The Baltic Exchange has received complaints from sale and purchase brokers who have not received payment for vessel valuations they have undertaken. The brokers have been appointed by a third party, in recent cases an insurance broker and a loan agent.

The third party has not made the payment and they have not been able to get the funds paid from the owner, lender or whoever requested the valuation.

Brokers are advised to make clear to the third party who appoints them, that the third party will be responsible for payment if they cannot recover funds from the company who has requested the valuation.