Agios Nikolaosi I

* We have received reports that bulk carrier, AGIOS NIKOLAOS I sustained cracks in some of the vessel's tanks whilst the vessel was navigating off Taiwan on/or about 14 December.

* Salvage services were rendered to the vessel by professional salvors contracted under LOF terms and the vessel was taken under tow to Kaohsiung for inspection.

* We understand that the vessel was laden with approximately 72,000 tonnes of Iron Ore Fines at the time of the incident.

* Salvage Security will be required to be provided on behalf of cargo interests by a party acceptable to the Salvors or the Council of Lloyd's and W K Webster may be able to assist. Security provided by WKW is acceptable to the Council of Lloyd's and widely preferred by professional Salvors.

* General Average may also be declared by shipowners. If so, General Average security may also be required from all Cargo Interests prior to the delivery of their cargo and we are also likely to be able to assist in that regard.

* We therefore recommend that you contact us urgently if you are concerned with any cargo on board this vessel so that we can immediately start taking steps to protect your interests.