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Led by Sir Y.K. Pao Simulacrum
The dry cargo chartering specialism of the maritime series, following the coverage of the Institute of Chartered Shipbrokers' Dry Cargo Chartering syllabus. Twelve modules take the practitioner deep into fixing bulk ships to bulk cargoes — the dry bulk fleet, cargoes and routes, the freight market, charterparties, the bill of lading, negotiation and the broker's duties, the financial elements, laytime and demurrage, voyage estimating, and dispute resolution. Led by the Sir Y.K. Pao Simulacrum, with the legal modules taught by Lord Mansfield and the financial module by Penelope Smythe-Bottomley.
Led by Sir Y.K. Pao Simulacrum
The question
Can you tell a Supramax from a Capesize, and read a ship's deadweight and draft well enough to fix her? This module covers the dry cargo fleet: the functional differences between bulk carriers, multipurpose vessels, container ships, and car carriers; the size classes from Handysize to VLOC in design and function, illustrated with labelled drawings; the principal particulars of each (LOA, beam, draft, deadweight, grain and bale capacity, GT/NT, holds, gear, speed); the general arrangement and stowage plans; the effect of class and port state control; and the vessel information a charterer needs to fix.
Outcome
You can match a ship to a trade, read her particulars, and ask for the right information before fixing her. (Ships)
Sub-units
Led by Sir Y.K. Pao Simulacrum
The question
What makes coal, ore, grain, and fertiliser each carry differently — and what dangers does each pose on passage? This module covers the dry bulk cargoes and their routes: the geography of the trades and the impact of season, weather, and geographical restriction; the four main commodities by stowage factor, hazard, and stowage requirement; other cargoes such as forest products and steel; the relevance of hold preparation, angle of repose, and ventilation; and the importance of the IMSBC and IMDG Codes and the cargo documents they require.
Outcome
You can match a cargo to its ship and route, reason about stowage factor and hazard, and apply the codes that govern solid bulk and dangerous cargoes. (Cargoes and trade routes)
Sub-units
Led by Sir Y.K. Pao Simulacrum
The question
Who is in the freight market, how does the broker stand as agent within it, and what swings the rate? This module covers the dry cargo freight market: the roles of charterers, owners, operators, and brokers; the broker's agency as in-house, exclusive, competitive, or intermediate broker; the market's structure and major centres; the external forces that move it — catastrophes, politics, aid, environment; the effect of Incoterms and documentary credits; shipping pools and joint ventures; and the market for freight derivatives and FFAs.
Outcome
You can identify the practitioners, the broker's standing as agent, and the external and financial forces in play in the market. (Freight markets)
Sub-units
Led by Lord Mansfield Simulacrum
The question
Can you read a charterparty clause by clause, choose the right standard form, and draft a new clause when the form does not fit? Taught by Lord Mansfield, this module covers the charterparties: classifying clauses as common, specific, protective, or functional; the differences between voyage and time charters; the standard forms GENCON, NORGRAIN, AMWELSH, NYPE, and BALTIME; the interpretation rules including the Charterparty Laytime Definitions 2013; drafting clauses to a professional standard; risk allocation; and consecutive voyage contracts and contracts of affreightment.
Outcome
You can classify and interpret a charterparty clause, choose the right form for a trade, draft a clause professionally, and allocate risk between the parties. (Charters and charterparties)
Sub-units
Led by Lord Mansfield Simulacrum
The question
How does the bill of lading trap the unwary owner under a charter — over clean bills, non-presentation, and freight-prepaid bills? Taught by Lord Mansfield, this module covers the bill of lading in dry cargo chartering: the owner's liabilities to the lawful holder of an original bill; the mate's-receipt relationship and the clean-bill disputes peculiar to steel, grain, and fertiliser; delivery against original bills and the problems and commercial solutions when they are not presented; the problems of bills issued under time charters and of freight-prepaid bills; and the effect of a clause paramount.
Outcome
You can identify the bill-of-lading traps peculiar to dry cargo chartering and reason about the owner's exposure and the commercial remedies. (Bill of lading)
Sub-units
Led by Sir Y.K. Pao Simulacrum
The question
How is a fixture built, offer by offer and subject by subject — and how do you know exactly when the ship is fixed? This module covers the practice of negotiation: the codes of conduct and the meaning of *our word, our bond*; balancing the legal, tactical, and ethical demands of the market; compiling market reports; the procedure of circulars, indications, and firm offers; the offer/counteroffer/acceptance process; drafting a firm offer; subjects and how they are lifted; the point of clean fixture; the post-fixture department; and the customary abbreviations.
Outcome
You can conduct a negotiation in the language of the market, draft a firm offer, handle the subjects, and recognise the clean fixture — within the ethical bond of the trade. (Chartering market practice — negotiation)
Sub-units
Led by Lord Mansfield Simulacrum
The question
What does a broker owe his principal, and how can warranting an authority he does not have ruin him? Taught by Lord Mansfield, this module covers the broker's legal standing: the responsibility to the principal and how a breach of warranty of authority arises, with and without negligence, and the penalties that follow; the reasons for professional negligence and indemnity insurance and the cover it provides; and the remedies available to the broker when the principal defaults.
Outcome
You can identify whether a broker has warranted authority he lacked, what penalty follows, and what insurance or remedy responds. (Chartering market practice — the broker's duties)
Sub-units
Led by Penelope Smythe-Bottomley Simulacrum
The question
Who pays what, and when — and how do you stop the profit leaking away through the money clauses? Taught by Penelope Smythe-Bottomley, this module covers the financial elements: freight (per tonne, per cbm, lump sum) and hire (per day, per dwt/month) and when each is due; the additional payments under voyage charters (deadfreight, demurrage/despatch, detention, freight taxes) and time charters (bunkers, ballast bonus, speed/consumption compensation); the owner's remedies for non-payment of freight and hire; performance claims and off-hire; delivery and redelivery; commission and brokerage; and FFAs as a hedging tool.
Outcome
You can compute the payments a charter generates, know when each falls due, and explain the owner's remedies for non-payment. (Financial elements of charterparties)
Sub-units
Led by Sir Y.K. Pao Simulacrum
The question
When does laytime start, when does it stop for weather or a holiday, and what do all those abbreviations mean? This module covers the law and practice of laytime: when laytime is interrupted or excepted; the validity and application of notice-of-readiness clauses and drafting one professionally; the procedure for tendering a valid NOR and the acceptance problems; determining from clauses when laytime commences, is interrupted, and is excepted; the principle of "once on demurrage, always on demurrage"; berth and port charters; and the laytime vocabulary (AA, WWD, WP, WIBON, reversible laytime, and the rest).
Outcome
You can read a laytime clause, determine when laytime runs and when it does not, draft a NOR clause, and command the working vocabulary of laytime. (Laytime)
Sub-units
Led by Sir Y.K. Pao Simulacrum
The question
From the hour-by-hour record of a ship's time in port, can you calculate the demurrage or despatch due? This module covers the calculation: the information in a statement of facts and how a laytime statement is prepared from it; and the calculation of laytime used and demurrage or despatch earned from the data, applying the laytime provisions and the agreed rates on the correct basis — despatch on working time saved or on all time saved.
Outcome
You can read a statement of facts, prepare a laytime statement, and calculate the demurrage or despatch due with accuracy. (Laytime — calculation)
Sub-units
Led by Sir Y.K. Pao Simulacrum
The question
Before you fix, can you work out what a voyage will earn and cost, and whether one employment beats another? This module covers the voyage estimate: producing one from given data; the variables affecting cargo intake — load line zones, freshwater and dock-water allowances, draft limitation with tpi/tpc, and bunker planning; comparing alternative routes and voyages, voyage against time charter, per-tonne against lump sum, and per-day against dwt/month; and the calculation of a ballast bonus.
Outcome
You can produce a voyage estimate, compute the cargo intake against load lines and draft, and compare competing employments on a common basis. (Calculations)
Sub-units
Led by Lord Mansfield Simulacrum
The question
When a dispute arises over laytime, cargo damage, or performance, how is it resolved and where does the protection lie? Taught by Lord Mansfield, this module covers dispute resolution and P&I: the charterparty clauses for dispute resolution, including arbitration and jurisdiction clauses and the BIMCO Arbitration Clause; the importance of keeping full and proper records; the roles and differing procedures of the commercial courts, arbitration, and ADR; and the importance of shipowners' P&I associations in cargo claims and the other sectors of P&I cover.
Outcome
You can identify the governing dispute clause and forum, the records that matter, and how P&I cover responds to cargo and third-party claims. (General — disputes and P&I)
Sub-units