Read your national newspaper with a view to transposing the events recorded in the general news, political and business pages into what you believe will be the effect on the dry-cargo shipping markets, whether local or international. Will the bankruptcy of a grain dealer seriously affect freight rates for that particular market sector – and whether for better or for worse? And what about a serious famine and subsequent aid-relief cargoes destined for a beleaguered community in the Third World? The political consequences of changes of Government in Eastern Europe. What effect will they have on immediate, medium and long term trade in, for example, grain? So your source of information in producing reports for your principals should be obtained not only from market sources but relative also, every now and then, with reference to the probable effect of ‘outside’ events. After all, your particular freight market does not exist in isolation from the others or from the effects of world trades, events and politics. Voyage Chartering. Voyage Chartering occurs when a vessel is employed for a single trip, loading cargo from one or more ports for discharge at one or more ports. (Those fixtures listed under the headings Grain, Coal and Iron Ore in Appendix 3:1, for example, are all voyage fixtures). In return for the carriage of the cargo and, perhaps for the expenses of loading and/or discharging the cargo, the shipowner will receive monetary reward termed ‘freight’. This freight can either be in the form of a lump sum payment or, more commonly, it will be payable pro rata in respect of the quantity of cargo carried, usually so much per tonne. It is normal to specify the amount of time a Charterer is allowed for loading and discharging the vessel – the ‘laytime’ – and should this time be exceeded, then liquidated damages – termed ‘demurrage’ will become payable. The dates between which the vessel is required to be presented at the loading port – the ‘laydays’ – will also be recorded, as well as the cargo type and size that is to be carried.