The competency requirements being mainly focused on technical skills, the commercial aspects are a gray area for many on board. The course gives the participants a feel of the financial side of the business, with the aim of improving cost-effectiveness of shipboard functioning.

Course Objective:

• To gain an insight into the financial aspects in day-to-day vessel's operations and special operations.
• To have a better understanding of Charter Parties and Contracts of Affreightment and the shipowner's interest / liabilities with respect to the same.
• To understand the process of Marine claims, Insurance, and shipowner's position with regard to financial liabilities, and the participant's role in protecting the owner's interests.
• To apply the above knowledge towards effective cost-saving measures while fulfilling his duties on board.

Duration: 3 days

Suggested Target Group: Management Level Staff On Board 

Course Contents:

• The shipping business -an overview.
• Vessel Budgets- Financial/Trading / Operations.
• Carriage of Goods by Sea (C/P's and COA's).
• Accident causation and Shipowner's risk exposure.
• Risk assessment / Marine casualties.
• Marine Insurance -Concepts and cases.
• Agency Operations / Port Disbursements.
• Manning Costs.
• Bunkering; Dry-docking.
• Materials and Maintenance Management.
• Group discussions and workshops.