Exam (elaborations)
BROKERAGE AND CHARTERING EXAM 1 REVIEW QUESTIONS AND ANSWERS
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BROKERAGE AND CHARTERING EXAM 1 REVIEW QUESTIONS AND ANSWERS
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Name: Score:36 Multiple choice questions
Definition 1 of 36
Full Liner Terms hook/hook
FLT H/H
BALTIME
FIOS L/S/D
FILO
Definition 2 of 36
~This type of vessel can carry either bulk cargo or oil cargo, BUT NOT AT THE SAME TIME
~These vessels cost more than tankers or bulkers of similar size, but the Owner hopes to offset
the cost with reduction of nonproductive ballasting.
What makes a good broker?
Force Majeure Clause
Typical subjects:
OBO's (Oil/Bulk/Ore)
Definition 3 of 36
Is measured in feet and inches from most outboard point on one side to the most outboard
point on the other side at the widest point on the ship, this includes any projections on ship's
side.
Extreme Breadth (width or beam*)
Water Line to Hatch Coaming (WLTHC)
LPG (liquefied petroleum gas)
Typical subjects:
,Definition 4 of 36
~Subject Details
~Subject Stem
~Subject Board of Directors Approval
~Subject Management Approval
~Subject Supplier Approval of Nomination
~Subject Owner's Approval of Charterer
~Subject Open/Unfixed
What makes a good broker?
Force Majeure Clause
Extreme Breadth (width or beam*)
Typical subjects:
Definition 5 of 36
Free In Liner Out
LIFO
FME
FILO
FIOS L/S/D
Definition 6 of 36
Charter parties usually contain clauses which exempt the Owners and/or Charterers from
liabilities. Sometimes related only to loss or damage (for instance loss or damage to cargo) but
sometimes they are of a more general nature. Example: Force Majeure
Exception Clauses
OBO's (Oil/Bulk/Ore)
Force Majeure Clause
GENCON
,Definition 7 of 36
Without Guarantee
FME
WOG
DOP
WP
Definition 8 of 36
~Supplying the contracted cargo, in quantity that is within the limits specified in the charter
party
~Responsible for payment of freight (either per ton or measure of cargo loaded, or a lump
sum)
~Depending on the negotiated terms, the Charterer may also be held ultimately responsible
for any stevedoring damage
~If on "free" terms, Charterer is responsible for loading and/or discharging the cargo within the
contracted amount of time
Responsibilities of Charterer (Time Charter)
Responsibilities of Charterer (Voyage Charter)
Extreme Breadth (width or beam*)
What is the ship owner responsible for? (Time Charter)
Definition 9 of 36
Charterer must declare cancellation within 48 hrs of receiving the notice from the Owner,
which must be given as soon as the Owner knows the vessel is delayed.
DNRVAOCLONL
Air Draft
GENCON
Draft
, Definition 10 of 36
Charterers try to get APS because it means they only start paying hire at the load port. Ship
owners try to get DOP because it means the charterer starts paying hire as soon as the ship
leaves the last discharging point of the previous contract.
A charter broker can be exposed to a claim of negligence because of:
Force Majeure Clause
APS VS DOP
GENCON
Definition 11 of 36
~Includes such gases as propane, butane, and propylene.
~These have much higher boiling temps than LNG.
~Typically have re-liquification equipment for the boil off. (Common)
Water Line to Hatch Coaming (WLTHC)
LPG (liquefied petroleum gas)
Extreme Breadth (width or beam*)
Force Majeure Clause
Definition 12 of 36
The vertical distance from the vessel's waterline to the highest fixed point on the ship, typically
a signal mast on the top of the bridge.
BALTIME
Draft
FIOS L/S/D
Air Draft
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