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Chartering

Chartering. Chartering party : Ship owner Charterer – cargo owner/transport operator/any person Chartering Types Voyage Charter/Time charter/Bareboat charter Shipbroker : as a third party and middle man. Chartering. Voyage Charter Single voyage – from one port to another port

thomas-alvarez
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Chartering

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  1. Chartering • Chartering party : • Ship owner • Charterer – cargo owner/transport operator/any person • Chartering Types • Voyage Charter/Time charter/Bareboat charter • Shipbroker : as a third party and middle man

  2. Chartering • Voyage Charter • Single voyage – from one port to another port • Shipowner to bear all running expenses • Crew and master – provide by the shipowner • Laytime (time to spend at port for loading/discharge) • Laycan 20th/25th • Carrier = shipowner

  3. Chartering • Time Charter • Can range from one month to years • Shipowner to bear all running expenses and recruitment of crew and master • Crew and master – provide by the shipowner • Cargo capacity – control by charterer not shipowner • Carrier = shipowner or charterer • On/off hire survey : to ascertain condition of the vessel

  4. Chartering • Bareboat Charter • Shipowner gives up all management and control • Charterer – responsible for managing/running of the crew • Shipowner receive fixed rate of hire • Common for financial institutions for ship finance • Survey and docking – agreed beforehand to ascertain ship conditions • Option to purchase • Charterer as carrier

  5. Chartering • Contract of Affreightment • Given quantity over a fixed period of time • No specific vessel is nominated • Freehand for ship owner to manage his fleet

  6. Chartering Standard Form of chartering General characteristics • Approved by recognized international organizations • Test in court – terms clearly defined and udnerstood • Additional inserts

  7. Chartering Baltic Exchange Long history : 250 years already dated back to early 1700’s Only international self-regulated broking market Air brokers – Baltic Air Charter Association 1949 Freight Index : BFI – Baltic Freight Index

  8. Chartering Ship Broker May work as shipowner broker/charterer agent/competitive brokers Duties : link with the market a) Owner broker : to ensure all charterers know the details of his Vessel b) Charter Agent : to ensure all shipowner to aware of his need for a ship c) Post fixture department : resolve disputes between owner and charterers and to eliminate the need to resort to arbitration/courts d) Research Department : latest development in the market

  9. Chartering Ship Broker Commission Agreed % of the freight to be paid Usually 1.25% for all brokers involved in the transaction by the owner or 1% to an exclusive broker Address commission – paid to the charterer to cover cost of managing the ship while it is on charter – 1.25% to 2.5%

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