A significant number of ships appear to be trading without liability cover in the wake of DGS Marine and the British European & Overseas (BE&O) fixed premium protection-and-indemnity (P&I) scheme sinking without trace.

Operations in various parts of the world appear to have been abandoned, with no sign of the winding down of business that normally follows insurance failures.

Business connections say there has been a run away from DGS and BE&O, rather than the run off that should be taking place.