ABSTRACT
This chapter focuses on analysing further the commercial management of ships. Marketing is introduced as the strategic tool which helps a shipping company improve its chartering policy. In bulk markets a charterer decides to work with a shipowner after considering a series of selection criteria. Thus, the charterer's requirements and the determinants of his decision-making process play a decisive role in the formation of charterer's chartering policy. In the tanker market seven categories of criteria have been recognised as playing a critical role in the charterer's selection process of a shipowner. Dry bulk ships operating in the spot market must satisfy the charterers' needs concerning the vessel type and size, while also providing sea transport at a low cost. The decision-making process of the charterer and shipper is a sequence of thinking, evaluating and finally deciding. In bulk market the shipowner's chartering policy defines the type of vessel's employment and vice versa.
