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Course Level
Intermediate
Delivery Method
Classroom Instructor-Led Course
Professional Development Credit Hours
40
Pre-requisites
Recommended: Fundamentals of Oil, Petrochemicals and Gas Shipping, or equivalent knowledge.

"Very well thought out course, good balance of lecturers & exercises. Will recommend to others in the market. " Statoil (UK) Ltd


Faculty

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.

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Accreditations

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: www.nasbaregistry.org

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.

BAC: Mennta Energy Solutions is pleased to be endorsed by the BAC for Independent Further Education as a Short Course Provider. Endorsement covers courses delivered in the UK only.

GARP: Mennta Energy Solutions is registered with GARP as an Approved Provider of Continuing Professional Development (CPD) credits.

Tanker Ownership, Chartering and Operations (CLASSROOM) - TD2


Course Summary

Making sound business decisions as they pertain to tanker ownership, chartering, operations and coverage strategies demands a solid understanding of key issues. The impact of any decision, good or bad, across the entire supply and marketing chain, can be far reaching.

This course covers the crude oil, petroleum products, chemicals and gas transportation sectors. It examines the important economic, financial, contractual, environmental and legislative issues when evaluating contract options, chartering and devising investment strategies, logistics as well as operating tactics. It is presented in association with Richardson Lawrie Associates - a maritime economics and business consulting firm with extensive global practice in the oil industry, shipping and transportation economics. The emphasis of the course is on sound commercial practice, drawing on the working knowledge and experience of various industry speakers. Case studies and practical sessions will build on delegates' hands-on experience. There are no pre-requisites for this course, nor is any advance preparation required.

What You Will Learn

  • Key issues facing players in today's energy shipping markets
  • Use of Worldscale, freight calculations, voyage estimates, and time charter conversions
  • Dynamics of tanker chartering, sale and purchase markets; how to analyse trends and assess investment risk, as well as finance tankers
  • How to use and interpret the Freight Futures Market
  • 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
  • Key insights into how technical factors and the increasingly stringent rules governing vessel operations, safety and pollution prevention impact commercial decisions
  • Essential elements of a voyage charter party and the differences in owners' and charters' obligations under different forms of charter
  • Process of tanker chartering and the role of the broker
  • How Operations impact on commercial success
  • Important insights into the commercial and technical management of a tanker fleet

Please note: a laptop and up-to-date version of Office would be an advantage in order to engage in market data; however it is not essential.


Who Should Attend?

Anyone involved in: supply, trading and risk management departments at oil, gas and petrochemical companies as well as the commercial and operations departments at shipping affiliates or persons of oil companies; commercial and operations departments of ship owning companies; planning and financial departments of shipping companies and oil company transportation positions, banks and financial institutions involved in oil tanker, gas and chemical carrier finance; accounting and legal firms dealing with energy transportation issues; oil trading and distribution companies; management new to the transportation sector.


Course Content

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

  • Types of chartering arrangements
  • Worldscale, AFRA, and freight futures
  • Voyage estimating

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 to the charter markets
  • Strategies and economics of tanker refurbishment
  • Impact of environmental and safety legislation on tanker construction
  • Legal aspects of tanker sales
  • Financing arrangements

Commercial and Legal Aspects of Charter Parties

  • Demurrage, bunker escalation and other key clauses
  • Relative merits of different types of charter party
  • Requirements of charterer
  • Commercial, legal and other considerations, including arbitration
  • Documentation

Tanker Operations

  • Cargo Loss and Quality Control
  • Inspection and Testing
  • Custody Transfer
  • Ship Shore Reconciliation
  • Claims

Freight Derivatives

  • Freight Forward Agreements
  • How do they work
  • Comparisons with the physical market
  • Uses

Liability, P&I Cover, OPA 90 and International Conventions

Commercial and Technical Management of a Tanker Fleet

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

Syndicate Work

  • Participants will undertake exercises covering transportation economics, the economics of life extension, demurrage 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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