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Published byAriana Slinger Modified over 10 years ago
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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
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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 20 th /25 th Carrier = shipowner
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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
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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
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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
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Chartering Standard Form of chartering General characteristics Approved by recognized international organizations Test in court – terms clearly defined and udnerstood Additional inserts
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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
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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
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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% Chartering
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