Exam (elaborations)
BROKERAGE & CHARTERING LECTURE 2 QUESTIONS AND ANSWERS
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BROKERAGE & CHARTERING LECTURE 2 QUESTIONS AND ANSWERS
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Name: Score:29 Multiple choice questions
Term 1 of 29
If the Broker exceeds his authority...
By the market segment in which they work
the principal clearly is not bound by the result
the party that requires the service of the vessel. Either controlling the vessel operation,
in a time charter or contracting for space on the vessel, in a voyage charter
(a) An agent who arranges marriages
(b) An agent who negotiates contracts of purchase and sale
Term 2 of 29
What is a competitive broker?
Available 24/7/365
Accurate & creative
Integrity & ethics
Must have trust of concerned parties and concerned market
background , past performance history and the financial positions of potential
Charterers (ie: Enron, Andre)
have the same understanding of Owners, before concluding business with them
Sometimes represents owners, sometimes charterers. Typically getting orders off the
market and trying to put them together
,Term 3 of 29
From charterer's point of view, what does he pay?
FIO
FLT
FILO
Available 24/7/365
Accurate & creative
Integrity & ethics
Must have trust of concerned parties and concerned market
have the same understanding of Owners, before concluding business with them
I pay for everything
free to me
Owner pays out, I pay for ship getting loaded
free to me
I pay everything
Owner pays out, charterer pays in (ship getting loaded)
Term 4 of 29
LIFO
liner in free out
free in and out stowed
lashed/secured/dunnaged
free in liner out
full liner terms
,Term 5 of 29
Who draws up fixture recap and charter party documents?
Someone who is in possession of a ship during a bare boat charter.
Person or company who has the right of possession of the ship.
the charter broker
In a voyage charter, the Charterer must be ready to either start loading or discharging
operations when the vessel is properly tendered, by the Owner
In the case of a time charter, the Charterer must be ready to take delivery of the vessel
at the time and place stipulated in the charter
Term 6 of 29
Charterer's broker
Endeavors to arrange the most profitable employment of vessels that the "Owner" owns
or controls (ex time chartered tonnage). Loyalty is to the owner.
make the vessel in all respects seaworthy and to secure that she is properly manned,
equipped, and supplied
must also arrange to have the vessel delivered or made ready for loading/discharging at
the proper place and time in accordance with the Charter Party
Endeavors to arrange the most effective transport of the clients cargo or time charter of
a vessel. Most often is cheapest freight or charter hire. Loyalty is to charterer
Sometimes represents owners, sometimes charterers. Typically getting orders off the
market and trying to put them together
Term 7 of 29
FILO
free in and out stowed
lashed/secured/dunnaged
full liner terms
free in liner out
liner in free out
, Term 8 of 29
From shipowner's point of view, what does he pay?
FIO
FLT
FILO
free to me
I pay everything
Owner pays out, charterer pays in (ship getting loaded)
have the same understanding of Owners, before concluding business with them
background , past performance history and the financial positions of potential
Charterers (ie: Enron, Andre)
I pay for everything
free to me
Owner pays out, I pay for ship getting loaded
Term 9 of 29
What could happen if broker exceeds his authority?
Available 24/7/365
Accurate & creative
Integrity & ethics
Must have trust of concerned parties and concerned market
The Broker could be held liable to an injured party.
have the same understanding of Owners, before concluding business with them
background , past performance history and the financial positions of potential
Charterers (ie: Enron, Andre)
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