Dated description

Shipbrokers involved in negotiating period business received a revised description from the owners. The difference was that the original description described the ship as doing “abt 14 knots on abt 32 mt IFO” while the revision added “+ AE 2.6 mt”. Unfortunately, the brokers used the old description when fixing the ship. Over the life of the fixture this led to a claim for US$ 40,000 which was reimbursed by ITIC.