Exam (elaborations)
CHARTERING & BROKERAGE QUESTIONS AND ANSWERS
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CHARTERING & BROKERAGE QUESTIONS AND ANSWERS
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Name: Score:95 Multiple choice questions
Definition 1 of 95
weight of the ship including the lightship
A weight-o-meter
Demise/Bareboat
Purchase Contract
Displacement:
Definition 2 of 95
A ship can both be a liner ship and a tramp ship (not at the same time though)
Grain Cubic vs. Bale Cubic
Voyage Charter Freight
Liner v. Tramp
Terms of Sale and Purchase Contract
Definition 3 of 95
o Ship-owner only liable for up to $500 per package
o Limitation of liability
Grain Cubic vs. Bale Cubic
Terms of Sale and Purchase Contract
Cube out vs Blow Out
Carriage of Goods by Sea Act
,Definition 4 of 95
Charterer takes over the entire operation of the vessel
Gross Load/discharge
Demise/Bareboat
Functional Silos
Indications
Definition 5 of 95
o First it is in writing
o First response is in writing
o Done verbally (mostly) after that
Despatch
MOLOO
Liner
SALVO
Definition 6 of 95
o Makes the owner responsible for making sure it fits
o Cost on owner
Voyage Calculation
Measure for types of Ships
Charterers want NAMED BERTHS
If someone says "we are still collecting"
,Definition 7 of 95
o In the ballpark (indication)
o Not ready to start trading the ship yet
Classification Societies monitor the building and structure of the ship
If someone says "we are still collecting"
Do not confuse container demurrage with ship demurrage
Conversion Factors
Definition 8 of 95
o International association of classification societies
o About 13-14 members
o Generally CPs call for IACS
IACS
Tramp
CONDITION PRECEDENT
Freight Rates
Definition 9 of 95
Without guarantee
OO
WOG
CHOPT
OOG
, Definition 10 of 95
o Covers the ship itself and someone else's hull if you are liable
o Head owner gets this insurance
o Covers vessel around its market value
o If you underinsure, they only cover you up to as much as a proportion of the total value
Kamsarmax Ships
Full and Down
Freight Rates
Hull Insurance
Definition 11 of 95
Get 1.25% of the total freight or hire
Charterer does not talk directly to the owner; goes through the brokerage channel
Tanker Brokers get 2.50% commission
Commission is paid WHEN THE CARGO IS LOADED ON THE SHIP
Measure for types of Ships
CONDITION PRECEDENT
Dry Cargo Broker Commission
Hull Insurance
Definition 12 of 95
Here
Head Owner
Dry Bulk Ship Sizes
Know how to do the Tonnage Calculations from HW#1
Measure for types of Ships
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