Circulars 2016 policy year

A referendum was held on 23 June 2016 as to whether the United Kingdom should remain a member of the European Union.  A majority of the electorate voted in favour of the United Kingdom (“UK”) leaving the European Union (“EU”). 

At their meeting on 23rd March 2017, the Directors of ITIC approved the text of the 2017 ITIC Rules. In accordance with Rule 16.3 of the current 2012 Rules you are given notice of the changes to ITIC Rules.

ITIC would like to draw your attention to the recent extension of service tax to apply to freight received by foreign owners and charterers for goods imported into India. The imposition of this tax will have a significant impact on Indian ship agents. 

FONASBA and BIMCO announce the launch of a new Agency Appointment Agreement document. The Agency Appointment Agreement provides an effective means of setting out the details of an agency appointment.

Hanjin Shipping Co. Ltd (Hanjin) applied for court rehabilitation in Korea on 31 August 2016. The Seoul District Court (Bankruptcy Division 6) issued a decision accepting the application and commencing rehabilitation proceedings the next day, 1 September 2016.

The amendment to the Safety of Life at Sea Convention (SOLAS), which requires that all containers loaded onto a ship for export have a verified gross mass (VGM), came into force on 1st July.