780:. 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
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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
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845:, 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
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829:. 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.
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801:, 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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709:, 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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positions, cargoes, and rates, paying constant attention to the direction of the
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who use ships to transport cargo, or between buyers and sellers of vessels.
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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)
871:; the Worldscale Association publishes flat rates annually.
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Huber, Mark (2001). "Ch. 9: Chartering and
Operations".
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789:, requiring a different set of skills and contacts.
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902:Shipping Futures brokers specialise in negotiating
890:Container brokers specialize in the chartering of
874:For some specific voyages, such as named voyages (
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878:from A to B) and for specialist ships, like
1020:. Centreville, MD: Cornell Maritime Press.
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1001:. Cambridge, MD: Cornell Maritime Press.
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1042:The Institute of Chartered Shipbrokers
590:International Convention on Load Lines
1047:Association of Shipbrokers and Agents
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849:. The main terms of negotiation are
625:International Maritime Organization
580:Ballast Water Management Convention
546:International Convention on Salvage
427:The captain goes down with the ship
1018:Merchant Marine Officers' Handbook
754:Institute of Chartered Shipbrokers
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919:Worshipful Company of Shipwrights
837:Tanker brokers specialize in the
680:, which forms part of the global
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75:Ordinamenta et consuetudo maris
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630:Comité Maritime International
596:International Regulations for
552:United Nations Convention on
747:Alderman the Lord Mountevans
598:Preventing Collisions at Sea
617:International organizations
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541:Maritime Labour Convention
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518:International conventions
886:Container vessel broking
563:International piracy law
554:the Law of the Sea
18:Not to be confused with
585:Anti-fouling Convention
1202:Freightos Baltic Index
982:. London: Witherby's.
952:www.balticexchange.com
743:The Duchess of Windsor
1269:Shipbroking companies
978:Wood, Philip (2006).
963:www.worldscale.co.uk
510:Vice admiralty court
256:Contract of carriage
59:Corpus Juris Civilis
1179:Freight derivatives
1289:Financial services
778:shipbuilding yards
713:Modern shipbroking
119:Maritime transport
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980:Tanker Chartering
907:futures contracts
793:Dry cargo broking
764:Sale and purchase
745:(died 1972), and
682:shipping industry
678:financial service
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609:Athens Convention
575:MARPOL Convention
526:Hague-Visby Rules
415:Freight forwarder
360:Proof of delivery
215:Maritime security
52:Code of Hammurabi
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177:Marine insurance
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355:Packing list
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260:Charterparty
170:Registration
143:Shipbuilding
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1218:Tramp trade
1146:Ship-broker
686:Shipbrokers
674:Shipbroking
497:Judiciaries
299:Consignment
1248:Categories
1169:Worldscale
1136:Ship-owner
930:References
866:Worldscale
839:chartering
707:consignees
694:charterers
690:shipowners
319:Commercial
294:Chartering
208:Total loss
183:Act of God
155:Cargo ship
1228:Demurrage
1151:Charterer
859:demurrage
827:Handysize
823:Panamaxes
819:Capesizes
803:databases
489:Stevedore
467:Principal
462:Consignor
457:Consignee
440:Charterer
325:Pro forma
304:Demurrage
289:Brokerage
240:Smuggling
235:Pollution
193:Collision
913:See also
904:maritime
817:such as
774:parlance
723:boutique
556:(UNCLOS)
350:Manifest
343:Maritime
279:Barratry
165:Mortgage
124:Shipping
94:Features
1233:Laytime
1129:members
972:Sources
851:freight
843:tankers
815:Bulkers
811:markets
776:) from
758:Fellows
700:History
450:Manager
434:Carrier
397:Parties
389:Waybill
365:Salvage
333:Laytime
314:Invoice
138:Freight
107:Illegal
102:Fishing
66:Digesta
44:History
1192:Imarex
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825:, and
807:vessel
482:Mutiny
477:Seaman
410:Factor
274:Agency
230:Piracy
869:Index
787:scrap
676:is a
472:Owner
405:Agent
377:Terms
225:Drugs
188:Cargo
133:Cargo
128:Ferry
1022:ISBN
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857:and
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752:The
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880:LNG
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370:Law
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