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Korea P&I Club Held a Signing Ceremony for the 2nd Collaboration with Standard Club  
administrator 17-11-07 13:21  

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 vessels.

 

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 momentum.”

 

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

to accept tankers less than 9,500GT, and they plan to proceed for accepting the domestic

large vessels in the future.



Korea Shipowners Association Encourages Entry into Korea P&I Club with a Sense of Ownership
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