Main Aim(s) of the Unit

The unit aims to provide students with a clear understanding of the key activities associated with the operations of shipbroking and chartering organisations and to provide clear references on the type of documentation required

Main Topics of Study

Introduction to Chartering and Shipbroking

• Roles of Shipbrokers and Chartering Agents
• Benefits associated with the work of shipbrokers
• Types and functions of shipbrokers
• Types of charterparties
• Functions associated with Chartering

Chartering Activities

• Chartering negotiations
• Voyage and time charters
• Chartering procedures
• Offers and counter offers
• Ethical considerations and market practices

Voyage and Time Charterparties

• Voyage and Time charterparties documentation
• Differences between voyage and time charter activities
• Elements and clauses of voyage charterparies
• Elements and clauses of time charterparties

Voyage estimating

• Benefits associated with the calculation of voyage estimates
• Bunkers, ports and distances, load line zones
• Techniques and approaches used in voyage estimate calculations
• Applications of voyage estimates

Laytime calculations

• Relevance of charterparties
• Time sheets
• Preparation of timesheets
• Statement of facts
• Applications and practical value of laytime calculations

Dry Cargo Chartering

• Key features of Dry Cargo Chartering operations
• Types of ships and ship specifications
• Vessel utilisation
• Dry bulk cargo fleet and specifications
• Types of dry bulk cargoes
• Transport considerations of different types of dry cargo
• Ports and key characteristics
• Exporters and importers

Tanker Chartering

• Differences between Dry Cargo Chartering and Tanker Chartering
• Sale and purchase activities
• Role and contributions of charterparties
• Elements of different contracts relating to Tanker Chartering
• Characteristics of Tanker Chartering market
• Factors affecting the operations of the market

Learning Outcomes for the Unit

Upon successful completion of the course students will be able to:

1. Comment on the activities and value of Shipbrokers and Chartering Agents
2. Explain the basic principles of shipbroking and chartering practices
3. Highlight the differences between voyage and time charterparties.
4. Calculate laytime and prepare voyage estimates and advise on their practical applications and uses
5. Distinguish between dry cargo chartering and tanker chartering
6. Advise on key ethical issues to be considered by practitioners

Learning and teaching methods/strategies used to enable the achievement of learning outcomes:
Learning takes place on a number of levels through lectures, class discussion including problem review and analysis. Formal lectures provide a foundation of information on which the student builds through directed learning and self managed learning outside of the class. The students are actively encouraged to form study groups to discuss course material which fosters a greater depth learning experience.

Assessment methods which enable student to demonstrate the learning outcomes for the Unit:

Examination 100%

Indicative Reading for this Unit:

Main Text:

Shipbroking and Chartering Practice Gorton, Hillenius & Sadervam (Lloyd’s of London Press)

Alternative Text and further reading:

Sea Trading Vol. 3 W.V. Packard (Fairplay)
Bulk Carrier Practice Capt. J. Isbester (Nautical Institute)
Lloyd’s List

Guideline for Teaching and learning time (10 hours per credit)

50 hours Lectures / Seminars / Tutorials / Workshops:
Tutorial support includes feedback on assignments and may vary by college according to local needs and wishes.

50 hours Directed learning:
Advance reading and preparation / Class preparation / Background reading / Group study / Portfolio / Diary etc

100 hours Self managed learning:
Working through the course text and completing assignments as required will take up the bulk of the learning time. In addition students are expected to engage with the tutor and other students and to undertake further reading using the web and/or libraries.