CHARTERING AND BROKERAGE COMPREHENSIVE EXAM
UPDATED QUESTIONS AND ANSWERS SURE A+
✔✔Dock Receipt - ✔✔given to show that the cargo made it to the dock/terminal
✔✔Booking Note - ✔✔First piece of paper given to buyer from shipper
✔✔What condition of the ship will maximize revenue? - ✔✔Full and Down
✔✔Mate's Receipt - ✔✔A receipt issued by, or in the name of, the Chief Mate attesting
to the quantity and condition of cargo received on board. May include clauses regarding
the quantity and condition of that cargo.
✔✔COA vs Requirements Contract - ✔✔COA tells you exactly how many listings should
be carried out. Requirements contract has no set amount of listings and is usually for
the entire cargo.
✔✔Brokers get commission on - ✔✔demmurrage, deadfreight, freight
✔✔Backhaul Cargos - ✔✔taking less desirable cargos in order to get into an area with
more lucrative cargos
✔✔Voyage Estimation - ✔✔best way to determine t/c equivalent is to see something
close to that size in the market at that area of the world at that time
✔✔When agreeing to turntime, most nonsense (SHINC, EIU, UU, WWD)... - ✔✔benfits
the charterer not the owner
✔✔Brokers are not held liable unless - ✔✔they exceed their authority
✔✔Subjects - ✔✔must be lifted before a contract is finalized
✔✔Subject Stem - ✔✔Shipper and supplier's agreement to make a cargo available for
specific dates
✔✔Subject Management Approval - ✔✔much broader, usually preferred by brokers
✔✔Subject Open/Subject Unfixed - ✔✔vessel/cargo is already under offer only for a
limited time, no extension
✔✔Laytime - ✔✔period of time agreed for L/D without payment additional to freight.
Calculation made to determine what additional payments are required, comparing how
long L/D actually took in comparison to the contract.
, ✔✔Do tankers have despatch? - ✔✔No
✔✔Statement of Facts (SOF) - ✔✔Prepared by port agent, details of ship's movements
and cargo ops in port
✔✔Time allowed - ✔✔time allowed for L/D.
Equation: BoL tonnage/Load or Discharge Terms
✔✔Time used - ✔✔time used for L/D.
Calculated using statement of facts.
✔✔Customary Quick Despatch - ✔✔loading ships in the order they show up (China)
✔✔Reversible - ✔✔Add everything together from load & discharge (advantage to
charterer)
✔✔7 days all purposes - ✔✔To load and discharge. Calculation done on reversible
laytime.
✔✔To tender a valid NOR - ✔✔You must be an arrived ship: arrived at designated
location, be ready physically and legally, tendered NOR
✔✔Liquidated Damages - ✔✔Money owed for damages (such as demurrage)
✔✔Detention - ✔✔Form of liquidated damages. Willful delay of a vessel outside the
normal delays such as congestion or berthing.
✔✔Advantages to owning a ship - ✔✔- Greater operational control
- Master is your employee
- Breaking IWL (can take chances if you own)
- Drydock scheduling
✔✔NAABSA
WLTHC
MOLOO
IACS
LOC
WOG - ✔✔Not always afloat but safely aground
Waterline to top of hatch coaming
More or less owner's option
International Association of Classification Societies
Letter of Credit
Without Guarantee
UPDATED QUESTIONS AND ANSWERS SURE A+
✔✔Dock Receipt - ✔✔given to show that the cargo made it to the dock/terminal
✔✔Booking Note - ✔✔First piece of paper given to buyer from shipper
✔✔What condition of the ship will maximize revenue? - ✔✔Full and Down
✔✔Mate's Receipt - ✔✔A receipt issued by, or in the name of, the Chief Mate attesting
to the quantity and condition of cargo received on board. May include clauses regarding
the quantity and condition of that cargo.
✔✔COA vs Requirements Contract - ✔✔COA tells you exactly how many listings should
be carried out. Requirements contract has no set amount of listings and is usually for
the entire cargo.
✔✔Brokers get commission on - ✔✔demmurrage, deadfreight, freight
✔✔Backhaul Cargos - ✔✔taking less desirable cargos in order to get into an area with
more lucrative cargos
✔✔Voyage Estimation - ✔✔best way to determine t/c equivalent is to see something
close to that size in the market at that area of the world at that time
✔✔When agreeing to turntime, most nonsense (SHINC, EIU, UU, WWD)... - ✔✔benfits
the charterer not the owner
✔✔Brokers are not held liable unless - ✔✔they exceed their authority
✔✔Subjects - ✔✔must be lifted before a contract is finalized
✔✔Subject Stem - ✔✔Shipper and supplier's agreement to make a cargo available for
specific dates
✔✔Subject Management Approval - ✔✔much broader, usually preferred by brokers
✔✔Subject Open/Subject Unfixed - ✔✔vessel/cargo is already under offer only for a
limited time, no extension
✔✔Laytime - ✔✔period of time agreed for L/D without payment additional to freight.
Calculation made to determine what additional payments are required, comparing how
long L/D actually took in comparison to the contract.
, ✔✔Do tankers have despatch? - ✔✔No
✔✔Statement of Facts (SOF) - ✔✔Prepared by port agent, details of ship's movements
and cargo ops in port
✔✔Time allowed - ✔✔time allowed for L/D.
Equation: BoL tonnage/Load or Discharge Terms
✔✔Time used - ✔✔time used for L/D.
Calculated using statement of facts.
✔✔Customary Quick Despatch - ✔✔loading ships in the order they show up (China)
✔✔Reversible - ✔✔Add everything together from load & discharge (advantage to
charterer)
✔✔7 days all purposes - ✔✔To load and discharge. Calculation done on reversible
laytime.
✔✔To tender a valid NOR - ✔✔You must be an arrived ship: arrived at designated
location, be ready physically and legally, tendered NOR
✔✔Liquidated Damages - ✔✔Money owed for damages (such as demurrage)
✔✔Detention - ✔✔Form of liquidated damages. Willful delay of a vessel outside the
normal delays such as congestion or berthing.
✔✔Advantages to owning a ship - ✔✔- Greater operational control
- Master is your employee
- Breaking IWL (can take chances if you own)
- Drydock scheduling
✔✔NAABSA
WLTHC
MOLOO
IACS
LOC
WOG - ✔✔Not always afloat but safely aground
Waterline to top of hatch coaming
More or less owner's option
International Association of Classification Societies
Letter of Credit
Without Guarantee
