Week 1 - Chartering and Shipbroking (Undergraduate – Year 3)

These flashcards cover key concepts and vocabulary from the Week 1 lecture on Chartering and Shipbroking, aimed at enhancing understanding for students.

Chartering

The practice of hiring a ship or part of a ship for the transportation of goods.

Shipbroking

The business of arranging the buying, selling, and chartering of ships.

Charter Party

A contract between the owner of a vessel and the charterer detailing the terms of the charter.

Laytime

The time period agreed upon for loading and unloading a ship.

Demurrage

The charge incurred when a charterer exceeds the agreed laytime.

Freight Markets

Markets related to the transportation costs of goods.

Liner Services

Scheduled shipping services that transport cargo from port to port.

Types of Charter

Includes voyage, time, and bareboat charters.

Broker

An intermediary who arranges transactions between parties.

Lloyd's List

A maritime publication providing news and information on shipping.

Cargoes

Goods that are transported by ship.

Negotiation Skills

The ability to discuss and reach an agreement in business transactions.

BIMCO

The Baltic and International Maritime Council, an association for shipowners and maritime professionals.