To ensure a sound understanding of the elements of knowledge common to all
sectors of shipping.

• See our recommended book list
• Exam timetable
• What are the different price options?

THE SHIPPING BUSINESS ENTITY

Sole traders, partnerships, private and public limited companies,
conglomerates and multinationals; company organisation and
management; vertical and horizontal integration; quality assurance
systems.

SHIPPING BUSINESS SECTORS

Dry Cargo Chartering: Role of the broker; relationship with
shipowners and charterers, the market and how it operates.
Tanker Chartering: Distinctive features of the market; brokers,
owners and charterers (including oil majors, producers, traders); use
of Worldscale.
Ship sale & purchase: Buyers, sellers, brokers and valuers; the
stages in the sale of a ship; the market in ships.
Ship operation & management: The need for ship managers, in-house or
independent; services offered, including total, commercial, technical
management; crewing agencies.
Port Agency: Tramp & tanker agents; scope of work; relationship with
shipowner and charterer; supervisory/protecting agents.
Liner agency: In-house or independent; types of appointment; range of
responsibilities; relationship with line operators, exporters,
shippers, forwarders, NVOCs.
Freight forwarders and non vessel operating carriers.
Agency role and carrier role.
Multi-modal transport, logistics and supply chain management.

BUSINESS ETHICS

Business ethics in shipping; maritime fraud; minor fraud and default;
Areas of major fraud and its avoidance.

GEOGRAPHY OF TRADE

Trading patterns of main raw materials; major ports, their principal
trades and characteristics; the choice of transport modes; effects of
weather and other natural phenomena upon shipping and trade.

INTERNATIONAL TRADE & FINANCE

Terms of sale in international trade; INCOTERMS; obligations of buyer
and seller.
Importance of documentation; the insurable risk.
Methods of payment, including documentary letters of credit; ICC
Uniform Custom & Practice; bills of exchange.
Regulatory control of imports and exports including customs
procedures & licensing.
Foreign currency transactions; currency hedging.
Calculating, collecting and remitting freight, hire and other funds;
accounting with principals; clients’ funds; freight hedging.

BUSINESS COMMUNICATIONS

All forms of business communications, including letters, memos,
formal reports, market reports, articles for publication in different
media, e-mail.
The use of computers and computer networks in communication and other
business applications.

SHIPPING ORGANISATIONS – THEIR ROLE AND CONTRIBUTION

Shipowner organisations – INTERCARGO; INTERTANKO; Baltic and
International Maritime Council (BIMCO);
International Chamber of Shipping; National Shipowners’ Associations.
Brokers and agents organisations – Institute of Chartered
Shipbrokers; The Baltic Exchange; Federation of National Associations
of Shipbrokers and Agents (FONASBA); International Federation of
Forwarding Agents Associations (FIATA).
United Nations agencies – International Maritime Organisation (IMO),
United Nations Council for Trade & Development (UNCTAD).
Chambers of Commerce; International Chamber of Commerce;
International Maritime Bureau.
The Corporation of Lloyds and other insurance markets.
Classification Societies, including Lloyds Register of Shipping;
International Association of Classification Societies.
International Transport Workers’ Federation (ITF).