Ship broking

04/04/2022

ITIC circular: Baltic Exchange update regarding sanctions imposed on Russia

The following circular has been produced by the Baltic Exchange in regards to the sanctions imposed on Russia...

03/11/2021

Press release: Complacency can cost, warns ITIC

ITIC (International Transport Intermediaries Club) warns brokers and agents that allowing complacency to creep into their daily activities has the potential to cost them dearly. A recent example concerned a shipbroker negotiating a short-term charter on behalf of their owner principal for whom the broker had worked for several years.

16/06/2021

Press release: Take time to re-check contact details for important emails, advises ITIC

According to ITIC incorrectly addressing emails can prove costly as was demonstrated in a recent case where the insurer had to reimburse a shipbroker US$ 50,000 in respect of such an error.

14/06/2021

Webinar: Shipbrokers' simple slips

Join us on Tuesday 29th June 2021 for this webinar, presented by Andrew Jamieson and Mark Brattman. Topics include: mistakes shipbrokers make, the impact of COVID-19 and how to protect yourself from claims.

11/05/2021

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

ITIC 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.