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Led by Aristotle Onassis Simulacrum
The tanker chartering specialism of the maritime series, following the coverage of the Institute of Chartered Shipbrokers' Tanker Chartering syllabus. Twelve modules take the practitioner deep into fixing tankers to liquid cargoes — crude, products, chemicals, and gas and the ships built for each; the tanker fleet and its systems; the oil trades and pollution law; the freight market; the charterparties; the bill of lading; negotiation; the financial elements; laytime and the pumping warranty; Worldscale and voyage estimating; and dispute resolution. Led by the Aristotle Onassis Simulacrum, with the legal modules taught by Lord Mansfield and the financial module by Penelope Smythe-Bottomley.
Led by Aristotle Onassis Simulacrum
The question
Where do oil cargoes come from, and how does the refinery create the ladder of products that decides which ship carries what? This module covers the oil cargoes: the basic procedures of extraction and refining and a simple refining model showing the difference between crude and products; the nature and characteristics of crude oil; and the main petroleum products, with the trade's central distinction between dirty cargoes that require heating and light, clean cargoes that demand high standards of cleanliness.
Outcome
You can place a named oil cargo as crude, clean, or dirty and state the carriage implication that follows. (Ships and cargoes — oil and refining)
Sub-units
Led by Aristotle Onassis Simulacrum
The question
A tanker is a machine for moving liquid — so can you read her as a system of pumps, inert gas, and tanks, and know why the oil majors' vetting decides whether she trades at all? This module covers the tanker fleet: constructional details, tonnages, and dimensions, with labelled plans; the measurement terminology (DWAT, DWCC, displacement, NT, GT); the vessel systems (pumps, manifolds, heating, COW, IGS, SBT, double hulls); the crude size classes (VLCC, ULCC, Suezmax, Aframax) and their pumping systems; and the critical importance of classification and oil-company vetting and acceptability.
Outcome
You can specify a suitable size class for a crude employment and explain how vetting and acceptability bear on whether the ship can take it. (Ships and cargoes — the tanker fleet)
Sub-units
Led by Aristotle Onassis Simulacrum
The question
Beyond crude lies a world of chemicals that attack the wrong coating and gases that must be chilled to a liquid — so how are they carried safely? This module covers the specialised cargoes: chemical cargoes and their special requirements including tank coatings and IMO certification, and the problems of compatibility of grades and coatings; the parcel carrier and its many segregated tanks; the difference between LNG and LPG, the vessels and containment types (pressurised, semi-refrigerated, refrigerated); and the carriage of vegetable oils, juice, and wine.
Outcome
You can specify the vessel type, containment or coating, and the compatibility considerations for a given specialised cargo. (Ships and cargoes — chemicals, gas, and parcels)
Sub-units
Led by Aristotle Onassis Simulacrum
The question
Where does oil flow, why is the market so cyclical, and how has pollution law reshaped the whole trade? This module covers the geography and conditions of the tanker trades: the essential geography and the cyclical oil markets; the impact of season, weather, and physical restriction; the producing areas and the routes for crude, products, chemicals, and gas; offshore facilities and the abbreviations SBM, SPM, FSO, FPSO; and the practical effects of pollution-liability legislation including MARPOL, OPA 90, and EU law.
Outcome
You can describe a plausible route for a cargo and season and the environmental and physical constraints that bear on it. (The trades)
Sub-units
Led by Aristotle Onassis Simulacrum
The question
Why does the tanker market often run on a single broker, and why does no body matter to it more than OPEC? This module covers the tanker freight market: the practitioners — charterers, owners, operators, oil companies, state companies, traders; the market structure and centres; the broker's agency role and the single-broker tendency; market reports and indices; the external forces including OPEC; the relevant organisations (IMO, Worldscale, OCIMF, Intertanko, ITOPF); and the impact of e-commerce.
Outcome
You can identify the practitioners and bodies in play in a market event and reason about its effect on the market. (Freight markets)
Sub-units
Led by Lord Mansfield Simulacrum
The question
Can you command the tanker charterparties — ASBATANKVOY, SHELLVOY, SHELLTIME — and the thick layer of oil-company clauses bolted onto every fixture? Taught by Lord Mansfield, this module covers the tanker contracts: the clauses common to charterparty forms and the voyage/time distinction; the standard forms ASBATANKVOY, SHELLVOY, BPVOY, SHELLTIME, and ASBATIME; additional clauses, drafting a specimen clause, and the oil-company riders; the rights and liabilities of owners, charterers, and brokers; and consecutive voyage contracts, contracts of affreightment, and bareboat chartering.
Outcome
You can interpret a tanker charterparty clause, choose the right form, draft a specimen clause, and allocate the rights and liabilities of the parties. (Contracts)
Sub-units
Led by Lord Mansfield Simulacrum
The question
When oil arrives before its documents, how does the owner deliver — and what is he risking when he takes a letter of indemnity instead of the bill? Taught by Lord Mansfield, this module covers the bill of lading in tanker chartering: the owner's liabilities to the bill-of-lading holder; the requirements for delivery against original bills; the endemic problem of non-production of originals at discharge and the use and risks of letters of indemnity; and the problems of bills issued under time charters and of freight-prepaid bills.
Outcome
You can identify the owner's exposure at a tanker discharge and the role and risk of a letter of indemnity. (Bill of lading)
Sub-units
Led by Aristotle Onassis Simulacrum
The question
How do you quote an order, run the offers, and know the instant a tanker is fixed — while never warranting an authority you lack? This module covers negotiation and the broker's position: quoting a new order and the negotiation procedure; the customary abbreviations; offer, counteroffer, and acceptance; drafting a firm offer; subjects and how they are lifted; the clean fixture and the post-fixture department; the legal, tactical, and ethical balance; breach of warranty of authority and its penalties; professional indemnity insurance; and the broker's remedies on a principal's default.
Outcome
You can quote an order, draft a firm offer, handle the subjects, recognise the clean fixture, and identify the broker's exposure. (Chartering market practice)
Sub-units
Led by Penelope Smythe-Bottomley Simulacrum
The question
Who pays what, and when — and which clauses on late hire and off-hire decide whether the charter pays? Taught by Penelope Smythe-Bottomley, this module covers the financial elements: freight and hire (per day, per dwt/month) and when each is due; the additional payments under voyage charters (deadfreight, demurrage, detention, freight taxes) and time charters (bunkers, ballast bonus); the clauses on late hire payment and the owner's remedies; performance claims and off-hire; delivery and redelivery; commission and brokerage; and freight derivatives as a hedging tool.
Outcome
You can compute the payments a tanker charter generates, know when each falls due, and explain the owner's remedies for non-payment. (The financial elements of charterparties)
Sub-units
Led by Aristotle Onassis Simulacrum
The question
What is the pumping warranty that the dry trades do not know, and why is the tanker demurrage time bar so unforgiving? This module covers laytime: the clarity of NOR clauses and drafting a concise one; the procedure for tendering a valid NOR and the acceptance problems; when laytime commences, is interrupted, and is excluded; the application of the pumping warranty; the statement of facts, the laytime statement, and the calculation of demurrage; the principle of "once on demurrage, always on demurrage"; and the strict time bar in tanker demurrage claims.
Outcome
You can draft an NOR clause, determine when laytime runs, apply the pumping warranty, and calculate the demurrage due within the strict time bar. (Laytime)
Sub-units
Led by Aristotle Onassis Simulacrum
The question
How does Worldscale price a tanker voyage as a percentage of a published rate, and can you build a voyage estimate with it? This module covers the calculations: the structure and main features of Worldscale and its use in calculating freight; the owners' and disponent owners' cost base; producing a complete voyage estimate from given data; the variables affecting cargo intake (load line zones, freshwater allowances, draft limitation with TPI/TPCM); comparing alternative routes and voyages and voyage against time charter; and the calculation of a ballast bonus.
Outcome
You can use Worldscale to calculate freight, produce a voyage estimate, compute the cargo intake, and compare competing employments on a common basis. (Calculations)
Sub-units
Led by Lord Mansfield Simulacrum
The question
When a tanker fixture ends in dispute, how is it resolved — and why does the broker, not only the owner, carry P&I cover? 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 roles and procedures of the commercial courts, arbitration, and ADR; the importance of shipowners' P&I associations in cargo claims and the other sectors of owners' cover; the role of intermediaries' P&I associations and the cover offered to brokers and agents; and the importance of keeping full and proper records.
Outcome
You can identify the governing dispute clause and forum, the records that matter, and how owners' or intermediaries' P&I cover responds. (General — disputes and P&I)
Sub-units