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Summary notes RMIMPM01 Maritime economics law insurance
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Samenvatting martimeeconomics Law insurance
RMIMPM01
1
,Inhoud
Law and Insurance part..........................................................................................................................2
lecture 1 – Chartering.............................................................................................................................2
lecture 2 – Chartering (voyage chartering).............................................................................................6
lecture 3 -insurance................................................................................................................................9
P&I insurance.....................................................................................................................................9
Lecture 4/5 - maritime casualties.........................................................................................................14
Salvages (lecture 5)...........................................................................................................................15
Lecture 6- Time chartering and SSP......................................................................................................18
Lecture 7 – HVR....................................................................................................................................21
Economics part.....................................................................................................................................24
Lesson 1................................................................................................................................................24
Lesson 2 -liner market main focus........................................................................................................26
lesson 3.................................................................................................................................................29
Lesson 4................................................................................................................................................30
Lesson 5................................................................................................................................................32
Lesson six tanker – developments........................................................................................................35
Law and Insurance part
lecture 1 – Chartering
Chartering is a contact for the commercial hiring of leasing of vessel or space on a vessel.
Options, depending on what you want (strategic):
For a certain time (1 year)
For a certain amount of trips (3trips)
For one voyage (one voyage)
2
,Differs from the bill of loading! Not the same agreement but they apply at the same time. If you hire
a ship for a year then you have multiple loading bills.
You can charted a part of ship, whole ships or in slots (een plek om tijdelijk iets te plaatsen).
Types of chartering:
In chartering you have two parties, owner (not legally only in the contract) and charter.
Bareboat chartering, the owner does nothing and the charterer have full control and
management, they provide, stores, bunkers, repairs, employment and pay hire. Mostly last 2-
3 years or longer. It takes place when an owner has no knowledge of boating. A bank for
example of investment company. They earn there money with leasing. All the work is done
by charter.
Time chartering , owner does management with maintenance, crewing and insurance and
navigation. this means the crew is employed by the owner. The charterer arranges and pays
for the bunker (fuel), pays for hire and port charges and arrange the employment,
employment means here employment of the ship. Forms: NYPE(BIMCO) ASBATIME
(FONASBA) and Gentime (1999). Work is divided. Time chartering has a price market with a
time slot there will be agreed price (fixed).
Voyage chartering (for one voyage), Beneficial of your close to opportunity but it can also
work against you if there are not close and have to wait. owner does the management with
maintenance and crewing, bunkers, port charges appointment of agents(need a rep in port),
safety of the ship and navigation. Charterer only provides the cargo mentioned in the
agreement, if not met there will be fine (deadfeight). Charterer pays freight. Charterer is
responsible for loading and discharging, charterer agree to unload in the contract in a certain
time, if not met that time. There will be fee (demurrage) if you load faster than you get
despatch (earlier available). Forms: Gencom (general) and others are tailor made (for oil and
suchs).
Combinations
o Contract of affreightment
Given quantity of cargo
Named ports
Several voyages
o Slotchater, fixed amount of slots.
Chains of contracts
for example when you have a ship for 2 years and in-between there are no assignments.
3
, Figure 1 Chain of contracts
Charterer 1: fill control and management
Charter 2: employment (ship) and certain period
Charter 3: provide cargo and certain trip
Charterparty(contract)
two parties owner and charterer. Obligations of the charterer and owner. Non-negotiable!
There are standard contracts. No disagreement about details, based on experience and often put
together by non-governmental organizations (NGO).
Examples contracts:
BARECON
GENCON
NEW YORK PRODUCT EXCHANGE
Many more
Applicable rules
No imperative law
freedom of contract, free market. Feel free to agree whatever you like but be careful!
Read the charterparty. Your responsibility are in the charterparty. Mostly UK law implies if
court is necessary.
Choice of forum, Arbitration
4
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