Search results for: ITIC

246 results

A list of search results

  • 28 February 2014
    Business & Finance

    ITIC has warned that the so-called ‘hold harmless’ clauses in many of the contracts entered into by its members may contain pitfalls which could prejudice their rights.  A mutual hold-harmless indemnity clause should provide that each party to the contract agrees to take responsibility for – and to indemnify the other against – injury and […]

  • 19 April 2013
    Business & Finance

    ITIC has 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. […]

  • 3 April 2014
    Business & Finance

    A survey of London solicitors by ITIC has highlighted the high cost of litigation for shipbrokers and others seeking judgment in the English courts. ITIC gave a panel of London solicitors – all of whom had previously been instructed on cases involving ITIC members – a hypothetical claim scenario involving a broker which had been […]

  • 8 December 2014
    Business & Finance

    Careless errors by ship agents are resulting in costly claims, according to indemnity insurer ITIC. In the latest issue of its Claims Review, ITIC cites the case of a ship agent which incorrectly calculated two pro-forma invoices in respect of port dues, using the cheaper rate for a cargo of malt, rather than the rate […]

  • 12 November 2014

    UK-based indemnity insurer ITIC has advised shipbrokers, consultants and other advisers not to sign confidentiality agreements which restrict their ability to do business. According to ITIC, the use of such agreements has always been common when parties are considering doing business but need to provide information to the other party before they enter into a […]

  • 23 May 2014
    Business & Finance

    Specialist professional indemnity insurance provider ITIC has issued a warning to shipping and transport intermediaries about a scam currently being perpetrated whereby pre-funded port costs are being diverted to a fake bank account. ITIC said that in each case the party due to make the payment has received an email advising that the agent’s bank […]

  • 29 October 2013
    Business & Finance

    ITIC has warned shipping intermediaries to be on the look-out for cleverly forged documents which could result in them being held liable for substantial claims by cargo interests. In the latest issue of its Claims Review, ITIC refers to the case of a Belgian ship agent which released six containers of castor oil valued at […]

  • 29 November 2013
    Business & Finance

    ITIC has warned ship managers of the potentially severe financial implications of nominating unsuitable ships for the carriage of specific cargoes. In the latest issue of its Claims Review, ITIC cites the case of a commercial ship manager which fixed a ship for a voyage of 4,000 metric tonnes of ammonium nitrate in large bags. […]

  • 21 December 2017
    Business & Finance

    ITIC sees reappearance of a scam whereby ship agents are being used to cover the movement of illegal migrants.

  • 13 December 2013
    Business & Finance

    ITIC says that the failure of shipbrokers to follow up on time-sensitive messages can have serious financial consequences, particularly in fluctuating spot markets. In its latest Claims Review, ITIC cites the case of a ship fixed for a trip time charter for two voyages, with an option for a third. The option was to be […]

  • 16 March 2015
    Business & Finance

    International Transport Intermediaries Club (ITIC) says fraudulent diversion of funds is on the increase in the maritime sector. Having previously issued a warning about the fraudulent diversion of port expenses, ITIC says it is now seeing evidence of similar frauds being perpetrated across the wider marine industry. In a typical such fraud, the party due […]

  • 13 November 2012
    Business & Finance

    International Transport Intermediaries Club (ITIC) has emphasised how avoidable errors can prove expensive for ship agents. In the latest issue of its Claims Review, ITIC recounts how a ship agent at a tidal port in Japan was asked to provide a tide table to enable the owner of a ship to calculate the permissible drafts […]

  • 2 October 2017
    Business & Finance

    International Transport Intermediaries Club (ITIC) recently settled a dispute between a shipowner and its Turkish agent for losses arising from the refusal of Turkish port authorities to allow a vessel to berth because of its connection to Cyprus. Turkish regulations prohibit any vessel directly or indirectly related to the Republic of Cyprus from calling at […]

  • 5 July 2017
    Business & Finance

    After a shipping pool manager failed to accurately describe a tanker, leading to a substantial claim by charterers, it had to settle the claim, the International Transport Intermediaries Club (ITIC) said. As informed, an unnamed pool manager misdescribed the tanker as being acceptable to a specific oil major, even though he had received an email […]

  • 3 June 2014
    Business & Finance

    ITIC has emphasised the need for marine surveyors and other shipping and transport intermediaries to include their terms and conditions in all their business dealings in order to protect their position in the event of potential legal action. In the latest issue of its Claim Review, ITIC cites the case of a marine surveyor instructed […]

  • 19 October 2011

    International Transport Intermediaries Club says a recently concluded claim brought against a newbuilding supervisor helps illustrate the level of diligence which might realistically be expected of such a specialist service provider. In the latest issue of its Claims Review, ITIC cites the case of a newbuilding supervisor appointed by a technical management firm to oversee […]

  • 29 March 2011

    International Transport Intermediaries Club (ITIC) has explained how a ship manager was recently asked to pay $436,000 in communication costs as the result of an error which unwittingly allowed the crew of a ship unrestricted access to the internet over a three-month period. In the latest issue of its Claims Review, ITIC notes that it […]

  • 10 October 2011
    Business & Finance

      On October 9 in Beijing, CNPC and China International Trust and Investment Corporation (CITIC) signed a strategic cooperation memorandum and a framework agreement on overall oil and gas cooperation in Kazakhstan. CNPC President Jiang Jiemin and CITIC Chairman Chang Zhenming had a friendly discussion on promoting cooperation between the two sides, and signed the […]

  • 29 June 2011

    RSHI enters into a strategic cooperative agreement obtaining a RMB11 billion (approx USD 1.7 billion) credit line from China CITIC Bank. This comprehensive and in-depth strategic cooperation with China CITIC Bank benefits the Group’s four business segments. In view of the macroeconomic austerity measures such as tightening monetary policy and standardisation of financing implemented by […]

  • 10 January 2017
    Business & Finance

    Citic Envirotech Ltd has won its first river restoration project worth $94 million in Yixing, Jiangsu, in a 90:10 joint venture with the Yixing Industrial Park for Environmental Science and Technology Management Committee (YIMC). Citic Environment Harnessing Valley (Jiangsu) Co, Ltd, Citic’s subsidiary, will undertake the project via Build-Lease-Transfer (BLT) scheme for a duration of ten […]

  • 30 July 2014
    Business & Finance

    Qingdao Port International Co. Ltd. voiced its intention to dispute a demand from a unit of Citic Resources Holding Ltd. asking for that delivery of copper and alumina or pay $108 million in compensation.   Qingdao Port International disclosed that on July 28, 2014, Dagang Branch of Qingdao Port Group (QDP Dagang) received a writ of […]

  • 16 February 2011
    Project & Tenders

      Total and IPIC have signed an agreement whereby Total will sell its 48.83% share in the capital of CEPSA. This sale will take place pursuant to a public takeover bid over the entire share capital of CEPSA that IPIC has undertaken to file with the Spanish Securities Commission CNMV. IPIC will offer 28 Euros […]