SICAD II RoE may apply for port/terminal claims

Members exposure for claims made in local currency may significantly decrease by applying the SICAD II RoE for port/terminal claims
Venezuela have various RoE that would apply depending on the economic activity:
1. Official: 6,3 VEF/USD
According to exchange agreement N28 (art. 11) the applicable RoE for shipowners regarding the following list of expenses is the SICAD II: port and marine services, royalties, arrival, loading or unloading, dock, storage,habilitation, use of facilities or inventory, aids and other compensation or services provided by the National Executive. Notwithstanding that port claims aren´tspecifically tipified within the above list, by making an extensive interpretation of the rule we would say that payments made to any port due claims made in local currency may be calculated and processed through SICAD II RoE reducing members exposure significantly if claims were calculated at the official RoE as showed above.
We recently had a positive experience on reducing a pier damage claim from a terminal locally in about 2.5 Million/USD by applying to the aforementioned RoE before a local bank and by sending communications to the central bank explaining our extensive interpretation and requesting authorization to use the referred currecy market in order to significantly reduce the claim amount in foreign currency. Clubs and members are hereby recommended to try to apply to this market through the regular channels for those items that can be applied.
Should you have any question about this or any other matter, please don’t hesitate on contacting us.
Carlos Carrasco
Operations Manager
Venepandi, C.A.

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