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A year to

From the Brig

remember

ISSA’s legal representative Bruce Hailey gives a law
round-up for 2014

T

Even the Mighty Fallcasualty, and will not be the last during their supply agreements. ISSA members

these difficult times. This serves as a should ensure that the ISSA Conditions
reminder to us all that continuous he recent collapse of OW Bunker, are used in all agreements, or

reassessment of relationships is which was at the time reported alternatively that your own bespoke
necessary, to ensure that credit to be both the world’s thirdterms and conditions are incorporated.

decisions are made based upon current largest bunker supplier and Denmark’s Please look out for ISSA’s revised
information and that credit lines are third largest business (in revenue terms), Conditions in 2015.

adjusted accordingly.has shined a light on some of the issues
written about in this column in recent The fallout from the OW collapse E-Mail Payment Frauds

times. Although OW’s collapse has not will be long, painful and expensive for
had large-scale direct impact upon ISSA many people. Those who emerge with We continue to see an alarming

members, who tend not to be involved in least damage will do so with the number of payment frauds, with email

the supply of bunkers, it has certainly assistance of contracts and contractual accounts being compromised and false
touched ship owners and charterers, terms and conditions that were

together with physical bunker suppliers carefully drafted and properly
all over the world.incorporated into

In truth, it was not possible to
predict this spectacular collapse with

any amount of due diligence and risk
assessment. It is, however, an

important reminder of
how the mighty can

fall. OW is not the

only high
profile

shipping

2014 Issue 63
The SHIP Supplier 45