791:. S&P brokers promote opportunities and discuss market trends with shipowners, charterers, investors and bankers, as well as reporting on market sales, vessel values, market trends and activity. When a shipowner has a vessel to sell or is looking for a vessel to acquire, the shipbroker will scour the market for buyers, or for suitable sales candidates, discuss with potential counterparties or their broker the main points of the sale transaction and eventually negotiate all of the details, usually based on a standard contract. During such proceedings, shipbrokers not only negotiate the price of the vessel on behalf of their principals but also all the logistical details for the transfer of the title and the vessel itself to the buyers (new owners), including the banking arrangements. During any negotiation, minor disputes may occur, which are to be handled in accordance with market fluctuation,
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the market may be moving in favor of the buyer (vessel price is softening) or in favor of the seller (vessel price is strengthening) giving each party a potential reason to cancel the transaction. When shipbrokers act on behalf of passive investors or financial buyers, they may also have to find time
715:
In the 19th century, it was the work of ship-brokers to procure goods on freight or a charter for ships outward bound. They also went through the formalities of entering and clearing vessels at the customs-house. They collected the freight on vessels brought into port and took an active hand in the
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The principal shipping and shipbroking centres worldwide are London, New York City, Singapore, and Tokyo, as well as where many shipowners are based such as Oslo and Athens. Other places continue to develop in international shipping services, such as Hong Kong and
Shanghai, Delhi and Mumbai,
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Until the late 20th century, it was commonplace for shipbrokers to cover more than one discipline, although nowadays the vast majority of shipbrokers specialize in a specific sector. Like many financial services, historically shipbroking grew out of the
856:, which requires a different set of skills, knowledge and contacts from dry cargo broking. Tanker brokers may specialize in crude oil, gas, oil products or chemical tankers. Tanker brokers similarly negotiate maritime contracts, known as
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so as to advise their clients accurately as to how to maximize profits or minimize expenses. Dry Cargo shipping can, in general terms, be categorized by Vessel size: namely,
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charter employment for the vessel and assist with practical arrangements such as the appointment of ship managers. Some S&P brokers specialize in the sale of ships for
840:. Each size of vessel suits different types of cargo and trade routes/ports. Many owners, charterers, and brokers tend to specialize in one or other of these sectors.
606:
812:, and are engaged to act either for a shipowner looking for employment for a ship, or a charterer with a cargo to be shipped. Dry Cargo brokers maintain large
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tankers (a highly specialized sector of the tanker market), freight rates can be agreed on a lumpsum (or dollar per ton) fixed rate between both parties.
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Copenhagen, Geneva, Genoa, Hamburg and Paris in Europe; and in North
America, Connecticut, Houston, and Montreal are important shipbroking centres.
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Sale & Purchase ("S&P") brokers handle the buying and selling of existing vessels in the secondhand market or contract new ships (called
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Some brokerage firms have developed into large companies, incorporating departments specialising in shipping's various sectors,
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Dry Cargo
Chartering, Tanker Chartering, Container Chartering, Sale & Purchase, Demolition, Futures and Research; other "
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720:, for which they were paid a fee. In major British ports, ship-brokers were also usually insurance-brokers.
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Turpin, Edward A.; McEwen, William A. (1980). "Ch. 18: United States
Navigation Laws and Ship's Business".
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Oil being a fast moving trade, freight rates for crude oil tanker charters are most commonly based on the
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and provide container shipowners and charterers with market-related information and opportunities.
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coffee houses, becoming established at the Baltic
Exchange; among its most famous members being
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The
National Cyclopaedia of Useful Knowledge, Vol III, (1847), London, Charles Knight, p.839
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management of all business matters between ship-owners and merchants, whether shippers or
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sets educational standards throughout the industry worldwide, whose
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are accorded the privilege of using the post-nominal letters FICS.
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Dry Cargo brokers are typically specialists in the chartering of
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are specialist intermediaries/negotiators (i.e. brokers) between
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Tanker operations: a handbook for the person-in-charge (PIC)
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Huber, Mark (2001). "Ch. 9: Chartering and
Operations".
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800:, requiring a different set of skills and contacts.
913:Shipping Futures brokers specialise in negotiating
901:Container brokers specialize in the chartering of
885:For some specific voyages, such as named voyages (
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889:from A to B) and for specialist ships, like
1031:. Centreville, MD: Cornell Maritime Press.
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1012:. Cambridge, MD: Cornell Maritime Press.
1295:Service companies of the United Kingdom
646:London Maritime Arbitrators Association
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1053:The Institute of Chartered Shipbrokers
601:International Convention on Load Lines
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1058:Association of Shipbrokers and Agents
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860:. The main terms of negotiation are
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636:International Maritime Organization
591:Ballast Water Management Convention
557:International Convention on Salvage
438:The captain goes down with the ship
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1029:Merchant Marine Officers' Handbook
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765:Institute of Chartered Shipbrokers
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930:Worshipful Company of Shipwrights
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641:Comité Maritime International
607:International Regulations for
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758:Alderman the Lord Mountevans
609:Preventing Collisions at Sea
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628:International organizations
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552:Maritime Labour Convention
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529:International conventions
897:Container vessel broking
574:International piracy law
565:the Law of the Sea
29:Not to be confused with
596:Anti-fouling Convention
1213:Freightos Baltic Index
993:. London: Witherby's.
963:www.balticexchange.com
754:The Duchess of Windsor
1280:Shipbroking companies
989:Wood, Philip (2006).
974:www.worldscale.co.uk
521:Vice admiralty court
267:Contract of carriage
70:Corpus Juris Civilis
1190:Freight derivatives
1300:Financial services
789:shipbuilding yards
724:Modern shipbroking
130:Maritime transport
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991:Tanker Chartering
918:futures contracts
804:Dry cargo broking
775:Sale and purchase
756:(died 1972), and
693:shipping industry
689:financial service
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620:Athens Convention
586:MARPOL Convention
537:Hague-Visby Rules
426:Freight forwarder
371:Proof of delivery
226:Maritime security
63:Code of Hammurabi
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271:Charterparty
181:Registration
154:Shipbuilding
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1157:Ship-broker
697:Shipbrokers
685:Shipbroking
508:Judiciaries
310:Consignment
18:Ship broker
1259:Categories
1180:Worldscale
1147:Ship-owner
941:References
877:Worldscale
850:chartering
718:consignees
705:charterers
701:shipowners
330:Commercial
305:Chartering
219:Total loss
194:Act of God
166:Cargo ship
1239:Demurrage
1162:Charterer
870:demurrage
838:Handysize
834:Panamaxes
830:Capesizes
814:databases
500:Stevedore
478:Principal
473:Consignor
468:Consignee
451:Charterer
336:Pro forma
315:Demurrage
300:Brokerage
251:Smuggling
246:Pollution
204:Collision
924:See also
915:maritime
828:such as
785:parlance
734:boutique
567:(UNCLOS)
361:Manifest
354:Maritime
290:Barratry
176:Mortgage
135:Shipping
105:Features
1244:Laytime
1140:members
983:Sources
862:freight
854:tankers
826:Bulkers
822:markets
787:) from
769:Fellows
711:History
461:Manager
445:Carrier
408:Parties
400:Waybill
376:Salvage
344:Laytime
325:Invoice
149:Freight
118:Illegal
113:Fishing
77:Digesta
55:History
1203:Imarex
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836:, and
818:vessel
493:Mutiny
488:Seaman
421:Factor
285:Agency
241:Piracy
880:Index
798:scrap
687:is a
483:Owner
416:Agent
388:Terms
236:Drugs
199:Cargo
144:Cargo
139:Ferry
1033:ISBN
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995:ISBN
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349:Lien
891:LNG
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