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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]
Consulates-General are staffed by career consulate foreign nationals, usually with full diplomatic protection. Honorary consuls are accredited US citizens or residents who have official standing but are usually part-time [2] [3] The United States Department of State's Chicago regional office serves these missions.
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.
On October 17, 2006, the Chicago Mercantile Exchange announced the purchase of the Chicago Board of Trade for $8 billion in stock, joining the two financial institutions as CME Group, Inc. On July 9, 2007, the announced merger with the Chicago Mercantile Exchange was approved by CBOT shareholders, "creating the largest derivatives market ever." [8]
The United States Merchant Marine [1] [2] is an organization composed of United States civilian mariners and U.S. civilian and federally owned merchant vessels.Both the civilian mariners and the merchant vessels are managed by a combination of the government and private sectors, and engage in commerce or transportation of goods and services in and out of the navigable waters of the United ...
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.
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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.