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The new agreement is designed to meet the contractual needs of small to medium sized shippers, which, despite the large number and global value of the shipments they transport, often lack the legal resources to develop their own agreements with carriers.
Towards the end of 2011, we got the first indication that liner companies were winning “the pricing battle” against shippers on the level of freight rates on the main lanes from Far East to Europe and the Mediterranean.
We regularly hear from members with concerns about scams. A typical example is when an owner is asked to make prepayments, for example by covering “liner in” costs or settling proforma disbursements before the ship arrives at the loading port.
The container ship orderbook hit a post-financial crisis low just below 2m TEU in October 2020. In the eighteen months since then, liner operators have seen record profits and a large percentage of these have been poured into newbuilding contracts.
A Booking Note is a contract for the reservation of space on board a carrier’s vessel. The Note provides the prospective shipper with the carrier’s terms and conditions of carriage.
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