Another highly profitable year is being reported by the protection-and-indemnity (P&I) clubs with well over $500m added to a collective free reserve that was already closing in on $5bn.
More than half of the P&I clubs have reported so far and it is clear the year to the February 2016 renewal proved very favourable.
The nine clubs to have revealed a result have rung up a collective surplus of $535m, with another that has given an indication of its likely performance, lifting the total to about $560m.
