Chartered Shipbroker

To be a Chartered Shipbroker first one needs to acquire knowledge, not only of day-to-day market events but also of more basic data. A good start in this direction will be membership of various bodies, either individually or as an employee of a corporate entity. Valuable shipping organisations involved in dry-cargo shipping include: The Baltic Exchange (open now to “associates” who do not necessarily attend daily and who may be resident outside the UK). Institute of Chartered Shipbrokers – both individual and corporate – the former through examination and leading to fellowship status which qualifies the individual to be termed a “Chartered Shipbroker”. The Baltic International Maritime Council – open to shipping organisations and providing valuable expertise and facilities to the international shipping community. International Maritime Bureau – one of shipping’s ‘police’ forces – there to protect its members from dealing with less desirable corporations and individuals. P & I Clubs – an essential for owners and charterers alike – although it is surprising how many charterers still carry on without the protection of a P & I Club behind them. Professional Indemnity Club – becoming more and more essential for such as brokers and ship managers. Secondly, despite a possibly busy work-schedule, time should always be found to be as wide-read as possible. Apart from reading your local shipping press (such as Lloyd’s List in the UK), it is important also to keep up to date with both industrial and international news in order to be prepared for its impact upon the shipping world. In addition, build up a personal and/or a corporate library of such textbooks that are directly relevant to your business activities, always keeping alert for new books or new editions of existing ones. Some of the organisations listed above (e.g. BIMCO) publish regular magazines as part of their membership whilst others (e.g. Lloyd’s of London Press) issue periodical reports on maritime affairs such as current law cases. All of this, however, is of little protection if great care is not exercised in daily trading and especially in the drafting of contracts. Here the charterparty library referred to earlier in this course will assist but there is little substitute for experience and for having the ability to incorporate what has been learned from knowledge, experience and wide-reading into adapted contract clauses.