A Full Chronicle of a Spot Tanker VoyageŸι... · •Controlled 90% by chartering ... Fixture Note...

“A Full Chronicle of a Spot Tanker Voyage”

By Nikos Stasinopoulos

University of Piraeus Maritime Studies Department

A Full Chronicle of a Spot Tanker Voyage

Nikos Stasinopoulos Commercial Operator

OSG Ship Management (GR) Ltd.

NStasinopoulos@osg.com

A Full Chronicle of a Spot Tanker Voyage Contents

1. Introduction - Spot Market - Customers /Charterers

2. Preparation for Fixture

3. Voyage – CP – Recap

4. Prepare the Vessel

5. Cargo Operations

6. Revenue - Post Fixtures

7. Negotiations and Closure of the Voyage

A Full Chronicle of a Spot Tanker Voyage Introduction

What determines the markets:

• Cargoes (Clean – Dirty)

• Type Chartering (Time-Spot)

• Type of Ships

• Trading Patterns

Introduction

Market Stakeholders

Cargo Cargo Buyers Cargo Owners Cargo Receivers Carriers

Introduction

Market Stakeholders

• OPEC (70%) • Oil Majors

Introduction

Market Stakeholders

• Commodity Traders • Oil Majors • Governments • Refineries • National Oil Companies

Introduction

Market Stakeholders

• Commodity Traders • Oil Majors • Governments • Refineries • National Oil Companies

• Shipping Companies • Oil Companies (small fleet)

Introduction

History Review

The Oil majors: •Located, extracted, stored, transported, refined and distributed the refined product.

•Owned about 40% of the tanker fleet

•Controlled 90% by chartering

•Produced & transported 80% of the world’s oil.

Introduction

History Review

The Oil majors: •Located, extracted, stored, transported, refined and distributed the refined product.

•Owned about 40% of the tanker fleet

•Controlled 90% by chartering

•Produced & transported 80% of the world’s oil.

Vertical Integration

Introduction

History Review

• Nationalisation of the oil by the Producer countries: eg. Iran 1951. Saudi Arabia owns ARAMCO. Kuwait Oil Company in 1976

Introduction

History Review

• Nationalisation of the oil by the Producer countries: eg. Iran 1951. Saudi Arabia owns ARAMCO. Kuwait Oil Company in 1976

The Oil Major producers

→ Tanker Owners

→ market refined petroleum

Introduction

History Review

Middle East Crisis:

1973 - Egypt, Jordan, and Syria invade Israel

USA supports Israel

OPEC “Punishes” West price of oil

Western countries → immediate recession

Between 1973-1979 - Oil price $13 $39/bbl

1979 Revolution in Iran - Oil price over $40/bbl

Introduction

History Review

Middle East Crisis: Industrialised nations seek oil from non OPEC sources, new fields open up e.g. Alaskan slopes, North sea Reduction in consumption of oil in industrialised countries Volatile and uncertain oil prices, lack of market stability

Introduction

History Review

Middle East Crisis Results: Independent traders and spot market - over 60 % oil trade

Oil majors stake in oil production 14% (from 63%)

Oil majors tanker ownership 12% of world tanker fleet (from 40%)

Introduction A Full Chronicle of a Spot Tanker Voyage

SPOT MARKET in Shipping Is the market where the fixtures are made on Voyage basis. Voyage Charter Party Freight on WS Freight on Lump Sum

From port to port specifically nominated.

Introduction

Tanker Types

Crude ULCC >300,000 dwt

VLCC 150 – 299,999 dwt

Suezmax 100 – 149,999 dwt

Aframax 50 - 99,999 dwt

Products Handymax 38-50,000 dwt

Handysize 27-38,000 dwt

Sub handysize 10-27,000 dwt

Introduction

Typical Product Tanker

Introduction

Typical Product Tanker

Preparation of Voyage

Preparation of Voyage A Full Chronicle of a Spot Tanker Voyage

Chartering Dpt.

1. Set the position of the sub vessel

2. Try to find cargo to be loaded in a convenient port

3. Cooperation with the brokers

Information is necessity

Documents should be available

• Q88

• Crew Matrix

• Flag Certificates

• Class Certificates

• OCIMF Sire

• Additional information for intakes (drafts etc)

• Chartering puts the vessel on subs

Both parties are in exclusive negotiation

Subs are lifted

You have a fixture – take care of it ! ! !

Voyage – CP - RECAP A Full Chronicle of a Spot Tanker Voyage

Voyage – CP - RECAP

1. Fixture Note

1. Fixture Note Charterer: Big Charterer

Vessel: M/T Carrier

Cargo: min 37,000 mtons CPP cargo cpp

Load: 1-2 ARA

Disch: 1-3 EC Mexico/USG, 1-3 USAC/Caribs (NO

Westcoast Option)

Laycan: 06-08 January 2013

Rate: WS 95 ECMexico/USG, WS 105 USAC/Caribs

Demurrage: $18,000 PDPR

Broker: Big Brokers Co.

1. Fixture Note

2. RECAP

1. Fixture Note

2. RECAP

Amendments of Main Body of CP

Additional Clauses

1. Fixture Note

2. RECAP

3. Voyage Orders

1. Fixture Note

2. RECAP

3. Voyage Orders

Specify: Cargo - Port – Agents etc

Prepare the Vessel A Full Chronicle of a Spot Tanker Voyage

Prepare the Vessel

Tank Cleaning Procedure

Check the previous cargo – this cargo

Avoid the contamination of next cargo

Bunkers

Check the ROB quantities

Are they sufficient for this performance?

Bunkers supply (place, price, options)

Agents

Agency appointment

- Protective agent in port

- Assisting Master in port

- Coordination

Ballast Leg

- Monitor vessel’s performance to catch the laycans

- Always monitor Speed & Consumption

- Always be in line with CP

Cargo Operations A Full Chronicle of a Spot Tanker Voyage

Cargo Operations

Pilots – Tugs – Mooring - Berthing

Hose Connected

Commence Loading

Complete Loading

Tugs - Unmooring – Unberthing - Pilots

Arrival at Loadport

Vessel’s Arrival

Pilot’s embarkation

Towage

Mooring

Cargo Operations

Product Tanker Manifols

Cargo Operations

Typical Cargo Oil Tank (COT) Arrangement

Hose Connected

Commence Loading

Complete Loading

Pilots – Tugs – Unmooring - Unberthing

SOF at Loadport

Hose Connected

Commence Loading Agreed laytime *

Complete Loading

*Exceeding Laytime = Demurrage

En route to disport on laden condition

SOF at Loadport

Laden Leg

- Avoid any delays

- Always monitor Speed & Consumption

- Always be in line with CP

Discharging Orders

- Specify: Port – Agents – Cargo Receivers etc

- Check the BLs and evaluate the Chrtrs reputation

Agents at Disport

Agency appointment

- Protective agent in port

- Assisting Master in port

- Coordination

Hose Connected

Commence Discharging

Complete Discharging

Arrival at Disport

Hose Connected

Commence Discharging Agreed Laytime*

*Exceeding laytime = Demurrage

Arrival at Disport

Cargo Pumping

System Arrangement

Cargo Pumps

Hose Connected

Commence Discharging

*Ready for her next voyage

Departure from last Disport

Commencement of Sea Passage !!! (after discharging)

Ready for her next voyage

Do you think it’s been completed???

NO !!!

Revenue – Post Fixtures A Full Chronicle of a Spot Tanker Voyage

Who is collecting the Money?

- Post Fixtures Dpt. will do!

Who pays for costs?

- Accounting does

Who pays for costs?

- Accounting does (always on Ops Approval)

Revenue

- Freight

- Demurrage

- Port Cost (DAs)

- Charterers’ Account items

- Bunkers: part of voyage cost

but it should be managed separately.

Load port & Disport Costs (DAs)

- Agency fees

- Port dues

- Custom charges

- Pilotage

- Tugs

- Mooring Handlers

*Check for Charterers’ Items – Additional shifting expenses

Negotiations -> Agreement –> Receipt of Funds

Close the FDAs

If all in order the Voy is closed !

Thank you!

Any Questions ?

A Full Chronicle of a Spot Tanker VoyageŸι... · •Controlled 90% by chartering ... Fixture Note...

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