Question

Explain the following chartering concept and terms

1. Laytime of laydays

2. Notice of readliness

3." Weather permitting"

4. the commencement of laytime

5. "An Arrival ship"

b. Interpret the following chartering abbreviation below

i. Concerning chartering F.I.O.S, F.I.O.T, 4,000/2,000 tons free

ii. Concerning dispatch/demurrage : DDO, DLO

iii. Concerning the ship and cargo: MOLOO, DWC, DLOSP

4.with the aid of the suitable sketch explain the stages of the shipping market cycles.

Q2. briefly explain the main elements of the following chartering contract

i. time chartering

ii. voyage chartering

B. tabulate the costs that are associated under the charter parties between the responsibilities of the ship owner and the charterer under (i) and (ii) in Q2

5. a. Discuss the key factors affecting the freight market for the demand for and supply of shipping service

b. explain the lay-up (theory) of a ship list the crucial elements to be taken into consideration before a ship is laid up.

Q1. prepare the voyage estimate for a bulk carrier vessel with a dwt of 26,000 tons and with a speed of 14.5kwts. the vessel at the moment is at Rotterdam and is to load at Tampa for vancouver. The cargo is phosphate and the freight rate is $14 ton. the loading and discharging cost will be F. I. O.

Information: At sea the vessel consumes 34 tons of fuel oil for her main engines and 2 tons of diesel oil for her generation. In port she needs 1 ton of diesel oil. cost of fuel oil is $97:cost of diesel oil is $132 a ton. Stores on-board are 300 tons and bunkers are 700 tonnes. Commision at 6% of total freight running cost /day is $3,000. Port charges; Rotterdam (Leaving) is $1,000 Tampa $10,000; panama canal $50,000' Vancouver $11,000.

Answer 1

Answer 1: As HOMEWORKLIB RULES honor code, I can answer only first question. For the remaining questions, please repost them so that they could be answered.

Lay time of Lay days:

Lay days refer to a period of specified days during which owners must present the vessel for loading. Lay time is the period allowed to the charterers for loading and/or discharging without payment additional to the freight.

Notice of readiness:

The Notice of Readiness (NOR) is the document used by the captain of the ship, in the event of voyage chartering, to notify that his ship is ready, in every respect, to load and/or unload the goods.

“Weather permitting":

"WEATHER PERMITTING" shall mean that any time when weather prevents the loading or discharging of the vessel shall not count as lay time.

The commencement of lay time:

“Lay time” is' the amount of time agreed in a voyage charter between the ship owner and the Charterer during which the vessel will be made and kept available for loading or discharging the cargo. This period must commence and end at a specified instant.

"An Arrival ship":

A ship is said to be an arrived ship when the ship has arrived within the fiscal and geographical limits of the port. The time at which the ship arrives will depend on whether the contract is a berth charter party or a port charter party and on the terms of the Notice of Readiness (NOR) clause.

FIOS means Free In/Out Stowed. As per FIO, but includes stowage costs. It means the rate of freight. FIOS covers only the transportation fee, without the inclusion of loading, unloading and stowing the cargo onboard a vessel.

FIOT is an abbreviation for Free In, out and trimmed, which means the rate of freight. FIOT covers only the transportation fee, without the inclusion of loading, unloading and trimming the cargo onboard a vessel.

DDO stands for Despatch discharging only. Despatch is paid by the ship-owner to the charterer under a voyage charter when a ship is loaded or unloaded in less time than allowed in the charter party.

DLO stands for despatch loading after.

MOLOO stands for more or less at owners’ option.

DWC stands for division of worker’s compensation

DLOSP stands for dropping Last Outward Sea Pilot. This expression is used to describe the point at which a time chartered ship is “delivered” to the Charterer or “redelivered” to the ship-owner.