When freight rates are inadequate to meet daily running costs of a vessel, the terms of engagement or the Charter Party must be reviewed microscopically to ensure that all risks are well apportioned and appropriately mitigated. In this two day intensive training course, you will be able to acquire expertise from real life experiences enabling you to deal better with the contemporary challenges facing Oil Tankers today.

Some of the key challenges addressed in this intensive course are:

  • Making a Choice of the Charter party Form
    (SHELLTIME4, BPVOY, ASBATANKVOY, GASVOY, GASTIME, BPTIME) in context of type of Cargo, Vessel Type, terminals and duration;
  • Comprehensive Risks Identification, Evaluation and Mitigation Strategies;
  • Computation and allocation of idle time
  • Explicit measurement criteria for Lay time and Demurrage Claims
  • Implication of SIRE
  • Termination of Time Charters for Cause and for Convenience
    • Can the delays in damage repairs be considered as a breach?
    • Fall in Market Prices and Restructuring of the existing Time Charter party
  • Tank Cleaning Costs and Risk of Contaminants
    • How much time and cost can a Charterer pay for tank cleaning and slops
    • Liabilities of Charterers for cargo tank debris / damage
    • Liability of Terminal Operators and service providers in causing contaminations
  • Performance Obligations of the Parties as per the Charter party Agreement
    • Charterer’s Obligations, Bunkers and Boil-off Gas Usage Limits
    • Owner’s Obligations and Liabilities, ROB, Limits of Boil-off and Cargo Loss
    • Bills of Lading and Responsibility Assignment Matrix

This course is developed to meet the needs of the Tanker SOCSO fraternity, encompassing following underlying objectives:

  • Enhance the interpretation and applicability of clauses in a Charter party in context of the commercial proposition;
  • Evaluate commonly used types of Charter party Forms for Voyage and Time Charter and comprehend the key features of each Form in context of use;
  • Interpret terms and conditions of a Charter party in context of international maritime conventions, competition and economic factors;
  • Evaluate current and future trends in petroleum transportation and the influence of regulatory regimes and strategies of Oil Majors;
  • Recognize the avenues of collaboration, contentions, conflicts and manage disputes to avoid losses;
  • Manage operations towards ensuring delivery of performance obligations under the Charter party; and
  • Create a Charter party Management System (CMS) in the company to ensure profitability for each voyage and term.

Upon completion of the course and hands-on workshop based on real life cases, you will be able to:

  • Restructure the Charter party agreements with alternative clauses to avoid pitfalls and surprises during execution;
  • Evaluate impact of uncertainties and identify undefined parameters with cost considerations;
  • Appraise potential risks and develop risk mitigation strategies;
  • Enhanced consciousness about the rider clauses and commercial impact of each such addition;
  • Ability to deal with breakdowns and delays in an appropriate and timely manner with an objective of avoiding loss of time and deviations from the desired monetary projections;
  • Recognize the appropriate Standard Form to be used for each type of assignment; and
  • Manage contentious situations through alternative dispute resolution channels and litigation effectively.

Ship owners and managers – Charterers including Importers, Exporters and Traders –  Shipbrokers – Port and ship agents – P&I personnel – Logistics and shipping professionals – Legal advisers, solicitors and barristers – Government bodies and representatives.

From the following roles as General Manager, Commercial Manager, Business Development Manager, Legal Counsel, Post-Fixtures Manager, Fleet Manager, Charter Party Specialist, Marine & Technical Superintendents