When freight rates are inadequate to meet the daily running costs of a vessel, the terms of engagement or the Charter Party must be reviewed microscopically to ensure that all risks are well apportioned and appropriately mitigated. In this intensive training course, you will be able to acquire expertise from real life experiences, enabling you to deal better with the contemporary challenges facing Oil Tankers today. Some of the key challenges addressed in this intensive course are: 1. Making a Choice of the Charter party Form (SHELLTIME4, BPVOY, ASBATANKVOY, GASVOY, GASTIME, BPTIME) in context of type of Cargo, Vessel Type, terminals and duration 2. Comprehensive Risks Identification, Evaluation and Mitigation Strategies - Computation and allocation of idle time - Explicit measurement criteria for Lay time and Demurrage Claims - Implication of SIRE 3. Termination of Time Charters for Cause and for Convenience - Can the delays in damage repairs be considered as a breach? - Fall in Market Prices and Restructuring of the existing Time Charter Party 4. Tank Cleaning Costs and Risk of Contaminants - How much time and cost can a Charterer pay for tank cleaning and slops - Liabilities of Charterers for cargo tank debris / damage - Liability of Terminal Operators and service providers in causing contaminations 5. Performance Obligations of the Parties as per the Charter party Agreement - Charterer’s Obligations, Bunkers and Boil-off Gas Usage Limits - Owner’s Obligations and Liabilities, ROB, Limits of Boil-off and Cargo Loss - Bills of Lading and Responsibility Assignment Matrix