Adam Polemis' New Shippingand Rodolphe Saade’s CMA CGM are among the big-name owners to move vessels between clubs at this year's protection and indemnity policy renewal.
P&I clubs had vowed to turn the market around after four years of declining premiums, and there was a concerted effort to push up rates to rectify underwriting losses.
But brokers suggest some clubs' tough stance soon wilted after an unexpected windfall from strong investment income bolstered their finances.
Phoney war
One broker described the clubs' attempts to force a rate increase on owners as a “phoney war”.
Among the owners that switched clubs is New Shipping, which has moved from the American Club to the West of England and London P&I Club.
New Shipping is a major P&I account involving 35 ships, including 13 VLCCs, five suezmax tankers and nine capesize bulkers, which add up to 6.2m dwt.
Polemis is already a member of both the West of England and London P&I, and has now consolidated the New Shipping fleet with them.
American Club chief executive Joe Hughes said he was sorry to see long-standing member Polemis leave.
Mutual agreement
Hughes said: “The decision to disengage was by mutual agreement, and was concluded on entirely amicable terms between us. Adam has been a great supporter of the American Club over many years, and my colleagues and I continue to hold him and his business in high regard. We wish him and his company the very best for the future.”
Perhaps the biggest account to move is the giant French liner company CMA CGM.
Chief executive Saade has taken its fixed premium chartered business from Steamship Mutual to Britannia P&I.
CMA CGM is one of the largest charterers in the containership business and is regarded as a prestigious account among the P&I clubs.
“It’s a big name and a big account, but a lot of claims too,” one P&I executive said.
Brokers report US company Rand Logistics has taken its fleet of 13 lakes bulkers out of the North P&I Club and put it into Steamship Mutual.
There was also a suggestion that American Steamship, which was acquired by Rand Logistics earlier this year, has also moved over to Steamship Mutual in a consolidation of P&I cover.
However, TradeWinds understands American Steamship has renewed with the UK P&I Club.
Harley departure
The UK P&I Club does seem to have taken a loss with the departure of long-standing member Harley Marine Services, a US tug and petroleum barge operator, after a change of equity ownership at the company last July.
Harley Marine has switched its P&I cover to the West of England.
The Seattle-based operator’s chief executive Harley Franco was on the UK P&I Club’s board but stepped down last April.
However, according to local reports, Franco has also recently stepped down as chief executive of Harley Marine to be replaced by chief operating officer Matthew Godden.
The move has also resulted in the company changing its name, as well as its P&I club. From last month, Harley Marine became known as Centreline Logistics.
