Ship Operations

a) What is the importance of ship registration? Which factors are important to consider when choosing a flag for a vessel? Will other parties than owners have an impact on the choice of flag? a) Which flag would you prefer for your vessel if you own a 5 year old medium size dry bulk vessel, operated commercially from Glasgow and technically from Singapore, but trading worldwide? Give reasons. a) Why are most ships owned by single purpose companies and limited companies? Give examples of ships owned by “single purpose companies”. b) It is common for shipowners to outsource one or more of functions. Explain the terms “technical management of the vessel” and “commercial management” of a vessel (in brief) and why it is common to outsource one or more function. a) When purchasing a used vessel, would you choose a standard contract or tailor make one from scratch? Give reasons. b) Outline the key issues which must or should be covered in a sale and purchase contract? c) Considering today`s shipping market, what type of vessels do you foresee having the largest income potential during the next 10 years? a) Which elements (costs) do you need to take into your calculations when fixing a vessel on a voyage charter party? b) How do you ensure the vessel will earn a profit on a voyage CP?