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LNG Charter Party
16th August 2021 - 17th August 2021
About this Training Course
During the early days of the industry, liquefied natural gas (LNG) was carried almost exclusively under time charter terms and conditions. Originally, the majority of LNG was sold by the producers under Long Term DES (Delivery Ex Ship) sale and purchase agreements, with ships chartered under long term time charters by the producers.
Recently, there has been a move towards shorter-term contracts and FOB sales resulting in a spot market beginning to develop, with spot LNG cargoes being carried on trip time charter terms. BIMCO and GIIGNL have developed this new voyage charter party to allow greater flexibility and meet the needs of owners and charterers in the LNG sector.
This course will provide both an overview and in-depth look into the various clauses of a LNG charter party and issues which need to be addressed during the negotiation stage and what pitfalls to avoid.
The participants with gain valuable insights into the actual workings of a charter party in the LNG trade and to pre-empt and identify the uncertainties and how best to deal with them. Time and voyage charter parties will be reviewed in detail and the participants will be made to appreciate the differences between them and to know which would be appropriate for any particular voyage.
Lastly, the course will also deal with charter party disputes and how best to effectively manage them.
This training is highly recommended for those in the LNG industry, most staff in LNG shipping companies, chartering and trading companies. It is particularly useful for staff involved in day to day shipping operations or administration of LNG Charters.
• Ship Owners
• Ship Charterers
• Freight Forwarders
• Ship Brokers
• Shipping Agencies
• Marine Insurers
• Legal Advisors
• Maritime Lawyers
Key Learning Objectives
Capitalize on the expert knowledge of the trainer to gain maximum value on key issues relating to LNG Charter Party
• UNDERSTAND the different types of Charter Parties
• ACQUIRE the ability to evaluate the risk allocation in a LNG Charter Party
• UNDERSTAND the rights and obligations of Owner and Charterer
• OBTAIN an understanding of Charter party clauses
• GAIN an ability to negotiate, evaluate, agree on terms of the charter
• ATTAIN thorough knowledge of the risks and liabilities involved in an LNG Charter
• MASTER the understanding of dispute resolution and the tools required to properly bring, defend and avoid disputes