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Course Level
Delivery Method
Classroom Instructor-Led Course
Professional Development Credit Hours
Recommended: Fundamentals of Oil, Petrochemicals and Gas Shipping, or equivalent knowledge.


Charles Lawrie is a founding partner, and now CEO, of Richardson Lawrie AssociatesLtd, an independent firm of international maritime economists and business consultants established in 1987 and now a part of the Wade Maritime Group based in London, Singapore and India. He is responsible for the firm's consulting and retainer services in the crude oil, petroleum products and gas transportation sectors. He has spent over 45 years in the oil and shipping sectors, more than 35 of which have been as project manager or senior consultant on shipping, economics, investment appraisals, feasibility studies, transportation strategies and business studies within Europe, the Americas and the Far East. He is a specialist in the development of: investment appraisals, business plans, strategy reviews; commercial/contractual advice, project implementation; evaluation of the transportation economics of varying routes, ports and cargo handling techniques; commodity trade flow analyses and forecasts; modelling and forecasts of short, medium and long term shipping traffic, shipping demand and shipping supply; and modelling and forecasts of shipping charter rates and vessel costs.

Captain Bhatia is a well-known maritime transportation industry expert with over 30 years of operational and commercial experience including organizational turnaround, business strategy, operational risk management, claims, legal & regulatory. He has in-depth technical, commercial and operational management expertise gained by serving at sea for 15 years and later on ashore in commercial operations and management consulting field. He is the founding partner of The Wade Maritime Group, a leading maritime business consulting group based out of Singapore with group offices in India and the UK. He has over the past decade worked on numerous projects in operational risk management, business strategy, organizational design, human capital management, strategic investment advice, claims management and regulatory compliance for leading ship owners, charterers, Oil & Bulk majors, Ports and PE firms. He is a specialist in commercial operations, maritime economics, transportation strategies, operational risk management, claims management and dispute resolution. Keynote speaker on various advanced training programmes and seminars in the maritime industry.


NASBA: Mennta Energy Solutions is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site:

CPD Certification Services: The CPD Certification Service works with Mennta Energy Solutions to ensure valuable knowledge is structured to complement the universal guidelines of Continuing Professional Development. Mennta Energy Solutions courses are approved by CPD at one credit per training hour.

Principles of Tanker Ownership, Chartering, Operations, Laytime and Demurrage (CLASSROOM) - TD2L

Course Schedule

Date Time Location Price* Registration Deadline**

*Prices do not include VAT, GST, or any other local taxes. All applicable taxes will be added to the invoice.
**Please register by the deadline to help us ensure sufficient attendance and avoid postponing the course.

Course Summary

Principles of Tanker Ownership, Chartering, Operations, Laytime and Demurrage is a three-day instructor led course presented by the energy training experts at Mennta Energy Solutions. Making sound business decisions concerning tanker ownership, chartering, operations and coverage strategies demands a good understanding of key issues and their potential impact. This basic course covers the crude oil, petroleum products, chemicals and gas transportation sectors. This course also examines the important economic, financial, contractual, environmental and legislative issues when evaluating contract options, chartering and investment strategies, logistics and operating tactics.

This course will also provide practical understanding and instruction in the complexities of laytime and demurrage and in so doing, de-mystify them. Emphasis is placed on how to avoid potential problems from the outset, how to limit risk and exposure and ultimately save money through the efficient handling of claims and avoidance of costly legal proceedings. The course highlights differences between major charter parties and the problems encountered between shipping and oil sales contracts.

Case studies and practical sessions provide delegates with hands-on experience of decision making in this area. There are no pre-requisites for this course, nor is any advanced preparation required. This is a three day course.

What you will learn

  • To understand key issues facing players in today 's energy shipping markets
  • To use worldscale, calculate freight costs, undertake voyage estimate, and time charter conversions
  • To understand the dynamics of the tanker chartering, sale and purchase markets, how to analyze the trends and assess investment risk, as well as how tankers are financed
  • The characteristics and driving forces that determine developments in the specialist gas and chemicals carrier markets
  • Factors determining oil company transportation coverage strategies and tanker owners ' chartering policies
  • To appreciate the important insights into how technical factors and the increasingly stringent rules governing vessel operations, safety and pollution prevention impact commercial decisions
  • The essential elements of a voyage charter party and the differences in owners ' and charters ' obligations under different forms of charter
  • The process of tanker chartering and the role of the broker
  • How the bunker fuel markets work and how bunkering strategies can be developed
  • To identify important insights in the commercial and technical management of a tanker fleet
  • Clear understanding of all of the contractual terms and clauses relating to laytime and demurrage
  • How the same issues may be handled differently between the main charter parties (for example, ASBATankvoy, Shellvoy, Bpvoy)
  • How to calculate used laytime and demurrage incurred
  • The experience of working with a group of energy and shipping industry executives, having a range of experiences, from a variety of organizations around the world

Who Should Attend?

The supply, trading and risk management departments in oil, gas and petrochemical companies, the commercial and operations departments in the shipping affiliates or divisions of oil companies, the commercial and operations departments of ship owning companies, the planning and financial departments of shipping companies and oil company transportation divisions, banks and financial institutions involved in oil tanker, gas and chemical carrier finance, accountants and legal firms dealing with energy transportation issues, oil trading and distribution companies and management new to the transportation sector.

Course Content

The Structure of the (Crude Oil) Tanker, Petroleum Products, Chemical and Gas Carrier Markets

  • How the markets operate
  • Trends in ownership and chartering
  • The role of the different types of companies, including shipbrokers
  • Ship types and their physical characteristics

Charter Evaluation

  • Different types of chartering arrangement
  • Use and understanding of the Worldscale system, AFRA
  • Voyage estimating and calculation of time charter equivalents
  • Time charter evaluations and comparisons with the spot markets

Logistics and Operating Strategies

  • Transportation economics and evaluation of logistics options
  • Trans-shipment, lightering and the use of tankers as floating storage

Tanker Market Fundamentals and Market Influences

  • Tanker demand and supply
  • Trends in owner operating costs and charter revenue
  • Rate formation
  • The dynamics of short, medium and long
  • term charter rates
  • Assessing the impact of external market factors

Investment in Tankers

  • New construction, second
  • hand and scrap prices and their relationship with the charter markets
  • The impact of environmental and safety legislation on tanker construction

Tanker Coverage Strategy/Contract Portfolios

  • Oil company and ship owner perspectives
  • Calculation of oil company tonnage requirements and the development of a 'coverage strategy'
  • Commercial, contractual, legislative, environmental and qualitative issues associated with controlling transportation
  • Project implementation

The Elements of a Voyage Charter Party, Choice of Law, Time Bars, Arbitration and Dispute Resolution

  • Legal framework for charter parties, choice of law, arbitration and dispute resolution
  • Owners" and charterers" obligations under different forms of charter
  • The key clauses
  • Time bars


  • What is it, how is it incurred, who pays, how is it calculated?
  • What does and does not count as used laytime
  • Practical problems
  • Documentation and dealing with potential discrepancies
  • Additional clauses

Load Port Laytime, Arrived Ship, Notice of Readiness

  • Vessel arrives prior to commencement of laycan
  • What defines an "arrived ship"
  • Tendering and acceptance of Notice of Readiness (NOR)
  • 6 hours" notice period and the concept of

Discharge Port Laytime, Pumping Warranties

FOB and CIF Contracts, Trading, Laytime and Demurrage Terms from a Commercial Viewpoint

Comparison of Laytime and Demurrage Terms under Different Charter Parties

Syndicate Work

  • Participants will undertake exercises covering transportation economics, time charter evaluations and voyage estimating, demurrage, laytime and arbitration. The work is then used in case studies in which syndicates compete to develop optimum strategies for tanker coverage and contract portfolios

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