A Beginners Guide to North Sea Shipping Operations
Consilience Energy Advisory Group Ltd, January 2004, Pages: 96
Who Can Benefit from Reading the Guide?
The objective of this guide is to provide detailed procedures on Shipping Operations issues for personnel who are new to the oil industry or to the job of shipping operations. It is also useful for lawyers and finance personnel to understand the constraints with which operators have to comply. It explains shipping documentation, managing the operational aspects of a sale and purchase agreement and ensuring payment by the precise implementation of credit security provisions.
SECTION ONE: TABLE OF CONTENTS
The preparation of Shipping Documentation:
- ?Vessel
- ?Laycan, Loading Range or Date Range
- Grade or Quality
- Quantity
- Parcels
- ?Co-Loads
- ?Destination
- ?ETA (Estimated Time of Arrival)
- Inspector
- Agent
- ?Consignor / Consignee
- Other
Bills of Lading and Associated Documents
Endorsing Documents
The Importance of Accuracy
Example of Nomination / Documentation
SECTION TWO: TABLE OF CONTENTS
Contract Generation
Term Contracts
Spot Contracts
Processing the Contract
Agreeing Contract Amendments
Deeming of Pricing Dates
Contract Compliance
Key Contract Clauses:
- ?Pricing and Payment including credit provisions
- ?Shipping Requirements and Regulations
- ?Ship Inspection
- ?Ship Vetting
- ?Vessel Nomination
- Vessel Acceptance
- ?Requests for Substitution
- ?Outturn Losses
- ROB / OBQ (Remains On Board / On Board Quantity)
- Cargo Inspection and Documents
- Laytime and Demurrage
AN EXAMPLE OF A FORTIES CONTRACT
SECTION THREE: TABLE OF CONTENTS
Credit Terms
Irrevocable Documentary Letter of Credit (LC)
Stand-By Letter of Credit (LC)
Letters of Indemnity
Parent Company Guarantee
Open Credit with a Credit Limit
SECTION FOUR: CASE STUDY
An in-depth look at a typical operational problem with:
- An analysis of the questions raised;
- A discussion of where to find the answers;
- A suggested approach to finding a solution.
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