ITIC Highlights Value of Diligent Debt Collection

Marinelink.com
Thursday, April 18, 2013

ITIC highlighted the value of diligently pursuing the collection of shipping industry debts in today’s difficult economic climate.


In its latest Claims Review, ITIC notes that a shipbroker acting for charterers was owed $25,000 in commission by an Indian voyage charterer under a charter party which provided that the charterer would deduct the commission. Having written to the charterer and not received a response, ITIC ascertained from local sources that the charterer was in serious financial trouble. It was also rumoured that the charterer was about to receive a large injection of finance from a foreign investor.


A local lawyer was appointed to pursue the debt, and a letter was sent to the charterer stating that, if it did not pay the outstanding commission, winding-up procedures would be started via an application to the local court. Again the charterer did not respond with an offer of settlement.


ITIC, as promised, began the winding-up process, prompting an immediate payment to the shipbroker by the charterer.


The ITIC Claims Review also highlights a problem of a different nature faced by a ship agent in Canada, which was owed more than C$70,000 by a local company which had been declared bankrupt. ITIC instructed lawyers to have the ship agent properly listed as a creditor, and although there were other creditors, aspects of the agent’s debt took priority over many of the claimants and ITIC managed to recover C$42,998 on behalf of the ship agent.


ITIC said, “The case shows the importance of ensuring that claims are properly filed in liquidations.

Maritime Reporter March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Carnival Sails to Profit

The world's largest cruise company Miami-based Carnival Corp reported a net profit of $49 million, or 6 cents per share in the first quarter ended Feb. 28.   That

Ukraine Arrests Turkish Ship for Visiting Crimean Port

Turkey owned merchant ship flying the flag of Tuvalu was arrested by Ukrainian authorities over a visit it made to a port in Crimea, reports Reuters. The ship's captain detained.

USCG Flush Ice down River Systems to Facilitate Shipping

The Coast Guard cutter fleet is flushing ice through the Great Lakes river systems to prevent ice jams and facilitate commercial shipping as the shipping season

Finance

JV Wins $2bln Freeport LNG Contract in US

A joint venture (JV) between CB&I, Chiyoda International and Zachry Industrial has won a contract worth over $2bn from FLNG Liquefaction 3 for a liquefied natural

Puerto Rico Readies for Largest Cruise Ships

Thanks to a pier expansion and enhancement, Puerto Rico will welcome the two largest cruise ships in the world, Royal Caribbean International’s Oasis of the Seas and Allure of the Seas, in 2016.

Carnival Sails to Profit

The world's largest cruise company Miami-based Carnival Corp reported a net profit of $49 million, or 6 cents per share in the first quarter ended Feb. 28.   That

Insurance

Lack of Ship Definition is a Threat to Investors

AKD says the lack of an unambiguous term to describe a ‘ship’ in several jurisdictions represents a potential threat to asset security for financiers, particularly

Swedish Club Reports 'Healthy Growth'

The Swedish Club reported a solid operating result to its board today, continuing a record of building on steady growth. 2014 was seen as a stable year, where the

Steady Growth Reported by the Swedish Club

The Swedish Club reported a solid operating result to its board today, continuing a record of building on steady growth. 2014 was seen as a stable year, where

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Ship Electronics Shipbuilding / Vessel Construction Sonar
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: 0.2537 sec (4 req/sec)