The module ISM521 – Chartering is compulsory for the International Shipping Management MSc Programme. Chartering lies at the heart of shipping operations and describes the signed agreement between two parties for transporting goods via sea using the ship. The agreement is based on international laws, regulations and various charter parties. The charter party represents the basic contract under which ships are chartered for commercial purposes. Dry and liquid cargoes, i.e., coal, iron ore, crude oil are traded worldwide and transported via ships such as dry cargo, tankers, LNG, containers etc. The task of chartering is to employ the appropriate ship for load, carry and discharge specific cargoes requiring specific port operations based on international regulations. During this chartering process i.e., loading, carriage and discharge, various risks occur.

The aim of the course is to help students: understand the practice of chartering operations including the procedure of negotiating and chartering merchant ships; analyse various voyage and time charter party forms/contracts; estimate laytime, demurrage and dispatch; estimate profit and loss of specific fixtures (dry cargo and tanker voyage estimation); and understand and analyse various charter party clauses in the dry bulk and tanker chartering markets. Overall, the course gives students the background and knowledge needed to successfully initiate, negotiate, evaluate, agree and execute a charter party contract in the dry bulk and tanker markets.