Members of the Gard protection and indemnity club will be paying less for their insurance as a result of a $193m after-tax annual profit.
The biggest of the P&I clubs is to cancel its entire deferred call for last year leaving $79m that was due to be paid to Gard with shipowners.
It is the eleventh consecutive year that the Norwegian club has given money back to members by reducing or cancelling deferred calls.
