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One of the services available to owner, broker and agency members is the BIMCO Company Information Service. It provides information on the standing and repute of prospective business partners, enabling members to make more informed decisions before committing themselves.
Typically owners receive invoices for relatively small amounts by physical mail for example for alleged sludge removal, waste and other services, which usually were not asked for or used by the ships named on the invoices.
Among the types of counter party risk that arise when entering into a new fixture or contractual arrangement, are managing performance risk and credit risk management. This guidance focuses on performance and credit risks since these are the most relevant for enabling recovery to be made in P&I and FD&D cases.
BIMCO has warned against situations where fake “brokers” will attempt to trick owners into fixtures where there is no cargo available. The con also involves a request for advance funds to be remitted to an account allegedly belonging to the “agents” at the loading port.
One of the services available to owner, broker and agency members is "intervention" to recover outstanding undisputed amounts.