News

BUDD News

Guinea: Indefinite General Strike

The Guinean Trade Union Movement, an umbrella group of the major unions in the country, urged public and private sector workers not to turn up to their jobs from...

Togo: Fine Alert

Vessels calling in Lomé (Togo) should be aware that they may face fines of over 130 million Euros and prison sentences of between 3 months and one year for exchanging...

News from Budd Tunisia

We are very pleased to inform you that our company, Budd Tunisia, has decided to increase its capital up to TND 500.000,000 (Five hundred thousand dinars, approximately Euros 154,400.00).

Why did the shareholders decide on this increase in capital?

  • Local cargo insurers and importers, who are familiar with the inherent risks of their trade, generally demand club bank guarantees to cover potential claims.
  • However, due to our solid finances and after negotiation, we can often convince cargo interests to accept Budd Tunisia’s letters of undertaking (duly backed by the Clubs) pending negotiation of the claim and/or the issuance of a club bank guarantee.
  • This increase in capital and the fact that we hold comprehensive professional liability insurance with a leading specialist insurer, reinforce our reputation with cargo interests as strong, reliable and trustworthy P&I Club correspondents, thereby facilitating their acceptance of our temporary undertakings.

Tunisian imports, past and projected (Tunisian dinars)

 

At a time when investment is becoming rare in Tunisia, we have taken a more optimistic path.  By increasing the company’s capital, Budd Tunisia is sending a strong signal to local cargo insurers that our letters of undertaking deserve their confidence.

Elias Mami & James Budd

Share this news