General circulars

Please note that following the US decision to pull out of the JCPOA, US secondary sanctions have snapped back into place (primary sanctions were never lifted).  The sanctions snapped back in two parts - 90 days and 180 days. The 90 day snap back was 7 August 2018 concerning metals, money and cars.

In December 2017, a circular was sent to all members and brokers explaining that ITIC would need to make arrangements in order to continue to trade in Europe after Britain’s exit from the EU. ITIC is committed to continuing to do business in Europe post Brexit as, approximately, 30% of the membership is in EU27. We will ensure that after Brexit, ITIC’s members in the EU will continue to receive the high quality product and service to which they have become accustomed.

The General Data Protection Regulation (GDPR) will come into force on 25 May 2018 and will have direct effect in the European Union (EU), including the United Kingdom (UK) and the European Economic Area (EEA).

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. 

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.