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:

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 :

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' :-

All parties will provide record notes of all telephonic conversations.

Charter Party

Voyage Charter (Foreign Voyages)

Time Charter (Foreign Voyages)

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

Coastal Voyage Charter