Insurer releases ‘Endurance Guide’

Industry Database

According to UK-headquartered P&I club The Shipowners' Club the low oil prices and shipping rates of the past few years have presented some of the greatest challenges ever faced by many of its members. With this in mind the Club has just released, together with CTRL an 'Endurance Guide' to provide advice for members when navigating these tough conditions.

The declining state of the market has led to very difficult trading conditions for vessel operators. Record numbers of vessels are in layup with charterers slashing rates or terminating charterparties altogether. Unfortunately, many analysts predict the oil price will not increase significantly in the near future and, as some vessels approach the end of charter periods, owners are asking questions about layup or looking elsewhere for new business.

As a result The Club’s Underwriters and Claims people have been inundated with common questions from Members, mainly regarding how they can endure current market conditions. Members want to know what to do about their Charterers threatening to cut rates, entering new contracts with unfamiliar entities and relocating tonnage or placing vessels into layup, amongst others.

By Jake Frith

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