Korea P&I Club Held a Signing Ceremony for the 2nd
Collaboration with Standard Club
Korea P&I Club (Chairman Jongseug Park) announced
that they held a signing ceremony for the 2nd collaboration with
Standard Club at the 63 Square on October 30, 2017 for the entries of large
Chairman Jongseug Park who participated in the signing
ceremony said in his congratulatory message, ‘It is expected this collaboration
plays a role as a stimulant for KP&I with a great chance to make another
leap forward, and hopefully the area of cooperation between the 2 Clubs expands
to provide a milestone so that KP&I develops to be a global Club.
John Reily, the Underwriting Director for Standard
Club answered, ‘As a Club who has been in the Korean market for 40 years, we
are very pleased to have a chance to reward the Korean shipowners and it is
hoped this collaboration is quite productive and beneficial for not only the 2
Clubs but also the Korean shipowners.
Andrew Reynolds of Marsh London who is the broker for
this collaboration mentioned, “I am confident this collaboration will be a huge
support for the shipowners in the dark shipping market.” And Bay Moon, COO of
KP&I mentioned, “There are a number of shipowners who would like to support
KP&I but couldn’t due to restrictions in the market and such restriction
are lifted finally so it is hoped this collaboration could serve as a key
The 2nd collaboration this time is
targeting the larges vessels exceeding 20,000GT, the market share of which was
low due to restrictions for KP&I in the loan agreement and the carriage of
cargo contracts, and KP&I will jointly accept the vessels through co-insurance
with Standard Club who is the member of International Group, which is named
KSCM (Korea Standard Collaboration Mutual).
KP&I in fact lifted every restrictions accepting the
vessels as the 2nd collaboration was agreed after KSCF (Korea
Standard Collaboration Fixed) agreed in Singapore on August 3, 2016
tankers less than 9,500GT, and they plan to proceed for accepting the domestic
large vessels in the future.