Libya Update

We have received the following update via the Midlands World Trade Forum (MWTF) with regard to the current situation in Libya:

"It is believed that Tripoli port has closed and that Lloyds of London, the insurers are looking at the cost and type of cover that will be made available for freight. The Libyan Embassy in London are not taking phone calls and legalised documents are not being issued.

Most Letters of credit issued by Libyan Banks require documents to be legalised by the Libyan Embassy therefore most presentations will have discrepancies. It will therefore be difficult for the paying Bank to contact banks in Libya and also the buyers of the goods for them to agree the discrepancies.

Exporters should exercise extreme caution before shipping, it is therefore suggested that goods are only shipped once legalised documents have been received.

Alternative solutions are being looked and will keep you updated as we receive them."