Dry Bulk Chartering — Onboarding (Detailed Reference Edition)

layout: cover kicker: Internal Onboarding · Detailed Reference Edition title: Dry Bulk Chartering subtitle: From an open cargo to a clean fixture — the full working vocabulary.

layout: agenda kicker: The full map title: What we'll cover items:

• { topic: "1 · Chartering", desc: "charter types, CP forms, who pays what" }
• { topic: "2 · Bulk cargo", desc: "vessel classes, commodities, the load operation" }
• { topic: "3 · Brokers & our panel", desc: "the panel, our three brokers, commissions" }
• { topic: "4 · The recap", desc: "subjects, main terms vs details, binding force" }
• { topic: "5 · Laytime", desc: "NOR, laycan, counting rules, demurrage & despatch" }

layout: section index: "01" kicker: Part one title: Chartering subtitle: The market for hiring ships.

layout: define kicker: The basics term: What is chartering? definition: Hiring a ship to move cargo under a contract called a charter party (CP). A concluded deal is a fixture. points:

• "A charterer has cargo; an owner has tonnage — chartering matches and prices the two."
• "Brokers run the negotiation; the recap then the CP record it."
• "Everything is negotiable: freight, dates, ports, and who bears which cost."

layout: panels kicker: The contract title: Four ways to charter panels:

• { icon: "lucide:route", title: Voyage charter, items: ["One defined voyage, A → B", "Paid as freight, per tonne", "Owner runs & pays the voyage", "Laytime & demurrage apply"] }
• { icon: "lucide:calendar-clock", title: Time charter, items: ["Hired for a period", "Paid as hire, per day", "Charterer directs employment", "Owner still crews & maintains"] }
• { icon: "lucide:ship", title: Bareboat / demise, items: ["The bare ship only", "Charterer crews & operates", "Long-term, finance-like", "Charterer is 'disponent owner'"] }
• { icon: "lucide:repeat", title: COA, items: ["Contract of Affreightment", "A series of voyages / volume", "Ships nominated per shipment", "Used for steady cargo flows"] }

layout: columns kicker: Voyage charter title: Voyage vs time — who carries the cost? columns:

• { title: "Voyage charter (owner's cost)", items: ["Bunkers (fuel)", "Port & canal dues", "Crew, stores, insurance", "Charterer pays freight + any demurrage"] }
• { title: "Time charter (charterer's cost)", items: ["Bunkers for the voyages", "Port & canal dues", "Cargo handling", "Owner gets daily hire; crew & upkeep on owner"] }

layout: reference kicker: Cargo-handling terms title: Who loads, stows and discharges? groups:

• { title: "Charterer's account", items: [{ term: "FIO", desc: "Free In/Out — charterer pays load & discharge" }, { term: "FIOST", desc: "FIO Stowed & Trimmed — adds stow + trim" }, { term: "FIOS", desc: "FIO Stowed" }] }
• { title: "Owner's / mixed account", items: [{ term: "Liner / gross terms", desc: "owner pays loading & discharging" }, { term: "FILO", desc: "Free In, Liner Out" }, { term: "LIFO", desc: "Liner In, Free Out" }] }

layout: reference kicker: Standard forms title: The charter-party forms you'll see groups:

• { title: "Voyage (dry bulk)", items: [{ term: "GENCON", desc: "BIMCO general-purpose voyage CP" }, { term: "NORGRAIN / SYNACOMEX", desc: "grain trades" }, { term: "AMWELSH", desc: "coal trade" }] }
• { title: "Time charter", items: [{ term: "NYPE", desc: "New York Produce Exchange — the standard" }, { term: "BALTIME", desc: "BIMCO time-charter form" }, { term: "Riders / clauses", desc: "negotiated additions on top of the form" }] }

layout: section index: "02" kicker: Part two title: Bulk cargo subtitle: loaded loose, by weight.

layout: define kicker: The cargo term: What is bulk loading? definition: Cargo poured loose and unpackaged into the holds — measured by weight, not pieces. points:

• "Loaded by chute, conveyor, grab or crane; then trimmed level."
• "One homogeneous parcel can fill a hold — or holds carry different grades."
• "Governed for safety by the IMSBC Code (cargo properties, moisture, trim)."

layout: steps kicker: At the load port title: How a bulk cargo gets aboard steps:

• { title: Tender NOR, desc: "vessel reports it is ready", icon: "lucide:flag" }
• { title: Hold inspection, desc: "clean, dry, cargo-ready", icon: "lucide:search-check" }
• { title: Load, desc: "conveyor / grab fills each hold", icon: "lucide:package-plus" }
• { title: Trim, desc: "level the cargo for stability", icon: "lucide:move-horizontal" }
• { title: Draft survey, desc: "confirm tonnage by displacement", icon: "lucide:scale" }
• { title: Documents & sail, desc: "B/L signed, vessel departs", icon: "lucide:navigation" }

layout: section index: "03" kicker: Part three title: Brokers & our panel subtitle: How we actually reach the market.

layout: define kicker: The intermediary term: What is a shipbroker? definition: A specialist who connects cargo with tonnage — sourcing the counterparty, negotiating, and steering the deal to a fixture. points:

• "Owner's broker works the ship; charterer's broker works the cargo."
• "Paid only on success — a commission on the concluded fixture."
• "Lives on market intelligence: who has what open, right now."

layout: define kicker: How we work term: The panel broker system definition: We put a requirement to a fixed panel of trusted brokers at once — for wider reach and competing options, instead of relying on one. points:

• "More of the market seen — more ships and cargoes in view."
• "Competition between brokers sharpens the rate and terms."
• "We currently fix through three panel brokers."

layout: panels kicker: Our panel title: The three brokers we work through panels:

• { icon: "lucide:building-2", title: Norm Bulk, body: "Dry bulk chartering broker." }
• { icon: "lucide:building-2", title: BA Chartering, body: "Dry bulk chartering broker." }
• { icon: "lucide:building-2", title: Atamar Denizcilik, body: "Istanbul-based shipbroker · dry bulk chartering." }

layout: reference kicker: The money title: How brokers (and charterers) get paid groups:

• { title: "Commissions", items: [{ term: "Brokerage", desc: "broker's fee, ~1.25% of freight/hire" }, { term: "Address commission", desc: "rebate to the charterer, often 2.5–3.75%" }] }
• { title: "On the recap", items: [{ term: "Stated as a %", desc: "e.g. '1.25% bkge + 3.75% addcomm'" }, { term: "Deducted from", desc: "freight or hire as it is paid" }] }

layout: section index: "04" kicker: Part four title: The recap subtitle: Where a negotiation becomes a contract.

layout: define kicker: Sealing the deal term: What is a recap? definition: The broker's recapitulation message — every agreed main term in one place, sent the moment both sides say 'fixed'. points:

• "Confirms the deal in writing before the full CP is typed up."
• "Clean recap + all subjects lifted = a binding fixture."
• "If the later CP conflicts with the recap, the recap usually prevails."

layout: steps kicker: The flow title: From open cargo to fixture steps:

• { title: Order out, desc: "circulated to the panel", icon: "lucide:megaphone" }
• { title: Offer & counter, desc: "terms negotiated", icon: "lucide:arrow-left-right" }
• { title: On subjects, desc: "agreed, pending approvals", icon: "lucide:circle-dashed" }
• { title: Subs lifted, desc: "approvals confirmed", icon: "lucide:circle-check" }
• { title: Recap, desc: "main terms confirmed", icon: "lucide:file-check" }
• { title: Charter party, desc: "the full formal contract", icon: "lucide:scroll-text" }

layout: reference kicker: 'On subjects' title: The subjects you'll see lifted groups:

• { title: "Common subjects", items: [{ term: "Sub stem", desc: "cargo / quantity confirmed by shipper" }, { term: "Sub details", desc: "agreeing the CP detail clauses" }, { term: "Sub board / mgmt", desc: "internal approval to commit" }] }
• { title: "Why they matter", items: [{ term: "Not binding yet", desc: "either side can walk while on subs" }, { term: "Lift in time", desc: "subs have a deadline to be lifted" }, { term: "All lifted = fixed", desc: "the deal is now firm" }] }

layout: reference kicker: Anatomy title: What a recap spells out groups:

• { title: "The commercial deal", items: [{ term: "Vessel", desc: "name, flag, DWT, particulars" }, { term: "Cargo", desc: "type & quantity, e.g. '50,000 mt ±10% grain'" }, { term: "Freight / hire", desc: "the rate and payment terms" }] }
• { title: "The voyage terms", items: [{ term: "Load / discharge", desc: "ports or ranges, berth terms" }, { term: "Laycan", desc: "the arrival window" }, { term: "Laytime + rates", desc: "time allowed, demurrage / despatch, comms" }] }

layout: section index: "05" kicker: Part five title: Laytime subtitle: The clock that decides who pays whom.

layout: define kicker: The core idea term: What is laytime? definition: The time the charterer is allowed to load or discharge — already bought and paid for inside the freight. points:

• "Exceed it and the meter runs against the charterer (demurrage)."
• "Beat it and the charterer may be rewarded (despatch)."
• "The whole discipline is counting that time correctly at the port."

layout: reference kicker: Starting the clock title: Laycan, NOR and when laytime begins groups:

• { title: "Arrival window", items: [{ term: "Laycan", desc: "laydays / cancelling — earliest & latest arrival" }, { term: "NOR", desc: "Notice of Readiness — 'arrived & ready'" }, { term: "Free pratique", desc: "port health clearance to work" }] }
• { title: "NOR qualifiers", items: [{ term: "WIBON / WIPON", desc: "whether in berth / port or not" }, { term: "WIFPON / WCCON", desc: "whether in free pratique / customs cleared or not" }, { term: "Turn / notice time", desc: "grace before laytime starts" }] }

layout: reference kicker: Counting the days title: How the days are (and aren't) counted groups:

• { title: "Calendar rules", items: [{ term: "SHINC", desc: "Sundays & holidays included — they count" }, { term: "SHEX", desc: "Sundays & holidays excepted — they don't" }, { term: "FHEX", desc: "Fridays & holidays excepted (some regions)" }] }
• { title: "Working rules", items: [{ term: "WWD", desc: "weather working days — bad weather stops the clock" }, { term: "Reversible", desc: "load + discharge time pooled together" }, { term: "Non-reversible", desc: "each port counted on its own" }] }

layout: vs kicker: The two outcomes title: Demurrage vs despatch left: { title: "Demurrage", items: ["Laytime is EXCEEDED", "Charterer → pays → owner", "An agreed rate per day", "'Once on demurrage, always on demurrage' — exceptions stop applying"] } right: { title: "Despatch", items: ["Finished EARLY, time saved", "Owner → pays → charterer", "Usually HALF the demurrage rate", "On 'all time' or 'working time' saved, per the CP"] } label: "vs"

layout: end title: Thank you for listening.