‘Eco’ claims in new ship designs are hard to substantiate, but the attractiveness of promised ship efficiency gains make them difficult to completely ignore. However, a shift in ship building dynamics – where the operator has taken back control of the design process – is giving new hope in designs that look set to stand the test of time. But the jury is still out on who will ultimately benefit from enhanced efficiency.
BIMCO’s Documentary Committee has set itself a busy schedule for its autumnal meeting in Copenhagen. Sale and purchase, dry bulk, piracy and bunker contracts and clauses, among other topics, all require its expert eye. The committee will be working hard to push through many amendments before the end of the year to keep standard forms up to date.
Letters of Credit have rightly earned their place as one of the most secure forms of payment in international trade offering a safe way to buy and sell with relative strangers. But what gives them their strength can also be a weakness for less meticulous traders that do not keep an eye on the details. Even seemingly insignificant mistakes can result in the rejection of a Letter of Credit by the paying bank and there is the real risk of non-payment if the errors are not corrected within the Letter of Credit’s expiry date.
In an age of easy communications, there is a diverse range of means for getting a chartering message across. Whatever the medium, the importance of keeping proper records of all conversations remains, but brokers also face the dilemma of deciding who has rightful access to those records. A request from a principal is easy enough to accommodate, but when acting for two parties problems arise. Here, honesty could be the best and most non litigious policy.