Managing Charterparty and Contemporary Challenges Facing Oil Tankers

Turning Challenges of Idle Time, Low Day Rates, Performance Breaches, Laytime & Demurrages into opportunities!

Course Objectives

This course is developed to meet the need of the hour by the Tanker SOCSO fraternity, encompassing following underlying objectives:

  • Enhance the interpretation and applicability of clauses in a Charterparty in context of the commercial proposition;
  • Evaluate commonly used types of Charterparty Forms for Voyage and Time Charter and comprehend the key features of each Form in context of use;
  • Interpret terms and conditions of a Charterparty in context of international maritime conventions, competition and economic factors;
  • Evaluate current and future trends in petroleum transportation and the influence of regulatory regimes and strategies of Oil Majors;
  • Recognize the avenues of collaboration, contentions, conflicts and manage disputes to avoid losses;
  • Manage operations towards ensuring delivery of performance obligations under the Charterparty; and
  • Create a Charterparty Management System (CMS) in the company to ensure profitability for each voyage and term.

Expected Learning Outcomes

Upon completion of the course and hands-on workshops based on real life cases, the delegates would enhanced their knowledge base and be able to:

  • Restructure the Charterparty agreements with alternative clauses to avoid pitfalls and surprises during execution;
  • Evaluate impact of uncertainties and identify undefined parameters with cost considerations;
  • Appraise potential risks and develop risk mitigation strategies;
  • Enhanced consciousness about the rider clauses and commercial impact of each such addition;
  • Ability to deal with breakdowns and delays in an appropriate and timely manner with an objective of avoiding loss of time and deviations from the desired monetary projections;
  • Recognize the appropriate Standard Form to be used for each type of assignment; and
  • Manage contentious situations through alternative dispute resolution channels and litigation effectively.

The delegates will start saving costs by applying the lessons learned to their current business operations from the first day itself!

Back