Following the recent NOS initiative for multilateral netting for the October FFA settlement, a number of italian shipowners/operators, P&I insurers, brokers and legal advisors met in order to consider this initiative.

During the course of this meeting the participants naturally discussed the wider issues presently facing the financial markets as it is affecting the shipping business. These include:

• defaults under FFA's
• default by charterers under charterparties
• present freight rates

I was therefore unanimously agreed that there is the need for the worldwide shipping community to meet as soon as this can be possibly arranged in order to discuss and agree on measures and guidelines that could help/assist shipowners/charters deal with the present market conditions caused by global financial turmoil with a view to keeping the shipping business healthy.

The purpose of this meeting will be to increase transparency within any market and to discuss any reasonable measures to minimize potential losses.

Such a meeting will of course be useful if all the players (including shipowners, charterers and brokers)in this business attend and such a meeting is held as soon as possible.

Whilst no venue has been agreed yet, it has been suggested that this should take place in London.