Chartering Procedure

Enquiry (Market Entry)

1.Enquiry shall be sent simultaneously to all the empanelled brokers and Indian Ship-owners through e-mail/fax. Copies of the enquiry shall also be sent to DG (Shipping) and Indian National Ship owner's Association (INSA) through email / fax.

2.Owners / Brokers will be advised to keep offers valid till a specified time/date indicated in the enquiry.

Receipt of Offers

1.Receipt of offers shall be through either of the following modes:

Dedicated email box with password protection. Separate mailboxes shall be provided for receipt of offers against each enquiry.
A dedicated fax in a locked room would also be available as an alternate mode.

2.The offers will be printed / collated after the email box is opened at the designated time for receipt of offers specified in the enquiry or at the expiry of the extended time as provided in sub-clause (e) of this clause, as the case may be.

3.Unsolicited / Mid way offers will not be considered.

4.As a standard procedure, bidders will be required to submit hard copy of the offer and other related communications for records.

5.The time for submission of offers may be suitably extended, if required.

Evaluation of Offers

The offers will be ranked on the basis of freight. Demurrage rate and other terms & conditions will also be negotiated.

Negotiations/Counters: The process of negotiation will be as given below:

1. No Indian Ship-Owner has quoted: Negotiation will be held with all the technically acceptable bidders indicating their respective ranking. Whereas a 'firm' counter will be given to L1 bidder, the counter to other bidders will be 'open' (i.e. Open1, Open2 etc.). During negotiations, the original rankings of the bidders can change depending upon their response to the counter (s).

In case, agreement is not reached, IndianOil would explore other alternatives.

2. Indian ship-owner (s) has also quoted: In case offers (s) are received from Indian ship-owner (s) also, the Indian ship- owner(s) will have the 'first right of refusal'.

3. Indian ship-owner is L1: In case, counter is to be given, the same shall be offered 'firm' to the technically acceptable L1 Indian ship-owner (and 'open' to other technically acceptable Indian ship-owners, in case there are other Indian ship owners in addition to the L1 Indian Ship owner, irrespective of their ranking) alongwith 'open' to all technically acceptable foreign ship-owners. The respective rankings of all the bidders shall be disclosed. In case, negotiations are successful with the foreign ship-owner, Indian ship-owner(s) will be asked to match the rate failing which the ship will be fixed with the foreign ship-owner.

4. Indian ship-owner is not L1 :

In case, the rate quoted by the foreign ship-owners is acceptable, technically acceptable Indian ship owners will be asked to match the rate. If, more than one Indian ship-owners match the rate, the ship belonging to Indian ship-owner with the original lowest ranking amongst themselves will be fixed on subjects.
In case, counter has to be given, the same will be given 'firm' to the technically acceptable L1 Indian ship-owner and 'open' to other technically acceptable Indian ship owners irrespective of their ranking and to all technically acceptable foreign ship-owners. The relative ranking of all ship-owners shall be disclosed.
In the event, the Indian ship owner(s), are not L1 in the negotiations, they will be asked to match the lowest rate of the foreign ship-owner. In case, none of the Indian ship-owners match the rate of the lowest foreign bidder, fixture on subjects will be concluded with the foreign ship-owner.

All counters shall be sent or received within a specified time.

Fixtures on Subjects

Once negotiations are concluded, the ship fixture will be confirmed on 'subjects' with a time schedule.

Following activities would be undertaken once the ship fixture is on 'subjects' :-

Charterer's management approval.
Terminal/Supplier Acceptance.
To arrange for license from DG (Shipping).
Obtain record note of negotiations and Fixture Note from the broker / owner for record.

All parties will provide record notes of all telephonic conversations.

Charter Party

Voyage Charter (Foreign Voyages)

ASBATANKVOY with IndianOil Special (Rider) Clauses.
BPVOY 4, which has been customized for IndianOil's use, will be adopted at a later stage.

Time Charter (Foreign Voyages)

SHELLTIME 4 / 3 (for LPG)

Coastal Time Charter and COA CPs developed by IndianOil and in use.

Coastal Voyage Charter

ASBATANKVOY, currently in use.

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The term User shall refer to the user who is browsing the site. The term IndianOil shall refer to Indian Oil Corporation Limited. The term Site refers to www.iocl.com owned and monitored by IndianOil.
By using the Site, you agree to follow and be bound by the following terms and conditions concerning your use of the Site. IndianOil may revise the Terms of Use at any time without notice to you. Areas of the Site may have different terms of use posted. If there is a conflict between the Terms of Use and terms of use posted for a specific area of the Site, the latter shall have precedence with respect to your use of that area of the Site.
ndianOil may terminate User's access at any time for any reason. The provisions regarding to disclaimer of warranty, accuracy of information, and indemnification shall survive such termination. IndianOil may monitor access to the Site.
All content present on this site is the exclusive property of IndianOil. The software, text, images, graphics, video and audio used on this site belong to IndianOil. No material from this site may be copied, modified, reproduced, republished, uploaded, transmitted, posted or distributed in any form without prior written permission from IndianOil. All rights not expressly granted herein are reserved. Unauthorized use of the materials appearing on this site may violate copyright, trademark and other applicable laws, and could result in criminal or civil penalties. IndianOil is a registered trademark of Indian Oil Corporation Ltd. This trademark may not be used in any manner without prior written consent from IndianOil.
IndianOil does not make any warranties, express or implied, including, without limitation, those of merchantability and fitness for a particular purpose, with respect to any information, data, statements or products made available on the Site.
The Site, and all content, materials, information, software, products and services provided on the Site, are provided on an "as is" and "as available" basis. IndianOil expressly disclaims all warranties of any kind, whether express or implied, including, but not limited to, the implied warranties of merchantability, fitness for a particular purpose and non-infringement.
IndianOil shall have no responsibility for any damage to User's computer system or loss of data that results from the download of any content, materials, information from the Site.
IndianOil may change or discontinue any aspect of its website at any time, including, its content or features. IndianOil reserves the right to change the terms and conditions applicable to use of the Site. Such changes shall be effective immediately upon notice, which shall be placed on the Site.
In no event will IndianOil be liable for damages of any kind, including without limitation, direct, incidental or consequential damages (including, but not limited to, damages for lost profits, business interruption and loss of programs or information) arising out of the use of or inability to use IndianOil's website, or any information provided on the website, or in the Products any claim attributable to errors, omissions or other inaccuracies in the Product or interpretations thereof. Some jurisdictions do not allow the limitation or exclusion of liability. Accordingly, some of the above limitations may not apply to the User.
User agrees to indemnify, defend and hold IndianOil harmless from and against all losses, expenses, damages and costs, including reasonable attorneys' fees, arising out of or relating to any misuse by the User of the content and services provided on the Site.
The information contained in the Site has been obtained from sources believed to be reliable. IndianOil disclaims all warranties as to the accuracy, completeness or adequacy of such information.
IndianOil makes no warranty that: (a) the Site will meet your requirements; (b) the Site will be available on an uninterrupted, timely, secure, or error-free basis; (c) the results that may be obtained from the use of the Site or any services offered through the Site will be accurate or reliable.
The User's right to privacy is of paramount importance to IndianOil. Any information provided by the User will not be shared with any third party. IndianOil reserves the right to use the information to provide the User a more personalized online experience.
The Site provides links to web sites and access to content, products and services from third parties, including users, advertisers, affiliates and sponsors of the Site. You agree that IndianOil is not responsible for the availability of, and content provided on, third party web sites. The User is requested to peruse the policies posted by other web sites regarding privacy and other topics before use. IndianOil is not responsible for third party content accessible through the Site, including opinions, advice, statements and advertisements, and User shall bear all risks associated with the use of such content. IndianOil is not responsible for any loss or damage of any sort User may incur from dealing with any third party.