COMMITTEES
Commercial and Markets Committee
“Our focus has been on disruptive near-term events brought on by the Covid-19 pandemic, the security situation in West Africa and longer-term commercial implications of carbon reduction initiatives. Creating transparency on industry payment performance remains a key priority for the Committee, which we are addressing through our proprietary benchmarking tool PPS (Payment Performance System)."
Gernot Ruppelt, Chairman
Main Aims
- To address and offer advice on commercial challenges faced by Members
- To address the issue of Freight & Demurrage Payment Delays by leveraging the data in INTERTANKO’s Payment Performance System
- To assess the commercial overlay of Members’ operational challenges and to review the effect of market distorting factors and industry developments.
- To represent Members’ interests from a commercial standpoint in policy making and strategic industry dialogues.
- To promote ethical practice and strive for commercial sustainability and transparency in the tanker industry.
Contact
Dimitris Dimopoulos
Commercial Manager & Area Manager Greece and Cyprus
e: dimitris.dimopoulos@intertanko.com
t: +30 210 373 1772
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Main Issues
- Industry Payment Delays
- Study and Review of Market Distorting Factors and Industry Developments
- Sustainability Reporting Initiatives of private or regulatory origin
- Review of C/P Terms Clauses and Commercial Tools
- Worldscale Flat Rates’ Inconsistencies
What is the Committee looking to achieve this year?
- Continue its work on raising awareness around the issue of Freight & Demurrage Payment delays and organise an industry-wide event to address same in a high level dialogue with all involved stakeholders.
- Promote the use of INTERTANKO’s Payment Performance System (PPS) and leverage its data
- Work closely with Members and other INTERTANKO Committees to offer advice, develop guidance and address issues of common concern and interest.
- Further enhance the open dialogue with the Worldscale Association through the committee’s Worldscale Focus Group to ensure the scale remains a useful, practicable chartering tool that follows industry developments..
Chairman: Gernot Ruppelt – Ardmore Shipping Services
Secretary: Dimitris Dimopoulos
Committee News
ASBATANKVOY Review: Industry consultation draft – Your input needed
Further to INTERTANKO’s Commercial & Documentary Circular distributed this week, Members are advised of the ongoing industry consultation from BIMCO... MORE
Commercial & Markets Committee meets online
INTERTANKO’s Commercial & Markets Committee met online on Tuesday 23 November 2021 under the Chairmanship of Gernot Ruppelt of Ardmore... MORE
Commercial & Markets Committee meets online
INTERTANKO’s Commercial & Markets Committee met virtually on Thursday 8 October 2020. The online meeting was chaired by Mr. Gernot... MORE
INTERTANKO’s Commercial Team – on hand and at your disposal
Historically, INTERTANKO’s main focus has been on technical, operational and regulatory issues and while that is still the case to... MORE
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Terms of Reference
Terms of Reference
Commercial and Markets Committee
I. Aims and Objectives
- To offer Members commercial advice on commercial issues.
- To liaise with the Worldscale Association and to maintain a good working relationship with them so as to be able to represent Members’ interests in dialogue over WS flat rates, and to make recommendations to ensure that Worldscale remains a useful, practicable chartering tool under changing conditions in the marketplace.
- Increase visibility around industry payment performance, in particular through Payment Performance System (PPS).
- To study, review and keep Members informed for market-distorting factors relating to transparency and free flow of information in the market, and factors affecting the sustainability of the tanker industry, including but not limited to the changing role of intermediaries.
- To ensure that trade processes, customs and tools are balanced, practicable and effective in order to secure the interests of all stakeholders in the market.
- To co-operate and develop a constructive dialogue with such interested parties in the tanker industry as may further these aims.
- To generate ideas and make recommendations where appropriate, both in terms of policy and specific cases.
To this end the Committee will:
- pay due regard to relevant work being done by other INTERTANKO Committees and in other bodies outside of INTERTANKO.
- work in accordance with INTERTANKO’s anti-trust guidelines.
II. Membership of the Committee
- The Committee will represent the various interests and different geographical areas of the INTERTANKO Membership.
- The Committee member’s term is two years which can be extended for another two years, unless other reasons apply and are approved by the Executive Committee.
- Committee membership should be adapted as found appropriate to maintain the dynamics, the relevant expertise, and a suitable number of participants.
- The members of the Committee shall work with the INTERTANKO Secretariat on the issues the Committee is tasked with.
- Observers or experts within special areas needed by the Committee may be invited to attend the meetings.
- Membership on the Committee is based on the expertise/qualifications of the individual, therefore, membership on a committee rests with the individual, not the company that the individual works for.
- Members should attend committee meetings and actively participate in the committee discussions. Repeated non-attendance/non contribution may result in a review of committee membership by the Committee Chairman and Secretary and a recommendation of removal from the committee. A Committee member may, on occasion, be represented by an alternate from their company.
III. Meetings
- The Committee will meet when necessary to at any time fulfil its tasks and obligations.
IV. Chairman/Vice Chairman
- The Committee will nominate a Chairman for election by the Council. The term will be a two-year period with the option of a further two years period unless other reasons apply and are approved by the Executive Committee.
- One or two Vice-Chairmen will also be elected by the Committee.
V. Travel Expenses
- The travel expenses of the Committee’s membership will be paid for by the Member company.
VI. Terms of Reference
- The Terms of Reference shall be approved by the Council.
VII. Secretariat
- The INTERTANKO Secretariat will undertake secretarial and administrative tasks for the Committee.
VIII. Reporting
- This Committee will report to INTERTANKO’s Council through its Chairman.
Download the Commercial and Markets Committee Terms of Reference (Doc).
Members
Sea Pioneer Shipping Corp
Mr. Martin Baldock
Scorpio UK Limited
Mr. Theodore Belexis
Product Shipping & Trading SA
Mr. Flemming Carlsen
d'Amico Shipping UK (London)
Ms. Metaxia Psalti
Neda Maritime Agency Company Ltd
Mr. Nic Reardon Smith
d'Amico Shipping UK (London)
Mr. Gernot Ruppelt
Ardmore Shipping Services (Ireland) Limited
Mr. Mikkel Seidelin
Teekay Shipping (UK) Limited