The London P&I Club said the size of its entered fleet increased during a successful renewal period ending 20 February 2004.
It said the addition of approximately two million gross tonnes brings the club's entry to almost 34 million gross tonnes. On top of this, more than 2.5 million gross tonnes of new builds entered the club for FD&D cover.
In the 2003/04 underwriting year, the club said it achieved its overall premium income targets, it said.
The club put down most of the tonnage expansion to existing members increasing their entries, but said new members joining the club, including Marmaras Navigation of Greece, and Good Earth Management Company of India, also contributed to the increase.
Michael Hill, underwriting director for London club managers A Bilbrough & Co, said he was greatly encouraged by the new members joining the club. “In the process the average age of the club-entered fleet has improved.
“This is exactly the controlled growth the London club is looking for.”
