Shareholder approval to change Diana Containerships’ trading name to Performance Shipping on 19 February was followed the very next day by a change in its protection and indemnity insurance provider.
Nasdaq-listed Performance, as the Greek shipowner is now known, has always been with UK-based Standard Club for its fleet of four containerships between 3,700 teu and 6,500 teu.
However, chief strategy officer Ioannis Zafirakis confirmed to TradeWinds that the ships had been moved to Britannia P&I at the 20 February renewal but did not offer a reason for the change.
The move by Performance will make up for some of the vessels that Britannia P&I lost from SK Shipping at the renewal.
Fleet adjustments
Two other Greek shipowners have been linked to P&I adjustments to their fleets, with brokers reporting that Diana Shipping and Star Bulk Carriers are also understood to have consolidated more tonnage with existing providers Gard, the Swedish Club and Skuld. TradeWinds was unable to confirm the moves before it went to press.
However, several P&I clubs were claiming significant growth following the renewal, despite brokers suggesting it was a relatively quiet changeover.
Most of the fleet growth that the clubs are claiming would have been achieved through merger-and-acquisition activity among shipping companies throughout the year, rather than last-minute renewal-day movements.
Gard has strengthened its position as the leading P&I mutual by increasing its fleet by seven million gt over the past year to 214 million gt, with five million gt entering the club at the renewal. Gard is claiming a 99% retention rate.
Bjornar Andresen, Gard group chief underwriting officer, said: "The fact that new and existing members are trusting Gard to be their P&I insurance partner is a tremendous vote of confidence in both our business model and the service we offer.”
UK P&I grows presence
The UK P&I Club said it had increased its fleet by five million gt over the year, growing it to 144 million gt and, like Gard, claimed a 99% retention rate. North P&I Club said it had increased its P&I-owned tonnage by five million gt over the year to reach 147 million gt.
Chief executive Paul Jennings said the club had adjusted premiums to reflect the claims performance of members and added that he hoped the policy would temper the need for future increases in rates.
“We reviewed and adjusted members’ premiums and terms to reflect performance and exposure to ensure that they made an equitable contribution,” he said.
TradeWinds understands that North P&I also won the chartered business of SK Shipping at the renewal.
Skuld said it had increased its mutual P&I tonnage by 4.3% — to 95 million gt — at the renewal.
The West of England also said it had increased owned mutual tonnage to 90 million with 1.5 million gt of new tonnage added for the policy year.
