Welcome to the shipbroking edition of The Wire.
Inevitably, recent times have been dominated by the fall in shipping markets. These articles, therefore, mainly reflect the difficulties created by the current economic situation. Many brokers have experienced problems collecting commission and we are pleased to publish an article from US lawyer Peter D. Clark on Rule B procedure in the USA.
A large number of enquiries received by the Club have related to the broker's rights when a charterparty is cancelled and we set out the basic legal position. Ship valuations have been an issue for many brokers in the absence of an active sale and purchase market. We hope the following selection of articles will be of interest to our shipbroker members.
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