Venue: The Mandarin Orchard Hotel
Price: US $750 per Delegate
Register Now!THE IMPORTANCE AND DESCRIPTION OF THIS WORKSHOP
The Far East Open-Specification Naphtha Contract (OSN) is an industry “Benchmark Contract” used by many companies trading Naphtha in Asia. The OSN is designed to be traded in chains, to be comprehensive and cover almost all eventualities so that traders easily can take future (short or long) positions. Traders only need to agree the details of the half-month delivery period and the price. Other Traders use the OSN as a base contract providing a set of standard terms and conditions. The OSN Contract has functioned well for many years, mainly because of the goodwill of the companies that trade it.
In response to several requests, Asdem has arranged a special one-day workshop on the contractual, operational and laytime and demurrage terms of the OSN. This workshop will be presented by the OSN team at Asdem covering every aspect of the contract, from product specification, nominations, payment, operations discharge and laytime and demurrage for suppliers, traders to end users. The workshop is a guide for companies trading on OSN Terms in chains and for companies using the contract as a set of General Terms and Conditions. It will involve active learning with delegates considering consider real trade/operational situations.
Due to the ease with which the contract can be traded this can lead to long chains or strings of contracts as each seller passes a cargo nomination to his buyer. There may be long delays before these cargoes are discharged. The cargo may be split into two or more contract parcels and delivered to more than one port or berth. Drifting charges, shifting costs and deviation can also be incurred.
How do you calculate your net liability when you have a contract, or perhaps several, in a long chain? The answer is very likely to be different from the amount claimed by the ship owner. How do you keep your exposure as small as possible? By understanding the how the contract works!
Demurrage and other shipping claims under OSN terms often requires the co-operation of all the companies involved. It is, of course, far easier to maintain this essential co-operation when all the companies fully appreciate the details of the contract. This workshop is therefore aimed at traders, operators and claims analysts who need to know how the OSN contract functions, how to avoid excessive costs and how to verify their demurrage claims.
This workshop will also highlight the important recent amendments to the 2017/8 version of the OSN Contract.
Andrew Wilding, Managing Director of Asdem, and Cole Kuryakin, OSN Operations Executive, will answer all of these questions by going through the relevant clauses in the OSN Contract and by working through real examples and case studies. The detailed program for the topics covered in this workshop is set out below.
The workshop will be limited to a maximum of twenty delegates.
SPEAKERS
Andrew Wilding, Managing Director, Asdem. Click here to view Speaker Profile.
