Maritime trading brokerage
Shipbroking is a financial servicewhich forms part of the global shipping industry. Some brokerage firms have developed into large companies, incorporating departments specialising in shipping's various sectors, e.
The principal maritime trading brokerage and shipbroking centres worldwide are LondonNew York CitySingapore and Tokyoas well as where many shipowners are based such as Oslo and Athensespecially since the Athens Olympics of Until the late 20th century, it was commonplace for shipbrokers to cover more than one discipline, although nowadays the vast majority of shipbrokers specialize in a specific sector.
Like many financial services, historically shipbroking grew out of the City coffee housesbecoming established at the Baltic Exchange;  among its most famous members being Ernest Simpsonex-husband of The Duchess of Windsor diedand Alderman the Lord Mountevans. The Institute maritime trading brokerage Chartered Shipbrokers sets educational standards throughout the industry worldwide, whose Fellows are accorded the privilege of using the post-nominal letters FICS.
When a shipowner has a vessel to sell or is looking for maritime trading brokerage vessel to acquire, the shipbroker will scour the market for buyers, or for suitable sales candidates, discuss with potential counterparties or their broker the main points of the sale transaction and eventually negotiate all of the details, usually based on a standard contract.
During such proceedings, shipbrokers not only negotiate the price of the vessel maritime trading brokerage behalf of their principals but also all the logistical details for the transfer of the title and the vessel itself to the buyers new ownersincluding the banking arrangements.
During any negotiation minor disputes may occur which are to be handled in accordance with market fluctuation, i. When shipbrokers act on maritime trading brokerage of passive investors or financial buyers, they may also have to find time charter employment for the vessel and assist with practical arrangements such as the appointment of ship managers.
Dry Cargo brokers are typically specialists in the chartering of Bulk carriersand are engaged to act either for a shipowner looking for employment for a ship, or a charterer with a cargo to be shipped. Dry Cargo brokers maintain large databases of vessel positions, cargoes and rates, paying constant attention to the direction of the markets so as to advise their clients accurately as to how to maximize profits or minimize expenses.
Dry Cargo shipping can, in general terms, be categorized by Vessel size: Many owners, charterers and brokers tend to specialize in one or other of these sectors. Tanker brokers specialize in the chartering of Tankerswhich requires a different skillset, knowledge and contacts from Dry Cargo maritime trading brokerage. Tanker brokers may specialize in crude oilgasoil products or chemical tankers. Tanker brokers similarly negotiate maritime contracts, known as Charter Parties.
Oil being a fast moving trade, freight rates for crude oil tanker charters are most commonly based on the Worldscale Index ; the Worldscale Association publishes flat rates annually. For some specific voyages, such as named voyages i. There is no scope. Container brokers specialize in the chartering of container ships and provide container shipowners and charterers with market-related information and opportunities. Shipping Futures brokers specialise in negotiating maritime futures contracts.
Ordinamenta et consuetudo maris Amalfian Laws Hanseatic League. Bill of lading Charter-party. Bareboat Demise Time Voyage. Admiralty court Vice admiralty court.
A shipping agency or shipping agent is the designated person or agency held responsible for handling shipments and cargoand maritime trading brokerage general interests of its customers, at ports and harbors worldwide, on behalf of ship owners, managers, and charterers.
In some parts of the world, these agents are referred to as port agents or cargo brokers. There are several categories of shipping agents such as: In other words, a ship agent is any person or company that carries out the functions of an agent. Shipping agents will usually take care of all the regular routine tasks of a shipping company quickly and efficiently. They ensure that essential supplies, crew transfers, customs documentation, and waste declarations are all arranged with the port authorities without delay.
Quite often, they also provide the shipping company with updates and reports on activities at the destination port so that shipping companies have real-time information available to them while goods are in transit.
Succinctly, the term shipping agent refers to the relationship between the principal in this case the shipping company conveying the goods and its representative, whereby the principal, expressly or impliedly, authorizes the agent to work under his control and on his behalf. This practice is very common in the cargo trade, booking agents, etc.
The duties of a cargo broker are similar to those of a shipping agent, but may also vary. For maritime trading brokerage, a cargo broker will maritime trading brokerage book outward cargo and inform the shippers on which quay and when the goods are to be presented and when loading and unloading is due to start. He will draw up booking lists according to the incoming bookings and ensure that the manifest maritime trading brokerage collects the shipping maritime trading brokerage shipping permits, bills of lading which are necessary to commence the loading and unloading operations.
The collected documents are also compared with the booking lists. In the case of damage to cargo or the ship, the shipping agent also makes the necessary arrangements at the request of the ship's master or owner with the insurance company, and for nautical inspections and maritime trading brokerage services of experts or surveyors, etc.
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