Tanker Chartering Masterclass - four-day course in Dubai

Few people consider the process by which refined oil products are delivered to the consumer markets, believing that "super-tankers" are still owned by the oil companies whose gasoline they are buying. The shipping industry, however, has broken the chain of vertical integration dominant in the era of the "Seven Sisters". Chartering markets have become bigger, more sophisticated and generate more revenue than ever.

Individuals working in the oil freight markets have a duty to deliver a professional service to their principals. Bad freight decisions may change a company's profitability, but a wrong chartering decision could bankrupt a company and may lead to charges of corporate negligence against senior management.

The "Tanker Chartering" course will expose participants to the skills required of a chartering executive, including preparation, negotiating, voyage planning, voyage estimating, post fixture operations and laytime calculating.

Introduction

● The Tanker Industry Today: Ships and Trade Flows
● Key Features of Crude and Products Markets
● Development of the Tanker Market and Fleet
● Nature of Crude Oil and Oil Products
● Cargo Characteristics and the Choice of Carrying Vessel

International Institutions and Regulations for Tankers

● Environmental Concerns and Regulatory Controls
● Key Events Which Have Shaped the Industry
● Exxon Valdez and Subsequent Regulatory Initiatives<
● United State Oil Pollution Act (1990) and its Impact on IMO
● SOLAS and MARPOL Conventions
● Erica and Prestige Casualties and the EU Response
● International Regulations

Negotiation Techniques

● Negotiation Principles and the Position of Owner and Charterer
● Working the Markets
● Role of the Broker
● Negotiating Terminology
● How the Tanker Market Works
● Offer and Counter-Offers
● Subjects
● Oil Company Acceptability

Worldscale

● How the Worldscale System Works
● Waypoints, Fixed and Variable Differentials
● The Benefits of the Worldscale System
● Tips and Tricks in using Worldscale

Voyage Estimating

● Identifying Revenue and Cost Elements for Voyage Estimating
● Route Determination, Backhauls and Vessel Re-Positioning
● Laden and Ballast Voyages
● Port Time, Canal Time and Idle Time
● Manual versus Computer Methods

Commercial Ship Management

● Charterers' Decision Making Policies: Quality Pays
● Dominance of the Private/Independent Owner
● Separation of Commercial Control from Operations Management
● Key Clauses in Voyage and Time Charter Parties Regarding Freight and Hire

Key Concepts of Charter Parties and Bills of Lading

● Important Clauses versus Negotiable Clauses
● Payment; Performance and Duration Commitments
● Functions of Bills of Lading
● Negotiable and Straight Bills versus Waybills
● Letters of Indemnity
● Special Clauses used in the Oil Trades
● Resolving Disputes: Jurisdiction, Litigation and Arbitration

Operations Management

● Which Flags do Tankers Fly and Why
● Role of Classification in Maintaining Quality
● Growing Importance of the Independent Ship Manager
● Significance of the ISPS Code
● Post-Fixture Operations: Who does What with Whom

How to Use Forward Freight Agreements (FFAs)

● Spreading Risk with FFAs
● Growing Impact of Trading Tanker FFAs
● Counter-Party Risk
● ISDA versus FFABA Contracts
● Clearing Tanker FFAs

Post Fixture

● Laytime and Demurrage Principles
● Commencement and Exceptions Clauses
● Pumping Clauses
● Claims: Cargo Losses and Contamination

Tanker Chartering

2012 Dates to be confirmed, Dubai

Course fee

The cost of the course is AED 12,500 (USD 3,400) per person, which includes tuition, refreshments, and lunch each day. Accommodation is NOT included but is available at the venue hotel or one of the many hotels located nearby.

Further information, contact:

Jan Thompson
Cambridge Academy of Transport
48 Whitlesford Road
Little Shelford
Cambridge CB22 5EW
UK
Email: enquiries@catz.co.uk