A significant error in estimating port charges for a South American grain shipment resulted in a $140,000 loss, which was covered by ITIC (International Transport Intermediaries Club). The issue arose when a pool manager used outdated cost data from a previous voyage, failing to account for the larger size and deeper draught of the current ship.
The actual port charges reached $220,000, far exceeding the $80,000 estimate used in freight calculations. The shortfall led to financial losses for the pool owner.
ITIC accepted responsibility for the oversight and compensated the pool owner. Mark Brattman of ITIC emphasized the importance of accurate cost estimation and aligning calculations with vessel specifications to prevent such costly mistakes in maritime logistics.
