world, in their programme to provide financial guaranties for US Coast Guard certificates of financial responsibility (CoFRs).

Shoreline Mutual Management (Bermuda) Ltd. vice president and controller, Mr.

Stephen Hannon, has also confirmed that the first board meeting will be next month.

Shoreline is a Bermuda Protection & Indemnity (P&I) Club formed to provide ship owners with evidence of financial responsibility needed to obtain CoFRs from the US Coast Guard.

By this week Shoreline had signed up 560 vessels for the CoFR programme, representing 18.5 million gross tonnage.

They include the largest Ultra Large Crude Carrier (ULCC), or largest oil carrier in the world. The Norwegian-registered Jahre Viking AS has a gross tonnage of 260,851, or deadweight tonnage of 564,650.

Mr. Hannon said: "We have issued guaranties for 560 vessels. But there are a whole bunch of others that are being processed on a daily basis. Everyone is happy with the performance of the company.''