A decline in investment income at protection and indemnity (P&I) mutual the Shipowners’ Club has put it into the red.
The club reported a $37.9m loss in 2018 compared to a $47.4m surplus in the previous year.
Shipowners also had a technical underwriting loss in 2018 with a combined ratio of 104% which was less than the 105% it had been predicting.
