Posts Tagged ‘marine’
What is the International Safety Management (ISM) Code?
Estimated reading time: 5 minutes Global oil and gas terminals today are faced with multiple challenges. With the recent introduction of the IMO 2020 Regulation: Standards, Compliance and Outlook for Marine Fuels changing the global fuel supply chain, organisations are faced with the challenge of complying with an increasing number of rules, regulations…
Read MoreNotice of Readiness for Laytime Calculation (With Real-Life Case Study Example)
Estimated reading time: 5 minutes Laytime and demurrage are one of the most litigious issues in shipping. The terms in the contracts are tricky as it is commonplace that shipowners and charterers face delays in ports, leading to demurrage charges to be incurred. The vague wording in the charter party contracts also provide lots…
Read MoreThe 3 Stages of LNG Loading Master Operations
Estimated reading time: 5 minutes Recent years have seen rapid growth in the global market for LNG, with volumes of exports and imports up 10% in 2018 alone. BNEF’s Global LNG Outlook 2019-2023 sees LNG supply jumping by 33 million metric tons per year in 2019, reaching a record 358MMtpa, with the U.S.…
Read MoreWhat is laytime and lay day in shipping?
Estimated reading time: 4 minutes Laytime and lay days are two shipping terms that often get mixed up as having the same meaning. Although they sound similar, they differ greatly in meaning. Read more below to find out the different definitions of these 2 shipping terms. What is laytime? Laytime or lay time,…
Read More5 Tips to Minimise Unexpected Demurrage Fees
Estimated reading time: 5 minutes Laytime and demurrage are traditionally one of the most contentious issues in the shipping industry, owing to the frequency with vessels are delayed in port, the cost caused by such delays, and the often ambiguous wording in charter parties and contracts for the international sale of goods. To maintain…
Read MoreBest Practices for Commissioning Offshore Projects
Estimated reading time: 5 minutes Commissioning of mega offshore projects, whether it is an FPSO, a GBS, a steel jacket or other concepts, is a large and complex undertaking which all too often do not receive enough management focus at the early stages of the project. For example, providing enough upfront quality planning (front…
Read MoreCharter Party Contracts: Practical A-Z Guide to Laytime and Demurrage
A charter party (commonly abbreviated to “C/P”) is a document containing the written terms of a charter agreement between a shipowner and a charterer. The terms of the contract will depend on the shipowner, charterer and the market. Parties involved can also form their own terms of contract which would remain free from any other…
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