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The Baltic Exchange London 30 November – 3 December 2009
Cambridge Academy of Transport
In association with
uk Website: www. our Bank details are: Barclays Bank Plc. Little Shelford Cambridge CB22 5EW. Please Credit Card Type: Card Number: Cardholders Name: Signature: Expiry Date: Date: Return this form to: Jan Thompson. For inter-bank transfers. MasterCard and American Express. Cambridge CB4 3AZ. lunch each day and extensive documentation. Course Co-ordinator Cambridge Academy of Transport 48 Whittlesford Road. tuition. 28 Chesterton Road.co. UK Account Number: 60224553 Sort Code: 20-17-35 IBAN: GB23 BARC 2017 3560 2245 53 SWIFTBIC: BARCGB22 Alternatively you can pay by credit card.co. bankers draft or inter-bank transfer. We accept Visa.catz.Cambridge Academy of Transport Registration Form PRACTICAL TANKER CHARTERING 30 NOVEMBER – 3 DECEMBER 2009 • THE BALTIC EXCHANGE • LONDON Please register the individual below for the Practical Tanker Chartering course. Payment can be made by cheque.uk . Title Family name Company position PARTICIPANT 2: Title Family name Company position PARTICIPANT 3: Title Family name Company position Company name Address PARTICIPANT 1: First name(s) First name(s) First name(s) Nature of business: Tel: E-mail: Fax: o Enclosed is a cheque o Please invoice my Company o I wish to pay by Credit Card (details below) Course Fees: The fee of £1. United Kingdom Tel: +44 (0) 1223 845242 Fax: 44 (0) 1223 845582 E-mail: enquiries@catz. Cheques should be made payable to Cambridge Academy of Transport in Sterling drawn on a Bank in the United Kingdom.610 includes UK Value Added Tax.
are given a number of orders and vessels and asked to advise their principal on which business to work and why.Monday 30 November Session Chairman: John Doviak Time Session Topic Speaker 0900 0915 1030 1045 1215 1345 1 2 3 1515 1530 1630 1800 4 5 Course Introduction and Housekeeping Tanker Market Overview Coffee Charterer's Operational Criteria Lunch Workshop 1: Evaluating and selecting ships and cargoes.Tuesday 1 December Session Chairman: John Doviak Time Session Topic Speaker 0900 1015 1030 1230 1330 1500 1600 1645 1700 1815 6 7 8 9 10 Forward Freight Agreements for the Tanker Trades Coffee Legal Principles of Tanker Charter Parties and Bills of Lading Lunch Legal Principles continued Negotiating: Offers. Tea The Worldscale System Workshop 2: Practical Applications of Worldscale Day One Ends John Doviak Pat Tye Jim Gretton John Doviak John Doviak John Doviak DAY TWO .Practical Tanker Chartering Course The Baltic Exchange 30 November – 3 December 2009 Provisional Timetable DAY ONE . Counter-offers and Subjects Voyage Estimating Principles Coffee Voyage Estimating Practical Examples Day Two ends Duncan Dunn Graham Harris Colin Pearce Colin Pearce Colin Pearce . Delegates split into groups.
Practical Tanker Chartering Course The Baltic Exchange 30 November – 3 December 2009 Timetable DAY THREE .Thursday 3 December Session Chairman: John Doviak Time Session Topic Speaker 0915 1030 1045 16 17 1245 1345 1500 1515 1600 1615 18 19 Pollution Liabilities and Legislative Regimes Coffee Workshop 4 – Scheduling a COA.ditto . TCE calculation.Laytime and Demurrage Practical Exercises Lunch (Working lunch for Workshop continuity) Workshop 3 – Continued Tea Post Fixture Operations & Payment of Freight.ditto .ditto - . The entire process of deciding how best to deploy a fleet of ships when the tanker operator has a COA will be reviewed.Wednesday 2 December Session Chairman: John Doviak Time Session Topic Speaker 0915 1030 1045 1200 1300 1400 1530 1545 1715 1730 11 12 13 14 15 Special & Additional Clauses Encountered in the Oil Trades Coffee Laytime and Demurrage Principles Workshop 3. Lunch Workshop 4 (Continued) Tea Workshop 4 (Continued) Conclusions and Feedback Course ends Chao Wu Colin Pearce/John Doviak . Voyage evaluation. Hire and Commission Clauses Day Three ends Reception: Venue to be confirmed David Chapman Phil Stalley Phil Stalley Phil Stalley Glen Miller DAY FOUR . fleet returns and realistic assessment of alternatives will be highlighted.ditto .
Therefore any attempt to determine what is happening in the tanker market must start with an examination of the next three to five years. After demand for the commodity carried. UK During this session.the scope of which will be examined in this session. Session 1 0915-1030 Tanker Market Overview Pat Tye. goes against conventional wisdom. as whenever there has been a demand-led improvement in freight rates. London Course Leader Dr John M Doviak. and life itself. UK INTRODUCTION Monday 30 Nov Course Preview & Introductions 0900-0915 Dr John M Doviak. Ultimately shipping demand is a derived demand . it can be argued. London.Course Programme Practical Tanker Chartering 30th November – 3rd December 2009 The Baltic Exchange. Director. Cambridge Academy of Transport 48 Whittlesford Road Little Shelford Cambridge CB22 5EW Telephone: 01223 845242 . a preview of the course will be given highlighting the objectives of each section and providing the rationale to the structure. deferred vessel scrapping and an overall increase in the industry’s productivity. Cambridge.meeting the requirements of the charterers or shippers over which a shipowner has virtually no influence. This implied tightening of the supply-side.as with commodities. UK Uncertainty is fundamental to shipping markets . Cambridge. representing a considerable financial commitment and usually reliant upon skilled commercial support as well as seafarers to ensure the venture is successful. The achievement of this objective is set against an uncertain market . and increasingly charterers need to respond to the prospect of there no longer being a surplus of tonnage in every loading area awaiting their next order to be offered on the market. Director. and has a trading life of about 25 years. E A Gibson Shipbrokers Ltd. Cambridge Academy of Transport. Senior Analyst. the supply of tonnage has increased because of new orders. A shipowners biggest challenge has always been the future. After coming to a conclusion about the short/medium term. the amount of tonnage being delivered from shipyards and the size of the orderbook have the greatest influence on short term freight rate expectations. Cambridge Academy of Transport. it is then possible to roll these assumptions forward and take a view about the longer term. currencies. An oil tanker typically takes two years between ordering and delivery.
UK. and in the international markets it is easier said than done. The task that each individual will be set is relatively simple and there are no tricks. one ideal ship. it will allow participants to meet and discover a little more about each other at an early stage in the course. there is one ideal cargo. The purpose of this workshop is twofold. UK. This built-in flexibility of the Worldscale System.versus post-Marpol tonnage double hull configuration COW and IGS systems slop capability number of segregations performance criteria for time charter vessles WORKING THE MARKET Session 3 Workshop 1: Evaluating and Selecting Ships and Cargoes 1345-1515 Dr John M Doviak. Cambridge. Cambridge Academy of Transport. London. Assuming. Oil charterers have become particularly selective with the threat of oil pollution always a consideration. what other characteristics of the vessel and its operation would distinguish one owner’s offered ship from another. Director. to describe a shipment as Arabian Gulf . UK Session 2 1045-1215 Know your customers’ needs is an requirement that attaches to most businesses. Session 4 The Worldscale System 1530-1630 Dr John M Doviak. does have some hazards for the uninitiated. however. Cambridge Academy of Transport. One of the objectives of the system is to allow charterers the option to quote for business without being specific about the ports . Each participant will be given either a unique vessel (Shipowners) or a unique cargo (Charterers) and it will be his/her task to find the matching cargo or vessel during the session. having developed from earlier post-war methods of presenting freight rates.for example. it will give an insight into the way that chartering markets work and. however. that there is a pool of quality tonnage from which to choose. for every cargo.Charterer’s Operational Requirements Jim Gretton. Firstly. Director.West rather than Ras Tanura . Amongst the features considered during this session will be: − − − − − − − − − − − − − physical dimensions of the tanker tonnage specifications ship capacity: volume versus tonnage underkeel clearance air draft manifold airdraft bow to centre manifold distance pre. Cambridge. The Worldscale system of quoting freight rates is unique to the tanker market. Chairman. This session will look at the System and reveal some of the traps awaiting the unsuspecting user. Cambridge Academy of Transport 48 Whittlesford Road Little Shelford Cambridge CB22 5EW Telephone: 01223 845242 . Chairman. secondly. Tau Shipping Consultants.Rotterdam. For every ship in the market.
and the meaning of many of the subjects which accompany offers and counters. Agelef Tankers and Independent Tanker Consultant. participants will hear how to negotiate a fixture in the liquid-bulk trades and thus become more familiar with the "jargon" which abounds in the world of chartering. The various markets have unique characteristics which lead to phrases and terminology which would only apply in these trades. some of the priciples learned during the lecture will be put to the test to give participants a working knowledge of how the Worldscale system is used in the tanker industry. Director.Session 5 Workshop 2: Worldscale Exercise 1630-1800 Dr John M Doviak. Business Development Manager. it is crucial that each voyage must be analysed for cost effectiveness and profitable return. Even cargo interests should know how to do a voyage estimate as they may well find themselves as disponent owners sub-chartering a vessel out in the spot trades. During this session. Cambridge Academy of Transport 48 Whittlesford Road Little Shelford Cambridge CB22 5EW Telephone: 01223 845242 . Counter-offers & Subjects 1030-1200 Colin Pearce. the practicalities of how to complete an FFA will be elucidated by the use of a number of examples. and explain how counter-party risk is a key component of the transaction. Cambridge. During this session. former Chartering Manager. Cambridge Academy of Transport. define basis and residual risks. UK In order for shipowners to achieve their determined earnings requirement. UK One of the most difficult tasks any broker or chartering manager undertakes is negotiating a fixture. In addition. Penarth. Penarth. Swanbridge. Agelef Tankers and Independent Tanker Consultant. Swanbridge. Causeway Tanker Consultancy. UK. Causeway Tanker Consultancy. Voyage estimating is indispensable for shipping professionals involved in the market. In this respect. This session will go through such a calculation step by step and show how the final result is achieved thereby expanding on the use of Worldscale. former Chartering Manager. the differing ways a counter-offer can be constructed. Therefore anyone involved in fixing ships needs to be not only familiar with the relevant market terminology but also knowledgeable in the practice of the trade. Tuesday 1 Dec Session 6 0900-1015 Forward Freight Agreements for the Tanker Trades Duncan Dunn. NEGOTIATING Session 7 Negotiating Charter Parties: Offers. SSY Futures Ltd This session will describe how Forward Freight Agreements (FFAs) work. VOYAGE ESTIMATING Session 8 Voyage Estimating Principles 1200-1245 Colin Pearce. Chairman. the composition and validity of a firm offer will be explained. and the principles apply equally well to all trades.
the lecturer will cover: vessel/cargo description. On the one hand. Such a wide range of attributes is a recipe for trouble. freight rate and many others. UK Session 10 1515-1800 The purpose of this lecture is to establish the fundamental principles of various charter party forms. How the typical bill of lading functions under various charter party forms will be reviewed. former Chartering Manager. withdrawal. masters are frequently asked to discharge cargo without an original bill of lading being presented. speed and consumption. will be developed during this session. London. Penarth. UK A number of examples will be presented illustrating the principles introduced in the preceding session. many of which will have been discussed in an earlier session such as: description of ship.Session 9 Practical Examples of Voyage Estimating for Tankers 1345-1500 Colin Pearce. load/discharge ports/ranges. safe ports. hire. Following on from the introduction to voyage charter parties presented earlier. The implication of this to the shipowner. and anti-technicality. THE LAW Legal Principles of Charter Parties and Bills of Lading Graham Harris. Wednesday 2 Dec Special & Additional Clauses Encountered in the Oil Trades David Chapman. and the most frequently encountered problems discussed. Thomas Cooper & Stibbard. It is a fact of life in the market today that many charterers have their own preferred clauses which are very difficult to alter. and in the hands of a receiver not party to the original charter party it may be a contract of carriage. Using Asbatankvoy for the voyage charter party and Shelltime for the time charter party. included amongst which will be clauses dealing with: the carrying voyage and the “master’s responsibility”. payment of freight and liens on cargo. In the oil trades. Legal decisions impacting on the meaning of specific clauses will be explained. Causeway Tanker Consultancy. laying the foundation for chartering practices in the liquid bulk markets. and the way to protect his interests. Agelef Tankers and Independent Tanker Consultant. OSG (UK) Ltd. and performance generally. it serves as a receipt for the goods loaded on board ship. Swanbridge. Amongst many other important items. London. UK Session 11 0915-1030 Once the owner's broker has decided that he is interested in a particular piece of business he will draw up a firm offer which will contain the main elements of any tanker charter party. this session will consider the time charter party. The bill of lading is a most important and much misunderstood document that accompanies many shipments. and bills of lading lead to numerous disputes. including:Letter of Indemnity Cargo retention Pumping Cambridge Academy of Transport 48 Whittlesford Road Little Shelford Cambridge CB22 5EW Telephone: 01223 845242 . These clauses deal primarily with aspects of chartering and operation which are peculiar to the tanker trades. showing the division of responsibilities between owner and charterer. In this session some of the clauses which are encountered will be examined. cargo size/description. Partner. the main clauses of voyage and time charters will be reviewed. Chartering Manager. speed. it is also a document of title. demurrage. tendering of notices.
8. Session 14 1400-1530 Workshop 3: Continued Phil Stalley. what time counts as laytime and what time is excluded? A comparison of "berth" and "port" charter parties. This session will discuss the general principles of laytime. BP Oil International Ltd The principles covered during the lecture above will be enhanced by a number of exercises which the participants will be set. Demurrage Manager. Disputes over what appears to be these "additional" payments are not too surprising. Pumping Warranties. 2. when does it finish. Demurrage Manager. 5. however.- Speed up War Risk insurance Additional premium Freight payment Cleaning Load on top Freight on slops Clean ballast Black list Commencement of laytime Conoco Weather Clause Subjects LAYTIME & DEMURRAGE Laytime & Demurrage Principles Phil Stalley. 6. Session 13 1200-1300 Workshop 3: Laytime & Demurrage Practical Exercises Phil Stalley. The items which will be addressed during the session are: 1. 4. 7. BP Oil International Ltd Session 12 1045-1200 Perhaps the most contentious aspect of chartering lies in the determination of laytime and consequently demurrage. and the basis of making a claim for demurrage. what is surprising is the volume of litigation associated with laytime disputes. The "Laura Prima" case and the current legal position of the "berth reachable on arrival" commitment by charterers. Demurrage Manager. What is laytime and how does demurrage arise? Who pays demurrage? How are laytime and demurrage specified in a tanker charter party? When does laytime start. BP Oil International Ltd Cambridge Academy of Transport 48 Whittlesford Road Little Shelford Cambridge CB22 5EW Telephone: 01223 845242 . An explanation of laydays and the laydays/cancelling clause. 3.
Exxon Valdez.POST FIXTURE Post Fixture Operations & the Payment of Freight. If tankers trade to the USA. Cambridge Academy of Transport 48 Whittlesford Road Little Shelford Cambridge CB22 5EW Telephone: 01223 845242 . The liability regimes have been growing steadily since 1967 when the Torrey Canyon first drew attention to the problems of pollution from large tankers. whilst others still a dedicated person or section will deal with this. In this regard. Tanker Operations. in others the post fixture department does this job. Broking companies vary and in some the broker is involved in Charter preparation. The importance of this cannot be understated. As with negotiations it is essential that operation of a fixture is done in a methodical and clearly recorded way. The nature of these conventions and other legal regimes which may apply will be explained highlighting how the payment of a large claim is funded. particularly if subsequent disputes or claims arise. POLLUTION LEGISLATION Thursday 3 Dec Pollution Liabilities and Legislative Regimes Dr Chao Wu. The mechanics of money payments and the areas where problems may arise will be considered here. compliance will also be required with the Port and Tanker Safety Act of 1978 and any regulations promulgated thereunder which includes the Oil Polltion Act 1990. Erika and Prestige have further complicated these liability issues. and telephone conversations and other exchanges clearly noted with relevant times and dates. or alternatively in the form of a subsequent exchange of written acknowledgements when Charter Party Administration Clauses apply. with its own protocols and amendments. Braemar Seascope Limited Session 15 1545-1715 All fixtures start life with a ‘fixture confirmation’ or ‘re-cap’ as the reflection of the contract made which is then produced in the form of a Charter Party. Legal Director. Assuming the vessel performs to plan whether on a voyage or time charter. the most serious of which could be the withdrawal of the vessel from the service of the time charterer – an option not open to the owner in the case of a voyage contract when usually freight is due after delivery. The payment of freight under a voyage charter party or hire under a time charter party can lead to difficulties should any delays occur. a number of conventions exist supported by insurance arrangements which assist in ensuring that parties which suffer losses as a consequence will receive compensation. Hire and Commission Clauses Glen Miller. then the shipowner. disponent owner and broker would expect to receive their just rewards. London. All messages need careful filing. Additionally there is the International Convention for Safety of Life at Sea. and the 1978 Protocol and more recently the 1992 and subsequent amendments. Session 16 0915-1030 Shipowners trading internationally are required to warrant that their tankers fully comply with the requirements of the IM0 MARPOL Convention 1973. Thomas Miller & Co Ltd. The broker can often find himself caught in the middle of a dispute which threatens his livelihood through no fault of his own. Increasing the penalties which an owner may have to pay in the event of a pollution incident only works if the owner has money with which to make the payment. UK. SOLAS.
Cambridge Academy of Transport. Penarth. former Chartering Manager. Director. Along the way. Agelef Tankers and Independent Tanker Consultant. former Chartering Manager. Agelef Tankers and Independent Tanker Consultant. UK During this session the process of matching an existing fleet to a cargo contract of affreightment will form the core of this session. Causeway Tanker Consultancy. Penarth. choose between deploying their ships to lift contract cargoes or market cargoes and choose when to charter-in market ships to lift contract cargoes.SCHEDULING A COA Session 17 Workshop 4: Chartering Exercise 1045-1245 Colin Pearce. Causeway Tanker Consultancy. The session will begin by preparing a number of voyage evaluations which will provide the basic characteristics of alternatives upon which to base decisions. participants will need to evaluate voyage alternatives. Session 18 Workshop 4: continued 1345-1600 Colin Pearce. Swanbridge. Swanbridge. UK Cambridge Academy of Transport 48 Whittlesford Road Little Shelford Cambridge CB22 5EW Telephone: 01223 845242 . UK Session 19 Conclusion and Feedback 1600-1615 Dr John M Doviak. Cambridge.
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