A campaign to get the Korea Shipowners’ Mutual Protection & Indemnity Association (KPIC) made as acceptable security in ship finance and chartering contracts has been backed by the country’s owners.

The Korea Shipowners’ Association (KSA) is recommending that member companies press for KPIC to be named as an acceptable club alongside the International Group mutuals in contract wordings.

TradeWinds reported in June that KPIC was seeking to change wordings that specify that only cover from International Group clubs is allowed in loan and other ship-finance agreements, time and voyage charterparties, contracts of affreightment and commodity-sales contracts.