ITIC: Brokers Should Consider Ship Valuation Wordings

April 14, 2020

© aerial-drone / Adobe Stock
© aerial-drone / Adobe Stock

During these unprecedented times, the International Transport Intermediaries Club (ITIC) recommends that brokers should consider stressing the current unusual market conditions in their ship valuation certificates.

Following the financial crisis of 2008, brokers providing valuations included additional wording in their certificates to reflect and take into account the state of the market at the time. These wordings highlighted that the lack of comparable sales made the assessment of values uncertain.

Considering the current ongoing Coronavirus outbreak and the disruption to the market, a number of brokers are reviewing their valuation certificates. Whilst there are differing opinions between brokers on the impact of the Coronavirus to specific market sectors, ITIC believes that it is important for individual brokers to consider whether they need to highlight the current market conditions.

Logistics News

TotalEnergies, OQEP Start Construction of Marsa LNG Plant in Oman

TotalEnergies, OQEP Start Construction of Marsa LNG Plant in Oman

New Chief Executive Appointed at MPA Singapore

New Chief Executive Appointed at MPA Singapore

JSW Infrastructure Expects Cargo Volume Growth Rise in 2026

JSW Infrastructure Expects Cargo Volume Growth Rise in 2026

Port of Naples Cargo Operator Invests in Konecranes Gottwald Mobile Harbor Crane

Port of Naples Cargo Operator Invests in Konecranes Gottwald Mobile Harbor Crane

Subscribe for Maritime Logistics Professional E‑News

South Korea's NOFI purchases about 65,000 T of feed wheat, traders claim
Tunisia receives offers for 25,000 T of restricted barley, traders report
Grid says solar is not responsible for the blackout in Spain, but Sanchez was pressed by Sanchez to explain it.