The ‘A’ rated North P&I club said it achieved another solid year of development ending on February 20, 2014, further consolidating the club’s position as one of the largest and most financially secure members of the International Group of P&I Clubs.
Owned tonnage entered in North increased from 126 million GT at the 2013 renewal to 131 million GT yesterday, while the club’s chartered entry developed to stand at approximately 49 million GT.
According to chairman Pratap Shirke, "Our policy of applying strict quality and financial standards to the membership continued at this renewal and I am pleased to report further satisfactory development, which will help preserve North’s financial strength. We were also delighted to welcome a number of new members to club."
Joint managing director Paul Jennings said, "Owned tonnage increased by approximately 5 million GT to 131 million GT, a four-percent rise in line with the overall increase in owned global tonnage over the last 12 months. With chartered tonnage expected to be approximately 49 million GT, we are projecting a combined entered tonnage of 180 million GT."
Joint managing director Alan Wilson concluded, "Once again it has been a difficult year for global shipping. The slow recovery from the economic downturn, depressed freight rates and liquidity pressures mean our members continue to operate in uncertain and unpredictable environments. We are extremely grateful to our members who have once again shown such strong support and confidence in our strategy of maintaining financial stability, while continuing to provide the highest levels of service in the most cost-effective manner."