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Missed messages

28/04/2022

Missed messages

A shipbroker received a demurrage claim of US$ 80,000 by email to their fixture email address, “chartering@shipbroker.com”. However, the recap stipulated that all claims must be sent to “claims@shipbrokers.com”. In fact, the owner had used this address many times in the past. As a result, the demurrage claim sent to the fixture email address was missed by the broker. 
Copyright confusion

28/04/2022

Copyright confusion

A marine consultant and marine surveyor worked under the company name of ABC Ltd (not the real name). The surveyor, without realising, used the logo (really just a type of font) of another company with a very similar name, being ABC LLP. They also used this logo in a video, which was then uploaded by a third party onto social media.
Angry investors

28/04/2022

Angry investors

A marine surveyor was contracted to carry out a valuation of a vessel for an IPO. The valuation was agreed to be based upon a visual inspection only. The valuation was included in the IPO prospectus and various parties made investments in the company. The market at the time was difficult and ultimately the single owning vessel company entered into administration.
Laycan't win 'em all

28/04/2022

Laycan't win 'em all

A shipbroker arranged a contract of affreightment (“COA”) between owners and charterers. The COA ran for the 2020 calendar year and provided for a minimum of 4 and maximum of 12 shipments per quarter in charterers’ option.
Welcome to the April edition of ITIC’s Claims Review

28/04/2022

Welcome to the April edition of ITIC’s Claims Review

The complete ITIC board successfully met in person, for the first time since 2019, at the end of March in Athens. The board meeting was followed by a drinks reception, which was well attended by over 80 members, insurance brokers and other important contacts. It was nice to finally see so many of our members in person at an event.
One Direction – the wrong one

28/04/2022

One Direction – the wrong one

A ship agent received instructions from their principal to arrange transit through the Panama Canal, from Balboa to Cristobal (northbound direction). The agent made the arrangements via the Panama Canal Authority (PCA), however, after they had done so they realised that they had arranged Cristobal to Balboa (southbound direction) in error.
Ask the Editor

28/04/2022

Ask the Editor

Unsurprisingly, we have had many emails asking us about sanctions over the last few months. This particular question summarises the issue we have seen quite well: “As a shipbroker, we are concerned about the numerous different sanction regimes in place in respect of the Ukraine/Russia conflict. How do you suggest we protect our position?”
Welcome to the October edition of the Claims Review

21/10/2021

Welcome to the October edition of the Claims Review

Hopefully many of you are beginning to get back to your office and life is becoming a bit more normal again. ITIC successfully hosted an almost complete board meeting (two directors joined the meeting virtually, with everyone else physically attending) at the end of September in London, for the first time since 2019.
Size matters

21/10/2021

Size matters

A ship agent was informed by one of their LNG clients that they should have benefited from a quantity discount on pilotage tariffs available at the port for which the agent had erroneously not applied.
Something fishy happening

21/10/2021

Something fishy happening

A broker negotiated the sale of a fishing vessel. A Memorandum of Agreement (“MOA”) was signed between the buyers and sellers which included a clause providing that the broker would be paid 2% of the total purchase price by way of commission.

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