Principial Methods of Chartering
Chartering is hiring a ship to carry a cargo for freight. The Charter Party is a contract by which the Owner of a ship on one hand and the Charterer (Hirer) on the other hand come to an agreement about the hire of the vessel.
The four principal methods of chartering a tramp ship are voyage charter, time charter, bareboat charter, and contract charter.
The voyage charter, in which a ship is chartered for a one-way voyage between specified ports, with a specified cargo at a negotiated rate of freight, is most common. The charterer agrees to provide the cargo for loading within an agreed range of dates. Once the cargo has been delivered at the port of destination, the ship is free for further employment at the owner's discretion. Sometimes, however, the arrangement is for a series of consecutive voyages, generally for similar cargoes over the same route. The freight rate is expressed in terms of so much per ton of cargo delivered.
On time charter, the charterer undertakes to hire the ship for a stated period of time or for a specified round-trip voyage or, occasionally, for a stated one-way voyage, the rate of hire being expressed in terms of so much per ton deadweight per month. Whereas on a voyage charter the owner bears all the expenses of the voyage (subject to agreement about costs of loading and discharging), on time charter the charterer bears the cost of fuel and stores consumed.
On bareboat charter, which is less frequently used in ordinary commercial practice, the owner of the ship delivers it up to the charterer for the agreed period without crew, stores, insurance, or any other provision, and the charterer is responsible for running the ship as if it were his own for the period of the contract.
The contract charter (or the contract of affreightment) is usually employed when a large amount of cargo - too much for a single ship on a single voyage - is to be moved over a period of time. The shipowner agrees to undertake the shipment over a given period at a fixed price per ton of cargo, but not necessarily in any specified ship, although he generally uses his own ships if they are available. The question of substituted ships, however, often leads to disputes, and the terms of the contract may make special provisions for this eventuality. This method of chartering is also called quantity contracts.
Broking
The shipbroker is a specialist in one particular trade or field. In fact brokerage means to go-between. Broker’s expert knowledge is invaluable to both charterers and owners.
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Normally the broker represents either the owners or the chaterers. But on some occasions the broker may be the sole intermediary between the owners and the charterers. This may give rise to a conflicting situation as it is impossible for one person to be one hundred percent loyal to each principal.
An important part of the shipbroker’s main aim is to bring the two parties together in order to conclude a fixture. He will not receive any payment unless the fixture is successfully concluded. When it is, he will receive a commission which is a certain percentage of the freight.
Owner’s brokers are appointed by shipowners. Their task is to find cargoes – for their principal’s fleet. They try to get the highest possible freight rates, the quickest loading and discharging, and terms favouring the shipowner in the charter party.
On the other side charterer’s brokers (or chartering agents) help the company with the cargo (the charterer) to find suitable ship. Then the broker’s task is to get the cheapest freight and terms favouring the charterer. So it means a struggle between the owner’s brokers and chartering agents.
There are different types of brokers and I am going to tell you about main types and their duties.
Tanker brokers.
They are brokers who deal with the liquid cargo (such as oils including vegetable oils, chemicals etc.) He may be either owner’s or chaterer’s brokers. But there are some cases when broker is acting as a sole intermediary between the parties. The oil companies normally deal with a limited number of highly specialized brokers.
Dry cargo brokers.
These are brokers who deal with the transportation of dry commodities, ranging from bulk cargoes to packed cargoes. Due to the great variety of products many brokers specialize in one or more commodities or types of vessels. He also may be either owner’s or chaterer’s brokers.
Sale and purchase brokers.
The sale and purchase brokers must have a thorough knowledge about ships, their construction, machinery, shipyards, market prices and so on. They act as intermediaries between shipbuilder and shipowner or between buyer and seller.
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The shipbroker must always keep up-to-date with the market both for cargoes and ships.
Broking Introduction
The shipbroker is a specialist in one particular trade or field. His expert knowledge is invaluable to both charterers and owners.
Normally the broker represents either the owners or the charterers. On some occasions the broker may be the sole intermediary between the owners and the charterers. This may give rise to a conflicting situation as it is impossible for one person to be one hundred percent loyal to each principal.
An important part of the shipbroker's main aim is to bring the two parties together in order to conclude a fixture. He will not receive any payment for his efforts unless the fixture is successfully concluded. When it is, he will receive a commission which is a certain percentage of the freight.
Owners' brokers are appointed by shipowners. Their task is to find employment - cargoes - for their principal's fleet. They try to get the highest possible freight rates, the quickest loading and discharging, and terms favouring the shipowner in the charter party.
On the other side charterers' brokers (or chartering agents) help the company with the cargo (the charterer) to find a suitable ship. Then the broker's task is to get the cheapest freight and terms favouring the charterer. It means a struggle between the owner's brokers and the chartering agents, each trying to get the best terms most favourable to his side.
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