Ship broking

Ship broking claims examples

11/05/2021

Press release: Counterfeit invoices and fake emails continue to plague our industry, cautions ITIC

ITIC - International Transport Intermediaries Club – has issued a number of warnings on the increasing prevalence of documentation fraud and is reinforcing the message by highlighting a recent case it has handled on behalf of a broker.

22/10/2020

Press release: ITIC warns against letting speed affect accuracy

To maintain flexibility, charterers often request that the shipbroker fix the vessels to discharge at a specified number of ports within a defined range. But it’s important that the broker clearly understands the definition of that range and which ports it includes.

03/06/2020

Press release: Using the “Notice of Readiness” clause from a previous fixture can have unintended consequences, warns ITIC

The Notice of Readiness (NOR) clause in a previous fixture may not have the same effect if used in a new fixture. Shipbrokers should bear this in mind when copying wordings from previous fixtures says the International Transport Intermediaries Club (ITIC).

14/04/2020

Press Release: Brokers should consider ship valuation wordings due to Coronavirus, says ITIC

During these unprecedented times, the International Transport Intermediaries Club (ITIC) recommends that brokers should consider stressing the current unusual market conditions in their ship valuation certificates.

30/03/2020

ITIC circular: Ship valuation wordings and the Coronavirus outbreak

In the aftermath of the financial crisis of 2008 brokers providing valuations included additional wording in their certificates reflecting the state of the market. These generally pointed out that the lack of comparable sales made the assessment of values uncertain.

07/05/2019

Press Release: Failure to check charterparty wording catches ship manager off guard

International Transport Intermediaries Club (ITIC) has urged ship brokers and managers to check the terms of their charterparty agreements closely before signing, in order to avoid costly mistakes further down the line.

05/04/2019

Press Release: ITIC says simple checks will defeat shipping industry fraudsters

International Transport Intermediaries Club (ITIC) says ship brokers and agents are among those most at risk of exposure to fraud in the shipping industry, and urges them to carry out simple checks in order to protect themselves.

14/01/2019

Press Release: ITIC reimburses broker accused by owner of breach of authority

International Transport Intermediaries Club (ITIC) recently represented a shipbroker accused by an owner of breach of warranty of authority in a dispute arising under a non-performing contract of affreightment (CoA).

01/06/2018

Press Release: Broker liable for fixture error leading to damages in rising market

International Transport Intermediaries Club (ITIC) recently helped a shipbroker reduce its level of exposure to claims from a charterer for damages and loss of profits in a rising market, following a failure to pass on fixture options correctly.

02/10/2017

Press Release: ITIC settles dispute after Turkey bars entry to vessel with Cyprus connections

International Transport Intermediaries Club (ITIC) recently settled a dispute between a shipowner and its Turkish agent for losses arising from the refusal of Turkish port authorities to allow a vessel to berth because of its connection to Cyprus.

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