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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.
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]
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 ...
Kirby Corporation, headquartered in Houston, Texas is the largest tank barge operator in the United States, transporting bulk liquid products throughout the Mississippi River System, on the Gulf Intracoastal Waterway, along all three U.S. Coasts, and in Alaska and Hawaii.
The company became the world's largest tanker broker in 1929 when Esso appointed Clarksons as its exclusive shipbroker. [7] The first overseas office opened in New York City in 1954. Offices soon followed in France, Australia and Germany, and in the 1960s, South Africa and Greece. [7]
In the 1890s the company invested in oil tankers and became a tanker broker. [6] In the 1930s and 1940s, it diversified into aircraft maintenance and manufacturing as well as air transport, establishing Hunting Aircraft in 1944 by the purchase of Percival Aircraft: this business was absorbed into the British Aircraft Corporation in 1960. [7]