A fleet of up to 10 million gross tons (gt) is set to sail from the North of England Club as protection-and-indemnity (P&I) cover renews at noon today.
The loss is likely to result in the Newcastle-based outfit dropping down the league from being the second-biggest of the P&I mutuals.
However, the company is emphasising that getting the rate increases required this year comes ahead of winning the tonnage race.
