Meanwhile, Standard Ireland up and running since January and already writing 40% of Standard’s business, according to Robert Drummond, soon to be managing director of Dublin outpost

Gard grew in most geographical areas, while North topped the 200m gt mark for the first time ever.

‘We are looking at renewing a similar amount of tonnage to what we had 12 months ago. A small amount of poorly performing business is being managed out of the club, and we are welcoming a few new members in,’ said Mark Collins of Standard Club

The 2019 P&I renewal round has been described as ‘the most boring renewal season ever’ by one P&I club chief executive

In 2013, there was even a threat to treat income pooling arrangements as de facto insurance schemes, thus leaving charter income subject to the impost and threatening to kill up to 1,000 KG companies. But the industry’s collective political clout proved sufficient to waylay that threat

While underwriters have been heard to talk tough before, diminished capacity may mean that this time round they can make higher premiums stick. Indeed, a consensus seems to be emerging that they may represent the only way forward