TOUGH CONDITIONS facing the dry bulk market are having no impact so far on the London Steam-Ship Owners´ Mutual Insurance Association.

The London club, which has a particularly strong following among owners operating in the troubled dry tramp trades, has paradoxically seen debt levels fall during the last few months.

Assets of the London club have risen 10% to a record $447m while free reserves, the surplus available after provision for all known and expected claims, are up $29m at $127m, the shipowner directors were told this week.

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