Students

Cristian Taranu
Andrei Belehuzi
Ionut-Robert Panciu
Nella Kazakevicha

The Tanker
Chartering Market
1

Introduction
The main source of energy for humanity it is
represented by oil.

Introduction
Oil has been used from many thousands of
years for many purposes.
Its real commercial value was put in value in
the second half of the 19th century.
This happened in the USA where starting with
1859 was an oil rush.
The oil rush began in Titusville, Pennsylvania,
in the Oil Creek Valley.
3

Introduction

A Pennsylvanian oil field in 1862

Introduction
The biggest interest at that time for oil was for
use him in lighting (kerosene).
After the extraction of kerosene from oil there
are some residues remaining which at that
time were just burnt in furnaces.
On the other hand the other light constituents
of oil, like gasoline were kind of a problem.
5

Introduction
Oil become very important with the apparition
of internal combustion engines.
Thereby prospection for oil in USA proceeded
in a rapid way and for many years, USA
dominated the oil production market.
The British and Dutch joined this race also.
So a plenty of oil fields were being developed
in South America and South East Asia;
Russia also discovered important amount of
oil reserves.
6

Introduction

The dominance of the USA, UK and Netherlands

end in the 1930s because of the discovery of
important oil deposits in the Middle East.
Nowadays the Arab nations dominate the oil
supply market.
OPEC - Organization of the Petroleum Exporting
Countries (Algeria, Angola, Ecuador, Iran, Iraq,
Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the
7
United Arab Emirates and Venezuela).

Introduction

Top 20 countries which produce oil

Introduction
However the largest oil companies are not
Arabic. They are originary from USA.

The development of tankers and

the tanker market
In the beginning of oil industry the demand of oil
was small enough that it could be accomplished
by transporting it in metal receptacles packed in
wooden crates.
The first specially constructed tank steamer was
the Glckauf (Good Luck) with a DWT
capacity of 2307 tons and built in 1886 at
Newcastle-on-Tyne, in United Kingdom.
Glckauf had a German flag and was in service
until 1893 when it ran aground at Fire Island in
10
New York.

The development of tankers and

the tanker market

Glckauf

11

The development of tankers and

the tanker market

Glckauf

12

The development of tankers and

the tanker market

From the beginning oil refining took place

near to where oil was extracted.
Because of political and economic
considerations was wiser to place oil
refineries near to the place of consumption
instead of its place of extraction.
So, this means that the oil would be carried
twice.
13

The development of tankers and

the tanker market

Political consideration because a trend was

progressing for some countries which holds
important oil fields to grant them to western
nations for exploration, extraction and refining
of oil and then to nationalise these goods with
minimal compensation.
14

The development of tankers and

the tanker market
Economic consideration because, processing
oil in vecinity of the area of high consumption
makes distribution of oil products much easier
then in the other way.
Another economical advantage is that having
refineries near consumption area rather than
near production area means that is not such a
problem if another area of production become
more important than the other.
15

The development of tankers and

the tanker market
Therefore when oil was discovered in the
North Sea, countries like Norway,
Netherlands and UK which are oil producers
as well as oil consumers, the existing oil
refineries had no problem in adapting.
The significant advantage of carrying crude oil
instead of oil products is that it permits
maximum economies of scale in terms of the
ships used to transport it.
16

The development of tankers and

the tanker market
Tanker market as every chartering market
fluctuates.
Thus a Worldscale of 75 means a Worldscale of
75 %.
Market strength or weakness is not the only
factor which have an influence on the rate at
which a ship may be fixed.
The calculation of scale depends on every ship.
We must take into consideration the size, the
speed and the consumption of the ship and in
this way the rate depends on every ship.
17

The development of tankers and

the tanker market
The usage of Worldscale is not important only
for chartering single voyages, but also have a
great importance for the use of Contracts of
Affreightment.
Contracts of Affreightment permit a long term
commitment and gives to charterer flexibility
as time charter gives with no responsabilities
for delays and no gaps in supply in case of
breakdown.
18

The development of tankers and

the tanker market
Nowadays oil companies do not owns so big
fleets and the independents take advantage of
this.
The independents have their own dedicated
association INTERTANKO (The Independent
Tanker Owners Association).
INTERTANKO gives to independents a unified
voice and they also designed their own
standard charterparty, the INTERTANKVOY.
19

The development of tankers and

the tanker market
Major oil companies like EXXON (USA), BP
(UK) or SHELL (UK & Netherlands) have their
own fleet and they usually refine and sell their
own refined products.
There are also many smaller oil companies,
some of them privately and some of them
state-owned.
These companies and countries prefer to sell
their crude oil to oil traders.
20

The development of tankers and

the tanker market
Oil traders buy the oil and charter the ships in
their own names and then they are selling it to
an oil company which pay the best price.
As we know the oil market is growing and the
dominant centre it is located in Rotterdam.
Regarding to this fact oil traders represent a
very important part of the tanker chartering
market.
21

Oil Tanker
Oil Tanker (also known as a petroleum
tanker) is a merchant ship designed for
the bulk transport of oil.

22

Oil Tanker

Fig : Commercial Oil Tanker

23

Type of Tankers
Crude Carriers
Product Carriers
Chemical Carriers
Parcel Tankers
Gas Markets
Other Liquid Cargoes
24

Crude Carriers
Crude , as its name implies, is the oil
just as it comes out of the ground.
In the natural state , it is a complex
mixture ranging from heavy, dark coloured
substances which are virtually solid at
normal temperatures at one end to very
volatile gases at the other.
25

Crude Carriers
After a series of refining processes, the
crude oil is transformed into :

Gasoline ( Petrol )
Kerosene ( Paraffin Oil )
Diesel Oil
Fuel Oil
Chemical Liquids

26

Crude Carriers
Gasoline is a
transparent,
petrolium-derived
liquid that is used
primarily as a fuel in
internal combustion
engines.
Fig : A jar of gasoline27

Crude Carriers
Kerosene is a
combustible
hydrocarbon
liquid widely used
as a fuel, in
industry, and in
households.
Fig : Kerosene
28

Crude Carriers
Fuel Oil is a fraction obtained from
petroleum distillation , either as a distillate
or a residue.
Fuel Oil is made of long hydrocarbon
chains, particularly alkanes, cycloalkanes
and aromatics.
Diesel Oil is a type of Fuel Oil.
29

Crude Carriers
Crude Oil vary considerably depending upon their origins like :

Crude Oil from

Middle East is very
thick and heavy
that if allowed to
cool it becomes
almost a solid.

Crude Oil from

offshore, such as
North Sea, is lighter
in colour and freely
pourable at normal
temperatures.
30

Crude Carriers
The Crude Oil is transported in the largest
tankers such as VLCCs and ULCCs.

Fig : Crude Oil Tanker

31

Crude Carriers
VLCC ( Very Large Crude Carrier)
Between 160.000-319.999 DWT

Fig : MV Sirius Star

32

Crude Carriers
ULCC ( Ultra Large Crude Carrier)
Between 320.000-549.999 DWT

Fig : MV Hellespoint FairFax

33

Crude Carriers
VLCCs and ULCCs are relatively
straightforward in their construction
because there is no requirement to take
elaborate precautions against
contamination.

34

Crude Carriers
The words relatively straightforward were
used to describe the construction of crude
carriers , but they still include a fair amount
of complex machinery and instrumentation.
For example: Each tank must have its own
set of pipelines with accompanying system of
valves and instruments to allow the right
combination of tanks to be selected.
35

Crude Carriers
For many years, tankers were constructed
with single plating, that is to say just one
skin of metal between the cargo and the
sea.

36

Crude Carriers
Some catastrophic instances of pollution o of the
sea and the sea shore through tanker accidents
has led to increasing anti-pollution controls.
The most stringent of these was the USA Oil
Polution Act of 1990 ( OPA90 ) which required
all tankers operating in USA waters to have
double hulls.

37

Crude Carriers
This requirement has also been
internationally adopted under the
MARPOL convention so all new tankers
are built with double hulls and an enforced
scrapping programme means that by 2015
no single hull oil and chemical tankers will
be trading.

38

Crude Carriers

Fig : Double Hull

39

Crude Carriers
Each tank must have its own set of
pipelines with accompanying system of
valves and instruments for loading and
discharging its own cargo.
The method of getting the heavy residues
away from the sides of the tanks when
discharging is known as Crude Oil
Washing ( COW).
40

Crude Carriers
COW
Crude Oil Washing ( COW) is a system
which comprises devices somewhat like
huge, inverted lawn sprinklers which spray
oil from the ships own cargo around the
insides of the tanks to wash the residues
down.

41

Crude Carriers
COW
Stage One: The limits to cover the top of the cycle would
need to be adjusted to be pointing upwards. Where
portable drive units are employed these would have to
be initially fitted and limits set accordingly ;
Stage Two: The second stage starts when one-third of
the tank is discharged and the washing jet will only be
allowed to travel down to a point where the jet strikes the
bulkhead just above the level of the oil in the tank. At this
stage the machine completes 112 cycles and must
therefore be adjusted, up again, before the start of the
next stage;
42

Crude Carriers
COW
Stage Three: The third stage is where the machine
washes where two-thirds of the tank has been
discharged and between one- and two-thirds of the tanks
structure is washed.
Last Stage: The final stage washes the last third and the
bottom of the tank with the jet pointing in the downward
position.

43

Crude Carriers

Fig : COW stages

44

Crude Carriers
Many types of crude oil are extremely
viscous and would even become almost
solid if cooled down, therefore crude
carriers are equipped with heating
coils.

45

Crude Carriers
Heating coils is a system of pipework in
the tanks through which steam may be
pumped to keep the oil at a pourable
temperature.

46

Crude Carriers
Another set of pipelines is involved in
providing the inert gas system.

47

Crude Carriers

Fig : IG System
48

Product Carriers
Petroleum Products are divided into two
categories:
Clean products
Dirty products

49

Product Carriers
Clean products : gasoline,kerosene,gas
oil and diesel oil.
Dirty products : heavy oils such as the
different types of fuels oils especcialy the
so-called residual oils which are now the
main type of bunker fuel of ships
50

Product Carriers
Tankers carrying clean products have to
be meticulous in their cleanliness and
cargo segregation because their cargoes
are for use.
Heavy fuel oils are not so sensitive but
even so have to arrive in a satisfactory
condition for immediate use.
51

Product Carriers
Product carrier for clean cargoes are
usually in the 40.000 tonnes range while
the dirty product carrier can be any size
even up to 150.000 tonnes.

52

CHEMICAL CARRIERS
A chemical tanker is a type of tanker ship
designed to transport chemicals in bulk.
As defined in MARPOL Annex II, chemical
tanker means a ship constructed or
adapted for carrying in bulk any liquid
product listed in Chapter 17 of the IBC
Code.

Example of Chemical Carrier

 Chemical Tankers are much more

complicated than ordinary tankers. They
usually have more tanks, more valves,
more pumps, more blanks, more lines.
They may have many different kinds of
cargo onboard at the same time.
About 30% of liquid trading cargoes are
carried by chemical tankers.

 By the type of hazard that can produce,

cargo can be divided into:
Corrosive Cargoes
Flammable Cargoes
Poisonous and Toxic Cargoes
Reactive Cargoes
Vegetable and Animal Oils

CARGO TRANSPORTATION
Total gross tonnage of chemical tankers
worldwide is approximatelly 16.3 million and
there are 3 main types of Chemical tankers:
Type 1 Ship-Specialised Chemical
Carrriers*
Type 2 Ship-Complex Parcel Chemical
Tankers
Type 3 Ship-Product/Chemical Tankers

CARGO STORAGE
Around 70% of cargo tanks in the global
fleet are constructed from mild steel. In
order to protect these tanks from corrosion
and from the carriage of often very
aggressive cargoes,
cargoes a coating is applied
on them.

 Cargo tank coatings can be categorized

into two main groups:
Inorganic coatings- zinc silicates and ethyl
silicate types
Organic coatings epoxy and modified
epoxy systems
Typical coating system can be categorized
as Zinc and Epoxy coating.
coating

 The coating must:

create a separation barrier to avoid direct
contact between the mild steel and the
corrosive cargo substance
have smooth/slippery surface to provide
easy tank cleaning operation
have low absorption
not contaminate the cargo

LIQUEFIED GASES
Liquefied gases carried by sea are liquids
with a vapor pressure exceeding 2.8 bar
absolute at a temperature of 37.8C.
Gases are always liquefied for
transportation in bulk because more cargo
can be fitted in a given volume.

TYPES OF LGs
Principal LGs are:
Liquefied Natural Gas(LNG)
Natural Gas Liquids(NGLs)
Liquefied Petroleum Gas(LPG)
Ammonia
Ethylene
Propylene
Butadiene
Vinyl chloride

LNG
There are two distinct types of gas regularly
carried in ships, LNG&LPG.
Natural gas occurs as a mixture of gaseous
minerals, including both hydrocarbon and
non-hydrocarbon gases, in reservoirs
beneath the earths crust.
Most of the worlds crude oil fields have
deposits of natural gas associated with
them.

Example of LNG carrier

 Like all other fossil fuels, the origin of

natural gas lies in the decaying plant and
animal life over millions of years.
Natural gas my be found in:
Underground wells(non-associated gas)
Condensate reservoirs
Large oil fields(associated gas)

LNG ADVANTAGES
Principal advantages of LNG are:
High calorific value
Clean burning characteristics
Low cost
Ready availability

LNG USAGE
LNG has big importance in:
Residential/Commercial
Household appliances,water and space heating
Industrial Uses
Glass,ceramic,baking Industries
Petrochemical Industry
Fertilizers,plastics,adhesives
Vehicle and Aircraft Fuel

LNG COMPOSITION
LNG composition varies according to where
it is found, but methane is the predominant
constituent, ranging from 70% to 99%.
Pentanes and other heavier hydrocarbons
must be removed from the natural gas.
Gas with large amounts of pentanes is
called wet gas and gas free of heavier
hydrocarbons is called dry gas.

LNG PRODUCTION
After removing impurities,the main gas flow,
mostly methane is liquefied into the end
product.
There are 3 basic liquefaction processes to
lower the temp. of methane to about -162C:
Pure refrigerating cascade process
Mixed refrigerating process
Pre-cooled mixed refrigerating process

LNG TRANSPORTATION
LNG is carried by LNG carriers at sea.
LNG carriers must comply with the
standards set by the IMO in the Gas
Codes and with all safety and pollution
requirements common to other ships.

LNG STORAGE
Cargo tanks are constructed in order to
protect the ships hull structure from coming
into contact with the LNG at -162C.
Containment systems are divided into 2
general categories:
Free-standing(Self-supporting)
Membrane type(Non-self-supporting)
Cargo tanks accounts more than 25% of
the total vessel cost.

LNG&LPG CONTAINMENT
Containment types:
Prismatic Free-Standing Tanks
Spherical Free-Standing Tanks
Cylindrical Free-Standing Tanks
Membrane Tanks
Semi-Membrane Tanks

 In order to carry extremely cold gas, the

designers must provide a suitable environment
for the gas by using distinct
types
of
materials
.

Tank Insulation:
Tank Materials:
Balsa
Low Nickel Steel
Polyurethane Foam
Nickel Steel >9% Ni
Perlite
Polystyrene Foam
High Nickel Alloys
Internal Insulation
Austenitic Stainless
Polyurethane Foam
Steel
Polyphenylene Oxide Foam
Aluminum

NATURAL GAS RESERVES

Total world reserve is 187,300.
The worlds largest reserves of natural gas are:
Russia- 48,700
Iran-33,600
Qatar- 25,100
Turkmenistan-17,500
United States of America-9,460
Turkey-6

Values are dating from 2013 and are expressed in billion cubic meters.

LNG MARKET
As of December 2013, the LNG existing
fleet comprised of 387 ships and the
orderbook stood at 114 ships.
The total capacity of the global LNG
carrier fleet doubled since 1970, rising
from 75 000 m3 to 150 000 m3.

 Shipments of LNG grew by 10,3% in

2011,taking the total volume to 330,8
billion cubic meters.
In 2020 is expected that West Africa will
lead the exports.
Norway and Russian Federation will be
driving LNG exports in 2030.

EVOLUTION OF THE GLOBAL

LNG FLEET

LNG CHARTER PARTIES

Since most of the ships now in existence
are carrying for their owners, there is not a
huge charter market for them and when
them are chartered it is usually on time
charter or bareboat terms.

LNG POLLUTION
If there's a leak or spill from a tank or
pipeline the LNG would convert back to a
gas. As it diluted with air, the natural
gas/air mixture could become potentially
explosive if the concentration of natural
gas in air reached between 4% and 17%.
Nitrogen oxide emissions create acid rain,
which harms waterways and fish and
creates smog, which causes respiratory
problems for children and the elderly.

LPG
The other gas, regularly carried in ships is
LPG.
The LPG gases comprise propane, butane
and mixtures of the two. These products
can be obtained, in pressurized form, from
the refining of crude oil coming from
underground reservoirs.

Example of LPG carrier

LPG ADVANTAGES
Principal advantages of LPG are:
Economical source of fuel
It is not water soluble
Burns with low combustive emissions
Has a high octane rating

LPG USAGE
LPG is most used as:
Main fuel for vehicles
Refrigerant
Drying processes
Matter for producing electrical energy
Raw material in Plastic Industry
Household appliances, space heating

LPG PRODUCTION
LPG can be produced in 2 ways:
Natural gas processing-source
of 60% of the
processing
LPG worldwide
Crude Oil refining-source
of 40% of the LPG
refining

LPG TRANSPORTATION
There are 3 types of carriers that transport
LPG at sea:
Fully refrigerated ships
Semi-pressurized and refrigerated ships
Pressurized ships

LPG MARKET
Total number LPG carriers at the start of 2014
was 1269.
The number of LPG carriers on order at the
start of 2014 was 171.
Approx. volume of LPG moved by sea in 2013
(mt) was 64 millions.

 Most of the gas supplies are controlled by the

same major energy companies that produce
crude oil, and since the ships required to carry it
are highly specialized and hugely expensive to
build, they are not build speculatively.
Worldwide LPG consumption has increased by
an average of 2.4% annually since 2000 to over
250 million tonnes in 2010 and reached 270
million tonnes in 2012.

LPG CHARTER PARTIES

There is one voyage charter party form
Gasvoy 2005
2005 published by BIMCO used
for the LPG, ammonia and liquefied
petrochemical gas trades, without LNG.
LNG

LPG POLLUTION
Burning LPG releases carbon dioxide, a
greenhouse gas.
The reaction also produces some carbon
monoxide.
LPG does, however, release less CO2 per
unit of energy than does coal or oil.

INERT GAS SYSTEM

Inert gas is used on gas carriers to maintain
positive pressure in hold and interbarrier
spaces.
For inerting holds and interbarrier spaces, the
shipboard generation of inert gas is a
requirment of Gas Codes.
Gas carriers do not use the ships main boilers
for generating inert gas.
Only pure N can be considered inert.

WORLD SEABORNE TRADES IN

CARGO TON-MILES

GAS PRODUCTION
&CONSUMPTION 2011

PARCEL TANKERS
Chemical parcel-tanker means a vessel that has:
a cargo-carrying capability consisting of individual cargo tanks for bulk
chemicals that:
are a permanent part of the vessel
have segregation capability with piping systems to permit simultaneous
carriage of several bulk chemical cargoes with minimum risk of crosscontamination
has a valid certificate of fitness under the International Maritime
Organization Code for the Construction and Equipment of Ships Carrying
These ships have a significant proportion of the cargo tanks made with
stainless steel, allowing maximum flexibility to carry cargoes that need
their quality safeguarded.

LIQUID CARRIERS
Generally, the liquid carried by sea is:
Petroleum
Gasolin
LNG
Chemicals
Vegetable oils
Juice
Wine
Molasses

 There is a separate market in edible

liquids including vegetable oils,molasses,
juice and wine.
Area of production is much more difficult
to define that with oil and gas.
The ships does not follow the same design
basics that apply to oil tankers.

Tanker Charter Parties

Tanker Charter Parties have some similar
lines as dry cargo forms, but with several
significant differences which can be found
in the Shellvoy form.
Tanker market has its own standard forms
with two exceptions, these forms beeing
devised by the oil companies themselves.
97

Tanker Charter Parties

Important differences of standard form
A) Heating system
is a system of heating coils through
steam can be passed;
The reason for their presence is because
many crude oils would become solid and
un-pumpable if allowed to cool to the sort
of low ambient temperatures.
98

Tanker Charter Parties

Important differences of standard form
B) Tank-coating
Refers to the liquid chemical cargo
C) Winches or cranes
to handle the hoses required for cargo
handling

99

Tanker Charter Parties

Important differences of standard form
D) Capacity of the ships pumps
The shore installation pumps the cargo in
and the ship pumps it out.
Pumps are very good at pushing, but not
very efficient when sucking.

100

Tanker Charter Parties

Important differences of standard form
E) Residue after previous cargoes
If the ship is intended for loading clean
products, her previous cargoes could
leave a small amount of residue and some
products could be contamined by the
merest trace of foreign matter.
F) COW and IG systems

101

Tanker Charter Parties

Important differences of standard form
G) Running hours instead of lay time
The agreed total length of time for loading
and discharging is 72 hours regardless of
the size of the ship.
pumps works almost every day of the year
H) The tanker charters have no
provision for despatch money.
102

Tanker Charter Parties

TOVALOP
means the Tankers Owners Voluntary
Agreement concerning Liability for Oil
Pollution.
was a fund to which most tanker owners
subscribed to ensure that there was
always a huge sum of money available to
deal with a major oil spill.
103

Tanker Charter Parties

Shell ITOPF Clause
Owners warrant that throughout the duration of this
charter the vessel will be :
1.Owned or demise chartered by a member of the
International Tanker Owners Pollution
Federation Limited
2.Entered in the Protection and Indemnity Club
stated in the part 1(A) 1(xii) of SHELLVOY 5 as
amended December 1996.
104

The Civil Liability and

Fund Conventions
The 1992 Civil Liability Convention
governs the responsibility of ship owners
for oil pollution damage.
For ships carrying more than 2 000 tonnes
of oil in bulk:
The ship owner is obligated to maintain
insurance to cover his liability under the
1992 CLC.

105

The Civil Liability and

Fund Conventions
The 1969 CLC has introduced the principle of
strict liability ( i.e. liability even in the absence
of fault) for tanker owners and creates a system
of compulsory insurance.

106

The Civil Liability and

Fund Conventions
Claims for compensation for oil pollution
damage (including clean-up costs) may be
brought against the owner of the tanker
which caused the damage or directly
against the owners P&I insurer.

107

The Civil Liability and

Fund Conventions
The tanker owner is normally entitled to
limit his liability to an amount that is linked
to the tonnage of the tanker causing the
pollution.

108

The Civil Liability and

Fund Conventions
The 1971 Fund Convention has provided
for the payment of supplementary
compensation to those who could not
obtain full compensation for oil pollution
damage under the 1969 CLC.

109

The Civil Liability and

Fund Conventions
1971 IOPC Fund was set up for the purpose for
administering the regime of compensation.
Payments of the compensation and
administrative expenses of the 1971 IOPC Fund
were financed by contributions levied on
companins in Fund Convention countries that
received crude oil and heavy fuel oil after sea
transport.
110

The Civil Liability and

Fund Conventions
In 1992, a Diplomatic Conference adopted
two Protocols amending the 1969 CLC
and 1971 Fund Convention , which
became the 1992 CLC and Fund
Conventions which provide:
a) Higher limits of compensation;
b) A wider scope of application than the
original Conventions.
111

The Civil Liability and

Fund Conventions
In October 2000 the Contracting States
approved a proposal to increase by 50 %
( $260 million) the amount of compensation
available under the terms of the Conventions.
This came into effect on 1 November 2003

112

Negotiating the Charter

Negotiation by means of offer and
counteroffer are similar to those for dry
cargo with a few significant differences.
Reference has already been made to the
way the majority of tanker fixtures,
especially those for crude oil, are
conducted according to Worldscale with
the number being in line with the strength
of the market at the time.
113

Negotiating the Charter

In almost all cases there tends to be only
one broker between the chartere and the
owner, unlike the dry cargo market where
there is usually a chaterers agent and an
owners broker.

114

Negotiating the Charter

Why does negotiations in the tanker market tend to be far
brisker that in dry cargo?
The charterers and the owners specialise in oil business so
that there are far fewer terms and conditions about which to
haggle.
The single broker is dealing directly with decision-makers on
both sides, the time limits on offers and counter offers can be
very short.

115

Negotiating the Charter

Tanker brokers have always been
specialists and they usually tend to
confine that specialisation to one segment
of the market so that those working in
cruide oil are quite apart from those
concentrating on refined petroleum
products and chemical brokers are
separate again.
116

Conclusions
Oil is the main source of energy for humanity.
Oil is carried in Oil Tankers.
The words relatively straightforward were used to describe the
construction of Oil Tankers.
Tanker market has its own standard forms with two exceptions.
The 1969 CLC has introduced the principle of strict liability.
Tanker Chartering always was essentially desk-based.
Tanker Charters have no provision for despatch money.
117

Bibliography
Institute of Chartered Shipbrokers, Tanker
Chartering , 2012
McGuire and White, Liquified Gas Handling
Principles on Ships and In Terminals , Third
Edition-2000
Michael Corkhill ,B.Sc. , LNG Carriers.The
Ships and their Market,1975
www.wikipedia.com

118