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Tanker brokers similarly negotiate maritime contracts, known as charter parties. The main terms of negotiation are freight/hire and demurrage. Oil being a fast moving trade, freight rates for crude oil tanker charters are most commonly based on the Worldscale Index; the Worldscale Association publishes flat rates annually. [3]
The freight market consists of shipowners, charterers and brokers. They use four types of contractual arrangements: the voyage charter, the contract of affreightment, the time charter and the bareboat charter. Shipowners contract to carry cargo for an agreed price per tonne while the charter market hires out ships for a certain period.
Worldscale was established in November 1952 by London Tanker Brokers' Panel on the request of British Petroleum and Shell as an average total cost of shipping oil from one port to another by ship. A large table was created as result. The same scale is used today, although it was merged with the American Tanker Rate Schedule (ATRS) in 1969.
The Institute of Chartered Shipbrokers (ICS) is a professional and learned society for all members of the commercial shipping industry worldwide. After being founded in 1911 in London, the ICS was granted a Royal Charter in 1920. [2] The Institute is the only internationally recognised professional body in the commercial maritime sphere. [3]
BP Plc, which chartered the vessel, said it submitted a waiver request with the U.S. customs service on Sept. 20 to allow for the diesel to be diverted from its original destination to Puerto Rico ...
The International Association of Independent Tanker Owners (INTERTANKO) is a membership association for owners of independent tankers throughout the world. The Association was formed in its present guise in Oslo in 1970 to speak out for those independent tanker owners, i.e. non-oil companies and non-state controlled tanker owners, for the safe shipping of oil and chemicals and to act as a ...
A broker understands international trade conditions, the movements of goods, market prices and the availability of the owner's ships. The Baltic Exchange, in London, is the physical headquarters for tramp ship brokerage. [1] The Baltic Exchange works like an organised market and provides a meeting place for ship owners, brokers and charterers.
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