Tonnage shifts rain on opening day of NorthStandard P&I

Gard chief executive Rolf Thore Roppestad

Eleven months on from the first public announcement of the impending merger of P&I Clubs North, and Standard, the merged unit officially launched on 20 February. In the interim there was much speculation that NorthStandard would become the largest P&I Club in the world. In the event a passing of the mantle from Scandinavian giant Gard was not to be.
 

In a tough renewal for the 13 affiliates of the International Group (IG) went down to the wire due to the late announcement of reinsurance rates for the IG, with a number of big owners shifting at least part of their fleets across the Clubs. NorthStandard lost vessels from Sovcomflot, Maersk and MSC while Gard retained 99.4% of its exiting fleet and added a further 17m GT.
 

“This has been a good renewal season for Gard, in which we have seen sustainable growth across regions and segments,” said Gard’s CEO Rolf Thore Roppestad. “Our consistent and fair pricing policy, combined with first class service, has made Gard a great choice for both new and existing Members.
 

He continued “The late announcement of reinsurance rates from the International Group of P&I Clubs meant that this renewal went right to the wire as some owners waited to see the full picture before making their final decisions. We are delighted that Gard continues to be the preferred insurance partner for a growing part of the world fleet.” 
 

The renewal meant that on a measure of poolable owned tonnage, Gard remains the biggest P&I player.

Source: Hong Kong Maritime Hub

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