A significant number of shipowners using the PRS are expected to be in the market for a new classification society as charterers, insurers and bankers often require IACS class.

There could be a "feeding frenzy" for the more attractive tonnage in PRS one source told TradeWinds.

The decision to eject PRS from IACS over the Leader L, an elderly Panamax bulk carrier which sank with the loss of 18 crew members in March, could not have come at a worst time for the hard pressed Polish Society.

Posidonia, the biannual celebration of Greek shipping, which opens today, is one of the key marketing events for the major classification societies.

The booting out of PRS will be an even bigger talking point as the 69,000 dwt bulk carrier, that led to the unprecedented action is Greek owned and has now effectively been labeled substandard by IACS ruling council.

IACS said it had decided to terminate PRS' associate membership as it was "determined not to tolerate substandard ships."

IACS also noted that the 23 years old Leader L, part of the Cavo d'Oro Navigation fleet, had been "operating under PRS class, evidently in poor condition, for some time."

PRS was suspended from IACS in 1997 following criticism from other classification societies who claimed it was growing rapidly by luring elderly poor quality tonnage with cheap certificates.

PRS was however reinstated as an associate member a year later with director general, Jan Jankowski, undertaking he would not embark on an expansionist policy again.

IACS plans to say more about the PRS and its investigations into the Leader L and the Erika tanker spill on Wednesday. PRS, has chosen the same day to given details about its work on ship structures and efforts to ensure the safety of people, property and the environment.

IACS is conducting a special audit of the Erika, the tanker that caused major pollution to the French Atlantic coast, and nine other vessels that transferred to RINA, the Italian classification society.

Most of the major classification societies, as well as PRS, have stands at the Posidonia exhibition.

Read the 27 articles about the troubles of the PRS in TradeWinds archive