A notable downturn in the number of shipping and offshore energy disputes drove the Nordisk Skibsrederforening's freight, demurrage and defence (FD&D) insurance club into the red last year.
Despite an increase in the number of vessels covered, the Oslo-based mutual was instructed on 2,156 new cases last year, 6.3% fewer than in 2015.
The reduction — described as "striking" by Nordisk’s shipowner board, chaired by Hans Peter Jebsen of the Kristian Gerhard Jebsen group — is attributed mainly to the dry bulk freight market reaching greater equilibrium and the large number of offshore vessels being laid up.
