Course price

Discounts

10% group discount is available for registering 3 or more participants from the same company.  

Overview

The BIMCO Masterclass is designed to provide you with a comprehensive understanding of the principles of time chartering. The course will use case studies as the primary learning tool to allow you to develop a knowledge of the practical aspects of time chartering and its application in the daily operation of vessels.

On the first day, we will begin with a general introduction to the practical aspects of time chartering seen from both the perspective of the owners and charterers. We will discuss how to identify and negotiate the best terms for a particular charter, and how to create and manage the charter party before and during the fixture.

This part of the course will also cover disputes related to various daily issues, including seaworthiness and the obligation to issue and comply with voyage and employment orders. One of the key areas of dispute is the description of the vessel. The charter party will include a description of the vessel, and if the vessel does not meet these specifications, the charterer may claim damages from the owner. Another area of dispute is performance claims. The charter party will typically include provisions relating to the vessel's performance, such as speed and fuel consumption. If the vessel fails to meet these performance targets, the charterer may claim damages from the owner. Finally, we will discuss the disputes concerning the duration of the charter, especially in relation to redelivery, where disputes and discussions often occur concerning the vessel's last voyage.

On the second day, we will look at common disputes related to the payment of hire. These include failure to meet the pre-agreed terms and conditions, unexpected delays or cancellations, failure to pay hire on time, disagreements over the amount of hire due, and failure to comply with any of the charter party terms and conditions on payments. All time charter parties contain an off-hire clause providing exceptions from the strict obligation for charterers to pay hire from delivery until redelivery. The specific terms of the off-hire clause will determine whether any particular event entitles the charterers to place the ship off-hire, and for how long.

The course will conclude with a review of all the topics covered as a case study, enabling you to consolidate your understanding of the principles, practical aspects, and legal framework of a time chartering agreement.

What will you learn?

• Develop an understanding of the principles of time chartering, including the various types, clauses, and requirements.
• Understand the terms, conditions, and obligations of a time charter agreement.
• Understand the legal and financial aspects of chartering and how to analyse a time charter agreement.
• Understand the importance of risk assessment and management of contracts.
• Analyse and interpret the impact of decarbonisation and how this affects the commercial relationship in time chartering agreements.
• Develop an understanding of the implications of disputes and the legal remedies available in time chartering.
• Understand the role of time chartering to manage market requirements and cycles in the shipping industry.
• Develop critical thinking and problem-solving skills using case studies.
• Develop the ability to work in teams to analyse and negotiate time chartering agreements.

Why choose to participate?

The BIMCO Masterclass will provide you with relevant knowledge to be used in your daily work, enabling you to perform in an informed and professional manner when preparing, negotiating, and managing time charter contracts.
The case studies provide an effective way to learn about time chartering, enabling you to apply the concepts you have learned in a controlled environment. Working through a case study lets you see the intricacies of the time chartering process and better understand the challenges involved. Additionally, case studies can be used to explore how the time chartering process can be approached, allowing you to gain a more holistic view of the process. Finally, case studies provide a safe environment to practice your skills, helping you become more confident and knowledgeable in dealing with disputes and discussions.

Course certification

Participants will be given an option of taking a final assessment (1-hour open-book test) at the end of the course, and Certificate of Achievement will be issued with a grade (distinction, merit or pass). Those not taking the assessment will receive a Certificate of Attendance.

Course materials

BIMCO issues electronic course files as an Adobe PDF file enabling you to make personal notes using a computer or tablet. Please bring a computer or tablet! All documentation and presentations will be in English.

Speakers

Organiser