Shipbroker gets lost commission

A shipbroker fixed a ship on time charter from owners to charterers and then a voyage charter from the time charters to voyager charterers.

The voyage charterers narrowed laycan to 12th July - 22nd July. At the time of fixing, the ship was discharging, with an expected departure on 17 – 18th June and then ballast to make delivery well within the agreed laycan.

The discharge of the ship was unfortunately delayed and on 18th June, while lifting a bulldozer from one of the holds to shore, an accident took place and the bulldozer was dropped on to the tanktop of the hold from 11m height. As a result the ship had to have the fuel oil tank under the hold pumped empty prior to any hot work, which was required. The ship was delayed more than one month and the voyage charterers cancelled the charterparty. The time charterparty was also cancelled.

As a result, the shipbroker had lost commission on both charters. However, they had purchased full loss of commission insurance and were able to recover the lost commissions under their policy with ITIC.