to increase its market share in the issuing of Certificates of Financial Responsibility (COFR) guarantees.

SIGCo President Neil Clemens said since October, 1997 the company has increased its market share by two percentage points, capturing about 57 percent of guarantees issued.

Under the Oil Pollution Act 1990, COFR guarantees are required for most ships over 300 tons entering US waters. The guarantees are evidence that the shipping company has insurance to cover any clean-up of potential oil spills.

Mr. Clemens said one reason SIGCo had increased its market share was the dramatic expansion of business from dry cargo ships. Such vessels had until the end of December, 1997 before COFR guarantees were required.

He said SIGCo was able to capture more than its market share in that category because international shipping P&I clubs were behind the venture, which is set up as a type of limited liability trust.

Of the 1,226 COFRs issued for tankers and dry cargo vessels between October 1 and November 14, SIGCo capture 70 percent of the total.

Mr. Clemens said ship owners were also attracted by SIGCo's decision in October last year to offer financial certification along with the insurance product. The US Coast Guard also requires the financial certification of the shipping company along with the insurance under the Oil Pollution Act.

Previously shipowners had to pay various fees to independent providers to get the certificate. SIGCo is now offering members the certificates for free.

"This additional service has been very attractive to our clients,'' Mr.

Clemens said.

He added: "Clearly, the benefits of using SIGCO, including increasing ship-owner management and control, a fixed cost product and quality services, which now extends to the COFR certification process in addition to guaranty issuance, have been understood and found to be attractive by shipowners trading to the US.