The Petroleum Shipping Industry – Volume II

The Petroleum Shipping Industry – Volume II
Operations and Practices
Michael D. Tusiani
ACKNOWLEDGMENTS xi

1. SHIPBROKERAGE 1
   Offer and counter-offer 9
   Transparency and opaqueness 11
   Organization of shipbrokers 12
   Research and consulting services 13
   Ship and cargo brokerage 14
2. S&P AND PROJECT BROKERAGE 17
   S&P of newbuildings 17
   S&P for existing vessels 22
   Standard forms 24
   Project brokerage 27
3. SINGLE VOYAGE CHARTERS 35
   Standard form contracts 37
   Preamble and Part I of ASBATANKVOY Charter 38
   Safe port 39
   Calculating freight 40
   Cargo retention clauses 43
   Commission and legal jurisdiction 44
   Laytime and demurrage 45
   Owner warranties 47
   Bill of lading 47
   Letter of indemnity 48
   Failure to provide bill of lading 48
   Clause paramount in the bill of lading 49
   Due diligence 50
   Freight and deadfreight 50
   Naming of ports 51
   Cargo transfer 51
   General exceptions clause 52
   vii
   C O N T E N T SGeneral average 52
   Both to blame 54
   War risk 54
   Deviation and salvage 55
   Arbitration 57
   Other matters 59
   Sampling of charterers’ clauses 60
   The charterers’ questionnaire 67
   Charterers’ terminal regulations 68
   Life is not simple 69
   Voyage charter variants 69
4. TIMECHARTERS 73
   Description and condition of vessel 73
   Shipboard personnel 74
   Duty to maintain 75
   Period trading and laydays 75
   Owner and charter to provide 76
   Hire and payment of hire 76
   Charterer’s use of vessel 77
   Bills of lading 78
   Final voyage 78
   Loss of vessel and off-hire 78
   Periodic drydocking and vessel inspection 79
   Vessel performance 80
   Salvage and liens 80
   Injurious cargoes and export restrictions 80
   Lay-up 80
   Requisition and outbreak of war 81
   Clauses similar to the voyage charter party 81
   Charterer’s clauses 81
   Trip timecharters and bareboat charters 83
   viii5. SHIP OPERATION AND INTERNATIONAL REGULATION 87
   First-class operators 88
   Less-than-first-class operators 90
   Beginnings of international regulation 92
   International Maritime Organization 93
   Load lines convention 96
   International rules of the road 97
   IMO and advances in technology 98
   Standards of training, certification, and watchkeeping 100
   International Safety Management Code 104
   Search and rescue 107
5. OIL SPILL PREVENTION AND QUALITY ASSURANCE 111
   Segregated ballast tanks 112
   Crude oil washing and inert gas systems 115
   Load-on-top procedures 118
   Ship operator initiatives to ensure quality 120
   ISO codes 120
   International Ship Managers Association 122
   The burden of record keeping 124
   Single-tier market and quality management 127
6. INITIATIVES BY CLASSIFICATION SOCIETIES, OWNERS,
   AND OIL COMPANIES 131
   International Association of Classification Societies 134
   Enhanced survey program 136
   International Chamber of Shipping 138
   International Shipping Federation 139
   Oil Companies International Marine Forum 141
   ixx
7. FLAG AND PORT STATE CONTROL 145
   Port state control 154
   Charterers ultimately responsibility for quality 156
   The green tanker 157
   Will regulations improve safety at sea? 158
8. VOYAGE COSTS: PORT CHARGES 163
   Port charges and canal dues 164
   Port agents 167
9. VOYAGE COSTS: BUNKERS 175
   Bunker market 181
   Bunker decisions 182
   Bunker quality 186
   Monitoring bunker quality 187
   Environmental considerations 189
10. OPERATING COSTS: MANNING,
    SUPPLIES, AND MAINTENANCE 193
    Manning 194
    Stores and equipment 200
    Maintenance and repair (M&R) 204
11. OPERATING COSTS: MARINE INSURANCE 209
    Protection and Indemnity (P&I) insurance 219
12. OPERATING COSTS: THE SHORE-BASED ORGANIZATION 223
    Operations 224
    Engineering 225
    Legal 227
    Financial 228
    Commercial 229xi
    Planning 229
    Organization of shoreside activities 230
13. OWNER’S INVESTMENT ANALYSIS OF A VESSEL 237
    Capital structure 238
    Other people’s money 241
    Investment Analysis 244
    Investment analysis for leveraged investments 251
14. BANKER’S CREDIT ANALYSIS OF A VESSEL 257
    Credit evaluation 260
    Loan conditions 263
    Legal jurisdiction 266
    Between a loan proposal and loan enactment 268
    Loan covenants 269
    Swaps and paper ship derivatives 270
15. MEZZANINE, LEASE, AND EQUITY FINANCING 277
    Lease financing 278
    Securitization of shipping loans 280
    Loan syndication 284
    General corporate credits 285
    Publicly traded shipping companies 287
    Return to equity financing 290
    Nordic American tanker shipping deal 291
    Advantages to British Petroleum 292
    Advantages for the shareholders 293
    Could this be a win-win transaction? 293
    INDEX
    A
    AFRA 37
    AMVER 107-109
    ARPA 98, 157
    ASBA 37-38, 73
    ASBATANKVOY 38-60
    AWES Form 17-18
    Achille Lauro 107-108
    Act of God/force majeure 27, 49, 52, 84
    American Tanker Rate Schedule 37
    Amoco Cadiz 56, 154
    Andria Dorea 216
    arbitration 44, 56-59, 81 ,83, 227
    arrest 267
    arrival at port 5, 45-46, 62, 169-170
    automation 195-196
    B
    BIFFEX/BFI 271-272
    BIMCO 24-25, 37-38, 46, 73, 189
    ballast water 64, 112-113, 116-119
    Baltic Exchange 6-7
    banks/bankers 84, 241-243, 251-252, 257-274, 280-287
    bareboat charters 35-36, 84-85, 229, 278-279
    berth time 61
    bill of lading 43-44, 47-50, 65, 78, 82, 170-171
    Bona Shipholding 290-294
    Both to Blame clause 54, 81
    British Institute of Chartered Shipbrokers 6
    British Institute Warranty Limits 75-76
    British Petroleum 291-294
    297
    I N D E Xbrokers, see shipbrokerage
    Brussels Conferences 92-93
    bunkers 38, 62, 74, 78, 164, 175-190, 203
    C
    CAAM 154-155
    CAP 157, 225-227
    CMI 92-93, 95
    COLREG 97-98
    COW 42, 64, 74, 82, 111, 115-118
    canal transits/dues 74, 164, 172
    cancelling date 10, 39
    cargo brokerage 14-15
    cargo handling 51-52, 61, 65, 68-69, 74, 82, 88, 112, 115-119, 133,
    163-164, 195
    cargo heating 62-63, 82
    cargo measurement/losses 40-44
    cargo retention 43-44, 82
    cargo transfer 51-52
    Carriage of Goods at Sea 49-50, 95
    charter party 10, 35, 37, 64, 75, 77, 83-85
    charterers/chartering managers 3, 8-11, 35-36, 38, 43, 46, 51, 54, 59-68,
    73-85, 90-91, 127-128, 156-157, 171, 180-181, 229, 259-260, 263,
    272-274, 292-293
    China 20, 81, 196-197, 209-210
    Churchill, W. 176
    classification society 19, 26, 73, 122, 131-138, 142-143, 153, 157, 168,
    205, 218, 226-227
    Coast Guard 60, 93, 107-109, 146
    collateral support 242-243, 251, 258, 263-266
    commissions 2, 6, 8, 10, 12, 15, 19, 44, 76, 83
    communications/computer technology 3-5, 7, 56, 66, 98-100, 107-109,
    133, 136, 154, 157, 196, 202-203, 204-206, 233
    Concordia Maritime 159-160, 286-287
    THE PETROLEUM SHIPPING INDUSTRY • VOLUME II
    298conditions precedent 268-270
    consecutive voyage charters 36, 69, 229
    construction loan 20, 268
    constructive total loss 78, 216
    consulting 13-14
    contract cancellation/termination 21-22, 27, 75,7 7-79, 81, 215
    contracts of affreightment 36, 69-70, 229
    corporate veil 264-265
    cost control 90-91, 93, 127-128, 158, 188, 225
    credit enhancement 281-285
    creditworthiness 242, 257-266
    customs 46, 67, 69, 79, 89, 168-170
    D
    deadfreight 50
    debt 237-243, 251-254, 257-274, 277-288, 291, 294
    deductibles 213, 215, 220
    demurrage 5, 10, 45-46, 60-61, 63, 84
    Denholm 126
    design liability 18, 22
    deviation 55, 79
    disponent owner 35, 59, 84
    double hull 112-115, 119
    drugs and alcohol 63
    dry cargo vessels 2, 6, 137
    dry cargoes 2, 6, 37, 45, 83-84, 273
    drydocking 23, 26, 75-76, 79, 83-84, 205-206, 246
    due diligence 50, 52, 75-76
    E
    ECDIS 157
    enhanced surveys 136-138, 226
    environment 118-119, 157-159, 164, 177, 189-190
    equity financing 238-241, 287-294
    INDEX
    299errors and omissions 214
    exclusivity 9
    Exxon 146-147
    Exxon Valdez 114
    F
    FACS 147-148
    FONASBA 38, 46
    financial institutions 20-22
    financial management 228, 245
    firm offer 10-11
    first class operations 15, 88-92, 106, 126-128, 149, 155, 158-160,
    203-204, 224
    flag of convenience 145-153, 193,197, 199, 223-224, 233-235, 265, 278
    flag state/flag state control 19, 25, 55, 69, 74-75, 79, 82, 101, 103-105,
    134, 137, 142-143, 145-152, 196-197, 205, 218, 223-224
    France 7, 58, 151, 154
    free market 12, 15, 143, 198-199, 239-240
    freight/freight rate 10, 40, 50, 178-181, 238-241
    fuel consumption 19, 158, 175-181
    fuel efficiency 158, 175-181
    G
    GMDSS 108-109
    GPSS 108-109, 157
    general average 44, 52-53, 83
    general corporate credits 285-287
    general exceptions clause 52, 81
    Germany 7, 58-59, 151, 217, 234
    government aid 20-21
    Greece 146, 151, 196-197
    green tanker 157-158
    gross tonnage 97, 135, 164, 219
    Gulf Agency Co. 169-170
    THE PETROLEUM SHIPPING INDUSTRY • VOLUME II
    300H
    Hague/Hague Visby Rules 49-50, 54, 95
    Hague Memorandum 154
    health authorities 46, 67, 69, 79, 89,168-171
    Hong Kong 7, 289
    hotel load 177
    hull coatings 177
    hull insurance 84, 193, 209-219, 224-225, 234-235, 246, 264
    hull war risk 217-218
    hurdle rate 248-249
    I
    IACS 134-138, 226
    IAPH 166
    ICS 138-139
    ILO 100, 139-141, 154
    ILU 212-214
    IMO 24, 82, 93-100, 103-104, 106, 112, 114, 118, 120, 125, 133, 136,
    141, 154-155, 189, 226
    IPIECA 190
    IPO 289-290
    ISF 139-140
    ISM 104-106, 125-126, 134-139, 199, 233
    ISMA 120, 122-125
    IS0 120-122
    ITC 214-217
    ITF 83, 140-141, 149-150
    ice free 59, 76, 88
    independent brokers 12-13
    independent tanker owners 87
    inert gas 42, 64, 74, 82, 111, 115-116
    information technology 14
    Inchcape Shipping Services 168-169
    Inchmaree 214
    INDEX
    301inflation 245-246
    Inmarsat 98-100, 109, 196
    Institute of Chartered Shipbrokers 38
    international conventions 19, 64, 69, 82, 92-96, 205
    International Ice Patrol 93, 109
    international registry 153
    Intertanko 38, 118, 142, 166, 188
    investment analysis 244-254
    J
    Japan 7, 58, 128, 151, 154, 190, 196, 280, 289
    Jason/New Jason clause 53, 81
    Jones Act 37
    K
    K/S companies 279-280
    Korea 20, 197, 199-200
    Kuwait Petroleum 225-226
    L
    LIBOR 252, 259, 270
    LNG projects 27-28
    LOOP 82, 172, 179
    language 75, 82, 101-102, 149, 151, 197
    lay-up 80-81, 177
    laydays 5, 10, 39
    laytime 39, 45-46, 60, 63
    lease financing 254, 278-280
    letter of indemnity 48-49, 78, 82
    leveraged investments 251-254, 277-280
    Liberia 25, 126, 147, 151, 234
    liens 59, 80, 266-267
    THE PETROLEUM SHIPPING INDUSTRY • VOLUME II
    302lighterage 60-61
    limit of liability 49-50, 59, 105-106, 148, 264-266
    liquid gas carriers 2, 7, 28, 205, 279
    Lloyd, Council of 56
    Lloyd, E. 131-132
    Lloydís of London 210-218
    Lloydís Salvage Form 55-56
    load on top 66, 111, 118-119
    loadlines 38, 42, 96-97
    loan conditions/covenants 268-270
    loan syndication 284-285
    loss of hire 220,264
    Ludwig D. 242
    M
    MARPOL 73-78, 111-112, 118, 133, 136, 153-154
    MEPC 94-95, 155, 189, 226
    MII 264
    MOA 23, 25-27
    MRCC 108-109
    MSC 94-96, 226
    maintenance and repair 82, 89, 193, 203-206, 224-227, 234-235, 245-246
    manning 74-75, 82, 88-89, 100-106, 123, 139-141, 147-150, 193-200,
    224, 233-234
    Marine Policy Form 214-215
    maritime law 19, 23-25, 28, 44, 46, 52-54, 56-59, 77, 81, 83, 146, 150,
    188-189, 213, 227, 241-242, 263-267
    market psychology 5, 9-10, 243
    measurement errors 40-42
    mezzanine financing 277-278
    mid-deck design 112-115
    mooring 63, 74
    mortgage 24,218,241-242,257-274,280-285
    INDEX
    303N
    Naess E. 126, 146-147
    Names 210-213
    national flag 145-146, 149-151, 193, 197, 199, 233-235, 278
    navigation 65, 82, 88, 98-100, 103, 108-109, 133, 157, 165-166, 195-196
    negotiations 1, 4-5, 10-11, 18-19, 23, 29-33, 37, 85, 227, 238
    net tonnage 97
    Netherlands 81, 280
    newbuildings 17-22, 19-22, 225
    Norbulk 126-127
    Nordic American Tanker 291-294
    Norsk Hydro 156-157
    Norway 7, 108, 146, 150-151, 189, 197, 279-280, 289
    Norwegian Shipbrokers Association 25
    O
    OCIMF 64, 82, 141-143, 156-157, 189
    OPM see debt
    off-hire 75, 77, 81
    Oil Pollution Act of 1990 60-61, 81-82, 112, 115
    oil spill prevention 111-119
    Onassis 240, 242-243
    opaqueness 11-12
    operating costs 36, 163, 183, 193-220, 223-235, 245
    operations 5, 49, 88-92, 120, 124-127
    organization 12-13, 230-233
    owner 35-36, 38, 43, 46, 50-51, 54, 59-68, 73-85, 87-92, 127-128,
    171, 180-182, 218, 223-235, 237-241, 250-251, 260, 263-265,
    270-274, 287-294
    owner’s option 38-39
    P
    P&I Club 44, 48, 50, 60, 81-82, 168, 198-199, 209, 219-220, 264
    Panama 146-147, 151, 172, 182, 234
    THE PETROLEUM SHIPPING INDUSTRY • VOLUME II
    304Panama Canal 74, 165, 172
    paramount clause 49-50, 81, 216, 218-219
    Paris Memorandum 154-156
    performance guarantees 19, 22
    Philips Petroleum 156-157
    pilotage 164-167, 171
    Plimsoll S. 92
    plimsoll marks 96-97
    pollution avoidance 59-60, 133
    port agents 62, 83, 167-172, 224
    port authorities 46, 68-69, 89, 168-170
    port charges 166-167
    port state control 103, 137-138, 142-143, 153-156, 205, 224
    power of attorney 24, 26
    predelivery costs 21, 245
    predelivery payments 20
    private fixtures 11-12, 15
    project brokerage 1, 27-33
    Q
    quality assurance 120-128, 186-189
    questionnaire 66-67, 156-157
    R
    received payment 77
    reception facilities 118-119
    record keeping 121, 123-125, 156-157
    redelivery 78, 84-85
    reinsurance 212-213
    relets/sublets 6, 36, 59
    repair yards 168, 205-206, 224-225
    research 13-14, 136
    return on investment 87, 245-254
    Reuters 3-5
    INDEX
    305risk management 183-186, 228-230, 261-262, 270-274
    rules of the road 97-98
    Russia 20, 81, 109, 145, 150-151, 154, 196-197
    S
    S&P 1, 17-19, 238
    S&P brokerage 1, 17-19
    SAJ Form 17-18
    SIRE 142-143, 157
    SMS 105-106
    SOLAS 92-93, 95-98, 104, 125, 133, 136, 153-154
    STCW Convention 75, 100-104, 139, 141, 153, 199
    safe port 39-40, 76
    Saleform 23-27
    salvage 55-57, 80
    Salvage Association 56
    sea trials 22
    search and rescue 107-109
    second registry 150-153
    securitization 280-285
    segregated ballast tanks 111-119
    Shell Oil 73, 81
    Shelltime 4, 73-85
    ship to ship transfer 61-62, 76, 82
    shoreside staff 88-91, 104-106, 123-124, 193, 223-235
    shipbrokerage 1-34, 64, 229, 237-238
    shipmanagement 125-126
    Singapore 7, 97-98, 138, 151, 182, 185, 188-189, 289
    single voyage charters 2, 35-70
    Spain 7, 151, 197
    speed clause 66, 180
    spot market 9-10, 179, 229, 239-240, 260
    standard forms 24-25, 37, 46, 55, 60, 81, 227, 282, 284
    Statoil 7, 156-157, 225
    THE PETROLEUM SHIPPING INDUSTRY • VOLUME II
    306stores/supplies 168, 193, 200-203, 224, 234
    strategic planning 229-230
    strikes and war exclusion 216-217
    subsidies 20-21
    sue and labor 215-216
    Suez Canal 74, 172, 182
    surveying/survey reports 23-24, 43, 63, 79-80, 133-138, 155, 193,
    205-206, 225-227, 234
    T
    TOVALOP 44, 81
    Taiwan 7, 20
    Tanker Broker Panel 37-38, 273
    tankers 2, 7, 35, 96-97, 116-117, 128, 136, 145, 151-153, 175-181,
    193-195, 218, 240, 273
    taxes 37, 145-148, 150, 278-279
    tendering notice of readiness 39, 45-46, 60-61
    terminals 39, 67-69, 169-171
    time bar 65
    timecharters 2, 35-36, 73-85, 181, 229
    Titanic 93, 216
    Torrey Canyon 94, 141
    transparency 11-12, 137, 142-143
    trip timecharters 83-84
    two-tier market 127-128
    U
    ullage 41-42
    United Kingdom 6-7, 37-38, 57-59, 66, 81, 96, 101, 108, 126, 135,
    146, 156, 197-199, 210-213, 217, 219, 242, 266, 279-280, 289
    United Nations 93-94, 126, 148, 153
    United States 7, 20, 37, 53-55, 57-59, 81, 99, 107, 109, 112, 115,
    121, 145-148, 154, 190, 196, 199, 217, 266, 278-280, 289
    MEZZANINE, LEASE, AND EQUITY FINANCING
    307V
    VTIS/VTS 98, 166
    Vela 225
    vessel acquisition 17-24, 89, 225
    vessel costs 36, 76, 158
    vessel design 18, 111-113, 132-133, 157-158
    vessel hire 76-79, 163, 178-180, 193
    vessel safety 68-69, 87-90, 92-93, 97-100, 104-109, 115-117,
    133-134, 139, 148, 155, 158-160, 195-196, 218
    vessel surplus 163
    voyage costs 36, 76, 163-172, 175-190
    voyage surplus 163, 178-179, 182-183, 193
    W
    war risk 54-55, 75-76, 81, 217-218
    warranties 22, 47, 61, 73-74, 80, 82
    weather 38-40, 52, 65, 98-100
    Wilson, W. 95
    win-win 32-33, 293-294
    witnesses 4
    Worldscale 37, 40, 45, 178-180, 273
    X – Y – Z
    yard contracts 18-22
    yard financing 20-21, 84, 229, 251-252
    York-Antwerp Rules 53
    zero-sum 32-33

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