Introduction to Shipping Contracts (ON-DEMAND) - ISC
Course Summary
Course developed in association with Richardson Lawrie Associates Ltd.
Introduction to Shipping Contracts is an online training course that provides a practical understanding of the commercial aspects of shipping contracts (‘charter parties’) and the implications for the business of chartering which result from specific charter party clauses. The course will cover the provisions of spot related and time charter parties as used in the oil, LPG, LNG and liquid bulk chemicals markets. It will cover the types of contract arrangement that are available, the construction of charter parties and the relevance of key charter party clauses. This course will guide you through some of the essential features of shipping contracts (‘charter parties’) for the transportation of crude oil and petroleum products and, to a lesser extent, Liquefied Natural Gas (LNG), Liquefied Petroleum Gas (LPG) and bulk liquid chemicals. The focus is on those key clauses which can have a major impact on the successful outcome of a contract, for either the charterer or the ship owner/operator.
Course Content
You will learn to:
- Distinguish between different types of charter arrangement
- Recognise the main concepts behind the construction of spot and time charter parties (shipping contracts)
- Point out that while there are many versions of spot charter parties which deal with the same concepts their wording, interpretation and financial implications may differ
- Identify some of the practical issues that arise from certain time charter party clauses Identify the key clauses which have an important commercial impact in relation to the performance of the contract
- Identify one example each of a spot and time charter party. (The course will provide you with a copy of one single voyage charter party and one time charter party to enable you to put the key points from each lesson in a wider context, these can be found in the drawer under ‘Resources’ and can be saved or printed.)
- Recognise some of the special provisions which need to be made for specialist ships carrying liquid cargoes
Practice exercises and self-assessment quizzes are included to help reinforce key topics introduced throughout the course.
A comprehensive final test will be given at the end of the course.
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