SOM005 – Managing & Chartering Operations
Master of Science in Shipping Operations and Management
Core Course
SOM005 – Managing & Chartering Operations
Course Unit Code: SOM005
Type Of Unit: Core
Level of Course Unit: 2nd cycle
Year of Study: -
Semester: -
Number of ECTS Credits: 10
Class Contact Hours: -
Mode of Delivery
Distance Learning
Prerequisites
None
Course Objectives
The objective of this course is to provide in-depth and holistic understanding of charter markets, chartering practice and charter party analysis in dry cargo and tanker shipping. Content includes the procedures and practices in chartering merchant ships in the dry cargo and tanker markets, their commercial employment under various forms of chartering and the detailed calculation of financial (freight) performance, voyage planning and lay time estimations. The module provides an in-depth analysis of charter party forms and adopts a legal and commercial perspective to analyze significant clauses and to explain various specialized terms in dry cargo and tanker chartering contracts. The market structure of dry cargo and tanker industries are also analyzed, and an overview of the practitioners involved (brokers, owners, charterers) is provided as are the sources of data and information required to initiate, negotiate, agree, execute and assess a successful charter party contract in the dry bulk and tanker markets.
Learning Outcomes
- Understand the players and processes involved in freight market and chartering practice.
- Know and comprehend the key clauses in time and voyage charter parties and analyze the terms, conditions and respective obligations, responsibilities and accountabilities in charter party contracts.
- Calculate freight income and expenses related to the chartering of ships and also learn how to calculate hire as per time charter party terms and conditions.
- Appreciate the concept of laytime in voyage chartering and be able to calculate laytime and demurrage given a set of relevant data.
- Perform voyage estimations for dry bulk and tanker ships and calculate profit and loss for the ship-owner given a set of relevant data
Course Content
Course Features
Planned learning activities and teaching methods
Audiovisual lectures
Exercises
Assignments
Extensive readings of the international literature
Live sessions
Assessment methods and criteria
TBA
Language of Instruction
English
Readings
Recommended or required reading
1. Brodie, P. (2007). Dictionary of Shipping Terms, 5th edition, London: LLP Ltd.
2. Coghlin, T., Baker, A.W., Kenny, J. and Kimball, J.D. (2008). Time Charters, 6th edition, London: LLP Ltd.
3. Cooke, J., Young, T., Tayloe, A., Kimball, J.D., Markowski, D. and Lambert,
4. L. (2007). Voyage Charters, 3rd edition, London: LLP Ltd.
5. Dykstra, D.L. (2005) Commercial Management in Shipping, London: The Nautical Institute.
6. Gordon, L., Ihre, R., Sandervarn, A. and Hillenius, P. (2009). Shipbroking and Chartering Practice, 7th edition, London: LLP Ltd.
7. Panayides, P. (2018). Principles of Chartering, 3rd edition, CreateSpace Independent Publishing Platform, North Charleston, South Carolina, USA.
English (UK) 
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