Strong P&I renewal for 2023/24, owned tonnage increased to 79 million

The China Shipowners Mutual Assurance Association is pleased to announce a successful renewal of its P&I policies for 2023/24 following the closure of the renewal season on 20 February. The Association continues to enjoy a steady growth in business against challenging market conditions. Its mutual P&I now stands at a record high of 187 Members, 1,746 Entered Vessels, and 79 million Gross Tonnage. 

The Association remains grateful for the support of existing Members, and also welcomes several world renowned shipping company such as CMA CGM. This will surely drive our international practices towards higher standards. CMA CGM is the world’s third largest container shipping company, operating 257 shipping routes in 160 countries. Its headquarter is in Marseille, France and its Chinese regional headquarter is based in Shanghai.

We are confident that the positive renewal outcome will continue to strengthen our financial position, on top of the Association’s Financial Strength Rating of A-(Excellent) and Long-Term Issuer Credit Rating of a-(Excellent) assigned by AM Best in the previous policy year.

The Association endeavors to always put Members first and to provide them with high quality service. As always, the Association appreciates the long-standing support of both its Members and partners, and expects further cooperation and synergy in maintaining a sustainable supply chain and a strong growth in global shipping industry.

CPI entered ship CMA CGM AMBER (49,810GT)