SHIP CHARTERING AND AN EXAMPLE FOR

CHARTERING NEGOTIATIONS IN DRY CARGO

 Presentation Program

1. Introduction

2. Chartering

3. Leading Actors in Chartering Business

4. Ship’s Costs

5. Types of Chartering

6. Freight Market

7. The Sample of Negotiations in Fixture Process

8. Conclusion
 Presentation Program

LIST OF TABLES

Table 1: Maritime Transportation (According to Continuity of Service)

Table 2 : Some Abbreviations in Chartering Business

Table 3 : Ship’s Costs

LIST OF FIGURES

Figure 1 : Charter Type- Cost Relations (Source: Drewry, 2006)

Figure 2: Freight Market (Source: Geography of Transport Sytems)

 
 1-Introduction

As this seminer’s goal to give some information regarding chartering

in dry cargo shipments and its place in maritime transportation with
leading actors, the qualitative research methods have been used in
informative way.

Besides the informations cited from several source books, the example
for chartering negotiations of a dry cargo vessel which are in
presenter’s school book is taken placed in this presentation.

4
 1-Introduction

In the second half of the nineteenth century the Shipping industry

developed a completely new transport systems; passenger liners, cargo
liners which trasnported cargo on a widespread network of regular
service and the tramp shipping business which carried ‘spot’ cargoes
on routes not served by liner services, or when cargo became available
and they could offer cheaper freight.(1)

The most part of tranportation of global trading are carried out

maritime transportation and also the most part of maritime
transportation are carried by tramp shipments.

5
 1-Introduction

Table 1. MARITIME TRANSPORTATION

(According to continuity service)
LINER TRAMP
Regular service Unregular service
Fixed port Different ports where suitable
cargoes
Fixed time schedule Not any schedule
Less cargo quantity Much cargo quantity
High freight Low freight
High value cargo Unvalued cargo
 1-Introduction
These are vessels that ply on a regular scheduled service
between groups of ports. Liner services offer cargo space to
all shippers who require them. They sail on scheduled dates,
irrespective of whether they are full or not.

Hence in liner operation the regular scheduled service is the

basis of this particular division , and it is vitally important to
the shipowner that everthing is done to have punctual sailing
and arrival dates, otherwise his prestige will quickly decline.

Liner operation involves an adequately sized fleet and fairly

large shore establishment. (2)
 
 1-Introduction

Liners are so-called because they trade according to a schedule of

ports of loading and discharge.

They usually adhere to a publishde timetable on set conditions of

carriage.Their cagoes are made up of many consignments from
numerous shippers.

Each consignment has to be seperately documented and could be as

small as one carton or large as several tonnes.(3)
8
 1-Introduction

Tramp ships which will call at any port to carry whatever

cargoes are availlable ,normally on the basis of a charter or part
charter.Such a ship is the opposite of liner ship which trades on
a specific route between advertised ports.

Shipowners aim to fix their ships at highest freight level in the

market and loading ships in the nearest port to ship as well.
(Will see on the following example)
 1-Introduction

The international dry cargo market is immense ,served by

numerous ships of all sizes,ranging from multipurpose ships and
specialised vessels through to commonplace bulk carriers and
from small coasters up to very large capesize bulk carriers of
carrying cargoes up to 400.000 tonnes of bulk commodity such
as iron ore.(4)
 2-Chartering

Chartering is the process of hiring a ship to carry cargo by sea.

The contract for carrying goods is known by the generic title of

the ‘’charter party ‘’, a term derived from the Latin charta
partita, literrally meaning a ‘’ letter devided’’ (5)

A chartering contract negotiated in a free market subject only to

the laws of supply and demand.The relative bargaining strenght
of the two parties will be depend on current state of the market.
(6)
 2-Chartering

The words ‘’chartering’’ brings out many issues.

Chartering terminology covers these issues, from the negotiaition

stage before the contract is made, to the contents of documents
itself (the ‘’charter party’’ and its ‘’clauses’’) which is the
physical form of the contract of carriage.
 2-Chartering

CHARTER PARTY

Maritime Law Insurance International

Commercial
 2-Chartering

Table 2.Some Abbreviations in Chartering Business

A E

Aaaa Always afloat always Acct Account Eiu Even if used Eta Estimated time of
accessible arrival
Addcom Address commission A/e Accept/except Excl1 Excluding Excl2 Exclusive
m
Afmt After fixing main terms App Approval
F
Asf As following Ats All time saved Fd Free dispatch Fios Free in out stowed
B
Bbb Before breaking bulk Bc Bulk carrier Fllwg Following Fob Free on board
Bday Banking day Bdi Baltic Dry Index Fri Friday Frt Freight
Be (or Both ends Bl Bale G
Bens)
Gcn Gencon Gspb Good safe pot berth
Bl(or Bill of lading Bss Basis
Bs/I)
B4 Before     H
C H/b Here below Hd Half demurrage
Cgo Cargo Chrts Charterer Hr Hour Hrc Hot rolled steel in
Cls Clause Cnfd Confirmed coils
Cob Clean on board Comm Commission Hv Have    
I
Con Consignee C/p Charter party
Iac In any case Iutut If used actual time
D used to count
Dem Demurrage Dfrt Dead freight
Disch Discharge    
 2-Chartering
Continue Table 2.Some Abbreviations in Chartering Business
L S
L/c Laycan Ld Loading
Sat Saturday Shppr(s) Shipper(s)
Loi Letter off indemnity L/s/d Lashing / securing /
dunnaging
Sof Statement of fact S/r Signing/releasing
Sshex Saturday, sunday holiday S/s/r app Stem/shipper/receiver
L/t Laytime    
excuded approval
M
Stem Subject to enough merchandise Sub Subj to
Max Maksimum Min Minumum
Mnts Minute M/m Minumum/maximum
T
Mon Monday M/r Mate’s receipt Tfhex Thursday friday holiday exluded Thu Thursday

N
Tks Thanks Tt That
Nor Notice of readiness    
Ttl Total    
O
U
Oa Owner’s agent Owise (or Otherwise
O/w) Uu Unkless used Uw Unit weight
V
P Vsl Vessel    
Pct Percent Pdpr Per day prorata Y
Pmt Per metric ton Pdaid Prepaid Yr Your    
Pyble Payable Pwwd Per weather working day
W
Wed Wednesday Wd Working day
Q
W/i Within Wibon Wheter in berth or not
Qtty Quantity    
R Wiccon Whether in custom cleared or Wifpon Whether in free pratique
Recap Recapitulation Rcvr(s) Receiver(s) not or not

Wipon Weather in port or not Wp Weather permitting

Rvrsble Reversible    
 3- Leading Actors in Chartering Business

CARRIER

SHIPOWNER SHIP DISPONENT

MANAGER OWNER
 3- Leading Actors in Chartering Business

CHARTERER

EXPORTER IMPORTER TRADER

 3- Leading Actors in Chartering Business
BROKER

PERSON WHO COMPANY IN PERSON WORKS IN

WORKS IN BETWEEN OWNERS CHARTERERS
OWNERS AND CHARTERERS COMPANY
COMPANY

EXCLUSIVE SEMI-EXCLUIVE COMPETITIVE

BROKER BROKER BROKER
 3- Leading Actors in Chartering Business

The movement of cargo by sea comes about as a result of one

party –the exporter-selling a commodity to another party –the
importer-this sale from one to another is ,of course, referred to
as trade.

Exporter referred to as the consignor or shipper and importer

referred to as the consignee or receiver.
 3- Leading Actors in Chartering Business

Agent or agency is a company nominated by shipowners to as

their representative in loading and discharging ports.

They ensure vessel’s smooth operation at the port by getting

in touch with all relevant parties ; port authority, shipowners
(and charterer, in case it is charterers agent),shipper or
receiver.
 4- Ship’s Costs

The costs associated with running ships generally fall into three
broad categories :

• Shipowners pay all cost in voyage charter

• Shipowner pay capital and running cost and charterer pay
variable cost in time charter
• Shipowner pay capital and charterer pay running and variable cost
in time charter
 4- Ship’s Costs

Table 3 Ship’s Costs

CAPITAL COST OPERATING OR RUNNING VOYAGE OR VARIABLE
OR FIXED OR TECHNICAL OR COMMERCIAL COST

Pre-delivery expenses Crewing Bunkers

     
Load repayments and Storing,provision,class Port charges; pilotage, harbor
interest   tug hire, port agency fees
  Maintenance  
Leasing charges initial   Any canal charges
registration fees in certain Insurance  
cases, taxes. (Protect and Indemnity Any loading and discharging
Hull and Machinery) expenses.
 
Administration
 
 4- Ship’s Costs

Figure 1. Charter Type-Cost Relations

(Source Drewry,2006
 5- Types of Chartering

Types of Chartering

Voyage Bareboat or
Time Charter
Demise

Trip Time
Charter
Single Contract of
Affreightment
Period Time
Consecutive Charter
 5- Types of Chartering

In voyage chartering shipowners earn freight income on per

metric ton basis or on lumpsum basis against carying of
charterers’ cargoes in the terms of agreed charter party.

Demurrage/despatch are seen only in voyage charter.

 5- Types of Chartering

Demurrage means ; the money payable to the owner for the delay
for which the owner is not responsible in loading and/or disharging
after the laytime expired.

When the opposite happens and the charterers complete the cargo
operations in a shorter time than allowed for by the laytime then, in
most dry cargo charterer , they receive a ‘reward’ in form of
Despatch at an agreed sum which is usually half of the demurrage
rate for every day ‘saved’ or pro rata.
 
 5- Types of Chartering

Time chartering can be subdivided between period time

charters, perhaps involving several years and time charter trips
for one or several trips. (7)

In both, shipowners hire their vessels to charterer with an daily

amount is called ‘’time charter rate ‘’
 5- Types of Chartering

Bareboat chartering or chartering by demise as lawyers call it ,

is the contarctingfor the lease of a vessel whereby the owner
charters out the to another party who , in turn, assumnes more
the role of owner than charter. (8)

Shipowners hire their vessels to charterer with an daily amount

as per time charter but the chartered period is far more than
time charter.
 6- Freight Market
 

The freight levels are designated by supply and demand balance in

tramp shipping. Tonage specify ‘’supply’’ and cargo specify ‘’
demand’’.

Economical, political, seasonal factors are also determiner for the

freight rates.

The Baltic Dry Index (BDI) is a shipping and trade index created by
the London-based Baltic Exchange measures changes in the cost of
transporting various raw materials, such as coal and steel.
 6- Freight Market

This information is used by shipbrokers, owners, operators,

traders and charterers as a reliable assessment of the dry bulk
markets.

Just before 2008 crises, while BDI was about 12.000,

it was sharply dropped at the level 650 and nowadays it about
1000.
 6- Freight Market

Figure 2 : Freight Market (Source :The Geograpghy of Transport Systems)

 7- The Sample of Negotiations in Fixture Process

Upon finalised all procedures of sale contract, the broker in

charterer company prepare cargo offer to circulate to the market
for finding suitable ship for chartering.

An example :

Cargo Offer
-Alexandria/Diliskelesi
-M/M 15.000 mts crc
-1/5 june
-2500/3000 mts eiu
-Ttl 3,75 incl 2,5 addcom
 7- The Sample of Negotiations in Fixture Process

Any owner interesting in cargo offer makes freight calculation

and send their firm offer states owners carrying terms for that
cargo to the charterer thus negotiations have been started
between them in case charterer is believed that they may come
to an agreement on the terms;
 7- The Sample of Negotiations in Fixture Process
Owner’s Firm Offer;
Tks fr yr cgo offer ,pls find h/b owns firm offer fr reply wi 1 hr
(Thanks for your cargo offer, please find here below owners firm
offer for reply within 1 hour)
  Vessel’s description
1 Vessel’s name : MV Ticaret
2. Vessel's ex name (if any) : -
3. Type : Single decker bulk carrier
4. Flag : Panama
5. Year of built : 1981
6. DWT :19000
7.Draft SSW : 9 meters
8.Length over all/Beam : 154.5/20,12 meters
9.Grt/Nrt : 11215/6320
10.Grain/Bale capacity : 23898.48/23095.25 cubic meters
11.Derricks : 3 X 15 metric tons
12. No of Holds/Hatches : 5/5
13.Type of Hatch covers : Folding type
14. Location of Bridge/Engine : After
(All details are about without guarantee)                                        
 7- The Sample of Negotiations in Fixture Process

For
-Sub s/s/r app to be lifted latest w/i 12 hrs afmt

(Subject to stem /shippers/receivers approval to be lifted within 12

hours after fixing main terms)

-Pls adv chrtrs full style and bground

 
(Please advise charterer’s full style and background)

-M/m 15.000mts crc pls adv max uw

 
(Minumum/maximum 15.000 metric tons cold rolled steel in
coils,please advise maximum unit weight)
COLD ROLLED STEEL COILS
 7- The Sample of Negotiations in Fixture Process
-Load port/disch port : Alexandria/Diliskelesi 1 gspb aaaa bends
 
(Loading port/discharging port : Alexandria/Diliskelesi 1 good safe
port berth always afloat always accessible both ends)

-L/c 1/5 june 2013

 
(Laycan 1/5 june 2013)
 
 -Frt usd 13,-pmt fios lsd  
 
(Freight usd 13,-per metric free in free out stowed lashing/securing/
dunnaging)
 7- The Sample of Negotiations in Fixture Process
- Frt pyble 100 pct w/i 3 bdays aft s /r bs/l marked ‘’frt pyble as per c/p’’
or‘’frt payment at destination ‘’

(Freight payable 100 percent within 3 banking days after signing/releasing

bills of lading marked ‘’freight payable as per charter party ‘’ or ‘’ freight
payment at destination)

-Fdednrvclonl
 
(Freight deemed earned discountless and non-returnable, vessel and/or cargo
lost or not lost)

-If ‘’clean on board bs/l’’ bs/l required, master has the right to reject unclean
cgo

(If ‘’clean on board bs/l’’ bills of lading required, master has the right to
reject unclean cargo)
 7- The Sample of Negotiations in Fixture Process

-Daily load/disch rate : 2500/3000 mts pwwd of 24 cons hrs

tfhex/sshex uu iuatutc

(Daily loading/discharging rate : 2500/3000metric tons per

weather working day of 24 consecutive hours
thursday,friday,holiday excluded /saturday ,sunday, holiday
excluding unless used if used actual time used to count)

Excl time ;Thu 12:00/sat 08:00hrs at ld port

Fri 17:00/Mon 08:00 at disch port
(Excluding time ;Thursday 12:00/saturday 08:00hours at
loading port
 Friday 17:00/monday 08:00hours at discharging port)
 7- The Sample of Negotiations in Fixture Process

-Dem usd 6.000,-pdpr/fd

 
(Demurrage usd 6.000,- per day prorata /free despatch)
 
-If demurrage occurs,agreed amount payable to owners max 15 wd after
presentation of sof/nor duly signed and  l/t statement
 
(If demurrage occurs,agreed amount payable to owners maximum 15 working
days after presentation of statement of fact/notice of readiness duly signed and 
laytime statement)

-Time used if any before commencement of l/t to count

 
(Time used if any before commencement of laytime to count)
 7- The Sample of Negotiations in Fixture Process

-Nor to be tendered even by vhf/tlx/telegram w/w/w/w w/i normal working

hrs   

(Notice of readines to be tendered even by vhf/tlx/telegram whether in port or

not, whether in berth or not ,whether in free pratique or not ,whether in custom
cleared or not within normal working hrs )

working hours ; sat 09:00/wed 17:00 at ld port - mon/fri 0900/1700 hrs at disch
port

(working hours ; saturday 09:00/wednesday 17:00 at loading port – monday

0900/friday 1700 hours at discharging port)
 7- The Sample of Negotiations in Fixture Process
-Time counting clause bends ;14:00hrs same day if nor before /including noon
or 08:00 nwd if nor given afternoon
 
(Time counting clause both ends ; 14:00 hours same day if notice of readiness
before /including noon or 08:00 nwd if notice of readiness given afternoon)

- Oa at bends
 
(Owner agent at both ends)
 
-Owner/master are responsible fr number of the coils
 
(Owner/master are responsible for number of the coils)
 7- The Sample of Negotiations in Fixture Process
-Any taxes /dues on vsl to be fr own’s acct bends

(Any taxes /dues on vessel to be fr owner’s account both)

-Any taxes/dues on cargo a/o frt to be fr chrtr’s acct bends

(Any taxes/dues on cargo and/or freight to be fr charterer’s account t both

ends;)

-Tallying to be carried out by shippers and vessel jointly

-In case loading operation do not commence due to unclean and/or or wet

holds, an independent surveyor to be appointed and surveyor report to be
binding for both parties whose expenses/time lost to be account of the
party proved wrong by this report.
 
 7- The Sample of Negotiations in Fixture Process

-English law to apply in London

-Owise as per clean gcn 94 cp with ttl 3,75 pct comm incl 2,5 pct addcomm
plus 1,25 pct brokerage comm to Stemar Shipping-İstanbul

(Otherwise as per clean gencon 94 charter party with total 3,75 percent
commission including 2,5 percent addresscommission plus 1,25 percent
brokerage commission to Stemar)
 7- The Sample of Negotiations in Fixture Process

Charterer’s Counter Offer

Tks fr owns firm offer ,pls find chrtrs counter offer h/b on a/e bss for reply
wi 30 mnts

Pls adv
 
- P&I
- Class
- Hull&Machinery
- Last 3 cargoes
- Head Owner
-Vessel’s present position and itinary
 7- The Sample of Negotiations in Fixture Process

For

-Sub s/s/r app to be lifted latest wi 24 hrs afmt

-Chrtrs International Steel Trade Ltd Geneva-Switzerland

-Frt usd 10,50

-Max uw 8 mts

-Master to prepare a pre-stowage plan before arrival

-Alexandria/Diliskelesi 1 gspb

-Own will satisfy all restriction by themselves bends

7- The Sample of Negotiations in Fixture Process

-Frt payable 100 percent w/i 3 bdays after signing /releasing bs/l marked
‘’frt pyble as c/p’’ or ‘’frt payment at destination ‘’ In case of 'frt prepaid'
bs/l, bs/l to be kept under agent's custody and same to be released upon
receipt of swift copy of freight payment by owner.

-If own/master have any remarks same to be inserted only mate’s

receipts and own accept to issue clean on board bs/l against owns loi to
be signed/stamped by chrtrs and receivers

-Load/disch 2500/3000 mts pwwd of 24 cons hrs

tfhex/sshex eiu

wed 17:00/sat 08:00 at ld port

fri 17:00/mon 08:00 at disch port
 7- The Sample of Negotiations in Fixture Process

-Time fm 12:00 hour days prior to offıcial holidays and until 08:00 hour on
the days following holidays not to count even if used
 
-Dem usd 4.000,-pdpr/hd ats
 
-Time before commencement of l/t not to count
 
-Owner agent at load /chrtrs agent at disch port :Pls adv load port agent
/Pelikan Shipping

-Any taxes /dues on vsl a/o frt to be for own’s acct bends

-Any taxes/dues on cargo to be for chrtr’s acct bends

 7- The Sample of Negotiations in Fixture Process

3-Owner’s Counter Offer

Tks chrtrs last owns a/e fr wi 30 mnts

-P&I : Hanseatic Underwriters Germany

-Class : Russian Maritime Register of Shipping Russia
-Hull&Machinery : Ingosstrakh Russia
-Last 3 cargoes : Steel coils, soda ash in big bags ,soda ash in big bags   
-Head Owner : Dina Shipping International Ltd. Co. S.A. Building, 1st floor, east 54th Street p.o
box 0836-0886 W.T.C. Panama, Republic of Panama
-Vessel’s present position and itinary :Estimated time of arrival to Ashdod 25th of may for discharging 15.000
metric tons bulk wheat and estimated time of arrival to Alexandria 1st of june for loading fixed cargo

For

-Sub s/s/r app to be lifted latest till 17:00 hrs on 16th of may
-Frt usd 12,-pmt fios lsd  
-Dem usd 5.000,-pdpr
-Owner agent at load Arab Shipping
 7- The Sample of Negotiations in Fixture Process

4-Charter’s Counter Offer

Tks owns last chrtrs a/e on take or leave it bss fr reply wi 15 mnts
 
-Frt usd 11,-pmt fios lsd  

5-Owner’s Counter Reply

Tks chrtrs last owns confirm ,pls let us have recap of the fixture and all
subs confirmation in time..
 
 7- The Sample of Negotiations in Fixture Process
RECAP OF THE FIXTURE
1. Vessel’s name : MV Ticaret
2. Vessel's ex name (if any) :-
3. Type : Single decker bulk carrier
4. Flag : Panama
5. Year of built : 1981
6. DWT :19000
7.Draft SSW : 9 meters
8.Length over all/Beam : 154.5/20,12 meters
9.Grt/Nrt : 11215/6320
10.Grain/Bale capacity : 23898.48/23095.25 cubic meters
11.Derricks : 3 X 15 metric tons
12. No of Holds/Hatches : 5/5
13.Type of Hatch covers : Folding type
14. Location of Bridge/Engine : After
-P&I : Hanseatic Underwriters Germany
-Class : Russian Maritime Register of Shipping Russia
-Hull&Machinery : Ingosstrakh Russia
-Last 3 cargoes : Steel coils, soda ash in big bags ,soda ash in big bags   
-Head Owner : Dina Shipping International Ltd. Co. S.A. Building, 1st floor, east 54th Street p.o
box 0836-0886 W.T.C. Panama, Republic of Panama
-Vessel’s present position and itinary :Estimated time of arrival to Ashdod 25th of may for discharging 15.000
metric tons bulk wheat and estimated time of arrival to Alexandria 1st of june for loading fixed cargo
 7- The Sample of Negotiations in Fixture Process

For
-Sub s/s/r app to be lifted latest till 17:00 hrs on 16th of may

-Chrtr International Steel Trade Ltd Geneva-Switzerland

 
-M/m 15.000mts hot rolled in coils max uw 8mts
 
-Master to prepare a pre-stowage plan before arrival
 
-Alexandria/Diliskelesi 1 gspb
 
-Own will satisfy all restriction by themselves bends
 
-L/c 1/5 june
 
-Frt usd 11,-pmt fios lsd  

-Frt payable 100 percent w/i 3 bdays after signing /releasing bs/l marked ‘’frt pyble as c/p’’ or‘’frt payment at
destination ‘’. In case of 'frt prepaid' bs/l, bs/l to be kept under agent's custody and same to be released upon
receipt of swift copy of freight payment by owner.
 7- The Sample of Negotiations in Fixture Process

-Freight deemed earned discountless and non-returnable, vessel and/or cargo lost or not lost.

-If own/master have any remarks same to be inserted only mate’s receipts and own accept to
issue clean on board bs/l against owns loi to be signed/stamped by chrtrs

-Load/disch 2500/3000 mts pwwd of 24 cons hrs tfhex/sshex eiu

wed 17:00/sat 08:00 at ld port
fri 17:00/mon 08:00 at disch port

-Time fm 12:00 hour days prior to offıcial holidays and until 08:00 hour on the days following
holidays not to count even if used
 
-Dem usd 5.000,-pdpr/hd
 
-If demurrage occurs,agreed amount payable to owners max 15 working days after presentation
of sof/nor duly signed and  laytime statement
 
-Time before commencement of l/t not to count
 7- The Sample of Negotiations in Fixture Process
-Nor to be tendered even by vhf/tlx/telegram w/w/w/w within normal working hrs   

 (excl time sat 09:00/wed 17:00 at ld port - mon/fri 0900/1700)

-Owner agent at load /chrtrs agent at disch port :Arab Shipping/Pelikan Shipping
 
-Time counting clause bends ;14:00 if nor before /including noon or 08:00 nwd if nor given
afternoon

-The coils to be stowed in max 3 tiers

-Owner/master are responsible for number of the coils

-Any taxes /dues on vsl a/o frt to be for own’s acct bends

-Any taxes/dues on cargo to be for chrtr’s acct bends

-Tallying to be carried out by shippers and vessel jointly

 7- The Sample of Negotiations in Fixture Process

-In case loading operation do not commence due to unclean and or wet holds , an
independent surveyor to be appointed and surveyor report to be binding for both
parties, whose expenses/time lost to be acct of the party proved wrong by this report

-In case original bs/l(s) could not be presented to the own/master upon vsls arrival to
discharge port,then owns agree to disch/deliver cgoes against owns loi to be
signed/stamped by chrtrs

-Own will give ld/disch port notices on 3/2/1 days bss to chrtrs via broker and agents
-English law to apply in London

-Owise as per clean gencon 94 cp with ttl 3,75 pct comm incl 2,5 addcomm plus 1,25
pct to Stemar Shipping (9)
 8- Conclusion

Chartering is keystone of maritime transportation because of all

vessels are been operated on tramp basis which employs by
chartering business.

In case, it is taken into consideration that around 85 per cent of

maritime transportation are carried by tramp vessel, the importance
and place of chartering business is understood easily.

It should be highlight that because of the economic volume is huge in

chartering business, the actors in that must be fund of knowledged
and experienced as well for enabling the companies working on
behalf of them not to lose major money and ensure them to remain
alive in hard competitive market.
 REFERENCES
1) Stopford,M. ,Maritime Economics (Third Edition), London and New
York,Routledge,2009, p.23.

2)Branch,A.,E, Element of Shipping (8th eddition ),London and New York ,First
Edition 1964 by Taylor and Francis completely revised Eight Edition 2007, p. 51.

3)Institute of Chartered Shipbrokers, Introduction to Shipping,London,Cambrian

Printers,2016, p.25.

4) Institute of Chartered Shipbrokers,Dry Cargo Chartering,Zenith Media,2017, p.2.

5) Buckley, James J.,The Business of Shipping (Eight Edition),United Stated of

America,Cornell of Maritime, 2008, p.59.

6)Institute of Chartered Shipbrokers,Shipping Business,Witherby & Company

Limited,,2006, p.16.
 REFERENCES

7)Drewry, London, Ship Management, Drewry Shipping Consultants Ltd., 2006, p. 1,

11, 54.

8) Institute of Chartered Shipbrokers,Dry Cargo Chartering,London, Zenith

Media,2017, p.87,92.

9) Sendur, T.,Ship Chartering and Demurrage Despatch Calculations (Gemi Kiralama

ve Demuraj Dispeç Hesapları )(second edition), Ankara ,Nobel Akademic , 2015, p.86
to p.105

10)https://transportgeography.org/?page_id=5619
.
THANKS TO ALL FOR YOUR
ATTENDING