Venue: The Mandarin Orchard Hotel
Price: US $1500 / SGD $2100 per Delegate
10% Discount for 3 or more delegates
Register Now!THE IMPORTANCE OF THIS COURSE
This is a new and unique course which provides an unparalleled and comprehensive guide to the seven forms of oil voyage charter which are in widespread use in the oil industry: ASBATANKYOY (1969), BPVOY4 (1998), BPVOY5 (2015), EXXONMOBILVOY 2005, EXXONMOBILVOY (2012), SHELLVOY5 (1987), SHELLVOY6 (2005).
If ASBATANVKVOY (a 1969 form charter with 3 pages of clauses) is compared with the 11 pages of clauses in EXXONMOBILVOY 2012 or the 40 pages which contains the terms of BPVOY 5, the growth in the complexity of the modern oil voyage charter terms becomes very obvious. A tanker voyage charter is a now highly developed, long and complex document to which many additional clauses are added. Added to the complexity of the modern forms it is now rare to see a charterparty that is drawn up and signed. The modern oil industry professional is required to construct the charterparty by considering the fixture recap, the form of the charterparty, the amendments to that form and any General Terms and Conditions which are also incorporated.
This training course is designed specifically for the oil and tanker industries and examines the differences between all the commonly used charter parties and common additional clauses. The job of the oil industry professional – traders, operators, contracts, laytime and demurrage professionals and in-house counsel – demands a familiarity with all these forms.
COURSE DESCRIPTION
The modern forms of the oil voyage charter – BPVOY 4 and 5, SHELLVOY 5 and 6, EXXONMOBILVOY 2012 etc. - as developed by the oil majors - have seen the voyage charterer striving for a highly flexible commercial charter adapted to the practices of modern oil trading with rights and options to allow for all the changes that may be required during the voyage. Many of these rights/options impact on the calculation of laytime and demurrage.
The voyage freight is still calculated on the basic assumption of the time required to complete the voyage with an allowance of time for the loading and discharging operation. The oil voyage charter then carefully allocates the financial risk of delays and allocates the risk of hindrances beyond the control of the parties - bad weather, congestion, strikes, piracy, fire, terrorist attacks, etc., by its terms governing the running of laytime and for the payment of demurrage.
Whilst terms as to laytime and demurrage are still the foundation of the voyage charterparty, as the voyage charterer now seeks substantial commercial control over the voyage, the charterer takes extensive rights in the form of the charter contract agreed with the owner. The owner in turn seeks to place increasing responsibility for the financial cost of those rights on the charter and this has greatly increased the voyage charters complexity and voyage accounting. The modern voyage charter now contains detailed provisions for payment of additional charges, payment for liberties and rights such as use of the vessel for storage, calls at interim ports, discharging and back loading operations, co-mingling and blending and issuing the bill of lading. Additional clauses have been created for transiting certain areas of the world – such as war risk areas, areas where there is a risk of piracy, areas where there is a significant risk of delay due to congestion and so on.
In tandem with the increasing commercial flexibility the modern oil voyage charter also places extensive obligations on the ship owner. There are increasing regulations on the vessel and the products it carries. The modern charter takes account of increasing regulation of the shipowner and the carriage of hazardous cargoes such as oil – The International Ship and Port Facility Security Code (ISPS Code), SOLAS and other domestic and international ship/shipping regulations increasing compliance requirements (corporate and legal), and sanctions requirements.
Parties increasingly try and cover every possible contingency that may occur during the voyage i.e. every conceivable reason for delay and modern technology lends itself effortlessly for fast exchange of “cut and paste” charter terms and introduction of additional terms – this has led to a proliferation of recaps over a shortened negotiation periods and a proliferation of additional clauses.
This course is aimed at the day-to-day working requirements of those who handle and work with the oil voyage charter - traders, operators, contracts, laytime and demurrage professionals and in-house counsel. – whose role demands a familiarity with all these forms and the differing terms they contain. It will also be of great benefit, as many companies have already discovered, to anyone who has a responsibility for avoiding costly contractual mistakes, including, traders, charterers and lawyers. For example, it can prove very expensive for a trader’s profit and loss account when cargoes are traded without a proper understanding of the differences between the terms of these charter parties. This training seminar and the comprehensive manual that accompanies it is aimed at providing oil industry professionals who attend this course with the essential information necessary to navigate the modern oil industry charterparty.
SPEAKERS
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PROGRAMME
THE COMMONLY USED VOYAGE CHARTER FORMS AND COMMENTARY
A COMPARATIVE REVIEW AND ANALYSIS OF THE CLAUSES IN A TANKER VOYAGE CHARTER
COST and VENUE
The fee for this intensive 2-day training, which will be held at the Mandarin Orchard Hotel in Singapore is US $1,500. Parties who prefer to pay in Singapore Dollars may do so (at a cost of SG $2,100) upon registering by selecting your preferred currency from the pricing drop-down list on the course registration page.
The fee includes all documentation, refreshments, and lunches. Please inform us if you have any special dietary requirements. This fee does not, however, include accommodation. If you require accommodation, please contact the Mandarin Orchard Hotel on +65 6737 4411 for reservations.
The Mandarin Orchard Hotel is located at 333 Orchard Road, Singapore (+65 6737 4411). A location map for the Mandarin Orchard can be viewed by clicking here.
