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The new agreement is designed to meet the contractual needs of small to medium sized shippers, which, despite the large number and global value of the shipments they transport, often lack the legal resources to develop their own agreements with carriers.
A Booking Note is a contract for the reservation of space on board a carrier’s vessel. The Note provides the prospective shipper with the carrier’s terms and conditions of carriage.
The last two years have been extreme for the container shipping industry. When the crisis started in 2008, the industry first saw volumes contract sharply and subsequently rates dropped like a stone as liner companies were fiercely fighting for market shares at full speed – so to speak.