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P&I warning for West Asian owners

P&I warning for West Asian owners

Dubai: Representatives of some 80 Middle East and Indian shipowners attending a seminar in the UAE this week were warned of the possibility of more sale and purchase disputes and of a further increase in their P&I premiums. Recent fluctuations in freight rates are likely to lead to greater volatility in s&p prices and therefore more disputes, while the upward claims trend would likely impact on P&I rates at next February's renewals, they heard The seminar was co-organised by North of England (NoE) P&I Club and shipping law firms Ince & Co and Mills & Co. Savraj Mehta, NoE's regional director, said Middle East owners now account for 15% of the Club's tonnage and continue to enter vessels of a uniformly high standard. The Club's members from West and Central Asia include Emirates Trading, Gulf Energy Maritime, Great Eastern, IRISL, Emarat Maritime, Bakri, Mercator Lines, Qatar Shipping, United Arab Shipping, Shipping Corporation of India and Tolani.  [21/9/06]

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