Total mutual tonnage surpasses 100m GT in 150th year
The Club today announced the successful completion of its 2020 renewal. Mutual owned tonnage increased by 10m GT and now exceeds 100m GT for the first time. Total entered tonnage is expected to exceed 150m GT in 2020.
These increases have been evenly spread across West’s major markets and will be supported by the Club’s regional offices in London, Piraeus, Hong Kong, Singapore and New York. The Club’s growth has come from both existing Members who have demonstrated their sustained trust and confidence in West’s service excellence, as well as a number of substantial new commitments from high-quality shipowners who have joined West for the first time.
For the fourth year in succession S&P affirmed the Club’s responsible management of its Members’ capital with an A- rating and also confirmed that West’s capital reserves continue to be significantly in excess of those required for S&P’s AAA rating levels. West’s solvency ratio is already in the upper quartile of the International Group of P&I Clubs and is forecast to remain there in 2020.
Source: West of England P&I Club