Payment Performance System
Unless specifically agreed, the payment of freight is due to INTERTANKO Members on completion of discharge of the cargo, yet it is routinely being paid more than 10 days late. Similarly, demurrage which is due on submission of the documented claim, is being paid 85-130 days late. By recording, monitoring and benchmarking these payment delays, the PPS provides a comprehensive overview of the state of affairs, giving Members a tool to compare different charterers’ payment performance and benchmark their own payment recovery record with that of other Members. INTERTANKO can use the results (always combined figures only with no individual Members being identified) directly in dialogue with charterers, addressing and discussing their individual payment performance and claims handling efficiency with the ultimate goal of having these payment delays reduced. INTERTANKO has prepared a brochure explaining the details of the PPS, including the input required from Members, the output they would receive and the value PPS can provide to Members.
Latest on Payment Performance System
Chartering services – INTERTANKO Payments Performance System (PPS)
INTERTANKO is committed to improving the way business is done in the tanker industry. This focus on the commercial side... MORE