Adam Polemis' New Shippingand Rodolphe Saade’s CMA CGM are among the big-name owners to move vessels between clubs at this year's protection and indemnity policy renewal.

P&I clubs had vowed to turn the market around after four years of declining premiums, and there was a concerted effort to push up rates to rectify underwriting losses.

But brokers suggest some clubs' tough stance soon wilted after an unexpected windfall from strong investment income bolstered their finances.