Palmali Lodges $2 Bln Claim Against Lukoil's Litasco
Turkey-based Palmali, one of the biggest shippers in the Caspian region, said on Monday it had lodged a claim worth almost $2 billion against Litasco, the trading arm of Russian oil producer Lukoil, with the English High Court. "The claim concerns an alleged failure by Litasco S.A. to provide contractual quantities of cargo under long term contract between the companies," Palmali said in a statement sent to Reuters. Reporting by Nailia Bagirova; writing by Vladimir Soldatkin
Box, Dry Bulk Can Sustain by Slashing Capacity
International accountant and shipping adviser Moore Stephens believes slashing capacity is the only way to achieve stability in the dry bulk and container ship sectors. The shipping industry is expected to remain volatile and indispensable in 2016. The ultimate definition of an optimist has been characterised as an accordion player with an answerphone. Such extreme optimism might be difficult to find in shipping today, but the portents for 2016 are not all bad. The Baltic Dry Index…
When is a Master Entitled to Refuse Damaged Cargo? A Reminder from the Standard Club
A master’s authority to clause bills of lading issued by or on his behalf can sometimes become the cause of disagreement between shippers, charterers and carriers. Under Article III Rule 3 of the Hague/Hague Visby Rules after receiving the cargo, and on the demand of the shipper, the master is obliged to issue a bill of lading evidencing the quantity and apparent order and condition of goods to be carried. The buyer of cargo, the consignee in an international trade, will want the subject bill of lading to be accurate and contain unambiguous remarks as to the quantity…
UK P&I Club Restructures
Move intended to increase efficiency under Solvency 2. The UK P&I Club has announced that it is reorganising its structure to establish UK Europe as the sole provider of direct insurance to UK Club members. By reducing the number of separately regulated insurers from two to one, the UK Club aims to streamline governance, reduce compliance costs and manage more efficiently the Club’s solvency capital requirements whilst meeting the impending Solvency 2 regulations for insurers in the European Union.