Principles of Chartering

Chartering is an indispensable part of the business of shipping, and success in shipping hinges on the ability to identify, choose, negotiate, fix, and perform successful charter party contracts without errors and risks for claims. Several principles are quite important in the chartering business; however, central is the ability to identify the right partners, be they shipowner or charterer, in the chartering transaction and negotiate favorable charter party terms, fix the ship on a time charter or on a favorable voyage charter based on voyage estimation assessments, present the ship on time during laycan, arrange timely delivery and redelivery of the ship in a time charter party, pay and receive freight and hire without risks, facilitate loading and unloading during the laytime allowed, and handle all incidental to the fixture transactions, services, and operations. These core themes are purposefully and comprehensively addressed in the fourth edition of Principles of Chartering. The fourth edition of Principles of Chartering provides a thorough treatment of the commercial aspects of chartering dry cargo and tanker ships. This book describes fundamental concepts and principles that are essential learning for undergraduate and postgraduate students, and it discusses issues of particular interest to chartering professionals, shipowners, charterers, and ship brokers. Since the last edition of the book Principles of Chartering (3rd edition, 2018), the shipping industry has witnessed a series of changes and incredible events that have inevitably shaped commercial practice. These events include the COVID-19 pandemic and the drive towards decarbonization manifested by a series of stringent regulations imposed by the regulatory authorities. The regulatory and evolving market environment has led shipowners and operators to embark on commercial activities and importantly adopt research and development and technological advancements to adapt to the contemporary needs of commercial shipping practice. The above together with the continuing propagation of knowledge manifested by regulations and the tests of commercial practice in the courts of law which shed light on the details of the trade have resulted in the further evolution of the principles of chartering. The aim of the 4th edition of Principles of Chartering is to adequately and comprehensively capture the key principles of commercial practice including the recent developments.