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
2. SICAD I: 12 VEF/USD
3. SICAD II: 50 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.

Loading of iron ore fines at Boca Grande II transfer Station

In consideration of the loading of Iron ore fines at Boca Grande transfer station, we´ve noted the increase of cases with misdeclarations by the shippers and subsequent consequences with cargoes loaded out of the parameters established by the IMSBC code.

Port congestion in Puerto Cabello

Given the current Venezuelan economic situation, most of public and private entities are substituting national production and export of products for imports which is causing an important increase of port activities and traffic which represents significant ports congestion and mainly in the port of Puerto Cabello.

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