Xyz Ship Management Company Limited News

The International Transport Intermediaries Club (ITIC) says suppliers of goods and services in the marine industries are increasingly turning to shipmanagers for settlement of their bills when shipowners fail to pay. Accordingly, ITIC has advised its shipmanager members to state clearly when signing purchase orders that they are acting only as agent for the owner. ITIC says, “Shipmanagers need to be cautious when signing purchase orders. In the current shipping market, we are seeing an increase in the number of claims being made by suppliers against managers when owners do not settle their bills. The supplier pursues the manager on the basis that the purchase order creates a contract directly between the supplier and the manager.