Course description
This intensive, nine hour on-line instructor led seminar is spread over three days, held in association with Richardson Lawrie Associates Ltd. The central themes of the seminar are the issues which arise out of chartering in the oil tanker markets whether from the perspective of Owners or Charterers or, for that matter, any other organisation for whom this is an essential subject. The aim is to provide practical insights into the economics of tanker shipping, commercial operating strategies, chartering tactics, the recognition of risks and the impact of environmental legislation on the transportation of crude oil and petroleum products. Through a series of presentations and exercises, the course is designed to equip participants with the necessary tools to evaluate the risks and opportunities in today’s complex shipping markets.
This course will be of interest to those engaged in the supply, trading and risk management of oil and petroleum products business; commercial and operations departments of ship-owning companies; planning and financial departments of shipping companies and oil transportation divisions; banks and financial institutions involved in oil tanker finance; accounting and legal firms dealing with energy transportation issues; oil trading and distribution companies; management personnel who are new to the transportation sector.
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Content
Virtual Instructor-Led Session 1:
- The Market Place
- Key Factors Driving the Markets (oil consumption, crude oil and petroleum product sources, tanker demand and supply, legislation);
- Market Behaviour and Trends in Charter Rates.
- Worldscale
- Where used and how applied;
- How the System is Constructed and Maintained,
- Benefits;
- Evaluating the Competitive Position of US Exports using Worldscale
- Developing a Chartering Strategy (Part 1)
- Different Types of Charter;
- Comparing Spot (Single Voyage) Freight Rates with Time Charter Rates;
- Voyage Estimating
- Time Charter Evaluation – Theory
Virtual Instructor-Led Session 2:
- Developing a Chartering Strategy (Part 2)
- Time Charter Evaluation – Practical
- Choice of Charter
- From Owners’ and Charterers’ Perspectives
- Advantages and Disadvantages of Different Types of Charter
- Special Cases
- Commercial Operating Strategies
- Key Players’ Aims - Owners, Charterers and Brokers
- Chartering Tactics
- Tanker Pools
- Speed Optimisation
Virtual Instructor-Led Session 3:
- Vessel Selection
- Physical, Commercial and Approvals Constraints
- Vetting
- Oil Company ‘Approvals’
- Information Sources
- Monitoring the Marine Function
- Investment, Physical, Technical, Commercial, Operational and Financial Performance
- Profit Leakage
- Risks to Charterers and Traders
- Reputational, Criminal, Contractual, Operational, Price