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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]
Chartering is an activity within the shipping industry whereby a shipowner hires out the use of their vessel to a charterer. The contract between the parties is called a charterparty (from French charte partie 'parted document').
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]
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 ...
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.
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A charterparty (sometimes charter-party) is a maritime contract between a shipowner and a "charterer" for the hire of either a ship for the carriage of passengers or cargo, or a yacht for leisure.
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related to: chartered tanker brokers association