establishment to save the shipowners’ costs by substituting the P&I Clubs overseas and to improve their competitiveness, but also put the shipowners in a helpless position in front of increase of premium by IG and other Clubs overseas if this plateau lasts long.

KSA highlighted, “the owners of the KP&I are ocean freighters, eventually”. They added, “it should be kept in mind that the development of KP&I is directly linked to the development of ocean freighters.



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