ITIC Says Broker Follow-Up Is Vital in Fluctuating Markets

first_img Print  Close ITIC, December 13, 2013 My location 此页面无法正确加载 Google 地图。您是否拥有此网站?确定 zoom 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 declared by the charterers on completion of loading for the second voyage. The fixture had been negotiated through brokers in two different offices of the same company. The third trip option was exercised by charterers on a Friday afternoon, and the broker who received the message forwarded it to his colleague in the other office. Unfortunately, that broker did not immediately pass it on to the owners.The ship completed the second voyage on the Sunday, but it was not until Monday that the message declaring the option was passed on to the owners. On the following Wednesday, the owners argued that, because they had not received the notice until the day after loading had been completed, the declaration was invalid. They therefore expected redelivery of the ship on completion of the second voyage.The spot market at the time was extremely volatile, but rising. Therefore the owners wanted the ship redelivered. The charterers, on the other hand, clearly wanted to retain the ship to maximise the profit from the final voyage. The market changed again, however, and after a week the owners confirmed that they would allow the third voyage. But the business available to the charterers was by this stage less profitable than at the time they had declared the option, and they subsequently claimed lost profits against both the owners and the brokers.The brokers argued that the majority of the delay was caused by the unreasonable conduct of the owners in refusing to agree to the third voyage. A settlement was ultimately agreed, with the brokers’ contribution reflecting their delay in passing on the message, but not the subsequent fall in the market.In another case handled by ITIC, a shipbroker fixed an extension of a charter in direct continuation, but forgot to include the charterer’s ‘subject to 24 hours reconfirmation’ in the negotiation. The owners subsequently claimed that the subject was not part of the negotiations they had seen and considered themselves fully fixed. The charterers failed to perform the extension and redelivered the ship to the owners, who then fixed the ship to a different charterer for a shorter period and at a lower rate. The owners brought a damages claim against the charterers, who in turn brought a claim against the shipbroker. ITIC settled the claim for $140,000.ITIC says, “Time-sensitive messages should always be followed up with a telephone conversation to ensure that they have been received and acted upon.”last_img read more

Sex discrimination claims by workers increases by 69 to 5 year high

Sexual discrimination claims by workers have soared to a five-year high in the wake of the Me Too movement, new figures show.There has been an avalanche of complaints of workplace sexual discrimination in the last year according to employment law firm, GQ Littler who report that more than 9,300 claims have been made in the past year, marking a 69 per cent increase. Women are increasingly likely to come forward and report discrimination in the workplace since the birth of the #MeToo movement according to employment lawyers.Moves by companies to tackle sex discrimination, such as banning alcohol at work-related events, or discouraging hugging, are not preventing claims being made, said the law firm.Hannah Mahon of GQ Littler, said: “The increase in sex discrimination claims will raise questions over whether employers are doing enough to stamp out inappropriate behaviour in the workplace.”However Ms Mahon cautioned against companies going too far in an attempt to stave off gendered discrimination.  Want the best of The Telegraph direct to your email and WhatsApp? Sign up to our free twice-daily  Front Page newsletter and new  audio briefings. “It’s clear that more needs to be done to eliminate discrimination. However, some rules, such as those that prohibit social interactions between members of the opposite sex, need to be carefully thought through and implemented with care.”There is a balance to be struck between effective anti-discrimination measures and measures that can marginalise women, for example by excluding them from work-related social activities or making it more difficult for them to receive mentoring,” she said. Sam Smethers, chief executive of the Fawcett Society, a charity which campaigns for gender equality said the increase in complaints shows more women feel confident to report instances of discrimination.”We know that sex discrimination is significantly under-reported, so it is encouraging that so many more women feel able to challenge it and bring claims. Increasingly they are calling Time’s Up on harassment and workplace discrimination,” she told The Telegraph.”Now we need a positive duty on employers to prevent discrimination and harassment and to drive a change in workplace culture.”Nicki Norman, Women’s Aid acting chief executive said the Me Too movement has given women the courage to report discrimination. “The #MeToo movement has been a unifying force for many women. It has highlighted the extent and ‘normalisation’ of the many forms of sexism, harassment and abuse women face daily, it has shown women that they are not alone in their experiences and given them increased confidence to speak about sexism, harassment and abuse. This includes speaking out about direct discrimination in the workplace,” Ms Norman said. Olivia Newton John has become the latest star to wade into the #TimesUp debate. Asked about the film’s relevance in the Me Too age, Ms Newton said: “Oh, for goodness’ sake, it’s just a movie. I mean, the car takes off at the end!”“I’m not saying there isn’t pressure on women to look a certain way. In this age of social media, there is a danger that women end up feeling like they need to be perfect all the time. But, as a woman, I can also choose not to buy into that. I don’t read all the rumours or look at the pictures,” she told The Sunday Times.  read more