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Korea P&I, Confident to Enter the European Market  
administrator 18-05-02 15:55  

Korea P&I, Confident to Enter the European Market


Korea P&I Club (Chairman, Jong-seug Park) held the Korea maritime economy group joint seminar with Korea Re, Korean Register of Shipping (KR), and Daewoo Shipbuilding & Maritime Engineering (DSME) in Athens on April 16, About 130 attendees consisted of Greek shipowners and insurance brokers, etc. The seminar was hosted and sponsored by the Shipping Bureau of Marshall Islands (Korea representative Kim Young-min).

The joint seminar was attended by Ambassador, Young-jin Ahn, of the Korean Embassy in Greece who made a welcome speech about the economic cooperation between the maritime industry of Korea and Greece.

KP&I’s Chief Operating Officer, Bay Moon’s presentation about “Fixed Premium – Tailored Products” drew great attention introducing KP&I, the fourth largest Non-IG Club worldwide, its sound financial structure as a pure non-profit organization, the limit of cover which suits the operational characteristics of vessels, the selection of risks covered, competitive rate from the win-win spirit in connection with to the shipping market’s condition, proactive claim handling services beyond the IG Clubs, payment guarantee system available worldwide, and that release calls not required unlike the IG Clubs, etc.

KP&I is confident to enter the European market from Greece, the world’s largest shipping country, as they were able to imprint not only its existence but also competitiveness through through a series of meetings with 12 shipping companies and insurance brokers where mutual interests were discussed intensely after the seminar.

After COO Bay Moon’s presentation, Hyeon-tae Kim and Yoon-jung Heo, the Senior Surveyors of Korean Register of Shipping presented “Global Sulphur Oxide Cap” and “New Bulk Carrier Design” explaining the latest trends in the regulations of the limits for sulfur oxides emissions. There are about 110 Greek vessels joined the Korean Register of Shipping.

Also, Woo-sik Jung, the general manager of Korean RE presented “Assuring the Future with Korean Re” introducing the strength of the maritime reinsurance by Korean Re. They are in business with about 60 shipowners in Greece.

Nam-woo Kim, Director of DSME presented “State of the Art Boil off Gas Handling Technologies” explaining the superiority of the LNG carriers engineered by DSME which was in the interest of many attendees.

The joint marketing seminar was a good opportunity for Korean maritime/ economic organizations to be recognized of the status and competitiveness of the shipping industry of Korea as well as setting up a network with Greek shipowners.

There are 85 vessels of 6 countries are entered into KP&I as overseas fleet, majority of which are Southeast Asian vessels including Singapore.

Greece is the world's leading shipping country who owns 309 million DWT which marks 16.7% of the world’s fleet.


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