BIMCO Can Help Members Get Their Just Financial Reward

MarineLink.com
Thursday, February 06, 2014
Image CCL credit Dominic Alves

BIMCO reminds its members that one of its services is intervention to recover outstanding undisputed amounts. The service is free of charge and is offered only to members acting on their own behalf and in their own interest.

Members owed money - be it an owner having problems obtaining payment of freight or demurrage or an agent or broker having difficulties in recovering his outlays, agency fee or commission - can ask BIMCO to intervene on their behalf with a view to retrieving the outstanding balance, provided that the unpaid balance is undisputed and that the members are acting on their own behalf and in their own interest.

Cases handled by BIMCO’s Front Office on behalf of Owner members mainly concern hire and freight balances, deadfreight, demurrage, unreturned balances of advance funds and disregarded arbitration awards. Brokers and Port Agents can ask BIMCO for assistance in collecting brokerage commission and balances on disbursements accounts. Through this intervention, BIMCO has helped members recover several million USD per year.

BIMCO briefly outline the process as follows:
In a matter of non-payment of undisputed amounts, the member presents his case to BIMCO with copy of all relevant background material, requesting BIMCO to intervene on his behalf against the defaulting contractual party.

Once the submitted documents have been examined, the Secretariat confronts the alleged defaulting party with the submitted information and requests his views or, alternatively, a prompt rectification of the situation. If our intervention does not have the desired effect, a Notice to Members is issued and circulated to all BIMCO members.
 
Members are advised that all correspondence concerning BIMCO intervention should be sent to the Front Office.

 

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Gondan to Build Spanish Patrol Boats

Gondan Shipyard has recently signed a contract with the Guardia Civil, Spain’s Civil Guard, for the building of two patrol boats. The aluminum and fiber (PRFV ) vessels will measure 20.

ABS to Class the World's First CNG Ship

ABS announced it has been chosen to class the world's first compressed natural gas (CNG) carrier ordered by Pelayaran Bahtera Adhiguna, a subsidiary of Indonesia's

Interview: Roberto Cazzulo Talks Class Trends

As Roberto P. Cazzulo, RINA, steps down as the Chairman of the IACS Council, Maritime Reporter caught up with him to discuss the current state and future direction of global class.

Contracts

Gondan to Build Spanish Patrol Boats

Gondan Shipyard has recently signed a contract with the Guardia Civil, Spain’s Civil Guard, for the building of two patrol boats. The aluminum and fiber (PRFV ) vessels will measure 20.

New Australian Navy Submarines to be Japan Built?

Australia should discuss building its next-generation fleet of submarines overseas, the Department of Defence said on Monday, a shift that could open the door to

Russian Navy Expansion Gathers Momentum

The Russian Navy celebrates its professional holiday by putting two new submarines into service and expects a new warship in the fall and several additional ships

Finance

Corvus Energy, GMC Close Financing Agreement

Corvus Energy today announced that it has completed a strategic investment by Green Marine Capital (GMC) previously announced on May 5, 2014. Green Marine Capital,

Cummins Reports Revenue Jump in Q2 2014

Cummins Inc. reported its results for the second quarter of 2014. According to the report, second quarter revenue of $4.8 billion increased 7 percent from the same quarter in 2013.

GPA Sets Tonnage Record

The Georgia Ports Authority moved more than 29 million tons of cargo, 3 million twenty-foot equivalent container units (TEUs) and more than 700,000 auto and machinery units in Fiscal Year 2014.

Consulting

Location of New Port Expansion Projects: Analysis

When it comes to port development, many governments now favour letting the market decide where expansion should take place, whereas most other transport infrastructure,

Europe Sleep Walking into an Energy Crisis: Analyst

The downing of flight MA17 has prompted calls for further sanctions on Russia targeted at its energy sector. Douglas-Westwood in its 'DW Monday' analysis considers

Nigerian Piracy Threatens UK Interests: New Report

The UK economy is heavily exposed to lawlessness off the coast of Nigeria, a new report published today by the UK Chamber of Shipping says. The report found that almost all of the UK’s annual £6.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pipelines Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1169 sec (9 req/sec)