BF2216 Trade incoterms and ship chartering assignment sample NTU Singapore

The goal of this course is to provide students with the foundational skills needed for negotiating ocean freight transportation contracts. The curriculum covers how these negotiations impact international commodity trading and provides a solid understanding of how ocean freight works.

TOA, TMA, GBA Assignment sample of Trade incoterms and ship chartering module SUSS Singapore

At the end of this course, Singaporean students will be able to learn the Trade incoterms and ship chartering module with the help of the following learning outcomes:

1. Identify the type of vessels needed to transport different types and parcel sizes of commodities.

The need for vessels to transport different types and parcel sizes of commodities depends on what you want to move.

If you want to move raw materials such as grains or commodities such as oil, then a bulk carrier will suffice. If you wish to transport smaller amounts of produce, liquids, or chemicals over short distances, then a tank boat is your best option. For transporting large quantities of goods over long distances and at more affordable prices than shipping containers (also known as intermodal containers), we recommend an open hatch vessel operating on the “round-the-world trade” route.

If the shipment is less than 26 cubic feet, use a private or air courier. If it’s 11 to 25 cubic feet, use a truck. For anything less than 10 cubic feet, go with a truck. If you’re going to transport it in a cargo container, go with smaller trucks at 9-10 tons per container – try for about four tons per container.

The key is in determining what type of commodity you’re shipping and in what size quantities they will be transported in when deciding which type of vehicle/vessel to use for transportation.

2. Distinguish between common law and contractual obligations in the carriage of goods by sea.

Common-Law obligations generally stem from obligations imposed by the law of the sea. Fundamental common law duties are considered to be those owed towards oneself, one’s cargo, and other ship-owners under MARPOL. In addition, there are a number of public policy-based regimes that have been applied to ships carrying goods from time immemorial, due to their exceptional nature from other shipping engagements.

Contractual obligations often arise in carriage agreements between supercargo/carrier and shipper/sender These may contain specific conditions pertaining only to the contractually agreed arrangements or may also refer back into supersede generous maritime norms with which carrier is expected or constrain him in fulfilling his contractual responsibilities under service terms.

3. Compare the risk arising from different methods of securing ocean freight transport capacity.

Generally speaking, the three primary risks that are associated with different methods of securing ocean freight transportation capacity are cargo loss risk, overbooking risk, and substitution/reallocation risk.

Cargo loss risk is the potential for damage to or destruction of an ocean carrier’s cargo on behalf of its shipper.

Overbooking risk is the possibility that capacity secured by a shopper won’t be available when needed because an ocean carrier has engaged in behavior such as booking space with expired quotes or deliberately making commitments beyond their capacities.

Substitution/reallocation risk occurs when capacity is taken away from an unsuspecting shipper after it has been secured by another party improperly claiming contractual rights to use the submitted quote.

4. Calculate the cost of freight and compare the economic benefits behind different methods of securing ocean freight transport capacity.

The cost of freight can be calculated by taking the product or service’s gross weight in pounds and multiplying that number by one-half cent ($0.005) per pound, plus one more cent ($0.01) for each additional hundred pounds (100 lbs=1).

For example, if you weigh your package at 200 pounds, then the cost of freight will be $2.00; 300 pounds would equal $8.10; 400 pounds would equal $14.20; 500 pounds would equal $21, etcetera.)

There are several different methods to securing ocean freight, which can confuse a customer. Ultimately, what method a company chooses will be based on the number of shipments and size of their product. The three main ways that ocean freight is secured are through combined transport or truckload shipping and through container shipping either via ship-to-ship or seaborne intermodal transport ships. In order to compare these options, there needs to be a clear understanding of the quantities being shipped.

Combined transportation is cheaper when it comes to land transport costs because there is one set rate from door to door. However, if no trucks are available in the destination country, then combined transportation cannot happen.

4. Identify the methods in mitigating ocean freight transport risks and critique their effectiveness.

Shipping containers can be used to transport a wide range of items. Make sure you purchase a container that is just the right size for your cargo and is suitable for carrying all your valuable items safely. Some of these factors are also important to consider when determining how to mitigate ocean freight transport risks:

• Get an EICL verified container, so you know it will meet international standards for transporting hazardous materials.
• Raise the containers off the ground on blocks or pallets to prevent water from leaking in, which would contaminate any goods that were packed inside.
• Seal tight lid with polyurethane adhesive and silicone sealant; double-check that there’s no gap in the seal and then lockdown with brackets.

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