Recovery of broker's commission under COA

A shipbroker Member asked the Club for assistance to recover approximately US$ 250,000 commission owed under a contract of affreightment.  The owner was reported to be experiencing financial difficulties and there was some considerable doubt as to his continued existence.  As the commission related to different ships under the COA, which also included chartered-in tonnage, it was decided to freeze the owner's bank accounts rather than attempt ship arrests.  Injunctions were therefore obtained by the Club's lawyers in London and Istanbul in order to freeze bank accounts to which the owner had previously transferred freight. The owner paid the broker's commission in full.

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