Korea P&I Gets 200 Vessels Guaranteed

The Korea Protection & Indemnity (P&I) Club has attained a membership
of over 200 ships since it started on January 25 this year. It made de
als with 39 ocean-going vessels, 57 domestic vessels and 107 other fis
heries's vessels. It has exceeded earlier estimates of 100 vessels. T
he Korea P&I Club estimated that these great results stemmed from the
stiff competition with foreign companys in which Korean companies are
already involved. Also, these results show new possibilities in the ma
rine industries. Foreign P&I Clubs attained 130 vessels in the domesti
c market. In particular, this P&I Club agreed with PICC, China that in
the case of having a vessel attached in China, the attachment can be
figured out with a letter of guarantee of Korea P&I Club. In addtion,
Korea P& I Club is invloved as an insurer guaranteeing the COFR which
is needed when vessels come into the U.S.