A comprehensive programme covering the full breadth of the shipping and maritime industry — from the economics and legal framework of international sea transport through chartering, ship operations, ports, logistics, marine insurance, and shipping finance. Taught by simulacra of the shipowners, economists, lawyers, and operators who shaped the modern maritime world.
These three modules are taken once and count toward every diploma you pursue. They may be completed at any point — all three are required for the diploma certificate.
The first foundation course — mapping argument structure, identifying fallacies, testing claims against evidence with precision, and constructing the strongest version of a position before critiquing it.
What is the actual logical structure of this argument — not what it claims to be, but what it is? You will study how to map premises, conclusions, and the inferential steps between them (including hidden premises), distinguish deductive from inductive arguments, and identify formal and informal fallacies in real text.
Does the conclusion follow from the premises, and is your critique engaging with the argument at its strongest? You will study validity and soundness, the precision of claim (over-claiming, under-claiming, evidence fit), and the steelmanning practice — constructing the most defensible version of a position before attacking it.
The second foundation course — the paragraph as reasoning unit, CEA architecture, thesis construction and stress-testing, argument coherence, scope control, and the pre-submission review.
Is every sentence advancing the argument? You will study the CEA unit (Claim, Evidence, Analysis) as the fundamental architecture of academic writing, the paragraph as the smallest unit of argument, topic sentences as micro-theses, logical transitions, and the structural difference between an essay that describes a topic and one that argues a claim about it.
Does the argument on the page match the argument you intended? You will study thesis stress-testing (So what? Who disagrees? Is this demonstrable?), the section audit, scope control, academic register and voice, citation architecture, and the full pre-submission checklist.
The third foundation course — reading research papers for methodology and claims, stress-testing studies, verifying citations against the specific risk of AI hallucination, and using sources honestly.
Does the methodology support the claims? You will study how to read a research paper for method rather than content — identifying the research question and claims, the methodology type and its validity requirements, the gap between method and claims, common methodological limitations, the replication standard, and what statistical significance does and does not establish.
Is every citation verified, and is every source used honestly? You will study citation verification (including the specific risk of AI hallucinated citations and the verification procedure), source selection criteria, genuine paraphrase versus its imitations (mosaic plagiarism, patchwriting), and the attribution standard.
The foundation course of the maritime series, following the coverage of the Institute of Chartered Shipbrokers' Introduction to Shipping syllabus. Nine modules survey the whole commercial shipping industry — the geography of trade, why ships exist, what they carry and where, the vessels, the contracts and law of carriage, registration and classification, the practitioners, and basic accounting. Led by the Stopfordian Maritime Economics Simulacrum, with carriage law taught by Lord Mansfield, registration and classification by Samuel Plimsoll, and accounting by Penelope Smythe-Bottomley.
Where is the cargo, and where does it need to go? This module lays out the commercial geography that underlies all sea trade: the major economic regions and why goods originate in some and are consumed in others; what actually makes a port major; the canals and chokepoints — Suez, Panama, Malacca, Hormuz — and what happens to routes and freight rates when one closes; the oceans and the tides, currents, winds, and weather that shape a voyage; and the basics of latitude, longitude, and the Mercator projection by which the round world is fixed on a flat chart.
Why does shipping exist at all, and why does it behave the way it does? This module gives you the one idea the rest of maritime economics is built on. You work through absolute versus comparative advantage — why a country imports even what it could make itself — and then the central concept of derived demand: the demand for shipping comes entirely from the demand for the cargo carried, never from the ship itself. From that single fact follow the volatility and the cycles that make this industry what it is.
What are the great trades of the world, and what divides them? You start with the fundamental split between the liner — fixed schedule, fixed route, many shippers — and the tramp, which goes wherever a single cargo calls it. You learn unitised versus break-bulk handling, the principal dry bulk trades (iron ore, coal, grain, bauxite) and their routes, and the liquid trades — crude oil distinguished from products, and the wider families of clean, dirty, chemical, gas, and vegetable-oil cargoes.
Why does each cargo get the ship it gets? This module treats ship types not as a list to memorise but as physical answers to the demands of particular cargoes. You cover the bulk carrier and its dry size classes (Handysize, Panamax, Capesize — named after the canals and capes that define them); the tanker family from Aframax to VLCC, plus product, chemical, and gas carriers; the container ship and TEU; and the principal specialised vessels. You are expected to illustrate answers with simple sketches.
What contract governs a given cargo, and what is each piece of paper in law? Taught by Lord Mansfield, this module fixes the distinction the student must never blur: the charterparty — hiring a ship, in voyage or time form, with their different elements and cost allocation — used in the tramp and tanker trades; and the bill of lading of the liner trade, with its three functions you must be able to recite — receipt, evidence of contract, and document of title. You also learn which document prevails where both exist, and the core vocabulary of carriage.
When goods arrive damaged, or do not arrive, who bears the loss and within what limits? Lord Mansfield takes you through the carrier's duty of care, the difference between contractual and tortious liability, and how international conventions come to govern carriage. You learn to place the major liability regimes — Hague/Hague-Visby, Hamburg, Rotterdam — their shared requirement of a seaworthy ship and their limits on carrier liability; the consequence of the bill of lading as a document of title for delivery; and the roles of marine insurance and the P&I clubs.
Who vouches for a ship, and whose law does she carry? Taught by Samuel Plimsoll, this module sets out the apparatus that makes a ship fit and accountable: registration and the flag state; the difference between a national register, an open register, and a flag of convenience, with the arguments for and against; port state control as the backstop when flag-state enforcement is weak; and the classification societies that set the technical standards, survey the ship, and issue the class certificate without which she cannot be insured or traded.
In any shipping deal, who carries the risk and who works for a commission? This module organises the whole cast around one distinction — principal versus intermediary. The principals act on their own account: shipowner, charterer, shipper, and the non-vessel-operating carrier. The intermediaries act for a fee: the chartering and sale-and-purchase brokers, the port agent and the liner agent and the difference between them, the ship manager, and the freight forwarder. You also learn that any intermediary function may be an independent firm or an in-house department.
Can you tell whether a shipping business is making money — and whether it is about to run out of it? You do not need to be an accountant, but you must be able to read the accounts. This module covers the fundamentals of bookkeeping and double-entry, what a profit and loss account and a balance sheet show, and the core terms you must not confuse — revenue, cost, profit, capital, cash flow, interest. Its central lesson is that a profitable business can still fail for want of cash. You finish with business entities and limited liability.
The economics paper of the maritime series, following the coverage of the Institute of Chartered Shipbrokers' Economics of Sea Transport and International Trade syllabus. Ten modules build maritime economics from first principles — the economist's toolkit, the demand for and supply of shipping, costs and economies of scale, the tramp, tanker, and liner markets, the economics of ports, shipping in world trade, and exchange rates and the balance of payments. Taught throughout by the Stopfordian Maritime Economics Simulacrum, with theory tied at every step to the empirical record.
What handful of ideas does every maritime economist carry, and how do they work in shipping? This module gives you the apparatus: the definitions of economics and maritime economics; the crucial distinction between the micro-economics of shipping and the macro-economic factors that move trade; factors of production, utility and price, and opportunity cost; the price mechanism linking demand, price, and quantity; and an awareness of the competitive models from perfect competition to monopoly.
Why is the demand for shipping so volatile, and why is distance, not just tonnage, the true measure of it? This module covers the demand side: how the demand for shipping arises from the demand for goods; GNP and GDP as measures of the activity that drives it; derived demand examined with rigour, and why it amplifies volatility; elasticity of demand and why freight demand is inelastic in the short run; and demand measured in tonne-miles and tonne-kilometres.
Why can't the industry simply make more ships when rates are high — and what does that sluggishness do to the market? This module covers the supply side: the factors setting supply (tonnage, number, fleet); the trends in world-fleet development through newbuildings and scrapping; the active fleet, surplus laid-up tonnage, and market segmentation; and short- and long-run supply, explaining why supply is inelastic in the short run but elastic over years.
Why did ships grow so enormous, and what stops them growing larger still? This module covers shipping costs and economies of scale: the conventional anatomy of shipping costs; why cost per tonne falls as ships grow, and the concept of optimal ship size; why the optimum is capped by ports, canals, and trade rather than by the cost curve alone; how flags and fiscal regimes affect cost; and whether the actual trend in ship size bears out the theory.
How does an owner survive in a market so competitive that no single player can move the price? This module covers the dry cargo tramp market: its structure and why it approximates perfect competition; the market demand structure; voyage estimating and breakeven analysis to find the minimum freight rate; and the cost structure of tramp ships and the lay-up decision — when an owner loses less money with the ship idle than trading.
Why does the tanker market answer to politics and the environment as much as to economics? This module covers the tanker market: its structure and the seaborne trade in crude and products; its competitive features — ownership imbalance, identical service, free entry and exit, segmented supply; its restless relationship with the dry market; the heavy weight of political and environmental factors; and recent fleet changes and the freight-market indices.
Why does the liner trade, for all its apparent market power, earn lower profits than the competitive sectors? This module covers the liner trade as an oligopoly: its characteristics and demand and the trends in ship types; price discrimination and the empirical paradox of low profitability; the link between profit maximisation and filling the ship; and the role and differences of conferences, alliances, and consortia under the pressure of international regulation.
Why is the time a ship spends in port an economic question as sharp as the freight rate itself? This module covers the economics of maritime infrastructure: the functions of ports, canals, and waterways; the relationship between efficiency and cost and the central importance of ship/port time; port investment criteria and cost and tariff structures; and the long-running debate over public versus private ownership of ports.
Why do nations trade at all, and what does the answer mean for the shipowner? This module sets shipping in the pattern of world trade: trade patterns and the statistics that measure them; inter-industry and intra-industry trade flows; absolute and comparative advantage and why comparative advantage drives trade; and the great policy argument of free trade against protectionism, with the role of the WTO and bodies such as the G8.
How can a currency movement turn a profitable year into a loss without a single freight rate changing? This module covers the monetary economics beneath shipping: how exchange rates are determined in free-floating and regulated markets; the effect of currency fluctuations on an industry that earns in dollars but spends in many currencies; the components of the balance of payments and where shipping appears in them; and the relationship between exchange rates and a country's external accounts.
The law paper of the maritime series, following the coverage of the Institute of Chartered Shipbrokers' Legal Principles in Shipping Business syllabus. Eleven modules build the legal foundations of shipping — common law and precedent, contract, tort, agency, the voyage and time charters, the bill of lading, the international conventions on carriage, dispute resolution and arbitration, the great safety conventions, and general average. Led by the Lord Mansfield Simulacrum, the judge who built English commercial and maritime law, with the public-law conventions taught by the Samuel Plimsoll Simulacrum.
Why is a contract between a Greek owner and a Japanese charterer written to be governed by English law — and how does that law actually think? This module gives you the instrument before you use it: why English law dominates world shipping, the nature of common law built case upon case, the doctrine of precedent that makes outcomes predictable, the difference between common law and the codified civil law of much of the world, and the structure of the civil and criminal courts and what "choice of forum" means.
When does a fixture become a binding contract, and what happens when it breaks? This module dissects the contract: the essential ingredients of offer, acceptance, consideration, and legality; the precise moment a contract comes into existence in the fast world of fixing ships; how a contract is broken, and the difference between a breach that ends it and one that merely sounds in damages; and how voidability, force majeure, and frustration can excuse or discharge performance.
When a wrong arises with no contract between the parties, where does the law turn? This module covers the law of tort and its shipping applications: the precise nature of a tort; negligence and the duty of care, contributory negligence, misrepresentation, and vicarious liability; the tort of conversion, with its central instance of delivering cargo to the wrong party; and defamation, including the difference between libel and slander.
How can a broker bind a principal he is contracting for — and when does he bind himself instead? This module covers the law of agency, the foundation of the broker's and port agent's existence: how an agency is created; the difference between general agency, specific agency, and agency of necessity; express and implied authority; the duties, rights, and remuneration of the agent; how the agent binds the principal to third parties; and the consequences for the agent of a breach of warranty of authority.
When has a ship "arrived," whose time is running, and who pays when the clock overruns? This module sets out the legal architecture of the voyage charter: how it differs from the contract of affreightment, the time charter, and the demise charter; the doctrine of the "arrived ship" and the law of laytime and demurrage; and the carrier's right to freight and the liens that secure it.
When a charterer hires the ship herself by the day, what happens if she is too slow, burns too much fuel, or cannot work at all? This module covers the time charter: how it allocates possession, employment, and cost differently from a voyage charter; speed-and-consumption undertakings and the disputes they generate; the doctrine of off-hire; final-voyage disputes; and the owner's right to hire and his remedies for non-payment, including withdrawal of the vessel.
How can one piece of paper be a receipt, the evidence of a contract, and a key that transfers ownership of goods at sea? This module examines the bill of lading as a legal instrument: its three functions stated with precision (and why it is evidence of the contract, not the contract itself); the principal customary clauses — identity of carrier, Himalaya, clause paramount; the difference between port-to-port, through, and combined-transport bills and the role of the waybill; and the negotiability and endorsement of the bill as a document of title under legislation such as COGSA 1992.
When a cargo is loaded under one nation's law and claimed under another's, what law governs the carrier's liability? This module covers the international framework for carriage of goods by sea: why it is needed; the distinction between private carriage under a charterparty and common carriage under a liner bill; and the rights, liabilities, exclusions, and limits under the Hague, Hague-Visby, and Hamburg Rules, the differences among them, the requirement of seaworthiness, and the multimodal-transport problem.
How long do you have to bring a claim, where should you bring it, and what can you actually recover? This module covers dispute resolution: statutes of limitation and time bars, and the difference between statutory or convention bars and contractual ones; the central role of arbitration and why shipping prefers it, including short-form arbitration and mediation and the main centres of London, New York, and Paris; arbitration weighed against litigation; and how losses are recovered in contract and against a tortfeasor.
What are the binding international rules on safety, pollution, and the competence of crews — and how do they come to bind a ship at all? Taught by Samuel Plimsoll, this module covers how international conventions are agreed, ratified, brought into force, and incorporated into national law; the impact of EU law; and the key elements and purposes of SOLAS (with the IMDG and ISM Codes), MARPOL, and STCW, together with Port State Control and the convention on the arrest of sea-going ships.
When cargo is thrown overboard to save a grounded ship, who pays for it? This module covers one of the oldest principles in maritime law: general average, the rule that a sacrifice made voluntarily and reasonably against a common peril must be shared by all the interests saved. You learn the nature of general average and the common peril that founds it, why the voluntary character of the sacrifice is essential and how it differs from accidental loss, and how ship, cargo, and freight contribute rateably to make good the loss.
The broad survey paper of the maritime series, following the coverage of the Institute of Chartered Shipbrokers' Shipping Business syllabus. Eleven modules cover the whole working business of shipping — the company as a business entity, the specialised broking sectors (dry cargo, tanker, sale and purchase), ship management, port and liner agency, the ethics of the trade, the geography of the principal cargoes, international trade and finance, business communication, and the great shipping organisations. Led by the Stopfordian Maritime Economics Simulacrum, with sector modules taught by Aristotle Onassis, Samuel Plimsoll, Malcolm McLean, and Penelope Smythe-Bottomley.
How is a shipping business constituted, financed, and regulated — and why is limited liability the invention that makes it all possible? This module covers the shipping company as a business entity: limited liability and the spectrum of company types; how companies are organised, financed, and what shareholders expect; the statutory rules that protect those who deal with them; vertical and horizontal integration; the choice between incorporation and trading as a sole trader or partnership; and the principles of ISO 9001 quality assurance.
How did a single word — "shipbroker" — come to cover a dozen specialised trades, and how is a charter actually fixed? This module covers the division of shipbroking and the dry cargo chartering market: the five-question frame you apply to every role; the positions of charterer, owner, and broker; exclusive and competitive appointments and intermediate brokers; the chartering market and its centres and the role of the Baltic Exchange; how a fixture is negotiated; and brokerage based on the owner's earnings.
How does the tanker market — with its oil majors, traders, and Worldscale pricing — differ from dry cargo, and how are ships themselves bought, sold, and scrapped? Taught by Aristotle Onassis, this module covers tanker chartering and ship sale and purchase: the restricted players and the compartmentalisation by commodity; how Worldscale operates and why; the distinctive tanker charter forms; and the roles of buyers, sellers, brokers, and valuers across the secondhand, newbuilding, and demolition markets.
Why would an owner pay someone else to crew, maintain, and operate his ships — and how is that bargain structured? Taught by Samuel Plimsoll, this module covers ship operations and management: the role of in-house and independent management; why an owner may prefer independent managers; the structure of a management company and how its functions are incorporated in a management contract; the trend to externalise crewing; and standard forms such as SHIPMAN.
Who makes the cargo chain work in every port — and how do the agents who serve the ship differ from the forwarders who serve the cargo? Taught by Malcolm McLean, inventor of the container, this module covers agency and forwarding: how a port agent is appointed and the scope and limits of the agent's authority; time counting, the notice of readiness, the statement of facts, and the disbursement account; liner agency and its marketing and documentation duties; and freight forwarders as agents, contractors, or NVOCs within the multimodal logistics chain.
When a ship worth millions is fixed on a spoken word, what holds the business together — and what frauds prey on that trust? This module covers the ethics of shipping business: why mutual trust is imperative and what *our word, our bond* means; the principal frauds — forged bills of lading, falsified certificates, false cargo declarations, letter-of-credit and insurance fraud, misdirected freight, misdelivery; why backdating a bill of lading and giving a letter of indemnity for a clean bill are frauds; and the importance of knowing the *bona fides* of one's counterparties.
Where do the world's primary cargoes come from, what carries them, and what are the hazards of the route and the season? Keep an atlas to hand. This module covers the geography of trade: the routes, ship types, and principal ports for the five primary raw materials — coal, ores, grains, fertilisers, oil — and general cargo, with their characteristic hazards; the factors determining transport mode (palletisation, unitisation, containerisation, refrigeration, multimodal) and the shoreside infrastructure required; and the seasons of storms and ice and the rationale of the loadline zones.
Behind every cargo is a cross-border sale that decides who pays the freight, who insures the goods, and when ownership passes — so how do you read it? This module covers international trade and the documents that carry it: Incoterms and how obligations, risk, and title pass under terms such as FOB and CIF; the bill of lading in trade and the bill types and waybill; methods of payment including cash and bills of exchange; the regulation of imports and exports; and the proper handling of freight and other funds.
How can a buyer and seller who have never met, in countries that may not trust each other, trade with confidence — and how do you stop a profit being eaten by a currency swing? Taught by Penelope Smythe-Bottomley, this module covers the financial machinery of trade: the documentary letter of credit and how it gives both parties security; how a credit is established and operates, and the ICC Uniform Customs and Practice; and the basics of foreign currency transactions, currency hedging, and freight hedging.
This business runs on fast, precise communication — so can you say exactly what you mean, in the right form, to the right person? This module covers business communication: the expectation of clear, correct English as the working language of shipping; the principal forms — report, letter, memorandum, email — and drafting in them appropriately; the media sources practitioners use to follow the market; and the place of computers, email, and the internet in the trade.
Who are the bodies behind the trade — and why must you never confuse the Baltic Exchange with BIMCO, or Lloyd's Register with the Corporation of Lloyd's? This module covers the great shipping organisations and, for each, its origins, aims, nature, membership, and achievements: the owners' bodies (Intercargo, Intertanko, BIMCO, the International Chamber of Shipping); the broker and agent bodies (the Institute of Chartered Shipbrokers, the Baltic Exchange, FONASBA, FIATA); the UN agencies (IMO, UNCTAD); the chambers (ICC, IMB); the Corporation of Lloyd's; the classification body IACS; and the labour bodies (ITF, ISF).
The logistics and multimodal transport specialism of the maritime series, following the coverage of the Institute of Chartered Shipbrokers' Logistics and Multimodal Transport syllabus. Eleven modules lift the practitioner's view from the single ship to the whole supply chain — international distribution, vehicles and terminals, trade routes and the modes, the practitioners, through-transport pricing, inventory and supply-chain management, sale contracts and documentation, bills of lading, the transport conventions, regulation and trade areas, and sales, marketing, and e-commerce. Led by the Malcolm McLean Simulacrum, with pricing, inventory, and marketing taught by Penelope Smythe-Bottomley and the legal and convention modules by Lord Mansfield.
What turns a series of separate trips into a supply chain, and how did the container remake the global economy? Taught by Malcolm McLean, who invented intermodal transport, this module covers the foundations: the importance of distribution and the meaning and role of logistics; the evolution of the global economy from unitisation and intermodalism; the supply-chain concept and how transport modes are combined; the importance of modal interfaces and the function of ports, airports, depots, and railheads; the basic intermodal systems (road/rail/sea, sea/air, road/air, road/rail); and the importance of inventory control.
Through transport runs on ships, trucks, trains, and aircraft joined by clever transfer equipment — so do you know the hardware and where it all meets? Taught by Malcolm McLean, this module covers the physical operation: the characteristics of the main primary vehicles (ships, trucks, trains, aircraft); the special equipment that enhances through transport (swapbodies, double-stacks, trailer types, container types); and the structural needs and layout of modal interfaces and terminals — depots, warehouses, and cargo-handling equipment.
Why does a cargo of microchips fly while coal sails — and how do value and urgency decide the road goods take? Taught by Malcolm McLean, this module covers the trade routes and modal competition: the main trade routes, container routes, railway routes, and land bridges; the relationship between commodities, value, transit time, and mode; the factors in road/rail/barge competition and the role of shortsea shipping; the role and limits of airfreight and road haulage (international, trunk, local); and how specialist businesses (hanging garments, bonded goods, perishables, cars, directories) tailor their logistics.
The multimodal world is crowded with operators whose roles increasingly overlap — so who are they, and how are they structured? Taught by Malcolm McLean, this module covers the practitioners: the types of operator (liner operators, NVOCs, freight contractors and forwarders, parcel/courier services, railways, international road haulage, airlines) and their service structures; the growing overlap and competition among them; and the advantages and disadvantages of public versus private ownership, single company versus networks, joint services versus alliances, and internal provision versus outsourcing.
When sea, road, rail, and air all compete for the same cargo, how is a through price built and set to win it? Taught by Penelope Smythe-Bottomley, this module covers through-transport pricing: the nature of price competition between modes and the price measurements (tonne-kilometre, cost/transit-time benefit); the relationship between price and demand and the importance of revenue and cash flow; the pricing strategies (contribution-led, volume-led); the calculation of a through price from its components and price transparency; price discrimination; and distribution and carrier service contracts.
Stock sitting in a warehouse is money tied up — so how does fast, reliable transport replace held inventory? Taught by Penelope Smythe-Bottomley, this module covers inventory and supply-chain management: the meaning and importance of inventory management and cost control; just-in-time delivery and its advantages and disadvantages versus warehoused stock; the role of supply-chain management in optimising inventory; consolidation and distribution centres and central warehousing versus direct retail delivery; and how distribution networks are established and used.
The contract of sale decides who arranges the transport and who bears the risk — so how do payment terms and Incoterms govern the carriage? Taught by Lord Mansfield, this module covers the sale contract: the methods of payment in the sale of goods; the impact of documentary credits and the ICC Uniform Customs and Practice on transport documentation; and the different types of sale contract, including Incoterms and how they allocate carriage, insurance, risk, and cost between buyer and seller.
In through transport the bill of lading is paramount — but how does it differ from a waybill or consignment note, and why does that decide how cargo is handed over? Taught by Lord Mansfield, this module covers bills of lading and documents: the paramount importance and functions of the bill and the effect of COGSA 1992; clean and claused bills, and letters of indemnity and the avoidance of fraud; the bill types (ocean, through, combined transport) and major clauses (Clause Paramount, Himalaya, identity of carrier, protection); endorsements; the difference between bills of lading, waybills, and consignment notes and their effect on cargo handover; and the other transport documents.
Each leg of a multimodal journey may fall under a different body of law — so which convention governs the sea, the road, the rail, the air? Taught by Lord Mansfield, this module covers the conventions: the practical impact of the Hague, Hague-Visby, Hamburg, and Rotterdam Rules and their differences; the combined-transport rules (UNCTAD/ICC); the surface rules (CMR, CIM, TIR) and the Warsaw Convention and Hague Protocol for air; the IMO/IMDG regulations and class structure for dangerous and polluting cargoes; the ADR for dangerous goods by road; and the conventions for dangerous goods by air.
Goods crossing borders meet a thicket of customs, health, and licensing controls — so how are they imposed, and how do trade blocs lower them? Taught by Lord Mansfield, this module covers regulation: the impact of national and international regulations (licensing, customs, health, veterinary, other restrictions) and how they are imposed and enforced, with examples; port community computer information systems; the concept of customs unions, free-trade areas, and the role of the WTO; and statutory competition control including the Federal Maritime Commission and the EU Competition Directorate.
A logistics operation must win and keep customers — and today the decisive edge is letting them see and track their supply chain. Taught by Penelope Smythe-Bottomley, this module covers sales, marketing, and e-commerce: the difference between marketing and sales and the importance of both; market research and marketing techniques; the sales systems and the role of field sales and call centres; how customer service levels are measured and quality management (ISO 9000, TQM, benchmarking); and the central role of e-commerce in meeting customers' needs for supply-chain information and transparency.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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).
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
The liner trades specialism of the maritime series, following the coverage of the Institute of Chartered Shipbrokers' Liner Trades syllabus. Twelve modules take the practitioner into scheduled, containerised, intermodal liner shipping — the nature of liner services, the fleet, terminals and cargo handling, running a liner company, containerisation and intermodalism, alliances and conferences, bills of lading, tariffs and pricing, import/export finance, the law of the liner trades, ship and port security, and the business of liner shipping. Led by the Samuel Cunard Simulacrum, with the container and terminal modules taught by Malcolm McLean, the legal modules by Lord Mansfield, and pricing and finance by Penelope Smythe-Bottomley.
What turns a ship into a liner — and how does that differ from a tramp? Taught by Samuel Cunard, who founded the first scheduled line, this module covers the principles of the liner trades: the characteristics of liner services and their differences from tramp services; the main world trade routes, their commodities, vessels, and ports, and the east/west versus north/south distinction; the service options (RTW, pendulum, hub-and-spoke, end-to-end, feeder, coastal); the businesses involved (owners, operators, NVOCCs, forwarders); and the trade organisations and regulatory bodies.
Can you tell a cellular giant from a feeder, and reckon a ship's capacity in TEU? This module covers the liner fleet: the types and sizes of container ships (cellular, non-cellular, post-Panamax, hatchless, feeders, eco-ships); the ro-ro types and other liner vessels (reefers, multipurpose, tweendeck); the measurement terminology (NT, GT, DWAT, DWCC, displacement, bale and grain cubic, lane metres, and TEU); and the on-board cargo-handling equipment, ro-ro access, and hold layouts.
The box changed the port more than the ship — so how is liner cargo handled, stowed, and moved through a terminal? Taught by Malcolm McLean, inventor of the container, this module covers terminals and cargo handling: the commodities handled by liners and their methods of carriage (containerised, palletised, heavy-lift, out-of-gauge, LCL break-bulk); the issues in loading containers (stowage factors, packing, weight limits) and how stowage is planned; the IMO/IMDG regulations and class structure for dangerous goods; and port and terminal operations, layout, and the difference between hub/transhipment and local/regional ports.
A liner company is a network business — so how is it structured, and how does it work with agencies in every port? Taught by Samuel Cunard, this module covers liner organisation and management: the management structure and functional activities (technical, operations, sales/marketing, commercial); the choice between in-house and independent agencies and their advantages and disadvantages; the FONASBA Standard Liner and General Agency Agreement; and the functions performed by a liner agency.
How did a steel box unlock the seamless movement of goods from factory to door across ship, rail, and road? Taught by Malcolm McLean, who invented it, this module covers containerisation and intermodalism: the concept and its development into intermodalism; the container types and their dimensions and purpose; the terminology (FCL, LCL, house-to-house, port-to-port); the inland network of depots (ICDs), feeder services, and haulage, with the carrier/merchant haulage distinction; and container management — fleet size, owning versus leasing, maintenance, tracking, interchange, and the grey-box concept.
Why do liner companies band together, and where is the line between efficient co-operation and unlawful cartel? This module covers the forms of co-operation: the rationale for alliances, consortia, and joint service agreements and their similarities and differences; the role and evolution of conferences; and the statutory control and regulation of liner co-operation, including the US Federal Maritime Commission and the European Competition Directorate.
In the liner trade the bill of lading is paramount — so do you know its functions, its clauses, and the conventions that govern it? Taught by Lord Mansfield, this module covers bills of lading and documents: the paramount importance and functions of the bill and the effect of legislation like COGSA; the impact and differences of the Hague, Hague-Visby, Hamburg, and Rotterdam Rules; clean and claused bills, and letters of indemnity and the avoidance of fraud; the bill types (ocean, through, combined transport, waybill) and major clauses (Clause Paramount, Himalaya, identity of carrier, protection); the other trade documents; and the role of IT and e-commerce.
A ship sails full or empty — so how does a line price its service to fill her at the best yield? Taught by Penelope Smythe-Bottomley, this module covers tariff construction and pricing: yield management to set prices and select cargo; how strategies of contribution, revenue, or market-share maximisation and the pricing of dominant/non-dominant legs and container imbalances influence pricing; tariff structures (commodity versus FAK, weight/volume versus container rates); the adjustment factors (CAF, BAF, war-risk and congestion surcharges); and the charges other than sea freight (terminal handling, LCL, container demurrage).
Behind every container is a cross-border sale that must be paid for across risk and distance — so how is it financed? Taught by Penelope Smythe-Bottomley, this module covers the financial aspects of import and export: the methods of payment in the international sale of goods; the impact of documentary credits and the ICC Uniform Customs and Practice on shipping documentation; and the different types of sale contract, including Incoterms and how they allocate carriage, insurance, risk, and cost.
When liner cargo is lost or damaged, how does a claim proceed, how is liability limited, and what is the agent's exposure? Taught by Lord Mansfield, this module covers the law of the liner trades: carriers' and merchants' responsibilities and limitations of liability; the cargo-claim procedure and the noting of protest; the carrier's insurance (hull and machinery, P&I) and the basic principles and documentation of general average; and the liner agent's liabilities, authority, breach of warranty of authority, and fiduciary duty.
The container that made trade efficient also made it a target — so how are ships and ports secured? Taught by Malcolm McLean, this module covers ship and port security: the need for security in the high-volume container trade, and the operation of the International Ship and Port Facility Security (ISPS) Code — its requirements for ships and port facilities, security assessments, plans, officers, and levels.
As a business of great companies and vast fleets, how does a liner operator read its market, plan its fleet, and compete? Taught by Samuel Cunard, this module covers the business of liner shipping: the main operators, their ownership, and development; the drivers of demand, the development of the global fleet, and the importance of the supply-and-demand balance; how lines plan their fleet and networks (owning versus chartering, newbuildings, cascading); and the main costs, the fixed/variable distinction, and how lines compete effectively.
The ship sale and purchase specialism of the maritime series, following the coverage of the Institute of Chartered Shipbrokers' Ship Sale & Purchase syllabus. Eleven modules take the practitioner into the trade of buying, selling, and scrapping ships — the ship as a product, measurement and light displacement, shipyard and demolition geography, registration and classification, the parties to a sale, the newbuilding/secondhand/demolition markets, the Norwegian Saleform, negotiation, finance, valuations, and the legal position of the broker. Led by the Aristotle Onassis Simulacrum, with the legal modules taught by Lord Mansfield and the finance and valuation modules by Penelope Smythe-Bottomley.
How well must an S&P broker know ships — enough to talk to a buyer as one professional to another, and to describe accurately what he is selling? This module covers the ship as a product: the level of construction knowledge the broker needs; the differences among dry bulk ships, liners, and tankers, with detailed sketches; the tanker categories and bulk-carrier size ranges; the design of decks, holds, hatches, and cargo gear and the importance of ballast and ballast water treatment systems; propulsion and other machinery; and the trends in ship development driven by legislation and convention.
Numbers describe a ship — but which number rules the scrapyard, and why? This module covers ship measurement: the full terminology (light displacement, GT, NT, DWAT, TEU, moulded depth, LOA, LBP, draft, air draft, bale and grain cube) and the other describing dimensions; the crucial importance of light displacement tonnage in sales for demolition, since the breaker buys the steel; and what a general arrangement plan shows a buyer.
Where are ships built, where are they broken, and how do the trades shape what tonnage a buyer wants? This module covers the geography of S&P: the location of the main shipbuilding areas and the capabilities and specialisation of the major yards; the location of the major demolition buyers; and how cargoes, trade routes, and meteorological phenomena influence the types and sizes of ships employed, and so the demand that drives the market.
When a ship is sold, what happens to her flag and her class — and why does the buyer care so much? Taught by Lord Mansfield, this module covers registration and classification: the need for registration and the differences among national-flag, offshore, flag-of-convenience, and open-register registration, with the advantages and disadvantages of each; how the broker becomes involved in changing registration at delivery; the need for classification and what it entails; the role of the societies and the standing of IACS membership; and the importance of class historical records and the broker's role in arranging their inspection.
Does an entrepreneur selling his only ship negotiate like a conglomerate disposing of a division — and who else is in the room? This module covers the parties: the types of shipowner among buyers and sellers (entrepreneur, limited company, conglomerate division, investment group, shipping pool) and how their negotiating attitudes differ; the other players (brokers, breakers, charterers, financiers); the completion professionals (lawyers, notaries, consuls, registrars, class representatives); and the structure of an S&P office and the importance of record-keeping.
Why are there three markets in ships, not one, and how does the freight market drive what a ship is worth? This module covers the markets: the differences and interrelationships among newbuilding, secondhand, and demolition and how the information each requires differs; the factors influencing the S&P market generally and each market particularly; how the chartering market directly drives the secondhand market and indirectly the demolition market, while the world economy drives the newbuilding market; the influence of external factors; and the skill of preparing and interpreting market reports.
What is the contract that sells a ship, and can you work through the Norwegian Saleform clause by clause? Taught by Lord Mansfield, this module covers the contract and documentation: the anatomy of a sale agreement and the differences for newbuilding, secondhand, and scrap; the standard Memorandums of Agreement and the Norwegian Saleform (1993 and 2012 versions); the intention of its clauses and the crucial clause numbers; the pre-purchase and underwater inspection clauses and their timing; compiling additional clauses; and the documentation required to complete the legal transfer.
How is a ship sale negotiated through offer and counteroffer — and why can a buyer walk away after inspection without giving any reason? This module covers the negotiation: firm offer and counteroffer and the custom of each party's broker, and the importance of time limits; drafting an opening offer with any specially compiled clauses; the recapitulation and the subjects, especially "subject inspection," and how they are lifted; the compiling of ship's particulars on a "believed to be correct but not guaranteed" basis; and the etiquette and ethics customary among S&P brokers.
A ship costs tens of millions — so how does a buyer raise the money, and what secures the loan? Taught by Penelope Smythe-Bottomley, this module covers finance: the ways a buyer raises funds and the sources and information financiers require; the role and function of a mortgage as security for a purchase loan; leasing and bareboat chartering as alternative methods of acquiring tonnage; and the effect of interest rates, foreign currency, and currency fluctuation on raising and servicing finance.
What is a ship worth, who needs to know, and how is the answer reached without ever stepping aboard? Taught by Penelope Smythe-Bottomley, this module covers valuations: the duties of a valuer and the reasons for valuations and the bodies requiring them; the legal liabilities upon and protection needed by valuers, and how a valuation is presented with appropriate caveats; and the information on which a valuation is based and the method of assessing value — including the important point that it does not involve physically surveying the vessel.
What does the law require of the S&P broker, and what does "free of encumbrances and maritime liens" actually promise a buyer? Taught by Lord Mansfield, this module covers the broker's legal position and dispute resolution: acting under the specific authority of the principal and breach of warranty of authority, with and without negligence; what "free of all encumbrances and maritime liens" implies; the importance of a valid notice of readiness and the cancelling date; the principal areas of dispute on delivery; the broker's right to commission and its protection; and resolving disputes by arbitration, litigation, and mediation.
The ship operations and management specialism of the maritime series, following the coverage of the Institute of Chartered Shipbrokers' Ship Operations and Management syllabus. Twelve modules take the practitioner inside the running of ships — the management functions, ship types and cargoes, flag, class and the ISM Code, costs and operational accounting, crewing, marine insurance, running the voyage, bunker management, voyage estimating, and the law of ship management. Led by the Samuel Plimsoll Simulacrum, with marine insurance taught by Edward Lloyd, costs and estimating by Penelope Smythe-Bottomley, and the law module by Lord Mansfield.
A ship is a business run every hour of every day — so what are the functions that keep her running, and who performs them? This module covers the functions of ship management: the seven key functions (commercial, operational, technical, crewing, bunkers, finance, administration) and the responsibilities in each; the organisation structures from all-in-house through part-contracted to fully contracted-out; and the structure and essential components of a ship management contract, with the standard BIMCO SHIPMAN form.
Can you sketch every ship type from a tweendecker to a VLCC, and read what she can carry from her plans? This module covers ship types from the operator's view: the basics of design and construction and the suitability of types for cargoes and trades; the principal dry-trade and wet-trade ship types with sketches and dimensions; ship-borne cargo-handling gear; the full measurement terminology (displacement, DWAT, DWCC, GT, NT, LOA, LBP, moulded depth, draught, air draught, bale and grain cube, TEU, lane metres); and the reading of capacity, general arrangement, deadweight-scale, and stowage plans.
What does each major cargo demand of the ship that carries it, and how is its condition on delivery proved? This module covers the cargoes from the operator's view: the characteristics of the major world cargoes (ores, oil, grain, steel, coal, containerised cargo, fertilisers) and their market importance; stowage factors, stability, compatibility, cleanliness, and segregation; the purpose and basic headings of the IMDG Code for dangerous goods; and cargo outturn and the role of outturn reports, tallying, sampling, and damage surveys in settling claims.
What makes a ship lawful and safe to operate — her flag, her class, her certificates, and the safety system the ISM Code requires? Taught by Samuel Plimsoll, this module covers the regulatory heart of operations: the choice of vessel nationality (national flag, open and international registries, flags of convenience) and its cost impact; classification societies, register entries, class maintenance, and the survey types; SOLAS and loadline certification; the basic requirements and audits of the ISM Code; the commercial surveys (on/off-hire, pre-loading, draught, bunkers); and safety, risk, and environmental management under MARPOL and US OPA.
Costs fall into three quite different families — so can you tell a fixed cost from a daily operating cost from a voyage cost, and why does it matter? Taught by Penelope Smythe-Bottomley, this module covers the cost structure: fixed costs (return on capital, amortisation, debt servicing); daily operating costs (crew, victualling, stores, lubricants, insurance, P&I calls, repair and maintenance, drydocking, communication); voyage-related costs (bunkers, port costs, canal dues, loading and discharging); and the importance of preparing and monitoring budgets and presenting financial results.
Money must come in and go out correctly and on time, or the best-run ship loses what she earns — so how is the daily financial housekeeping done? Taught by Penelope Smythe-Bottomley, this module covers operational accounting: the critical importance of freight and hire collection and acting on late payment; port disbursements and the agent's role, including estimated disbursement accounts and advance funds; the calculation and settlement of demurrage and despatch claims; and the monitoring of dealings with the many contractors and subcontractors a ship engages.
The crew is the ship — so how does the manager balance safety, certification, and cost in manning her? Taught by Samuel Plimsoll, this module covers crewing: crew management and the role of the master; the elements of crew cost (basic wages, overtime, allowances, leave, social costs); the relationship between flag, crew nationality, manning levels, and recruitment; the advantages and disadvantages of crewing agencies; and the STCW regulations and the role and potential intervention of the ILO and ITF, including on non-national-flagged vessels.
When does Hull and Machinery cover respond, when do the P&I clubs, and what are general average and salvage? Taught by Edward Lloyd, whose coffee house founded the marine market, this module covers marine insurance: the difference between H&M and P&I; H&M markets, Institute warranties and Time Clauses, additional cover, and Total Loss and Constructive Total Loss; the P&I mutual associations, calls and supplementary calls, and the cover they provide; general average and when and why to declare it, and average adjusters; the limitation conventions; salvage and Lloyd's Open Form; and the handling of cargo claims.
Once the ship sails, how does the operator run her voyage — commercial and technical departments in concert, instructions clear, performance watched, routing planned? Taught by Samuel Plimsoll, this module covers vessel operations: the interactive roles of the commercial operations and technical departments; the importance of complete voyage instructions; the monitoring of loading and discharging via the notice of readiness, statement of facts, and timesheets; contractual compliance including speed and performance; the repair, maintenance, storing, and drydocking programmes; and vessel routing in light of geography, meteorology, loadline zones, canals, and waterways.
Fuel is the single largest voyage cost — so how does the operator get the right fuel, of the right quality and quantity, at the right port? Taught by Samuel Plimsoll, this module covers bunker management: the types of bunker fuel and their characteristics and the importance of quality and quantity measurements, sampling, and testing; the precautions to avoid environmental problems; the key players in the bunker market; bunker contracts and standard forms such as FuelCon; and the location of the main bunker ports.
Before a ship is committed, can you estimate what a voyage will earn and cost, and compare one employment against another? Taught by Penelope Smythe-Bottomley, this module covers voyage estimating: its importance in ship operating and the mechanics of an estimate including daily operating costs and route calculation; the effect of loadline and stability on maximising cargo lift; the planning of bunker ports against both bunker cost and cargo maximisation; and drafting simple voyage estimates from data, including comparisons of different employment, alternative routes, and voyage versus time charter.
The independent ship manager stands in a web of legal relationships — so what is his exposure to owner, cargo, and third parties, and what happens when a ship is arrested? Taught by Lord Mansfield, this module covers the law of ship management: the legal relationship between owner and independent manager and the manager's relationship to cargo interests and third parties; the manager's role in handling cargo claims; the effect of arrest in rem, freezing orders, and late hire payment; and the shipowner's responsibility for cargo carried under a time charter.
The offshore support industry specialism of the maritime series, following the coverage of the Institute of Chartered Shipbrokers' Offshore Support Industry syllabus. Ten modules take the practitioner into the world of the offshore support vessel serving the oil and gas industry — the vessels, the oil and gas business, world regional markets, the chartering market, workscopes, offshore construction, contracts and the knock-for-knock principle, HSE and security, OSV management and operations, and the forces changing the industry. Led by the Aristotle Onassis Simulacrum, with the operational and technical modules taught by Samuel Plimsoll and the contracts module by Lord Mansfield.
The offshore fleet is built not to carry cargo port to port but to work alongside rigs in the open sea — so where did it come from, and what are its types? Taught by Samuel Plimsoll, this module covers the vessels: the origins of and influences on offshore vessel design and the relevance of differing geographic requirements; the vessel types and their differing characteristics, equipment, and evolution, and the effect of environmental issues; and the fleet profiles, the global distribution of the industry, and the development of specialist design and construction skills.
The support fleet exists to serve the offshore oil and gas business — so what is the work it supports, from exploration to decommissioning? Taught by Aristotle Onassis, this module covers the oil and gas business: exploration and drilling and the drilling units (jack-up rigs, semi-submersibles, drillships, tender rigs); construction (platforms, pipelines, umbilicals, wellheads, risers, moorings); production and the platforms and units (fixed and floating, FPSOs, FSUs, offtake buoys, shuttle tankers); and maintenance and decommissioning.
The offshore world is many markets, not one — so how do the North Sea, the Gulf, West Africa, and the rest differ in conditions and rules? Taught by Aristotle Onassis, this module covers the regional markets: the breakdown of the regional markets, their geographic coverage, the relevance of vessel types and numbers, and the effects of remote locations; the regulatory regimes and the cabotage and crewing aspects; and the geographic influences and the political and environmental issues that distinguish each province.
Offshore demand rises and falls with the oil price and the rig count — so how is the chartering market structured, and who are its principals? Taught by Aristotle Onassis, this module covers the chartering market: the supply and demand factors (fiscal, political, and other influences, sub-letting); the spot and term markets, their relevance, optimal use, and differing practices; the role of the broker and the legal, tactical, and ethical aspects across the markets (chartering, sale and purchase, newbuilding, bareboat, lease purchase, scrapping); and the types of charterer, owner, contractor, and logistics company as principals.
An offshore vessel is fixed to a defined job — so what are the workscopes, from anchor-handling to diving support to heavy lift? Taught by Samuel Plimsoll, this module covers the workscopes: the runs and scope of work, the vessel capabilities and systems, and the IMO requirements; the cargoes and the differing work roles (pipe-carrying, anchor-handling, towage and salvage, support, standby, survey, subsea, diving and ROV support, heavy lift, rig moves); and marine logistics.
Building an offshore field is a feat of engineering with the support fleet at its heart — so how are pipelines, platforms, and subsea infrastructure installed? Taught by Samuel Plimsoll, this module covers offshore construction: pipeline and cable installations (rigid and flexible pipe, risers, umbilicals); accommodation units; platform installation (heavy-lift derrick barges and other types); FPSO installations and mooring systems (suction anchors, subsea manifolds and templates); wellhead installations and subsea infrastructure; and alongside mooring, dynamic positioning (DP), mooring systems, and gangway connections.
The offshore industry has a contractual culture all its own — so what is the knock-for-knock principle, and why does it govern every offshore contract? Taught by Lord Mansfield, this module covers contracts and commercial aspects: the contract features (maintenance days, termination provisions, substitute vessels, liquidated damages, sub-letting, profit-share mechanisms); the knock-for-knock principle, by which each party bears its own losses and indemnifies the other regardless of fault, and why the industry adopts it; the indemnities and hold-harmless agreements that give it effect; and the industry charter forms available (such as the SUPPLYTIME family), their differences, and the other contracts used.
Nowhere in shipping is health, safety, and the environment taken more seriously than offshore — so what is the HSE regime, and how are vessels audited? Taught by Samuel Plimsoll, this module covers HSE and security: the HSE environment and safety management; the legislative requirements, compliance procedures, and security issues and requirements; the categories and characteristics of hazardous cargoes; and vessel audits in the industry-standard format, surveys, and incident reporting.
Running an offshore support vessel is a specialised craft — so do you understand her propulsion, anchor-handling, and cargo systems, and the handling of her dangerous cargoes? Taught by Samuel Plimsoll, this module covers OSV management and operations: the nature of OSV management; the propulsion, anchor-handling, and cargo-handling systems; the stowage of dry and liquid bulk products, tank cleaning, deck cargoes, and the special handling of hazardous cargoes; and the technical developments, vessel improvements, and environmental changes shaping the OSV.
No corner of shipping changes faster — so what forces drive the offshore industry, and can you speak its language? Taught by Aristotle Onassis, this module covers the general and forward-looking material: the factors for change (technology, vessel size and design, environmental effects and legislation); the taxation, crewing and experience levels, and insurance factors; and the offshore industry's terms and abbreviations (such as AHTS, PSV, DP, FPSO) that the practitioner must command to work in the field.
The port agency specialism of the maritime series, following the coverage of the Institute of Chartered Shipbrokers' Port Agency syllabus. Ten modules take the practitioner into the work of the ship's agent in port — the ships and cargoes, registration and surveys, port agency operations, ship documentation and clearance, the charterparties, port working documents and demurrage, cargo documentation and bills of lading, the legal position of the agent, and the disbursement accounts. Led by the Penelope Smythe-Bottomley Simulacrum, with the technical modules taught by Samuel Plimsoll and the legal modules by Lord Mansfield.
The agent attends every kind of ship — so can you tell a bulker from a combination carrier and read her particulars? Taught by Samuel Plimsoll, this module covers the ship types: the differences among dry bulk ships, general-purpose ships, liners, and tankers (including ore/oil and ore/bulk/oil carriers), with sketches; the tanker categories and bulk-carrier size ranges; the design of decks, holds, hatches, and cargo gear and ballast systems; the measurement terminology (NT, GT, DWAT, DWCC, displacement, bale and grain cubic, TEU, lane metres); and the general arrangement, capacity, and stowage plans.
A ship's arrival and her needs follow from what she carries and where she has been — so do you know the main cargoes, their hazards, and the geography? Taught by Samuel Plimsoll, this module covers cargoes and routes: the characteristics of the main five commodities (coal, ore, grain, fertilisers, oil) and their sub-divisions; the hazards of certain commodities; and the main origins and trade routes of important cargoes with seasonal variations, and a working knowledge of maritime geography, distances, and voyage times.
Every ship the agent attends lives by her flag, her class, and her certificates — so do you know the regime and the surveys? Taught by Samuel Plimsoll, this module covers the regime: registration and the differences among national flag, offshore registries, and flags of convenience; classification, the societies and IACS, register books, and class surveys; port state control and the ISM Code and its audit; the role and impact of the ITF and local trade unions; and the on/off-hire, pre-loading, bunker, and draft surveys.
When a ship calls, the agent arranges everything she needs — so do you know the full extent of the work, and how an agency wins its business? Taught by Penelope Smythe-Bottomley, this module covers operations: marketing the agency and getting and keeping principals; the agent's coordination of port services (port and terminal operators, pilotage, towage, stevedores, dockers, riggers); the services to the master and crew (bunkers, stores, victualling, equipment servicing, medical and dental care); the master's cash requirements and precautions; and the role of port community computer systems.
A ship cannot lawfully work a port until the agent has cleared her and checked her certificates — so do you know the clearance and the documents? Taught by Penelope Smythe-Bottomley, this module covers ship documentation: clearing the ship with customs, port health, and immigration; the problems of smuggling, drug trafficking, and illegal immigration and the agent's own exposure; the agent's role in signing crew on and off and repatriation; the reasons for and procedure of noting protest; and the reason, validity, and importance of the ship's certificates (Register, loadline, safety construction/equipment/radio, IOPP, de-ratisation) and who issues them.
Whether a ship works under a voyage or a time charter changes the agent's position entirely — so which clauses must the agent command? Taught by Lord Mansfield, this module covers the charterparties: the differences between time and voyage charters and their effect on the agent; the suitability of forms to trades; the clauses that have a direct impact on the port agent; the interpretation aids (Voylayrules 1993, FONASBA Time Charter Interpretation Code 2000); the responsibilities of owners and charterers; and the extended contracts (consecutive voyages, contracts of affreightment).
When does the ship's allowed time start to run, and can you calculate the demurrage that hangs on it? Taught by Penelope Smythe-Bottomley, this module covers the port working documents: the concept of the "arrived ship" and the vital importance of tendering the notice of readiness and the precautions to minimise disputes; and how statements of facts and timesheets are compiled — with the student able to prepare a timesheet and calculate the demurrage or despatch money.
At the loading port the agent issues the bills of lading — so do you understand their perils, above all delivery without presentation and the dirty-bill/letter-of-indemnity trap? Taught by Lord Mansfield, this module covers cargo documentation: the importance of bills of lading in port agency and the problems of delivery without presentation; the functions of a bill, the effect of COGSA 1992, and the Hague/Hague-Visby/Hamburg and UNCTAD/ICC rules; the differences among port-to-port, through, and combined-transport bills and sea waybills; the agent's role in issuing bills and avoiding fraud, clean and dirty bills, and letters of indemnity; and the other cargo documents and paperless trading.
The agent acts for a principal under the law of agency — so what are the limits of his authority, and where does conflict of interest lie? Taught by Lord Mansfield, this module covers the agent's legal position: the principles governing the agent-principal relationship and the agent's position for the time charterer; charterer's-agent nomination and the avoidance of conflict of interest; the extent of authority and the consequences of breach, the agent's liability and fiduciary duty, and errors and omissions insurance; the basics of general average and the agent's duties if declared; and the agent's role with the owner's P&I Association in cargo claims and arrest in rem.
The agent spends the owner's money and must account for every penny — so do you know the proforma, the final account, and how expenses are separated among the parties? Taught by Penelope Smythe-Bottomley, this module covers the disbursement accounts: the accurate recording of owners' funds and the final disbursement account; the need for funds in advance and the proforma disbursement account; the separating of expenses among owners, time charterers, charterers, and merchants; the agent's role in collecting freight and the importance of speedy remittance; and the stages in recovering overdue accounts, including ship arrest, and the value of a shipbroker's P&I Association.
The port and terminal management specialism of the maritime series, following the coverage of the Institute of Chartered Shipbrokers' Port and Terminal Management syllabus. Ten modules turn from the ship to the port as a commercial enterprise — ports and their functions, ships and cargoes, managing the port, competition and marketing, pricing, the legal framework, planning, finance, equipment, and ownership. Led by the Penelope Smythe-Bottomley Simulacrum, with the operational and planning modules taught by Samuel Plimsoll and the legal framework by Lord Mansfield.
Why does a port sit where it does, and how does globalisation decide which ports thrive and which decline? Taught by Penelope Smythe-Bottomley, this module covers the role and types of ports: the role of ports in trade and economic development; the effect of globalisation and changing logistics on port fortunes; the geographic reasons for location and the hinterland; the types of port and access (natural, man-made, river, estuary); the through-transport role (hub, feeder/transhipment, intermodal); the role of government; and the ownership structures (public/private, landlord, service provider) and the use of free ports and free-trade zones.
A port is built and run to receive ships and their cargoes — so do you know the ship types and the commodities that cross the quay? Taught by Samuel Plimsoll, this module covers ships and cargoes: the differences among dry bulk, general-purpose, liner, and tanker ships (including combination carriers), with sketches; the tanker categories, bulk-carrier size ranges, cargo gear, measurement terminology, and stowage plans; how ship types match cargoes and routes; and the main five commodities (coal, ore, grain, fertilisers, oil), their hazards, the requirements of unitised liner cargoes, and the trade routes and maritime geography.
A port is a commercial enterprise whoever owns it — so how is it organised, how is its performance measured, and who must it serve? Taught by Penelope Smythe-Bottomley, this module covers port management: the rationale of the port business and how services are structured (infrastructure, conservancy, navigation, handling); the organisational structure and commercial imperative; performance measurement (turnaround, volume, handling speed, damage/pilferage) and improvement (quality systems, benchmarking); marine and cargo operations and congestion avoidance; safety and security; the role of unions and the ITF and the statutory bodies; and the port users' needs met by port community computer systems.
Ports compete for the ships that choose where to call — so how does a port know its market and win its traffic? Taught by Penelope Smythe-Bottomley, this module covers competition and marketing: the nature of national and international port competition; the market information needed (trade growth, vessel development, commercial needs, financial viability); the relevance of geographic location to transit time and port rotation; the roles of the port users (owners, operators, shippers, forwarders, transport interests) and the techniques of port promotion; and the impact of inland transport and the scope for through-transport collaboration.
A port's charges must cover its costs, reflect its policy, and serve as a tool to win or shed traffic — so how is a port priced? Taught by Penelope Smythe-Bottomley, this module covers port pricing: the nature and types of port charges (statutory navigational services, services to vessels, services to cargoes); the cost factors and pricing policies (not-for-profit, government-influenced, fully commercial); the effect of competition and the use of pricing to influence demand; the factors in establishing pricing structures (base-charge time, charging units, transparency, volume rebates); the regulatory mechanisms; and the integration of port charges with through-transport charges.
A port stands within a framework of constitutions, bylaws, and conventions — so what legal ground is it built and operated on? Taught by Lord Mansfield, this module covers the legal framework: the nature of port constitutions and the legal framework of ownership; port laws, bylaws, and national legislation; the legal aspects of port development and financing; the laws of port security, operator's liability, and insurance; the laws on dockworker employment; the freedom to diversify; the regime of free ports and free zones; and the impact of international conventions on ports.
How many berths does a port need, and how does cargo flow across a terminal? Taught by Samuel Plimsoll, this module covers port planning: development policy and the role of government, regional needs, and competition; planning and project-planning principles and the role of traffic forecasts, demand analysis, marketing, and user involvement; capacity calculations and the crucial relationship between berth occupancy, service time, waiting time, and berth throughput; port layout and terminal planning (specialised, multipurpose, support); the handling requirements of break-bulk, neo-bulk, special, dry bulk, and liquid bulk cargoes; and cargo flow analysis and environmental constraints.
A port is capital-intensive — so how are its budgets, costs, and great development projects managed and appraised? Taught by Penelope Smythe-Bottomley, this module covers port finance: the importance of financial management (budgets, capital and revenue expenditure, investment appraisal); financial and commercial objectives and port cost accounting; the need for corporate financial analysis and budgetary planning and control; project evaluation and review techniques, capital budgeting, and the appraisal of port investment proposals and traffic forecasting; and joint-venture opportunities and common-user versus sole-user terminal policies.
A port is its buildings and machines as much as its quays — so what equipment does it need, and how must it plan for the ships of tomorrow? Taught by Samuel Plimsoll, this module covers port equipment: the port buildings (transit sheds, warehouses, maintenance workshops, amenity buildings, offices) and their purposes; the different types and costs of cargo-handling equipment and the need for maintenance management; and how future changes in vessel size and cargo-handling techniques will impact on procurement and materials management.
Who owns the port — and how has ownership shifted from the state and the trust toward the privatised landlord model? Taught by Penelope Smythe-Bottomley, this module covers port ownership: the types of public ownership (national/local government-owned and managed, other public-sector, port trusts) and the trend toward deregulation; the transfer from state to private ownership and the methods of privatisation (sale of shares, management and employee buyouts); and the types of private-sector ownership — outright, the landlord model (public infrastructure with private provision), and public superstructure with private management/operation — and the associated lease contracts and joint ventures.
The shipping law specialism of the maritime series and the legal capstone of the programme, following the coverage of the Institute of Chartered Shipbrokers' Shipping Law syllabus, grounded in international conventions and English law. Ten modules cover ship ownership, mortgages, and admiralty jurisdiction; charterparty law; the law of bills of lading; the carriage conventions; general average, salvage, and towage; collision; pollution; the limitation of liability and the carriage of passengers; and dispute resolution. Led by the Lord Mansfield Simulacrum, with general average, salvage, and towage taught by the Edward Lloyd Simulacrum.
A ship is owned, can be mortgaged, and can be seized — so how does a claimant arrest the vessel herself? Taught by Lord Mansfield, this module covers the legal foundations: the mortgage law applicable to ships and the distinctions between legal and equitable, and registered and unregistered, mortgages; admiralty jurisdiction and the procedure to arrest in rem; the Brussels Arrest Convention 1952 and the types of liens; the maritime liens and mortgages conventions of 1926, 1967, and 1993; and the use of freezing orders (formerly Mareva injunctions).
Every charterparty shares an anatomy and a set of governing doctrines — so what runs through voyage and time charters alike? Taught by Lord Mansfield, this module covers the general principles: the basic anatomy of a charterparty; the operation of the cancelling date and the concept of the safe port; descriptive warranties and the crucial distinction between breaches that terminate the contract (conditions) and those giving only financial compensation (warranties); the justified and unjustified circumstances of deviation; war risk clauses; and the frustration of a contract.
A voyage charter turns on freight and laytime; a time charter on hire and off-hire — so do you know the law peculiar to each, and to the bareboat charter beneath them? Taught by Lord Mansfield, this module covers the specific charter forms: for voyage charters, how freight is earned and paid, deadfreight, the Notice of Readiness, and laytime, demurrage, despatch, and damages for detention; for time charters, delivery and re-delivery, payment of hire and the owner's remedies, off-hire, speed-and-consumption disputes, and cargo responsibility; and for bareboat charters, their uses, financing role, and ownership and registry implications.
The bill of lading is receipt, contract, and document of title at once — so how does title pass, and what do the great clauses actually do? Taught by Lord Mansfield, this module covers the law of bills of lading: the role and function of the bill and its relationship to the mate's receipt; the negotiability of title and the operation of COGSA 1992; charterparty and charterer-issued bills and their significance for shipowners; how carrier liability varies among port-to-port, through/combined-transport, and waybill documents; and the identity-of-carrier, law-and-jurisdiction, Himalaya, Paramount, New Jason, and Both-to-Blame clauses.
Over the bill of lading stand the Hague, Hague-Visby, and Hamburg Rules — so what does each demand, where do they conflict, and what are the recurring battlegrounds? Taught by Lord Mansfield, this module covers the carriage conventions: the importance of the three cargo-liability regimes; the conflicts among them, their shortcomings, and the arguments for revision; their relationship with insurance and the common/private carrier distinction; and the recurring areas of dispute — seaworthiness, excepted perils, and error in navigation — and the manner and quantum of liability.
When sacrifice is made for the common safety, or a ship is rescued, or towed — who pays, and under what law? Taught by Edward Lloyd, in whose coffee house the marine market was born, this module covers general average, salvage, and towage: the concept of general average and the York-Antwerp Rules 1994, how the rules determine qualifying sacrifices, and the role of the average adjuster; how the right to salvage arises, the salvage agreement and the Lloyd's Open Form (LOF) 2000, how arbitration determines the award, the effect of pollution conventions, and the Salvage Convention 1989; and the principle that towage is governed by ordinary contract law, with its customary terms.
When two ships collide, who was at fault and who pays what? Taught by Lord Mansfield, this module covers the law of collision: the International Regulations for Preventing Collisions at Sea 1972 (the COLREGs) and their role in determining fault; the application of the Both-to-Blame collision clauses and the conflicts they can create; and the manner of apportionment of fault and the measure of damages.
A series of catastrophic spills built an elaborate regime of liability and compensation — so do you know CLC, the Fund, MARPOL, and the American regime that stands apart? Taught by Lord Mansfield, this module covers the law of marine pollution: the CLC 1969 and its 1992 Protocols, the Fund Convention 1971, and MARPOL 73/78; the now-defunct TOVALOP and CRISTAL agreements and the consultancy role of ITOPF; the particular impact of the US Oil Pollution Act 1990 (OPA 90) and how it stands apart; and the law on the disposal of sewage, refuse, and garbage afloat and ashore.
Maritime law lets the shipowner cap his liability however great the loss — so who may limit, when can the limit be broken, and what governs the passenger's claim? Taught by Lord Mansfield, this module covers limitation and passengers: the limitation conventions of 1957 and 1976, who is entitled to limit and under what circumstances, the calculation and distribution of the fund, and when limitation may be broken; and the Athens Convention 1974, how the passenger contract is evidenced, the parties' rights and responsibilities under common law and statute, and the limitation of liability for loss of life, personal injury, and property.
Every dispute must end in its resolution — so how do parties choose their forum, guard the time bar, and have damages assessed? Taught by Lord Mansfield, this module covers dispute resolution: the clauses determining the method of resolution and jurisdiction; the time-barring of claims, both statutory and contractual; the procedures and merits of litigation and arbitration, the main arbitral locations, and the governing rules (English Arbitration Act 1996, LMAA, SMA terms); the structure of the English court system; and how the quantum of damages is assessed in contract and tort and the application of costs.
The marine insurance specialism of the maritime series, following the coverage of the Institute of Chartered Shipbrokers' Marine Insurance syllabus. Ten modules cover the oldest branch of insurance — the market and P&I, third-party cover, the principles and the Marine Insurance Act 1906, warranties and the Insurance Act 2015, the practice and the Institute Clauses, total loss and particular average, liability and salvage and pollution claims, claims management, and general average. Led by the Edward Lloyd Simulacrum, in whose coffee house the market was born, with the principles-of-law modules taught by Lord Mansfield.
The marine market was born in Edward Lloyd's coffee house — so how is it organised today, and what does it cover? Taught by Edward Lloyd himself, this module covers the market: the reasons for marine insurance in shipping; the division of the market among Lloyd's, the insurance companies, and the P&I associations and their structures; the concept of mutuality in P&I; the role of the insurance broker; and the classes of risk (hull and machinery, freight and hire, war risk, cargo liability, employee liability) and the role of professional indemnity (errors and omissions) cover.
Beyond his own ship and cargo, the owner must cover his liabilities to others — so what does P&I answer, and what cover protects the professionals? Taught by Edward Lloyd, this module covers third-party cover: Protection & Indemnity cover and the third-party liabilities it answers (collision, damage to other property, death and personal injury, pollution liability); the risks and cover available to professional service providers (surveyors, brokers, contractual carriers, freight forwarders); and the role of the International Underwriting Association (IUA) and Braemar (incorporating the Salvage Association).
What pillars hold up the contract of insurance — insurable interest, utmost good faith, subrogation? Taught by Lord Mansfield, who laid down many of these principles, this module covers the foundations: the role and function of the Marine Insurance Act 1906 and the perils it covers; the concepts of insurable interest and utmost good faith; reinsurance and the assignment of rights and benefits; how insurable value is determined and the extent of the insurer's liability for total and partial loss and apportionment; and the principle of subrogation.
A broken warranty could once discharge the insurer entirely — so how does the old law work, and how did the Insurance Act 2015 reform it? Taught by Lord Mansfield, this module covers warranties and reform: the distinction between express and implied warranties, the effect of breach, and when a warranty may be excused or exceeded; the implied warranty of seaworthiness; the changes brought by the Insurance Act 2015; and the importance of the proximate cause and the principal exclusions (misconduct, delay, inherent vice).
How is the business actually done — the placing, the premium, the kinds of policy? Taught by Edward Lloyd, this module covers the practice: the procedures and documentation involved in effecting marine insurance; how premiums are assessed and applied and how brokers are remunerated by commission; the difference between time and voyage policies and the use of open cover; and merger and ademption of loss following a notice of abandonment.
A marine policy is built from standard clauses refined over generations — so do you know the Institute Clauses, and the graduated A, B, C cargo covers? Taught by Edward Lloyd, this module covers the clauses: the Institute Time Clauses Hulls (and Total Loss Only), the War and Strikes Clauses Hulls, the Navigation Limits (old Institute Warranties), the Time Clauses Freight, and the P&I Clauses Time; and the Institute Cargo Clauses (A), (B), and (C) and their graduated cover, the Malicious Damage Clause, the War and Strike Clauses (Cargo), and the Classification Clause.
When loss strikes, its kind decides the claim — so do you know actual from constructive total loss, and particular average from general average? Taught by Edward Lloyd, this module covers the kinds of loss: the concept of total loss, both actual and constructive (and the role of notice of abandonment); the definition of particular average and its clear distinction from general average; the difference between particular average and particular charges; and the insured's responsibility to mitigate the loss (sue and labour).
Beyond loss of ship and cargo lie the claims of others, the rewards owed to salvors, and the burden of pollution — so how does insurance answer them? Taught by Edward Lloyd, this module covers liability, salvage, and pollution: the principle of salvage and how salvage services are remunerated; the different ways in which liability may be limited in third-party claims against the insured; and the impact of international pollution legislation on marine insurance and how pollution cover is provided.
A claim is settled by evidence and adjustment, not assertion — so what do surveyors and adjusters do, and how does E&O cover differ from PI? Taught by Edward Lloyd, this module covers claims management: the difference between errors-and-omissions cover and professional-indemnity (PI) cover; the role of surveyors in claim management and the collection of evidence; and the role of average and loss adjusters in apportioning and quantifying a loss.
When part of a venture is sacrificed for the safety of all, the loss is shared among every interest saved — so how do the York-Antwerp Rules govern it, and how is it insured? Taught by Edward Lloyd, this module covers general average: the concept of general average and its important role within the marine adventure; the role and function of the York-Antwerp Rules and the differences between the 1994 and 2016 editions; what is admissible in a general-average settlement; and how general-average contributions are covered under marine insurance policies.
The shipping finance specialism of the maritime series, following the coverage of the Institute of Chartered Shipbrokers' Shipping Finance syllabus. Eleven modules cover how ships are paid for — the nature of the business and the shipping cycle, the lender's perspective and security, equity, debt and bonds, alternative sources, loan types, securitisation, the KS and KG structures, the Basel framework, Islamic finance, and the legal issues. No calculation required; the emphasis is on relating every instrument to the cyclical nature of shipping. Led by the Penelope Smythe-Bottomley Simulacrum, with equity taught by Aristotle Onassis and the legal issues by Lord Mansfield.
Every financing decision is made somewhere on the boom-to-bust wheel — so do you understand the shipping cycle and what lenders and borrowers each want? Taught by Penelope Smythe-Bottomley, this module covers the setting: the objectives of lenders and borrowers and their areas of consensus and conflict; the basic features of the shipping cycles from boom to bust and their implications for the financing decision; the historical and economic context of ship finance; the principal sources of lender security; and, through case studies, the consequences of failing to account for the cycle phase.
Good lending rests on the asset, the cash flow, and the name — so how does a banker secure a ship loan against default and falling values? Taught by Penelope Smythe-Bottomley, this module covers the lender's view: the principles of good lending; ship mortgages and their importance, the mortgagee's rights on default (with case studies), the standard mortgage terms and indemnities; the assignment of insurances and earnings, charges over shares, and parent guarantees; the crucial importance of value-maintenance clauses; lenders' credit-risk analysis (the six "C"s); and the special-purpose company.
Shipping and the outside investor have always made an uneasy marriage — so why has equity been hard to attract, and how do owners list and raise it? Taught by Aristotle Onassis, who raised capital as a shipowner, this module covers equity: the historical reasons external equity has been difficult to attract (volatility, secretiveness, single-ship companies, arrest/jurisdiction); the owner-investor conflicts and their resolution and the reasons for multiple listings; the main exchanges (NYSE, Oslo Bourse, NASDAQ) and the implications of Sarbanes-Oxley 2002; the types of shares and their advantages and disadvantages; and private placements, private equity, and the principles of public offerings and IPOs.
Interest must be paid; dividends need not — so how does that distinction shape financing, and what makes the convertible bond so interesting? Taught by Penelope Smythe-Bottomley, this module covers debt and bonds: the differences between debt and equity (mandatory interest versus discretionary dividends); the forms bonds may take and the function of sinking funds; the structure and purposes of convertible bonds, the attractions of conversion for issuer and investor, the cycle-timing of conversion and the one-way prohibition of re-conversion; and the use of high-yield bonds.
The bank loan and the bond are not the only ways to pay for a ship — so what do the yard, the state, and the lessor offer? Taught by Penelope Smythe-Bottomley, this module covers the alternatives: the principles and characteristics of shipyard credit; the principles, structure, and purpose of government subsidies; the role and importance of export credit agencies; and the principles, structure, and use of finance leasing and operating leasing.
A loan's shape must fit the cash flow the ship will earn across the cycle — so do you know the plain vanilla, moratorium, bullet, and balloon structures, and why loans are syndicated? Taught by Penelope Smythe-Bottomley, this module covers the loan structures: the parties' objectives; the characteristics of the different loan types (plain vanilla, moratorium, bullet, balloon, back/front-ended, revolving credit facility) and how each shapes repayment; the rationale for syndicating a loan and the responsibilities of the parties; and the structure and use of mezzanine finance.
How are a fleet's future earnings turned into present capital? Taught by Penelope Smythe-Bottomley, this module covers securitisation: the basic objective (bundling homogeneous cash flows as collateral for a bond issue, so capital is raised against the cash flows rather than the company); the basic structure and the role of all participants (originator, special-purpose vehicle, investors, servicer); the procedural steps; and the objectives of shipowners in the securitisations described in the case studies.
Two national tax-driven structures financed much of the world fleet — so what are the German KG and the Norwegian KS? Taught by Penelope Smythe-Bottomley, this module covers them: the German government policy rationale for KG financing; the structure of a typical KG financing and its principal advantages, with case studies; the Norwegian KS system, the similarities between KG and KS, and the structure of a typical KS financing; and an awareness of new finance products such as baby bonds.
How much of a shipping company should be debt and how much equity — and how do the Basel rules constrain the banks that lend to it? Taught by Penelope Smythe-Bottomley, this module covers the capital structure: the history, purposes, and composition of the Basel Committee; the effects of the Basel regulations on shipping finance and the significance of the capital-adequacy ratio; the basic composition of the ratio in terms of tiers and asset weighting; and the principle that the debt-equity mix is not a static structure but shifts with the cycle.
Shariah principles forbid interest and require finance tied to real assets and shared risk — so how do Islamic instruments finance a ship? Taught by Penelope Smythe-Bottomley, this module covers Islamic finance: the basic principles (the prohibition of interest, the linkage to real assets, the sharing of risk); the characteristics of the principal Shariah-compliant instruments found in shipping finance — Mudharabah (profit-sharing partnership), Murabaha (cost-plus sale), Ijara (lease), and Sukuk (asset-backed certificates); and the main components of the case-study structures.
All ship finance rests on legal foundations — so do you know the registry, the mortgage priority, the power of arrest, and the arbitration that secures the financier? Taught by Lord Mansfield (and developed fully in MAR 1014), this module covers the legal issues from the financier's standpoint: ship registry, the corporate veil, and the one-ship company; mortgage priorities (legal versus equitable, registered versus unregistered) and the maritime liens and mortgages conventions; admiralty jurisdiction and costs, the arrest in rem procedure and the Brussels Arrest Convention 1952, and freezing orders; and the arbitration framework (locations, the English Arbitration Act 1996, LMAA and SMA terms, the English court structure).
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