ASM Compiled Terminology, Q&A | United Nations Conference On Trade And Development | Oil Tanker

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AFRA (Average Freight Rate Assessment). This is a freight billing system which is composed of the weighted average of independently owned tanker tonnage. The London Tanker Brokers’ Panel determines rates for various size categories, for example: 16500/24999—25,000/44,999—45,000/69,999 applicable for six months commencing each January and July. AFRA allows an assessment of a freight scale for various size tankers. AFRA can also be relevant to such matters as the calculation of demurrage for tanke
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  AFRA (Average Freight Rate Assessment).   This is a freight billing system which is composed of the weighted average of independently owned tanker tonnage. The London Tanker Brokers’ Panel determines rates for various size categories, for example: 16500/24999 — 25,000/44,999 — 45,000/69,999  applicable forsix months commencing each January and July. AFRA allows an assessment of a freightscale for various size tankers.  AFRA can also be relevant to such matters as the calculation of demurrage for tankers . For example, in Fina Supply Ltd v. Shell UK Ltd. (1991) the Poitou was nominatedto load an oil cargo at Sullom Voe in February 1989. Under the demurrage provisions in thecharterparty, the appropriate rate of demurrage was to be determined by applying the AFRAappropriate to the size of vessel actually used and to the date of presentation of the Notice of Readiness. The vessel’s size fell into a range of AFRA which provided a figure of 101.8 per cent as a multiplier to be applied to the appropriate demurrage rate in the Worldscaledemurrage table . The case was decided on a number of issues but is given here to showthat AFRA does have relevance to commercial and legal matters such as demurrage. STALE Bill Of Lading B/L presented to its consignee,or at a bank ,after the last date specified in the relevant letter of  credit and which, therefore, is not acceptable as a valid document.According to the uniform commercial code (UCC),a B/L may be rejected if presented more than 21 days after the date of  arrival of the shipment.  WHAT IS INTERTANKO AND WHAT IS ITS FUNCTION FOR SHIP-OWNERS INTERTANKO is the International Association of Independent Tanker Owners INTERTANKO has been the voice of independent tanker owners since 1970, ensuringthat the oil that keeps the world turning is shipped safely, responsibly andcompetitively.Membership is open to independent tanker owners and operators of oil and chemicaltankers, i.e. non-oil companies and non-state controlled tanker owners, who fulfillthe Association's membership criteria. Independent owners operate some 80% of the world's tanker fleet and the vast majority are INTERTANKO members. Asof January 2007, the organization has 260 members, whose combined fleetcomprises some 2,900 tankers totaling 236 million dwt, which is 75% of the world'sindependent tanker fleet. INTERTANKO's associate membership stands at some 300companies with an interest in shipping of oil and chemicals.INTERTANKO is a forum where the industry meets, policies are discussed andstatements are created. It is a valuable source of first-hand information, opinions andguidance. INTERTANKO has a vision of a professional, efficient and respectedindustry, that is dedicated to achievingSafe transport,cleaner seasandfree competition.The strong support that INTERTANKO enjoys allows it to speak authoritatively andproactively on behalf of tanker operators at international, regional, national and locallevel. It is also able to maintain a 25-strong secretariat and a network of 14committees and four regional panels that coordinate an extensive work programmedthat comprises more than 50 agenda items. Governments and shipping regulators  have taken a closer interest in tanker shipping in recent years. INTERTANKO hasresponded by establishing, strengthening and maintaining relationships withlegislators on all levels, working with them to ensure a fair and equitable distributionof the responsibilities and liabilities involved in carrying oil and chemicals by sea.Underlining its commitment to representing its members where key decisions aremade, INTERTANKO opened offices in Singapore and Washington DC in 1999, inaddition to its principal offices in Oslo and London. Within the shipping industry itself, INTERTANKO participates in discussions within the International Maritime Organization (IMO) where we have NGO status and the International Oil Spill Compensation Fund. In addition, it has consultative status at the United Nations Conference on Trade and Development.  Oil and its der ivatives will remain the world’s most critical commodity in the  foreseeable future and tankers will be needed to distribute it to where it is needed. As long as tankers are vital to this distribution INTERTANKO will provide leadership inthe development and implementation of industry standards and practices, andinternational regulations for maritime safety and environmental protection.INTERTANKO is actively involved in a wide range of topics, which include commercial,technical, legal and o perational matters. INTERTANKO’s direct contact with the  members and srcinal sources enables it to select and promulgate the informationwhich is essential to the tanker industry. INTERTANKO’s information and advisory services include our Weekly NEWS, cou rses,seminars and free access to a range of web based services. INTERTANKO producespublications, specializing in technical, operational, environmental, documentary andmarket issues. Members and associate members are also entitled to direct expertopinions from resourceful and experienced lawyers, mariners, naval architects,marine engineers, economists and other specialists within INTERTANKO. Their widenetwork of contacts routinely benefit directly members and associate members. MISSION Provide leadership to the Tanker Industry in serving the world with the safe,environmentally sound and efficient seaborne transportation of oil, gas and chemicalproducts.  VISION FOR THE TANKER INDUSTRY   A responsible, sustainable and respected Tanker Industry, committed to continuousimprovement and constructively influencing its future. INTERTANKO AND ITS MEMBERS GOALS Be the representative forum of choice for all quality tanker owners and managers.Enhance public and political awareness of the importance and positive performanceof the tanker industry.Promote balanced terms of trade and a competitive, transparent and sustainabletanker industry.Lead the development, acceptance and implementation of uniform, worldwideinternational tanker standardsLead in establishing and maintaining partnerships, cooperation and open andconstructive dialogue with the relevant maritime authorities, organizations,associations and special interest groups.INTERTANKO MEMBERS will:Lead the continuous improvement of the Tanker Industry’s performance in striving to  achieve the goals of:· Zero fatalities · Zero pollution · Zero detentionsDeliver the highest quality services to meet the expectations of their stakeholders.Promote the availability and utilization of personnel with the highest quality marineskills and competencies.  Worldscale Worldscale is a unified system of establishing payment of freight rate for a given oil tanker's cargo. Worldscale was established in November 1952 by  London Tanker Brokers’ Panel  on therequest of British Petroleum and Shell as an average total cost of shipping oil from one port to another by ship. A large table was created.The same scale is used today, although it was merged with the American Tanker Rate Schedule(ATRS) in 1969. By 2002, the table included the average cost of 320,000 voyages inpermutations of from one load and one discharge port to five loads and ten discharge ports.Worldscale is produced by Worldscale Association (NYC) Inc. for the Americas and byWorldscale Association (London) Ltd. for the rest of the world. The freight for a given ship andvoyage is normally expressed in a percentage of the published rate and is supposed to reflect thefreight market demand at the time of fixing.Following are some samples. From Yokohama to: US$/tonne Miles Adelaide 10.60 10,574Aden 12.39 13,038Chiba 2.90 50In negotiating a price to pay, the above table is referred to as WS100 or 100% of Worldscale.The actual price negotiated between shipowner and charterer can range from 1% to 1000% and isreferred to respectively as WS1 to WS1000, depending on how much loss the first is willing totake on that voyage and how much the latter is willing to pay. United Nations Conference on Trade and Development (UNCTAD) Established 1964 Headquarters Geneva, Switzerland  The United Nations Conference on Trade and Development (UNCTAD) was established in1964 as a permanent intergovernmental body. It is the principal organ of the United NationsGeneral Assembly dealing with trade, investment, and development issues.The organization's goals are to maximize the trade, investment and development opportunities of  developing countries and assist them in their efforts to integrate into the world economy on an equitable basis. (from official website). The creation of the conference was based on concerns  of developing countries over the international market, multi-national corporations, and greatdisparity between developed nations and developing nations.In the 1970s and 1980s, UNCTAD was closely associated with the idea of a New InternationalEconomic Order (NIEO).The United Nations Conference on Trade and Development was established in 1964 in order toprovide a forum where the developing countries could discuss the problems relating to theireconomic development. UNCTAD grew from the view that existing institutions like GATT (nowreplaced by the World Trade Organization,WTO), the International Monetary Fund (IMF), and World Bank  were not properly organized to handle the particular problems of developingcountries.The primary objective of the UNCTAD is to formulate policies relating to all aspects of development including trade, aid, transport, finance and technology. The Conference ordinarilymeets once in four years. The first conference took place in Geneva in 1964, second in NewDelhi in 1968, the third in Santiago in 1972, fourth in Nairobi in 1976, the fifth in Manila in1979, the sixth in Belgrade in 1983, the seventh in Geneva in 1987, the eighth in Cartagena in1992 and the ninth at Johannesburg (South Africa)in 1996. The Conference has its permanentsecretariat in Geneva. One of the principal achievements of UNCTAD has been to conceive and implement theGeneralised System of Preferences (GSP). It was argued in UNCTAD, that in order to promoteexports of manufactured goods from developing countries, it would be necessary to offer special tariff concessions to such exports. Accepting this argument, the developed countries formulated the GSP Scheme under which manufacturers' exports and some agricultural  goods from the developing countries enter duty-free or at reduced rates in the developed  countries. Since imports of such items from other developed countries are subject to the normal rates of duties, imports of the same items from developing countries would enjoy a competitive advantage. Currently, UNCTAD has 194 member States and is headquartered in Geneva, Switzerland.  UNCTAD has 400 staff members and an bi-annual (2010  –  2011) regular budget of $138 millionin core budget expenditures and $72 million in extra-budgetary technical assistance funds. It isalso a member of the United Nations Development Group. [1]  There is a list of non-governmentalorganizations participating in the activities of UNCTAD.
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