Shipbroking
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Shipbroking
Shipbroking is a financial service, which forms part of the global Ship_transport, shipping industry. Shipbrokers are specialist intermediaries/negotiators (i.e. brokers) between shipowners and Chartering (shipping), charterers who use ships to transport cargo, or between buyers and sellers of vessels. History In the 19th century, it was the work of ship-brokers to procure goods on freight or a charter for ships outward bound. They also went through the formalities of entering and clearing vessels at the customs-house. They collected the freight on vessels brought into port and took an active hand in the management of all business matters between ship-owners and merchants, whether shippers or consignees, for which they were paid a fee. In major British ports, ship-brokers were also usually insurance-brokers. Modern shipbroking Some brokerage firms have developed into large companies, incorporating departments specialising in shipping's various sectors, ''e.g.'' Dry Cargo Charteri ...
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Jeffrey Richard De Corban Evans
Jeffrey Richard de Corban Evans, 4th Baron Mountevans, (born 13 May 1948) is a London shipbroker Shipbroking is a financial service, which forms part of the global shipping industry. Shipbrokers are specialist intermediaries/negotiators (i.e. brokers) between shipowners and charterers who use ships to transport cargo, or between buyers ... and British hereditary peer The hereditary peers form part of the peerages in the United Kingdom, peerage in the United Kingdom. As of September 2022, there are 807 hereditary peers: List of dukes in the peerages of Britain and Ireland, 29 dukes (including five royal dukes ..., who served as Lord Mayor of London The Lord Mayor of London is the Mayors in England, mayor of the City of London and the Leader of the council, leader of the City of London Corporation. Within the City, the Lord Mayor is accorded Order of precedence, precedence over all individu ... from 2015 to 2016. Lord Mountevans was elected a City Alderman in 20 ...
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Ernest Simpson
Ernest Aldrich Simpson (6 May 1897 – 30 November 1958) was an United States, American-born British people, British Freight transport, shipbroker, best known as the second husband of Wallis Simpson, later wife of the former King Edward VIII. Simpson served as an Commissioned officer, officer in the Coldstream Guards before becoming a shipbroker in the family firm of Simpson, Spence & Young, SSY. Background Born in New York City, Simpson was educated at The Hill School before attending Harvard University. Simpson was commissioned in the British Army, serving as a Captain (British Army and Royal Marines), captain in the Coldstream Guards during World War I. His father, Ernest Louis Simpson, a British citizen of Jewish descent, Jewish background whose original surname was Solomon, co-founded the global shipbroker, shipbroking firm Simpson, Spence & Young, trading since 1880. His mother, Charlotte Woodward Gaines, was American, daughter of a New York City attorney. His elder sis ...
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Institute Of Chartered Shipbrokers
The Institute of Chartered Shipbrokers (ICS) is a professional A professional is a member of a profession or any person who works in a specified professional activity. The term also describes the standards of education and training that prepare members of the profession with the particular knowledge and sk ... and learned society A learned society (; also learned academy, scholarly society, or academic association) is an organization that exists to promote an academic discipline, profession, or a group of related disciplines such as the arts and science. Membership ... for all members of the commercial shipping industry worldwide. After being founded in 1911 in London London is the capital and List of urban areas in the United Kingdom, largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary dow ..., the ICS was granted a Royal Charter A ro ...
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Financial Service
Financial services are the Service (economics), economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, consumer finance, consumer-finance companies, brokerage firm, stock brokerages, investment management, investment funds, individual asset managers, and some government-sponsored enterprises. History The term "financial services" became more prevalent in the United States partly as a result of the Gramm-Leach-Bliley Act, GrammLeachBliley Act of the late 1990s, which enabled different types of companies operating in the U.S. financial services industry at that time to merge. Companies usually have two distinct approaches to this new type of business. One approach would be a bank that simply buys an insurance company or an investment bank, keeps the original brands of the acquired firm, and adds the Takeover, acquisit ...
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Panamax
Panamax and New Panamax (or Neopanamax) are terms for the size limits for ships travelling through the Panama Canal. The limits and requirements are published by the Panama Canal Authority, Panama Canal Authority (ACP) in a publication titled "Vessel Requirements". These requirements also describe topics like exceptional dry seasonal limits, propulsion, communications, and detailed ship design. The allowable size is limited by the width and length of the available canal lock, lock chambers, by the depth of water in the canal, and by the height of the Bridge of the Americas since that bridge's construction. These dimensions give clear parameters for ships destined to traverse the Panama Canal and have influenced the design of cargo ships, naval vessels, and passenger ships. Panamax specifications have been in effect since the opening of the canal in 1914. In 2009, the ACP published the New Panamax specification which came into effect when the canal's Panama Canal expansion pro ...
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Handysize
Handysize is a naval architecture Naval architecture, or naval engineering, is an engineering Engineering is the use of scientific principles to design and build machines, structures, and other items, including bridges, tunnels, roads, vehicles, and buildings. The dis ... term for smaller bulk carrier A bulk carrier or bulker is a merchant ship specially naval architecture, designed to transport unpackaged bulk cargo — such as Grain trade, grains, coal, ore, steel coils, and cement — in its cargo holds. Since the first specialized bulk c ...s or oil tanker An oil tanker, also known as a petroleum tanker, is a ship designed for the bulk cargo, bulk transport of petroleum, oil or its products. There are two basic types of oil tankers: crude tankers and product tankers. Crude tankers move large quant ... with deadweight of up to 50,000 tonnes, although there is no official definition in terms of exact tonnages. Handysize is also sometimes used to refer to ...
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Tanker (ship)
A tanker (or tank ship or tankship) is a ship designed to transport or store liquids or gases in Bulk liquids, bulk. Major types of tankship include the oil tanker, the chemical tanker, and gas carrier. Tankers also carry commodities such as vegetable oils, molasses and wine. In the United States Navy and Military Sealift Command, a tanker used to refuel other ships is called an oiler (ship), oiler (or replenishment oiler if it can also supply dry stores) but many other navies use the terms tanker and replenishment tanker. Tankers were first developed in the late 19th century as iron and steel hulls and pumping systems were developed. As of 2005, there were just over 4,000 tankers and supertankers or greater operating worldwide. Description Tankers can range in size of capacity from several hundred tonnage, tons, which includes vessels for servicing small harbours and coastal settlements, to several hundred thousand tons, for long-range haulage. Besides ocean- or seagoing ta ...
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Charter-party
A charterparty (sometimes charter-party) is a maritime contract between a shipowner and a "charterer" for the hire of either a ship for the carriage of passengers or cargo, or a yacht for pleasure purposes. Charter party is a contract of carriage of goods in the case of employment of a (charter boat). It means that the charter party will clearly and unambiguously set out the rights and responsibilities of the ship owner and the charterers and any subsequent dispute between them will be settled in the court of law or any agreed forum with reference to the agreed terms and conditions as embodied in the charter party. The name "charterparty" is an anglicisation of the French language, French ''charte partie'', or "split paper", i.e. a document written in duplicate so that each party retains half. Types of charterparty There are three main types of charterparty: time, voyage and demise and another. * In a demise charter, demise (or bareboat) charter, the charterer takes responsibil ...
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Freight
Cargo consists of bulk goods conveyed by water, air, or land. In economics, freight is cargo that is transported at a freight rate for Commerce, commercial gain. ''Cargo'' was originally a shipload but now covers all types of freight, including transport by Rail freight transport, rail, van, truck, or intermodal container. The term cargo is also used in case of goods in the cold chain, cold-chain, because the perishable inventory is always in transit towards a final end-use, even when it is held in refrigeration, cold storage or other similar climate-controlled facility. The term freight is commonly used to describe the movements of flows of goods being transported by any mode of transportation. Multi-modal container units, designed as reusable carriers to facilitate unit load handling of the goods contained, are also referred to as cargo, especially by shipping lines and logistics operators. Similarly, aircraft Unit load device, ULD boxes are also documented as cargo, with a ...
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Rental
Renting, also known as hiring or letting, is an agreement where a payment is made for the temporary use of a good, service or property owned by another. A gross lease is when the Tenement (law), tenant pays a flat rental amount and the landlord pays for all property charges regularly incurred by the ownership. An example of renting is equipment rental. Renting can be an example of the sharing economy. History Various types of rent are referenced in Roman law: rent (''canon'') under the long leasehold tenure of Emphyteusis; rent (''reditus'') of a farm; ground-rent (''solarium''); rent of state lands (''vectigal''); and the annual rent (''prensio'') payable for the ''jus superficiarum'' or right to the perpetual enjoyment of anything built on the surface of land. Reasons for renting There are many possible reasons for renting instead of buying, for example: *In many jurisdictions (including India, Spain, Australia, United Kingdom and the United States) rent paid in a trade ...
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Market (economics)
In economics, a market is a composition of systems, institutions, procedures, social relations or infrastructures whereby parties engage in Exchange (economics), exchange. While parties may exchange goods and services by barter, most markets rely on sellers offering their goods or services (including labour power) to buyers in exchange for money. It can be said that a market is the process by which the prices of goods and services are established. Markets facilitate trade and enable the distribution and allocation of resources in a society. Markets allow any tradeable item to be evaluated and priced. A market emergence, emerges more or less spontaneous order, spontaneously or may be constructed deliberately by human interaction in order to enable the exchange of rights (cf. ownership) of services and goods. Markets generally supplant gift economies and are often held in place through rules and customs, such as a booth fee, competitive pricing, and source of goods for sale (local p ...
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Demurrage
The term "demurrage" from Old French ''demeurage'', from ''demeurer'' – to linger, tarry – originated in Chartering (shipping), vessel chartering and referred to the period when the charterer remained in possession of the vessel after the period normally allowed to load and unload cargo (laytime). By extension, demurrage refers to the charges that the charterer pays to the ship owner for its delayed operations of loading/unloading.Maritime Knowhow website: GENCON Clause 7
Officially, demurrage is a form of liquidated damages for breaching the laytime as it is stated in the governing contract (the charter party). The demurrage sometimes causes a loss to the seller as it increases cost of the total freight. The inverse of ...
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