Course price

Discounts

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

Overview

The Oil Trading and Tanker Chartering Masterclass covers essential time chartering issues.

What will you learn?

During the course, the trainers will move through the roles and interests of the parties involved in tanker chartering, including oil majors, refineries, traders, owners, and operators. They will consider the role of the broker and examine what the parties to the chartering transaction are looking to achieve and how each act to protect their interests by managing their contractual liabilities at the various stages of the chartering transaction.

The tanker trades come with their own unique range of charter parties. Some are BIMCO-approved forms, such as ASBATANKOVOY and BPTIME3. However, the majority are issued by oil majors and traders. Even though they are well known to the parties involved, they are also known to come with liabilities and trade-specific clauses, many of which are not easily altered by the carrier. The course aims to raise awareness of the risks and liabilities by examining the forms and by offering practical examples of cases handled by the trainers.

The tanker trade is highly regulated to ensure the safety of the environment and the security of the vessel and its crew. This is reflected in the contracts used, where vetting procedures and quality assurance enquirers a high degree of documentation and transparency to avoid liability for damages to the vessel and the cargo. Disputes may arise at any point during the transaction. Charter party management is a crucial tool to mitigate potential losses in a very competitive market. The trainers will share practical examples and advice obtained during their day-to-day handling of tanker disputes.

Topics that will be covered:

• Fundamental Issues: The Inter-relationship between Contracts

• Overview of the Inter-relationship between the Contract of Sale, the Charter Party, the Bill of Lading and the Insurance Certificate

• Fundamental Issues: The Sale Contract – Part I
  • Deal or no Deal?
  • Incoterms
  • The Oil Major Standard Terms
• Fundamental Issues: The Sale Contract – Part II
  • Delivery
  • Quality/Quantity
  • Payment
  • Force Majeure
  • Shipping Terms
  • Laytime and Demurrage
• The Charter Party Forms: Working with and Amending Voyage C/P Forms and their Unique Characteristics
  • ASBATANKVOY
  • BPVOY 4 and 5
  • EXXONMOBILVOY
  • SHELLVOY 5 and 6
  • ASBAGASVOY/GASVOY 2005/LNGVOY
  • BIMCHEMVOY 2008
• The Charter Party Forms: Working with and Amending Time C/P Forms and their Unique Characteristics
  • BPTIME 3
  • SHELLTIME 4
  • EXXONMOBIL TIME 2000
  • BIMCHEMTIME 2005
  • GASTIME
• The Charter Party Forms: Oil Major Vetting and Approvals
  • Overview of Vetting and Inspection Clauses
  • The Difference between Vetting and Approval
  • Vetting in Practice. The Approval Processes.
  • The Warranty given by the Carrier
• Cargo Issues: Bills of Lading
  • The Functions of Bills of Lading
  • Bill of Lading and its Interaction with the Voyage Charter Party
  • Bill of Lading and its Interaction with the Sale Contract
  • Bill of Lading and its Interaction with the Letter of Credit
  • The Hague and Hague-Visby Rules
  • Troubleshooting and Letters of Indemnity
  • Suing under a Bill of Lading
• Cargo Issues: Bunker and Cargo Sampling
  • Sampling Clauses
  • Commingling or Blending Cargo
  • Tank Cleaning and Cargo Readiness
  • Intertanko’s Five Standards of Tank Cleanliness
• Cargo Issues: Cargo Claims
  • Cargo Retention and ROB Clauses
  • Contamination Disputes
  • Shortage Disputes
  • Evidence, Documentation, Time Bars
• Cargo Issues: Main Aspects of Dispute Resolution under English Law

• London Arbitration
• English Court
• Security, Injunctions, and Enforcement
• Settlement, Mediation, and Litigation Strategy

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. All documentation and presentations will be in English. Course access details will be provided once the registration is completed.

You will also receive access to BIMCO's eLearning modules on "Time Chartering", "Bills of Lading" and "Tanker Laytime & Demurrage".

Speakers

Organiser