Speaking at a reception in Singapore on Tuesday evening Charles Hume chief executive of the Shipowners Club told members: “At a meeting we had on Sunday with a team from Saudi Aramco we have resolved the claims, they have agreed to lift the boycott, and they should have sent emails to all of their contractors and sub-contractors confirming that the Shipowners Club is acceptable security and they should likewise have put a notice to that effect on their bulletin board.”
On 5 January Saudi Aramco issued a notice advising contractors and sub-contractors that insurance provided by the Shipowners’ Club would not be acceptable P&I security from 20th February 2015.
The issue involved two claims made by Saudi Aramco against members of the club and in a circular issued on 6 January Shipowners said the notice “had come as complete surprise”.
Hume thanked the Clubs members for their patience while the issue was resolved as well as fellow members of the International Group for their support.
As a specialist insurer of smaller tonnage the Shipowners Club is the largest P&I insurer of offshore support vessels.
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