We ship agents in the Philippines of foreign owned vessels, after having banded together in an association to have a forum to professionalize the shipping industry; promote and protect the interest of its members; and, being conscious, that the Association members play an important role in the movement and transport of goods into and out of the country which is vital to our economy; and, interested in protecting our members in their dealings, with each other and foreign shipowners we hereby memorialize their cherished craving for a Code of Ethics that shall guide their actions henceforth.
The officers and each member firm of this association are firmly pledged to the following principles in the conduct of their agency business.
- In the conduction of his profession, member shall exercise great care to avoid misrepresentation and shall be guided by the principles of Honesty and fair-dealing. The protection of the vessel's interests at all times should be to the quickest turnaround of a ship in port at lowest possible expense.
- A member's compensation shall not exceed that which is customary for the services rendered. Neither should an agent in order to get the business offer any rebate, kickback, hidden inducements, and other advantages not usually given by other members.
- A Ship Agent in some aspects is fiduciary of the Shipowner and should not retain more freight that actually required for ship's disbursements, and should remit any balance promptly to owners.
- A ship agency is a profession therefore the services rendered must be professional, thus a member shall be diligent, at acquainting himself with port conditions and shall keep his principal accurately informed thereof and handle all disbursements accurately, honestly and expeditiously.
- An agent consistent with the principles of fair dealing must not solicit or accept an offer of Agency that he knows has already been contracted for.
- Member shall endeavor to render their agency services to their principals as economically and efficient as circumstances permit.
- In line with the principle of honesty, the agency's fee should be clearly advised to shipowner and should be according to the Philippine Ship Agents Association Tariff. Such Agency fee should represent the basis of all ship agency negotiations. 8.) An agent must render service as is customary in the trade thus: The Agents appointed by the time charterers must perform all the normal services to the ship and her master as would have been performed
- As a fiduciary of his principal and as a professional, a member shall always assist never hinder the principals in reaching and performing an Agency agreement, always rendering his best efforts and using his best judgement on their behalf.
- Each members agrees to inculcate his organization with the principles set forth herein, for it is recognized that only by their observance will the standards of personal and professional conduct be advanced, and the practice of Ship Agency continue to inspire confidence as an essential and effective part of the shipping industry.
If the vessel called under a voyage charter and the Agent was appointed by the owners. All normal agency fees for ordinary agency services shall be charged against the time charterers. If a vessel by the charter party is consigned to Agents nominated by the charterers, the Agent so appointed must perform all the normal services to the ship and her master as if the agent had been appointed direct by the owners, the Agent charging the normal fees for his work, such fees not exceeding what would have been charges under a direct appointment by the owners.