Chartering and Brokerage Final- Chartering and Brokerage
Final Exam Study Guide 2026-2027 | Accurate Questions and
Correct Detailed Answers with Rationales | 100% Guaranteed
Pass (Brand New Version)
The Chartering and Brokerage Final Exam Study Guide 2026-2027 is a comprehensive resource
designed for students and professionals preparing for exams related to the chartering and
brokerage of ships and cargo. This guide includes accurate questions, verified answers, and
detailed rationales to help you understand the core concepts required for success in the field
of maritime chartering and brokerage. Whether you're working toward certification,
advancing your career in the shipping industry, or preparing for an academic exam, this study
guide will ensure you're fully prepared.
The study guide covers essential topics such as types of charter parties, shipbroking practices,
vessel leasing, freight agreements, risk management, and international shipping regulations.
It also focuses on the legal aspects of chartering and brokerage, including the roles and
responsibilities of the charterer, owner, and broker. With each question, detailed rationales
are provided to ensure that you understand the reasoning behind the correct answers and can
apply the knowledge in real-world scenarios.
Updated for the 2026-2027 exam cycle, this study guide reflects the latest trends, regulations,
and best practices in chartering and brokerage. With a 100% guaranteed pass, this guide will
give you the knowledge and confidence to excel in your final exam and further your career in
the maritime industry.
Key Features:
• Accurate, Exam-Focused Questions: Covers essential topics in chartering and
brokerage, including ship leasing, freight agreements, and maritime law.
• Detailed Rationales: Provides in-depth explanations of correct answers to reinforce
understanding.
• Updated for 2026-2027: Reflects the most current trends, regulations, and best
practices in maritime chartering and brokerage.
• 100% Guaranteed Pass: Ensures you are fully prepared to pass your final exam with
confidence.
, • Comprehensive Coverage: Topics include types of charter parties, shipbroking
practices, international shipping regulations, and legal aspects.
Key Terms:
1. Chartering: The process of leasing a vessel for the transport of goods, typically through
an agreement with the shipowner.
2. Brokerage: The intermediary role in shipping where brokers connect charterers with
shipowners to facilitate the leasing of vessels.
3. Charter Party: A written contract between a shipowner and a charterer outlining the
terms and conditions of vessel hire.
4. Time Charter: A type of charter agreement where a vessel is hired for a specific period
of time, and the charterer pays a daily hire rate.
5. Voyage Charter: A charter agreement where the ship is hired for a specific voyage and
the charterer pays a lump sum based on the cargo transported.
6. Bareboat Charter: A type of charter where the charterer assumes full control and
responsibility for the vessel, including maintenance and crewing.
7. Freight Rate: The agreed amount of payment between the shipper and the carrier for
transporting goods.
8. Bill of Lading: A legal document that serves as a receipt for goods shipped, a contract
for transportation, and a document of title.
9. Demurrage: Charges incurred by the charterer for exceeding the agreed time for
loading or unloading cargo.
10. Port Charges: Fees assessed by ports for the use of their facilities, including docking
and loading/unloading costs.
Broker's Responsibilities
Match charterer's cargo with owner's ships
Act as communications entity
Provide market information
Facilitates negotiations
,Force Majure Clause
Contract provision that relieves the parties from performing their contractual obligations when
certain circumstances beyond their control arise, making performance inadvisable,
commercially impracticable, illegal, or impossible
Commercial Set
documents that must be presented to the bank by the seller before the seller is paid. Includes
Clean BoL.
IWL
Institute Warranty Limits, insurance needed for excluded locations (for hazards such as ice)
Breaking IWL
Operating the vessel in an area that it will not be insured due to hazards such as ice.
Free In Gross Discharge
Charterter is responsible for loading cargo, owner is responsible for discharging cargo
Contract of Affreightment
A contract between a cargo shipper and carrier for the transport of multiple cargoes over a
period of time. Set number of listings.
Requirement Contract
Similar to a COA but for all of a charterer's requirements, usually some sort of quantity range
included
Draft Survey
comparing drafts before and after to determine how much cargo was loaded. This amount is
used on the BoL.
Impossible to perform (contract)
if a contract is impossible to perform, then it is nullified
Subject Open
trading two things at the same time
Subject Rescheduling
allows for a little extra time to make sure everything is in order
, Subject Management or Board Approval
usually required when buying or selling ships, not used as much with chartering
Subject Charter Party Details
the agreed main terms will specifiy what charter party will supply the rest of the charter party
terms
Backtrading
going back to re-negotiate terms that were already agreed upon (allowed but generally
despised)
NCB Surveyor
Can come out to help with different cargo loading that you are not used to
Real estate broker commission
6-7%
Scrivner's Error
purely documentary errors, not a big deal and can be fixed
Once on demmurrage, always on demmurrage
Demmurrage does not stop even for rain, force majure clause will not apply
Loss vs. Constructive Total Loss
Loss - sunk
Constructure Total Loss - so much damage it costs less to just scrap the ship
A charter party can be terminated early by
- Mutual agreements of parties
- Contract provision allows one party to terminate
- Outbreak of war
- Total or Constructive loss of vessel
- Frustration of contract
3 things to form a contract
Offer
Acceptance
Consideration
Final Exam Study Guide 2026-2027 | Accurate Questions and
Correct Detailed Answers with Rationales | 100% Guaranteed
Pass (Brand New Version)
The Chartering and Brokerage Final Exam Study Guide 2026-2027 is a comprehensive resource
designed for students and professionals preparing for exams related to the chartering and
brokerage of ships and cargo. This guide includes accurate questions, verified answers, and
detailed rationales to help you understand the core concepts required for success in the field
of maritime chartering and brokerage. Whether you're working toward certification,
advancing your career in the shipping industry, or preparing for an academic exam, this study
guide will ensure you're fully prepared.
The study guide covers essential topics such as types of charter parties, shipbroking practices,
vessel leasing, freight agreements, risk management, and international shipping regulations.
It also focuses on the legal aspects of chartering and brokerage, including the roles and
responsibilities of the charterer, owner, and broker. With each question, detailed rationales
are provided to ensure that you understand the reasoning behind the correct answers and can
apply the knowledge in real-world scenarios.
Updated for the 2026-2027 exam cycle, this study guide reflects the latest trends, regulations,
and best practices in chartering and brokerage. With a 100% guaranteed pass, this guide will
give you the knowledge and confidence to excel in your final exam and further your career in
the maritime industry.
Key Features:
• Accurate, Exam-Focused Questions: Covers essential topics in chartering and
brokerage, including ship leasing, freight agreements, and maritime law.
• Detailed Rationales: Provides in-depth explanations of correct answers to reinforce
understanding.
• Updated for 2026-2027: Reflects the most current trends, regulations, and best
practices in maritime chartering and brokerage.
• 100% Guaranteed Pass: Ensures you are fully prepared to pass your final exam with
confidence.
, • Comprehensive Coverage: Topics include types of charter parties, shipbroking
practices, international shipping regulations, and legal aspects.
Key Terms:
1. Chartering: The process of leasing a vessel for the transport of goods, typically through
an agreement with the shipowner.
2. Brokerage: The intermediary role in shipping where brokers connect charterers with
shipowners to facilitate the leasing of vessels.
3. Charter Party: A written contract between a shipowner and a charterer outlining the
terms and conditions of vessel hire.
4. Time Charter: A type of charter agreement where a vessel is hired for a specific period
of time, and the charterer pays a daily hire rate.
5. Voyage Charter: A charter agreement where the ship is hired for a specific voyage and
the charterer pays a lump sum based on the cargo transported.
6. Bareboat Charter: A type of charter where the charterer assumes full control and
responsibility for the vessel, including maintenance and crewing.
7. Freight Rate: The agreed amount of payment between the shipper and the carrier for
transporting goods.
8. Bill of Lading: A legal document that serves as a receipt for goods shipped, a contract
for transportation, and a document of title.
9. Demurrage: Charges incurred by the charterer for exceeding the agreed time for
loading or unloading cargo.
10. Port Charges: Fees assessed by ports for the use of their facilities, including docking
and loading/unloading costs.
Broker's Responsibilities
Match charterer's cargo with owner's ships
Act as communications entity
Provide market information
Facilitates negotiations
,Force Majure Clause
Contract provision that relieves the parties from performing their contractual obligations when
certain circumstances beyond their control arise, making performance inadvisable,
commercially impracticable, illegal, or impossible
Commercial Set
documents that must be presented to the bank by the seller before the seller is paid. Includes
Clean BoL.
IWL
Institute Warranty Limits, insurance needed for excluded locations (for hazards such as ice)
Breaking IWL
Operating the vessel in an area that it will not be insured due to hazards such as ice.
Free In Gross Discharge
Charterter is responsible for loading cargo, owner is responsible for discharging cargo
Contract of Affreightment
A contract between a cargo shipper and carrier for the transport of multiple cargoes over a
period of time. Set number of listings.
Requirement Contract
Similar to a COA but for all of a charterer's requirements, usually some sort of quantity range
included
Draft Survey
comparing drafts before and after to determine how much cargo was loaded. This amount is
used on the BoL.
Impossible to perform (contract)
if a contract is impossible to perform, then it is nullified
Subject Open
trading two things at the same time
Subject Rescheduling
allows for a little extra time to make sure everything is in order
, Subject Management or Board Approval
usually required when buying or selling ships, not used as much with chartering
Subject Charter Party Details
the agreed main terms will specifiy what charter party will supply the rest of the charter party
terms
Backtrading
going back to re-negotiate terms that were already agreed upon (allowed but generally
despised)
NCB Surveyor
Can come out to help with different cargo loading that you are not used to
Real estate broker commission
6-7%
Scrivner's Error
purely documentary errors, not a big deal and can be fixed
Once on demmurrage, always on demmurrage
Demmurrage does not stop even for rain, force majure clause will not apply
Loss vs. Constructive Total Loss
Loss - sunk
Constructure Total Loss - so much damage it costs less to just scrap the ship
A charter party can be terminated early by
- Mutual agreements of parties
- Contract provision allows one party to terminate
- Outbreak of war
- Total or Constructive loss of vessel
- Frustration of contract
3 things to form a contract
Offer
Acceptance
Consideration
