INTERTANKO intervention works - value for money !
The current economic situation has once again focused owners’ minds on improving their cash flow. The proper collection of income from demurrage and other claims against charterers becomes ever more important. Demurrage claims in particular are often a source of frustration and are time consuming with the need to maintain the pressure on charterers to consider the claims as soon as possible. INTERTANKO’s Freight and Demurrage Information Pool is able to assist with such matters. The service is offered to members by INTERTANKO who will act on members’ behalf and in their interest to recover undisputed debt and to encourage prompt and responsible dialogue for disputed claims.
Although the title of the service suggests that it is only concerned with freight and demurrage, the ambit of the service is broader. Claims such as additional freight payments, disbursements, extra shifting expenses and deviation costs are also covered.
Essentially, we are talking about a debt collection service which works because of the closed nature of the Pool. Owners pass us the details of their claims and contact details for the charterers. We as INTERTANKO's FDIP will then contact the charterers or other debtors. Through this intervention, INTERTANKO has helped members recover several million USD per year. In the first 6 months of 2016 alone, INTERTANKO has recovered over USD3 million for members who subscribe to the FDIP service. This is therefore a powerful tool for the tanker industry and members have seen that many disputes are settled in a record number of days at low overall cost.
What are the most commonly found difficulties owners face with their demurrage claims?
- Charterers failing to acknowledge receipt or respond to a claim before several months have elapsed;
- Protracted dialogues on claims with parties positions remaining entrenched;
- Claims being agreed but payment being delayed for considerable periods.
How our FDIP can help you:
- Maintains a database of charterers that have been reported to the FDIP – members are able to request information on specific charterers to see what experience the FDIP has encountered with them;
- Publishes a FDIP Statement that lists charterers that have persistently failed to settle claims; publishes an occasional FDIP Circular that contains articles on, inter alia, recent cases on laytime/demurrage, recent clauses and information on particular charterers;
- Members are able to report claims to the FDIP following which the FDIP will request charterers to initiate a dialogue with owners or pay an agreed claim as appropriate;
- Where parties dispute the effect of the provisions of a charterparty, they may seek independent advice from the INTERTANKO’s legal section.
The membership fee for the FDIP is just USD 1440 per year, the cost of just a few hours legal advice from a London lawyer. The fee covers a members’ entire fleet entered with INTERTANKO and is for an unlimited number of claims. Members of the FDIP also receive the FDIP statement and circular.
We hope to welcome your company to join and participate in the services offered by the FDIP. Why not try out the service for a trial period?
For further information and help concerning a particular claim please contact Michele White (firstname.lastname@example.org)