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COFR schemes battle for business

Competition to provide shipowners with "tickets-to-trade" to the US is continuing to heat up.

Jim Mulrenan   |   13 March 1997

Competit ion to provide shipowners with "tickets to trade" to the US is continuing to heat up.

New US Coast Guard figures show an extra 346 ships have obtained Certificates of Financial Responsibility (COFRs) through guarantees issued by the commercial schemes over the last month.

The number of COFR guarante es pro vided by Shorel ine Mutual grew by 86 to a total of 2040. Shipowners Insurance and Guaranty (SIGCo) issued an extra 562 guarantees to lift its total to 995, while Arvak put on 38 to 82.

The First Line scheme, which ceased issuing new guarantees at the end of last year, saw a reduction of 340 in its guarantees to 2215.

The three ongoing schemes are battling to win the business of shipowners who used First Line as their COFRs come up for renewal.