International Transport Intermediaries Club (ITIC) said that shipbrokers are being required to sign formal agreements with their principals in the light of a worldwide trend towards stricter anti-corruption legislation, and ahead of the implementation of the new UK Bribery Act in April 2011. The typical document presented to brokers will set out the principal’s prohibition of the payment of bribes and/or the provision of other inducements. There will often be a general ban on ‘inappropriate entertainment’ without defining exactly what that might be. Brokers will be required to confirm their adherence to the principal’s policies, and will often be required to agree to allow their records to be audited. And it is some of the ‘additional’ provisions that can cause the most difficulties. In the U.S., the Foreign Corrupt Practices Act 1977 (as amended) has been around for a number of years. It has not been unusual for a provision to be inserted into contracts saying that the other (non-US) party would not do anything in breach of the Act. When the UK statute comes into force, if someone acting for a company (not just an employee but also a third party agent or broker) gives or receives a bribe, the company will need to demonstrate that it has adequate procedures in place to prevent such corruption. If the company cannot do so then it may face a criminal prosecution and be liable to a substantial fine
Clean tankers in the intra-Asian trades have suffered an eighth week of stagnant trading, causing rates to slip another 10 points to W240 ($15.69 per ton), Singapore brokers said on Wednesday. "The panel rate (judged by a panel of six brokerages) is around W250, but we think it's much nearer W240 at the moment," said a broker. The benchmark trade from Singapore to Japan on 30,000 ton tankes almost touched W300 in June ($19.62 per ton).
Large tanker fixing out of the key Middle East market slowed last week as charterers had largely covered their October liftings, resulting in the softening of rates by about two and a half Worldscale points, brokers said last week. VLCCs to Japan commanded between W51 and W52.5, down from the mid W50s the previous week, while Korea was slipping to W50 by the end of the week. Westbound to the U.S. Gulf maintained W47.5, and one Continent fixture reached W50.
Panamax owners in the Atlantic have fought off charterers' attempts to push freight rates lower, but panamaxes in the Pacific are weaker due to oversupply, brokers said on Wednesday. "The Atlantic looks to have reached a level, but the Pacific has some way to go yet," one said. The Baltic Panamax Index has eased this week, standing 13 points lower at 922 on Wednesday. Brokers said the increase in the panamax fleet this year was behind the decline in freight rates.
Brazilian panamax liftings were supporting an already firm Atlantic market, brokers said on Thursday. Earnings for modern Atlantic tonnage had hit the $13,000 a day barrier and were expected to climb further in Friday's trading. Cargill took a 1994-built panamax for an East Coast South America round voyage, redelivery Skaw to Passero range, on a prompt booking at $13,000 a day. "The Atlantic (market) is fairly steady, it's not going through the roof
Rates for Aframax tankers (70-80,000 tons) took a pounding this week, most notably in the Caribbean market, but elsewhere markets remained flat, brokers said. U.S. brokers said Orion's fixture of the 70,000-ton Astro Sirius from the East Coast of Mexico to the U.S. Gulf demonstrated the extent of the slump in the Caribbean market, which lost almost two months of gains to land at W215 on Friday. Last week, Oslo broker Fearnleys noted that the North Sea market was "primed for a beating" after
Owners of VLCCs have been painstakingly building up rates this week, but for owners of million-barrel tankers, the last month's gains have come crashing back down. "(VLCC) tonnage is relatively scarce, especially for early positions, while enquiry is plentiful, and we expect some good times ahead from an owner's perspective," said Oslo ship broker Fearnleys. Westbound VLCCs from the Mideast Gulf gained five points during the week to reach W89
Asian Panamax rates for dry bulk cargo are likely to ease further this week on soft demand for mineral and grain shipment, with many spot vessels available for hire in the market. "There have been few fresh spot inquiries by charterers," said a shipping broker. "In addition to this, the Panamax market has been under pressure from an oversupply of spot ships." Panamax rates for freights from the U.S. Gulf to Japan were indicated at $21.50-$22.00 a ton for March shipment, against $23
Stelvio has reacted to demands from the shipbroking sector for faster and more accurate vessel positioning and cargo order data by developing software which it claims will cut the workload by half. ShipDecision from Stelvio is designed to eliminate the need for brokers to search manually through the thousands of incoming daily emails. The Vessel Position feature of the system examines each incoming message and automatically extracts the critical vessel
The International Transport Intermediaries Club (ITIC) said the fall in the shipping markets has created a number of difficult issues for ship valuers, with brokers in some cases even declining to provide valuations. ITIC’s Andrew Jamieson said, “It is inevitable that some principals will simply be disappointed by the broker’s view of what the ship is likely to obtain in the current market. But brokers have also been challenged as to whether it is really possible to assess
Despite a continued upward trend in the cost of claims and additional reinsurance costs, The Shipowners’ Club, P&I insurance provider to the smaller and specialist vessel sector, is to raise premiums by just 5% for the 2014/15 renewal.
Insurance broker and Maritime London member Willis believes that ro-pax ferries are bearing an unfair share of costs allocated to passenger ships within the International Group of P&I Clubs' reinsurance pool. The broker's head of global P&I, Ben Abraham
Port of New Orleans President and CEO Gary LaGrange will deliver the 27th Annual State of the Port address tomorrow at a luncheon at the New Orleans Marriott Convention Center. The speech is hosted by the International Freight Forwarders and Customs Brokers Association of New Orleans.
Marcon International, Inc. of Coupeville, Washington reported that the 5,570BHP tug Jabbar has been sold by Awal Marine Services of Manama, Kingdom of Bahrain to TradeWinds Towing LLC of Saint Augustine, Florida. Jabbar, meaning “powerful” or “tremendous” in Arabic
KPI Bridge Oil, a leading global broker & trader in marine bunkers, marine lubricants & risk management products, has promoted Mr. Mark Perrins to Team Leader at its London Office. Mark Perrins has been with the company for nearly 5 years during which time he has built strong relations
KPI Bridge Oil, a global broker and trader in marine bunkers, marine lubricants and risk management products, has appointed Mr. Jordan Felber as Bunker Trader/Broker in its New York Office. Jordan initially joined KPI Bridge Oil in 2008 from a position with Global Transportation Services as
Freight Investor Services (FIS), a broker of freight and commodity swaps, launched a mobile app that puts the freight and commodity swaps market in the hands of users, wherever they are. The app combines indicative market prices across the main freight and commodity groups with powerful
Clarksons' Sale and Purchase broker, Ed Devenport recently competed sucessfully in the Ironman UK 2013 contest. This arduous event was held in Bolton on Sunday 4 August and comprises a 2.4 mile (3.8km) swim, 112 mile (180km) bike ride and 26
Trading in preowned vessels continues to be a popular choice for many customers. Damen Trading facilitates the sale and purchase of both Damen and third-party vessels. Recent deals highlight how trading in vessels results in a win-win situation for buyer and seller.
Marc La Monte - 1963-2013 Heidmar reported the unexpected passing of Marc La Monte of Wilton, Connecticut. Mr. La Monte passed away while on a business flight in Europe on the morning of October 14th. La Monte was a widely respected member of the international shipping industry
A/S Dan-Bunkering Ltd., is slowly expanding into a new area, the broker business, by setting up a small in-house broker department in the company’s head office in Middelfart, Denmark. This new initiative has been launched to support the requirements from a number of specific clients.
Regional insurance brokerage and risk management company AAIB first to be granted license to operate in Somalia as economic opportunities drive demand. Regional specialist in broking, risk management and consultancy Anglo Arab Insurance Brokers (AAIB), has broadened its footprint
Leading bunker and lubricant trading company, International Bunkering, has acquired Glander International, one of the oldest bunker brokering companies in the US. International say that this opportunity will be used to change the company’s name and to re-brand it in line with this expansion
Lea Bogatch-Genossar, ZIM's Americas, Canada and Caribbean Area President, has been named Person of the Year by the New York/ New Jersey Foreign Freight Forwarders and Brokers Association. Ms. Bogatch-Genossar will be honored at the 97th annual association dinner on January 22
International Bunkering, a bunker and lubricant trading companies, is pleased to announce an expansion of its global coverage. International Bunkering has acquired U.S. bunker brokering firm Glander International. International Bunkering said this opportunity will be used to change the