ICM300-Chartering and Charterparty Analysis

Module Provider: ICMA Centre
Number of credits: 20 [10 ECTS credits]
Level:7
Terms in which taught: Spring term module
Pre-requisites:
Non-modular pre-requisites:
Co-requisites:
Modules excluded:
Current from: 2018/9

Module Convenor: Prof Photis Panayides

Email: p.panayides@reading.ac.uk

Type of module:

Summary module description:

The aim of this course is to provide in-depth and holistic understanding of charter markets, chartering practice and charter party analysis in dry cargo and tanker shipping. Content includes the procedures and practices in chartering merchant ships in the dry cargo and tanker markets, their commercial employment under various forms of chartering and the detailed calculation of financial (freight) performance, voyage planning and laytime estimations. The module provides an in-depth analysis of charter party forms and adopts a legal and commercial perspective to analyze significant clauses and to explain various specialized terms in dry cargo and chartering contracts. The market structure of dry cargo and tanker industries are also analyzed and an overview of the practitioners involved (brokers, owners, charterers) is provided as are the sources of data and information required to initiate, negotiate, agree, execute and assess a successful charter party contract in the dry bulk and tanker markets.


Aims:

The aim of this course is to provide in-depth and holistic understanding of charter markets, chartering practice and charter party analysis mainly in dry cargo and tanker shipping.



Intended learning outcomes:

The course focuses on the two main markets for chartering ships, dry cargo and tanker shipping. After taking this course students will be able to:



• Understand the players and processes involved in freight market and chartering practice

• Know and comprehend the key clauses in time and voyage charterparties

• Analyze the terms, conditions and respective obligations, responsibilities and accountabilities in charterparty contracts

• Calculate freight income and expenses related to the chartering of ships

• Appreciate the concept of laytime in voyage chartering

• Calculate laytime given a set of relevant data

• Design and analyze voyage plans including voyage estimate calculations given a set of relevant data

• Be familiar with specialized terms, abbreviations and notation used in chartering 


Assessable learning outcomes:

• Understand the players and processes involved in freight market and chartering practice

• Know and comprehend the key clauses in time and voyage charterparties

• Analyze the terms, conditions and respective obligations, responsibilities and accountabilities in charterparty contracts

• Calculate freight income and expenses related to the chartering of ships

• Appreciate the concept of laytime in voyage chartering

• Calculate laytime given a set of relevant data

• Design and analyze voyage plans including voyage estimate calculations given a set of relevant data

• Be familiar with specialized terms, abbreviations and notation used in chartering


Additional outcomes:

Outline content:

• Introduction to Chartering



• The Chartering Process



• Dry Cargo Chartering Contracts



• Time Chartering – Calculating Hire



• Voyage Chartering – Freight Calculations



• Laytime



• Dry Cargo Voyage Estimating



• Tanker Chartering and Worldscale



• Tanker Chartering and market practice



• Tanker Charters



• Tanker Voyage Estimation


Brief description of teaching and learning methods:

Lectures will be used for the exposition of theory as well as non-assessed problems and case studies. The techniques used to achieve the stated module objectives and assess its learning outcomes will consist of a combination of teaching, question/answer sessions and discussions, case discussions and assignments.


Contact hours:
  Autumn Spring Summer
Lectures 20
Seminars 8
Guided independent study 172
       
Total hours by term 200.00
       
Total hours for module 200.00

Summative Assessment Methods:
Method Percentage
Written exam 50
Written assignment including essay 50

Summative assessment- Examinations:

- A 2 hour final exam


Summative assessment- Coursework and in-class tests:

One 3,000 word assignment typically submitted by the end of March


Formative assessment methods:

Penalties for late submission:

Penalties for late submission on this module are in accordance with the University policy. Please refer to page 5 of the Postgraduate Guide to Assessment for further information:

http://www.reading.ac.uk/internal/exams/student/exa-guidePG.aspx



 


Assessment requirements for a pass:

A minimum total final mark of 50%.


Reassessment arrangements:

Re-examination for Part 2 modules takes place in August/September of the same year


Additional Costs (specified where applicable):

1) Required text books £40


Last updated: 1 November 2018

THE INFORMATION CONTAINED IN THIS MODULE DESCRIPTION DOES NOT FORM ANY PART OF A STUDENT'S CONTRACT.

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