Exam (elaborations)
BROKERAGE AND CHARTERING TEST 2 QUESTIONS AND ANSWERS
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BROKERAGE AND CHARTERING TEST 2 QUESTIONS AND ANSWERS
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Name: Score:50 Multiple choice questions
Term 1 of 50
What is reversible laytime?
-Rates are expressed in US$ per metric ton
-Rates are calculated assuming a round trip voyage from load port or ports to discharge
port or ports, and back to the first loading port.
-New worldwide tanker nominal freight scale.
- The tanker industry's reference for calculating freight rates
Under this method the total laytime allowed for the load and discharge ports is
calculated and added together. The demurrage/despatch would not be calculated until
end of the voyage.
- This method favors charter as they can speed up discharge if loading was to slow.
-Payment of demurrage to owners is delayed
Midnight to Midnight (24 Hours)
Term 2 of 50
What are components of calculation for Worldscale?
-Rates are expressed in US$ per metric ton
-Rates are calculated assuming a round trip voyage from load port or ports to discharge
port or ports, and back to the first loading port.
-Vessel tonnage
-Vessel Average Speed
-Fuel Burnt
-In port days
-Grade of fuel oil
The above will give you a fixed hire element in USD per day.
The western hemisphere and U.S. based subscribers.
The rest of the world opposite the New York Association
,Term 3 of 50
Add how many hours for Suez Canal?
24
30
False
The volatile trade of the oil market simplifies the pricing when changing destinations
while still in transit.
Term 4 of 50
What are capital costs?
-Rates are expressed in US$ per metric ton
-Rates are calculated assuming a round trip voyage from load port or ports to discharge
port or ports, and back to the first loading port.
Loading/Discharge/Laden (Seadays)
Cost of any vessel financing
-Sometimes called running cost
-Include: Crew wages, stores and supplies, lube oil, maintenance and repair, insurance
and any management fees.
-Can be negated through lay up
-No influenced by the voyage, steady expense part of "Daily Operating Costs"
sometimes calculated annually.
Term 5 of 50
Certain periods are usually per c/p terms to be "____" (excluded) from laytime
do not
excepted
False
24 hours
,Term 6 of 50
Who uses time to commence 24 hours clause.
Brokerage companies not owners/charterers
Calculated and maintained by two non-profit associations located in London and New
York.
The Captain
AMWELSH charter used in the COAL TRADE
Term 7 of 50
EIU:
Cost of any vessel financing
Even if used (No penalty to allotted time)
Midnight to Midnight (24 Hours)
Time is excluded if loading is stopped due to weather.
Term 8 of 50
What is worldscale?
185% of the published rate
When market rates are approaching such a low level that it might be better to
temporarily lay up a vessel.
-New worldwide tanker nominal freight scale.
- The tanker industry's reference for calculating freight rates
The volatile trade of the oil market simplifies the pricing when changing destinations
while still in transit.
, Term 9 of 50
Laytime is usually expressed in either of two ways:
The volatile trade of the oil market simplifies the pricing when changing destinations
while still in transit.
-Vessel tonnage
-Vessel Average Speed
-Fuel Burnt
-In port days
-Grade of fuel oil
The above will give you a fixed hire element in USD per day.
A method of calculating the estimated return to the vessel owner or operator.
- A fixed number of days (even hours)
- A fixed tonnage of cargo per day (or occasionally per hatch per day)
Term 10 of 50
What is demurrage?
AMWELSH charter used in the COAL TRADE
Money agreed upon in the charter party to be paid to the vessel owner when the time
used for loading and/or discharging exceeds the agreed/bargained time. ($$$)
-Payment to owner for delays
Freight and Demurrage
The Captain
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