Two different ways to collect commission
The first case involved commission on a time charter. Hire had been paid. ITIC made contact with debtors who confirmed that the commission was due. They said that it would be paid but could not give a date as to when the ship broker would receive it.
The ship broker became aware that the vessel was scheduled to call in South Africa, a jurisdiction which allows ships to be arrested for commission owed by the owners. ITIC arranged for local lawyers to arrest the ship on behalf of the ship broker and the outstanding commission was paid.
The second case involved an undisputed commission owed to a ship broker by Turkish owners. The owners were contacted by ITIC and its local correspondent but, despite promises, payment was not forthcoming. The vessel was no longer trading and arresting the vessel was not an option.
The registered owners of the vessel were a Maltese company. It was discovered that they had an ongoing legal dispute, which meant the company had to continue to exist. A Maltese lawyer was engaged to issue a statutory demand against the company and then commence winding up proceedings. The threat of insolvency proceedings meant the ship broker was paid in full.