ABSTRACT
In this chapter, the authors describe the routines as they are practised internationally by persons and institutions that are doing chartering work professionally and in accordance with, for example, recommended chartering principles laid down by the Baltic and International Maritime Conference. The investigation stage begins when a charterer, directly or through a broker, enters the market with an order. From a practical point of view, the chartering procedure can be divided into three stages, namely: investigation; negotiation; and the follow-up stage. An order concerning a time charter engagement presented on the market in largely the same way as for voyage chartering, with the exception that details about cargo, ports, loading and discharging rates and terms are exchanged for details about the intended trade, duration/required time charter period and places for delivery and redelivery. A firm offer may also be the most suitable when the owner expects keen competition, especially in a declining freight market.
