Esprit Rock

Summer Internship Project Understanding Chartering and Operations of vessels

Summer Internship Project Understanding Chartering and Operations of vessels (A Project with Alphard Maritime Group) Submitted in partial fulfillment of The requirements for Master of Management Studies (MMS) Academic Year 2018 Submitted By Gaurav Tikaram Chaudhari Roll No. 69 MMS-II, Batch 2018-2020 Chetanas R. K. Institute of Management and Research, Bandra (E), Mumbai 400 051 Declaration I hereby declare that this report submitted in partial fulfillment of The requirement of The award for The Master of Management Studies to Chetanas R.K. Institute of Management and Research, is my original work and not submitted for award of any degree or diploma fellowship or for similar titles or prizes. I furTher certify that I have no objection and grant The rights to Chetanas R.K. Institute of Management and Research to publish any chapter/ project if They deem fit in Journals/Magazines and newspapers etc. without my permission. Place Mumbai Date Name Gaurav Tikaram Chaudhari Class M.M.S Sem. II Roll No. 69 Certificate This is to certify that The project submitted in partial fulfillment for The award of Master of Management Studies of Chetanas R.K. Institute of Management and Research is a result of The bonafide research work carried out by Mr. / Ms. () under my supervision and guidance, no part of this report has been submitted for award of any oTher degree, diploma, fellowship or oTher similar titles or prizes. The work has also not been published in any Journals/Magazines. Date Place Mumbai Dr. Jayashree A. Bhakay Faculty Guide – Prof. Sandeep Nemlekar Director C R K I M R ACKNOWLEDGEMENT The acknowledgement content as shown below in bold should be written in your own way as it will vary from student to student. (There is no template for this, as it is likely to change from person to person, particularly since this is a chance for you to acknowledge all those who played a role in The conduct of The project. This is one of The few pages of The entire report that is written in first person, so, use of I, Me, We, Us, etc. is allowed here. The aim here is to acknowledge and thank everyone who may have played a part in The completion of The project. These should definitely include The following Institute Director, Dr. Jayashree Bhakay, your Internal Guide, your External Guide with his Designation Name of Company (at The Company), The Mumbai University may also include any oTher faculty or student who may have helped you in any way, The Institute IT Lab, The Institute Library and anyone else (fellow student, family or friends) who may have played a useful role in The successful conduct of The project.) Signature of The Student Name of The Student Chapter 1-Introduction 1.1 Introduction to The task The task is to charter The available vessels and keep Them employed with The help all available sources or inputs taken from different departments and get updated to plan for future employment of vessels. The aim of this research is to assess The charter type choices for shippers and ship owners in The wet and dry bulk shipment market with regards to The types of vessel choices and charter party (time and voyage charter) type choices in order to provide empirical evidence The specific objectives of The study include The following . 1.2 Introduction to The Industry Shipping industry which is The most vital part of world economy contributes around 90 percentage of world trade. It is like a blood of trading. Without shipping of raw materials or any oTher bulk transport import or export of The goods or services cannot be possible. Seaborne trades are beneficial to customers as There are competitive freight rates for business deals to carry forwards. Because of increased economic liberalization, prospectus of industry has grown strong. There are over 55000 merchant ships trading internationally who transport all kinds of shipments around The world. Ships are The most highly valuable assets (if hi-tech Then The costing can go above 320 million). Greece being The leading country owning vessel contributing around 19 percentage in shipment sector throughout The world followed by Japan and China. Panama being The major shipping flags by tonnage contributing around 18.4 percentage followed by Liberia and Marshall Islands. The International Monetary Fund (IMF) has published its World Economic Outlook for January 2018 and has subsequently revised its original forecast for global increased in 2018 and 2019 – up by 0.2 to 3.9 percentage for both years. The development in global increased is driven by a higher increased from advanced economies than first anticipated. The IMF now expects The GDP for advanced economies to grow by 2.3 percentage in 2018 and 2.2 percentage in 2019, which is an upward revision of 0.3 percentage points for 2018 and 0.4 for 2019. This is The highest upward cumulative revision for advanced economies since January 2010, when we saw a false dawn for an improvement in The global economy. If this increased materializes, it will be highly beneficial for The container shipping industry, as increased in advanced economies generates The highest trade-to-GDP multiplier. Amid strong increased in The Euro area and The US, The IMF has maintained its projection for The emerging markets and developing countries (EMDEs) of 4.9 percentage increased in 2018 and 5 percentage in 2019. The IMF expects The global economy to maintain its momentum in The short term, unless a significant correction in The financial markets derails it. When navigating such a strong global economy, it is essential that countries reap The opportunities this window provides and undertake critical reforms. With global long-term increased projected to rise only moderately in The coming years, it is essential that nations implement structural reforms to unleash any additional increased potential. Improving The economic increased potential through structural reforms supports productivity, and Thereby improves The medium and long- term derived demand for The shipping industry. Manufacturing in Europe is currently running at full throttle according to The Manufacturing Purchasing ManagersIndex (PMI). In our previous analysis of global macroeconomics, we focused on strengThening manufacturing PMIs with The increased from The Euro area. This increased has continued and reached The highest level ever recorded in December 2017. While The Manufacturing PMI for January 2018 has dropped slightly from The record high, it remains well above The threshold level at 50. Therefore, The Euro area has signaled expansion in every consecutive month over The past 55 months. Despite a high manufacturing PMI for The Euro area, core inflationary pressure remains low and togeTher with subdued wage increased, There is indication of a furTher opportunity to squeeze The labor market. However, IHS Markit (The PMI data provider) has emphasized that both input costs and output prices are currently rising at faster rates. The input costs have increased because of shortages due to demand outstripping supply. This provides a rising demand for container shipping, as The shortage mainly comes from partly finished goods (and equipment used for production of consumer goods). In line with a surge in manufacturing, The IMF has increased its expectations for The Euro area output by 0.3 for 2018 and 2019, which amounts to a increased rate of 2.2 percentage in 2018 and 2 percentage in 2019. This is primarily due to a stronger momentum in both domestic and foreign demand. It is evident that The IMF expects The US tax bill to generate plenty of activity after hiking The increased for The US by 0.4 percentage points for 2018 to 2.7 percentage, and by 0.6 for 2019 to 2.5 percentage. They estimate that half of The upward revision for The global increased projection for 2018 and 2019 will be driven by US output and The positive effect it may have on its trading partners. For shipping, a possible boost in investment will lead to higher demand and increased trade, if it is not absorbed by inward looking policy requirements. For The container shipping industry, The economic picture in The US is favorable with a possible pick up in wages boosting consumer demand. In January 2018, The US achieved The highest increase in average hourly earnings since June 2009, togeTher with a 17-year low unemployment level, elevating consumer and business confidence. Unsurprisingly China reported a GDP increased of 6.8 percentage for The full year in 2017, as this has been The new normal increased rate for The Chinese economy. Despite not growing by a two-digit figure, it must be emphasized that this is still a significant increased rate and, in absolute terms, adds more to The Chinese economy than previous increased levels such as 14.2 percentage in 2007. While The pace of economic expansion in China slows down, it is important still to remember that China grew its GDP by USD 705bn in 2017. This is equal to The entire Swiss economy, measured at USD 680bn in 2017, or two times The size of The entire South African economy (USD 344bn) (source IMF). The increased rate in The Chinese economy for 2018 is expected to slow moderately with The focus shifting towards relative financial tightening after years of aggressive expansionary fiscal and monetary policies. This is dampening investments in construction and infrastructure, which in turn leads to lower demand increased for dry bulk commodities imported by China. The IMF has revised its expectations for Chinese GDP – up by 0.1 for both 2018 and 2019. The expected increased is now 6.6 percentage in 2018 and 6.4 percentage in 2019. This increase is mainly due to stronger external demand. In December 2017 Japan achieved The highest recorded seasonally adjusted industrial production level since October 2008. This corresponds to The significant increase in The IMFs projection for Japans GDP as expectations have been lifted by 0.5 to 1.2 percentage GDP increased for 2018, and by 0.1 to 0.9 percentage GDP increased for 2019. It has been quite some time since macro-economic development has looked this positive and as supportive of shipping. Political events can undermine The development, but 2018 appears to bring fewer economic increased derailing events compared to 2017. The most important factors to potentially derail increased are likely to be The US midterm elections in November, The renegotiation of The NAFTA and The negotiation of The Brexit deal. Notwithstanding, The sustainability of The all-important Chinese economy. For sustained economic increased, The political deals resulting from These events need to decrease The number of trade barriers and ensure regulatory alignment. This will help to encourage potential increased as restrictive trade measures can discourage trade flows and have negative knock-on effects on economic increased and job creation. The World Trade Organization (WTO) has asked all nations to resist from adopting inward-looking policies and urged its members to show leadership by committing to open and mutually beneficial trade. According to The most recent trade monitoring report this has been embraced. In The period from mid-October 2016 to mid-October 2017, 128 measures were implemented to facilitate trade, compared to 108 trade-restrictive ones. According to The WTO, world merchandise trade has rebounded strongly as volumes grew by 3.6 percentage in 2017 compared to 1.3 percentage in 2016. It is expected that this will drop moderately to 3.2 percentage in 2018 due to a downside risk arising from trade policy measures and geopolitical tensions. India has 12 major ports and about 200 non-major ports. Under The National Perspective Plan for Sagarmala, six new mega ports will be developed in The country. During FY18, shipment traffic at major ports in The country was reported at 679.36 million tonnes (MT), showing a increased of 4.77 per cent over The same period last year. In April-May 2018, traffic at major ports increased 2.41 per cent year-on-year. Since ports handle almost 95 per cent of trade volumes in India, The rising trade has contributed significantly to The countrys shipment traffic. Capacity at major Indian ports reached 1,358 MMT in December 2017. Capacity at non-major ports is expected to reach 968 MMT in 2019 from 750 MMT in 2016. Given The positive outlook, proposed investments in major ports are expected to total US 18.6 billion by 2020, while those in non-major ports would be US 28.5 billion. In November 2016, Ministry of Shipping has sanctioned sum of US 1.49 million to Gujarat Maritime Board for capacity building and safety training of workers involved in ship recycling activities under Sagarmala. The Government of India has finalized master plans for 142 capacity expansion projects worth Rs 91,434 crore (US 14.19 billion) under The Sagarmala programme. The Government of India has allowed foreign direct investment (FDI) of up to 100 per cent under The automatic route for projects related to The construction and maintenance of ports and harbors. A 10-year tax holiday is extended to enterprises engaged in The business of developing, maintaining, and operating ports, inland waterways, and inland ports. The government has also initiated National Maritime Development Programme (NMDP), an initiative to develop The maritime sector with a planned outlay of US 11.8 billion In FY17, shipment capacity in India is estimated to have increased to 2,493.1 MMT from 1,806.8 MMT in FY15. The Maritime Agenda 2010-20 has a 2020 target of 3,130 MT of port capacity India has 12 major ports. Under The National Perspective Plan for Sagarmala, six new mega ports will be developed in The country. By FY17, shipment capacity at major ports grew to 1,065 MMT from 965 in FY16. As of December 2017, major ports had a capacity of 1,358 MMT. The average turnaround time of major ports improved to 3.44 days in FY17 from 4.01 days in FY15 In FY18, major ports in India handled 679.36 MMT of shipment traffic, showing a CAGR of 2.73 per cent during FY08-18. 1.3 Introduction to The Organization Regarding Alphard Maritime is a private company which provides services offering Underwater Diving Services, UTG/UTM (Ultra sonic measurement and Ultra sonic testing)/Vibration analysis, Maritime security, Radio Survey Repairs equipments, Audits Inspection, Chartering and Commercial and Ship Owning/Agency. They have Their offices in Singapore, India, China, Sri lanka, Nigeria, U.A.E, U.K. Established on 23rd June 2009 managed by all Master Mariners, Chief Engineer, Trained technicians and Qualified professionals. Captain Alok Kumar being a Chairman of The company is assisted by Prity Kumar (M.D) and oTher management. Shipping division was set up in October 2015 and in over two years we own 40 tugs barges, including 4 marine assets located in Singapore. Most of assets are currently deployed in PersianGulf catering shipment demands for various projects in Qatar, Bahrain, Kuwait and Iraq. They have Tugs with Bollard pull ranging from 22 64 metric tons Barges with DWT from 7500 14000 MT. They have delivered over 4 mil tons of shipment in Persian Gulf. We have delivered shipmentes namely -Aggregates (both Limestone Gabbro),Rocks ( various sizes up to 4T ),Clinkers andSand.They have served and/or serving following major clientsGBM (Shapoorji Paloonji Group), OmanStar Cement, UAE/Bahrain Aditya Birla GroupAl Hassanain, BahrainCMC, QatarUnited Ready Mix, QatarGPMC (end client QPMC), QatarSea World (end clients Hyundai)Rocks and Aggregates We have delivered shipmentes to following major projectsSIXCO LNG terminal project Bahrain Rocks of various sizesBreakwater project at Al Faw, Iraq Rocks of various sizesMetro rail and road projects in Qatar Aggregates We are rapidly expanding and are now exploring various new business lines in offshore across India The Middle East. ALPHARD TUGS AM ABSOLUTEAM ACCOMPLICEAM ACCORDTENAGA MAJUOCEANLEC 263OCEANLEC 322AM AFFABLEAM AFFINITYAM AVIDSYMPHONY 5RS POONAMAGT 1601AGT 1802AGT 2403AGT 2405AGT 2406AGT 2407 ALPHARD BARGES AM METTLEAM MAJESTICOLYMPIC SEBUKUOLYMPIC TELENAZ QINGDAOAZ KUNMINGAM MERMAIDSURYA CAKRA 19AM METICULOUSAM MANUMITBUANA A1BUANA A2BUANA A3BUANA A5BUANA A6BUANA A7 Alphard Maritime started its journey of serving clients with UTG / NDT since 2009. We provide class approved Ultra-Sonic Thickness Measurement (UTM) to clients at a global level. Our team consists of specialist in UTG / NDT services which are surveyed with all kinds of vessels including but not limited toLNG, LPG, Oil / Chemical Tankers, Bulk Carriers, Passenger Ships, Rigs and support vessels.We areISO 90012015 ISO 140012004 certified with approval from various classification societies to undertake The Ultra-Sonic Thickness Measurement (UTM) of Hull Structures.Approved by Major Classification Societies American Bureau of Shipping (ABS)Bureau Veritas (BV)Korean Register of Shipping (KR)Lloyds Register (LR)Det Norske Veritas (DNV) and Germanischer Lloyd (GL)Indian Register of Shipping (IRS)Nippon Kaiji Kyokai (NKK)Registro Italiano Navale (RINA)China classification society (CCS) ALPHARD MARITIME is managed by Master Mariners and Maritime Security Specialists. Our offices are located in Singapore, India, London, Hong Kong, Sri Lanka, China, Nigeria and The U.A.E offering a global perspective from which we provide bespoke security maritime services to all our clients. We are fully compliant, accredited and associated with all The shipping and relevant regulatory bodies like IMO and ICOC-PSSP, using BIMCO GUARDCON. We are also certified with The new ISO 28007-12015 which covers our Security Management Systems and ISO 90012015 which certifies our ability to deliver The highest standard of service to our clients.We have a strong track record and a client list of over 300 companies, protecting more than 1000 merchant vessels (EXXON, BP, Anglo-Eastern, MOL, V Ships, Fleet Management, Columbia, Executive Ship management). We also provide maritime security services in West Africa which includes operations from/to Lom in The highly dangerous Gulf of Guinea Piracy HRA – (High Risk Area).Alphards Security service to clients combines The above set of elite personnels in our management structures and applies our experience to provide a cost effective maritime product. We offer a highly competitive rate based on a detailed risk assessment and a tailored client focused product whilst maintaining The highest adherence of industry standards. They are successfully carrying Diving Underwater services from The a year now. Our diving managers Supervisors are commercial divers with over 25 years of diving experience, who add extensive amount of value to our clients needs. Following are our Core strengths They have our own dedicated Dive boats which are fully equipped (Alphard 7, Alphard 16, Alphard 25 and Alphard 34) Equipped with own DIVING SPREADS on board which requires NO loading time A Panel of 3 Diving Men with Surfaced Supplied Air which are provided for The working diver 2 TV screens for Diving supervisor to monitor The diving activities carried out on each boat 1 TV screen for Client representative in a cabin with air conditioning and comfortable seats to watch The diving work for any kind of inspection They have our own HPU and pair of powerful brush cards from Piccard Special Brushes for use on Silicon Paint 4 KMB band Mask 18 to tackle Hull cleaning CCTV inspections Propeller Polishing to Rupert A grade HSE part 2 certified Diving Supervisor with over 1000 dives logged HSE part 1 certified Lead Diver Dedicated diving operational team to manage from on shore Class approved with ABS, LR, DNV-GL, NKK, BV and for In Water Survey inspection (UWILD) we are in process to get approval with IR, KR, and RINA Always finding ways to improve our services with clients detailed feedback Tug Inspections, maintenance salvage in water removal of wire chain and line from running gear Class (UWIL Inspection) and vessel inspection, maintenance, salvage, pressure/patching and shipping Hull cleaning of any kind of fouling condition (laid up) Loss Anchor search (Anchorage OPL) Bow thruster cleaning and polishing Side sonar scan and recovery Cutting welding services Propeller polishing Sea chest cleaning Hydrographic surveys There Shipping division was set up in October 2015 and in over two years we own 40 tugs barges, including 4 marine assets located in Singapore. Most of our assets are currently deployed in PersianGulf catering shipment demands for various projects in Qatar, Bahrain, Kuwait and Iraq. We have Tugs with Bollard pull ranging from 22 64 metric tons Barges with DWT from 7500 14000 MT. They have delivered over 4 mil tons of shipment in Persian Gulf. We have delivered shipmentes namely -Aggregates (both Limestone Gabbro),Rocks ( various sizes up to 4T ),Clinkers Sand. We hire vessels on Time Charter as well to help owners to fix Their assets on Charters. We are actively expanding Operating bases to include key maritime hubs in oTher countries to include bespoke marine solution which is not restricted to one region. 1.4 Introduction to The Project Designation Chartering Commercial Intern Purpose for The project is to understand The conditions of shipping industry, factors affecting it which can be environmental, economic, political, demographic, legal, technological etc. Looking at company by charterers view point and going and understanding every aspect of it. Chapter 2 Summer Internship Task details 2.1 Objective To employ The different capsize vessels for dry as well as wet bulk by hiring or giving on hire and generating The revenue for The company. To provide its clientele safe, environmentally sustainable, reliable, efficient and quality shipping services, complying with all legal and oTher requirements. 2.2 Literature Review Taylor (1982) used a system dynamics approach to tackle The decision dilemma of an efficient charter mix. His study surrounds The methodology of The ship owners reaction to developing freight rates and Their inclination to charter out The ship for The long term when freight rates are favorable. He simulated The earnings for three different chartering policies reactive, conscious, and a combination of first two. In his concluding remarks he prefers The third policy, wherein The ship owner can fetch good returns overall – in The short term by following a reactive approach and in The long term by being conscious. Cullinane (1995) utilized Markowitzs mean-variance portfolio optimization Theory for choosing an optimal charter mix in what he referred to as hedging strategies in dry bulk shipping. In doing so, he used a combination of Time charter, voyage charter and Freight futures contracts to derive a set of optimal charter mix, fetching The highest possible returns for a given minimized risk. Keeping in mind The satisfaction level of The ship owner, he used an indifference curve to arrive at The most efficient charter mix. Although he found The results of his study logical, he acknowledged The short comings of The mean-variance Theory when it comes to an application in The shipping industry. Berg-Andreassen (1998) approached The study from The context of a wealth multiplying effect of The ship owners initial capital, and used MVT to advocate The best strategies to increase a ship owners wealth by chartering out, as well as chartering in, ships for various markets. He analyzed ten different dry-bulk routes and, using his model, he suggested The routes where The ship owner could contract in his own tonnage on a voyage charter, time charter, or hire in The same for The purpose of speculation or fulfilling his commitment. From The context of its stable cash flow, Berg-Andreassen (1998) refers to time-charter earnings as risk-free instruments similar to government bonds in The financial market whereas Cullinane (1995) has a different view. In terms of value, global seaborne container trade is believed to account for approximately 60 percent of all world seaborne trade, which was valued at around 12 trillion U.S. dollars in 2017. While The HYPERLINK https// quantity of goods carried by containershas risen from around 100 million metric tons in 1980 to about 1.7 billion metric tons in 2015, vessels have likewise increased Their capacity. Between 1980 and 2016, The HYPERLINK https// t _blank deadweight tonnage of container shipshas grown from about 11 million metric tons to around 244 million metric tons. As of July 2016, The global cellular container ship fleet had The capacity to carry some 20 million standard containers. With a total capacity of around 3.3 million TEUs, Danish shipping line HYPERLINK https// APM-Maerskis currently The largest container-shipping company globally, followed by MSC, CMA, COSCO and Hapag-Lloyd. Germanys Hapag-Lloyd went public in 2015, although The industry is faced with many challenges such as low freight rates South Koreas HYPERLINK https// Hanjinwas forced into bankruptcy in 2016 and Maersk acquired Germanys Hamburg Sd in 2017. In 2016, The five HYPERLINK https// leading container-handling ports worldwidewere Asia-based. The port of Shanghai was The busiest container port in The world, handling about 37 million TEUs of containerized shipment. In its 2016 fiscal year, The HYPERLINK https// port of Los Angeles handled some 8.4 million TEUs, making it The largest container port in The United States. As per research from Nwokedi Theophilus in 2018 The study assessed shippers and ship owners ship and charter party type choices in The wet and dry bulk ship broking and chartering market as guide for performance improvement for African and Nigerian ship brokers. It aims to determine if significant differences exists between shippers ship type choices among Very Large Crude Carriers (VLCC), Handymax, Supramax and capsize vessels in The wet and dry bulk market as well shippers and ship owners charter party type choice between voyage charter and time charter for The various ship types. The study adopted a survey method in which The Baltic International Maritime Council (BIMCO) was surveyed and 5 year data on ship types and charter party type choices of shippers and ship owners was obtained. The statistical tools of Analysis of Variance (ANOVA) and independent sample t-test were used to compare The ship type choices and charter party type choices of shippers and ship owners. The result indicates that shippers in The wet and dry bulk shipment market show greater preference for Supramax vessel type. The aggregate number of vessels chartered over The period covered in The study is 41,684 vessels out of which 22,593 representing about 54.2 percentage are Supramax. This was seconded by VLCC which recorded 8,829 or 21.2 percentage charters. Capsize and Handymax vessel types had 6211 and 4069 charters respectively which represent 14.9 percentage and 9.77 percentage each. Shippers and ship owners also show greater preference for voyage charter party type than time charter party for all types of vessels. It was recommended that ship brokers should place greater priority on trading in Supramax ship types and voyage charter party type as The demand trend for this ship type is likely to remain higher over time followed by VLCC while more shippers and ship owners are likely continue to show preference for voyage charter than time charter. 2.3 Observations In some cases a charterer may own HYPERLINK https// o Cargo shipmentand employ a HYPERLINK https// o Shipbroker shipbrokerto find a HYPERLINK https// o Ship shipto deliver The HYPERLINK https// o Cargo shipmentfor a certain price, called HYPERLINK https// o Freight rate freight rate. Freight rates may be on a per-ton basis over a certain route (e.g. for iron ore between Brazil and China), in HYPERLINK https// o Worldscale World scalepoints (in case of HYPERLINK https// o Oil tankers oil tankers) or alternatively may be expressed in terms of a total sum – normally in U.S. dollars – per day for The agreed duration of The charter. A charterer may also be a party without a shipment who takes a vessel on charter for a specified period from The owner and Then trades The ship to carry shipmentes at a profit above The hire rate, or even makes a profit in a HYPERLINK https// o Market economy rising marketby re-letting The ship out to oTher charterers. Depending on The type of ship and The type of charter, normally a standard contract form called a charter party is used to record The exact rate, duration and terms agreed between The ship owner and The charterer. HYPERLINK https// o Time Charter Equivalent Time Charter Equivalentis a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping companys performance despite changes in The mix of charter types. Also demurrage acts as a role in chartering and commercial part of shipping company. In commercial HYPERLINK https// o Ship chartering ship chartering, demurrage is an ancillary cost that represents HYPERLINK https// o Liquidated damages liquidated damagesfor delays. It occurs when The vessel is prevented from loading or discharging shipment within The stipulated HYPERLINK https// o Laytime lay time. In The oil industry, it refers to The excess time taken to discharge or load, as The case may be, in excess of The allowed lay time. Lay time is The term used to quantify The time allowed within which an operation is allowed to be made. Demurrage is lay time consumed less lay time allocated (if any). The HYPERLINK https// o Captain (nautical) masterof The ship must give aNotice of Readiness(NOR) to The HYPERLINK https// o Chartering (shipping) chartererwhen The ship has arrived at The port of loading or discharge. The NOR informs The charterer that The ship is ready to load or discharge. The date and time of The NOR determines when lay time is to commence. At The end of The stay in port, The port agent draws up aStatement of Facts, setting out a log of events during The ships stay in port. The Statement of Facts enables a time sheet to be drawn up and signed by The master and The shipper or receiver of The shipment. The time sheet enables lay time and Therefore demurrage or dispatch to be calculated. 2.4 Research Methodology The study adopted an investigative approach to compare The charter type choice of wet and dry bulk shippers and ship owners. It obtained time series secondary data covering a period of 5years on The size/numbers of time charter and voyage charter type choice by shippers and ship owners covering various ship types such as HANDYMAX, VLCC, SUPRAMAX and CAPSIZE. Data was obtained from The Baltic International Maritime Council (BIMCO) Primary source All The available fleet details and Their current capability affordability and profitability running status from The industry and organization. Secondary source Descriptions of The vessel available of different types and Their operational condition Nature of Research Exploratory Population Size 20 Sampling Size 5 Sampling Method Random 2.5 Applications for class room learning The study tools for classroom study were done by The SPSS software to understand The happenings on current scenario in The industry. Chapter 3 Primary Data Analysis Interpretations Vessel Type/NameSize Characteristics Handysize Vessels40,000DWT to 60,000DWT, 150m and 200m (492-656 ft) Supramax Vessels50,000DWT Very Large Crude Carriers (VLCC)180,000 dead DWT to 320,000DWT, 470meters and draught of 20meters. Capesize Vessels100,000DWT to 150,000DWT ANOVA Two-Factor Without Replication SUMMARYCountSumAverageVarianceHandymax54069813.877457.7VLCC588291765.8406.7Supramax5225394507.865450.7Capesize562111242.2593497.7ANOVASource of Variation SSdfMS FP-valueF critRows11573264289331.61.9397340.1683983.259167Columns4149041431383013892.71991.44E-083.490295Error178992512149160.4Total4443766519 The results provides evidence that The averages of Handymax, VLCC, Supramax and Capsize vessel types chartered in The wet and dry bulk over The five years period covered in The study are 813.8, 1765.8, 4507.8 and 1242.2 respectively. This shows an increasing trend in demand for vessel charter in The wet and dry bulk market showing shippers higher preference for Supramax vessels which recorded highest demand over The period. The demand and preference for VLCC is second followed by shippers demand for Capsize vessels. Handymax recorded The least demand and preference by shippers. The implication of this to brokers and The chartering market is that priority should be on ensuring greater supply of Supramax vessels to meet increasing market demand. New building order for Supramax vessel is equally expected increase in The future to be able to meet increasing demand without this, a shortage is supply may push charter rates higher away from current freight levels and equilibrium point. A comparison of The differences in charter choice of various ship types over The period covered in The study indicates an F-ratio of 92.7, P-value of 1.44E-08 and F-critical of 3.49. Thus we conclude that a significant difference exists in shippers choice of ship types in The wet and dry bulk chartering market. Below are Seaborne trade by shipping industry and types of shipment be trasfered worlwide World seaborne trade by types of shipment and by group of economies, annual, 2013-2018MEASUREMetric tons in millionsYEAR201320142015201620172018ECONOMYSHIPMENT TYPEWorldCrude oil loaded17591785.69421738170717611837.553203Petroleum product and gas loaded10341055.00091091111811711217.940354Dry shipment loaded59916356.00796685701870927231.373694Total goods loaded87849196.70319514984310286.86725Crude oil unloaded18971929.52411882185019101990.029192Petroleum product and gas unloaded10381055.14431095112711871233.341546Dry shipment unloaded58636203.80246523685969197058.265539Total goods unloaded87989188.47089500983610281.63628 Developing economiesCrude oil loaded15091524.89831478143314671517.708652Petroleum product and gas loaded540555.0208588618661664.744894Dry shipment loaded32473449.68793707385638463863.214179Total goods loaded52975529.60715773588059746045.667725Crude oil unloaded807833.08877874886916998.894365Petroleum product and gas unloaded452494.67662528604652695.4237674Dry shipment unloaded37504012.37774341458846564892.784645Total goods unloaded50095340.14315743598462246587.102777 Transition economiesCrude oil loaded133135.61795145152164176.3440191Petroleum product and gas loaded4240.27397232.136.843.148.23391071Dry shipment loaded331368.27041375404425421.878517Total goods loaded505544.16233552593632646.4564468Crude oil unloaded4.213.82566331. product and gas unloaded4.363.97745810.64.174.344.46375796Dry shipment unloaded148140.3287665.764.35456.74975548Total goods unloaded157148.1318877.468.758.661.5231767 Developed economiesCrude oil loaded117125.17793114122130143.500532Petroleum product and gas loaded452459.70617471463467504.961549Dry shipment loaded24132538.04962603275828212946.280998Total goods loaded29823122.93373188334434173594.743079Crude oil unloaded10861092.60971007964994990.825164Petroleum product and gas unloaded581556.49022557519531533.454021Dry shipment unloaded19652051.0962116220722092108.731139Total goods unloaded36323700.19593679369037343633.010324 Developing economies AfricaCrude oil loaded338364.22832328299294290.12Petroleum product and gas loaded68.570.15009682.474.358.650.180103Dry shipment loaded317323.43621405384403405.0150358Total goods loaded724757.81462815757755745.3151388Crude oil unloaded37.832.768536.637.239.440.102Petroleum product and gas unloaded46.351.01620165.37172.178.68284Dry shipment unloaded294309.84198330361374387.37698Total goods unloaded378393.62669432470486506.16182 Developing economies AmericaCrude oil loaded254253.30981240233223270.679Petroleum product and gas loaded83.585.9460569.876.483.869.662Dry shipment loaded902943.3625295498310201028.609884Total goods loaded12391282.61841264129213281368.950884Crude oil unloaded71.174.60004669.465.165.858.168852Petroleum product and gas unloaded73.983.57314289.499.8102123.0529754Dry shipment unloaded363388.52061411407422413.08031Total goods unloaded508546.6938569572590594.3021374 Developing economies AsiaCrude oil loaded916905.77022909899948955.076Petroleum product and gas loaded388398.08989435466517543.940692Dry shipment loaded20232176.99952342248424182423.972559Total goods loaded33273480.85963687384938833922.989251Crude oil unloaded698725.72023767783810899.69236Petroleum product and gas unloaded328355.48298369429474489.431525Dry shipment unloaded30833305.65723592381138534084.796637Total goods unloaded41094386.86044729502351365473.920522 Developing economies OceaniaCrude oil loaded1.61.591.61.651.751.833652Petroleum product and gas loaded0.20.834770.830.90.920.962099Dry shipment loaded5.315.88968725.115.525.515.6167Total goods loaded7.128.31445727.548.078.188.412451Crude oil unloaded000.810.880.90.931153Petroleum product and gas unloaded3.914.60434. shipment unloaded9.638.3578428.257.917.517.53071768Total goods unloaded13.512.96214213.112.912.512.71829768 Developed economies AmericaCrude oil loaded24.330.72732133.743.151.154.055233Petroleum product and gas loaded154137.445136140147160.018648Dry shipment loaded599626.80786650640680688.447487Total goods loaded778794.98018820823878902.521368Crude oil unloaded413401.775356313289307.25086Petroleum product and gas unloaded114112.09210210310197.66108Dry shipment unloaded369378.496431420429447.55446Total goods unloaded895892.363890836819852.4664 Developed economies AsiaCrude oil loaded000000Petroleum product and gas loaded17.414.5110.714.613.411.751Dry shipment loaded147165.965178170177176.648Total goods loaded164180.475188185190188.399Crude oil unloaded187190.936189189190181.051Petroleum product and gas unloaded114101.59110590.893.8115.943Dry shipment unloaded478511.38542574557515.5651Total goods unloaded779803.907836854841812.5591 Developed economies EuropeCrude oil loaded77.978.91007566.266.665.175.755299Petroleum product and gas loaded270287.21249285271268290.291901Dry shipment loaded749780.45196795769766685.694511Total goods loaded10961146.57451147110710991051.741711Crude oil unloaded458468.0003435435487479.948304Petroleum product and gas unloaded337324.06522326307316304.449941Dry shipment unloaded10501054.4231060111611221041.613579Total goods unloaded18441846.48851820185719261826.011824 Developed economies OceaniaCrude oil loaded15.315.54052914.412.113.513.69Petroleum product and gas loaded10.420.53867934.837.938.942.9Dry shipment loaded918964.82479983117911971395.491Total goods loaded9441000.9041032122912501452.081Crude oil unloaded27.531.898426.527.427.622.575Petroleum product and gas unloaded17.318.74223.518.620.115.4Dry shipment unloaded69106.79783.296.6100103.998Total goods unloaded114157.4374133143148141.973 Developing economies Asia and OceaniaCrude oil loaded918907.36022911901950956.909652Petroleum product and gas loaded388398.92466436467518544.902791Dry shipment loaded20282182.88922347248924232429.589259Total goods loaded33343489.17413694385738913931.401702Crude oil unloaded698725.72023768783810900.623513Petroleum product and gas unloaded332360.08728373433478493.687952Dry shipment unloaded30933314.01513600381938614092.327355Total goods unloaded41224399.82264742503651495486.63882AfricaCrude oil loaded…………Petroleum product and gas loaded…………Dry shipment loaded…………Total goods loaded724758815757755745Crude oil unloaded…………Petroleum product and gas unloaded…………Dry shipment unloaded…………Total goods unloaded378394432470486506AmericaCrude oil loaded…………Petroleum product and gas loaded…………Dry shipment loaded…………Total goods loaded201720782084211522062271Crude oil unloaded…………Petroleum product and gas unloaded…………Dry shipment unloaded…………Total goods unloaded140414391459140814091447AsiaCrude oil loaded…………Petroleum product and gas loaded…………Dry shipment loaded…………Total goods loaded351936893904406140974136Crude oil unloaded…………Petroleum product and gas unloaded…………Dry shipment unloaded…………Total goods unloaded489251955569588159816291EuropeCrude oil loaded…………Petroleum product and gas loaded…………Dry shipment loaded…………Total goods loaded157316631670167317081674Crude oil unloaded…………Petroleum product and gas unloaded…………Dry shipment unloaded…………Total goods unloaded199619901893192219801883OceaniaCrude oil loaded…………Petroleum product and gas loaded…………Dry shipment loaded…………Total goods loaded95110091040123712581460Crude oil unloaded…………Petroleum product and gas unloaded…………Dry shipment unloaded…………Total goods unloaded127170146155160155 Below image shows The process flow chart as per company standards for furTher actions to be taken while designing The agreement . As There are many types of charter party which are used in shipping industry for agreement purpose There are some charter party terms which are to be made a note while dealing The clients or The charterer, HYPERLINK https// BALTIME 1939 (as revised 2001) BARECON 2001 BARECON 2017 BARECON 89 BIMCHEMTIME 2005 BIMCO Terms 2015 HYPERLINK https// BIMCO Bunker Terms 2018 HYPERLINK https// FERTICON 2007 HYPERLINK https// FERTIVOY 88 HYPERLINK https// GASVOY 2005 HYPERLINK https// GENCON 1994 HYPERLINK https// GENCON 76 HYPERLINK https// GENTIME HYPERLINK https// GUARDCON HYPERLINK https// SUPPLYTIME 2017 HYPERLINK https// TOWCON And many more, There are almost 150 charter party agreements that are used for FurTher operations of vessel of different CAP-size. CHARTER PARTY CONTRACT TERMS The charter party is that contract in which The conditions of The pact are decided in those markets which are free and The only law that is applicable to it is that law of demand and supply. The terms of The contract will depend on The shipowner, charterer and The market. The parties of charter party can also form There own terms of contract which would remain free from any oTher legal interference. in reality The parties of The contract follows those standards of contracts which are generally applicable. These acceptable standards are The result of monopoly of various individual firms in a specific field such as gas etc or some are The results of trade in coal,grain,ore etc. Generally There are two important types of charter, time charter parties and voyage charter parties. Before explaining what type of charter contract David and Charles have entered in to we must discuss or define two important types of charter as said above. VOYAGE CHARTERPARTIES There are number of various charter contracts that fulfilled various needs of The party , in this type of charter parties The parties of The contract can form There own terms and conditions of The contract or can make some relevant changes in The existing standards to full fill There specific needs which are acceptable to both The parties. In this contract of charter parties The details of contracting parties, name of ship and The agreed route of journey is given in The initial paragraphs. The capacity of The shipment must also be told to The charterer and such explanation of The capacity of The shipment must not be taken as a guarantee as it also depends on The stowage capacity. HYPERLINK https// l ftn1 1In this type of contracts The charter also tells us The port of loading and unloading or The charterer is give The right to point out such ports from a specific list or from a already told area having number of ports. TIME CHARTERPARTIES The time charter parties are different from The voyage charter parties and The difference lies in There functions. As The name suggest The vessel is chartered for a specific period or time and The charterer can use it for any purpose within The limits prescribed by The contract. In this kind The charterer controls The commercial activities of The vessel and in The terms of contract The charter must also explain fuel consumption, The capacity of loading and The speed of vessel. As The success of The commercial charterer depends on all The above mentioned qualities of The ship and The charter also explains The time period in very clear words and There should be in ambiguity in it and must be given in days, month or years THE NATURE OF CONTRACT BETWEEN DAVID AND CHARLES The nature of contract between David and Charles is a voyage charter parties as we can easily infer from The terms of charter between Them that it has those terms of charter which are found in voyage charter parties. As in The terms not only name of The ship is given but also The contracting parties and The route is also explained in it and both The parties have also agreed upon some oTher point of agreements that are relevant to existing standards of The charter IMPLIED OBLIGATIONS UNDER THE CONTRACT In this assignment we have to know what are The rights and liabilities of The ship owner and The charterer and both The parties have some expressed obligations which are very clear in The terms of contract which explained when The vessel to be loaded and discharge, when The master should give The notice to The agent of charterer, how much demurrage should be paid, who is responsible for The negligence of The crew and stevedores and when The bills of lading to be issued. All These rights and liabilities are very clear despite all These points There are also implied conditions of The contract which will help us to explain various problems that have been given in The assignment. Briefly There are six implied obligations. Frustration, not to ship dangerous goods, seaworthiness of ship. Not to deviate from agreed routes, nominate a safe port and obligation of reasonable dispatch 1. Seaworthiness of Vessel In every contract There is understood obligation that The ship must be fit for sailing and must be able to withhold all The dangers of sea of which she will witness during The sea journey HYPERLINK https// l ftn2 2. According to this obligation various oTher points are also part of terms such as efficiency of crew, The fuel sufficiency and oTher things which are necessary for The carriage of goods. According to this obligation The owner should make sure ship is not only fit but must make sure it is really fit HYPERLINK https// l ftn3 3. AnoTher point that is brought forward is that The ship must be fit only for The purpose for which it is chartered The ship must be fit and strong in every prospect for The service delivery. OTher important point to discuss here is that if The unseaworthy of ship has not been found and The ship has gone for sail it does not mean that charterer will not have any right of damage HYPERLINK https// l ftn4 4. 2 Obligation of reasonable dispatch The second most important undertaking that is present in every contract is that The carrier or shipowner must perform his duties of dispatch. When no time has been given in The terms of contract than in These circumstances The dispatch must be done in a reasonable time. The reasonable time clause will be judged from The actual scenarios in which what is normally expected by The shipowner. If The carrier has violated this obligation than The charterer can claim damages if it can be recovered where as The effect is so grievous than in this case The injured party can cancel The contract and The delay has frustrated The object HYPERLINK https// l ftn5 5.AnoTher point to note here is that when The delay is not that much than The party can only claim damages HYPERLINK https// l ftn6 6and if The reason of delay is due to natural causes such as rain, storm or any conditions beyond human control than no damage can be claimed by The party HYPERLINK https// l ftn7 7. At common law The deviation which is unjustified has been regarded as a fundamental breach of The contract. The true perspective is that any deviation from The contract is consider as a violation of contract by The shipowner and it doesnt matter if The deviation is very minimum and The contracting party can say after that he is no more bound by terms of contract HYPERLINK https// l ftn8 8 3 No deviation from agreed route Under The contract of The carriage The ship owner undertakes not to deviate from The route as mentioned in contract. Deviation can be explained as will full and not reasonable change in The route of journey as decided in terms of contract HYPERLINK https// l ftn9 can only find out The deviation by looking into The route given in The pact. There are forms of charter that mention The route that has to be followed HYPERLINK https// l ftn10 10in absence of any specific mention of routes proper route is The direct route between The port of loading and discharge. Few deviations are accepted These points are considered as exceptions to The normal route of journey. The carrier will not be accountable for any deviation which is to save human life and can communicate with oTher vessel when lives are at risk. The second exception for deviation is that in case of any danger to The ship or shipment The carrier can deviate from The agreed route this danger to shipment or ship can be result of natural acts or to keep The shipment safe from The attacks of pirates. The Hague and Visby rules also allow deviation to save property and only defense that is available under common law is Act of god and Act of Queen enemies but only in one case when The carrier shows that damage would have occurred irrespective of The change of route. The rights that are available before deviation can also be enforced after deviation and if The freight arrives safely than The carrier can claim or recover freight charges 4 Nomination of safe port In any kind of charter wheTher it is time charter or voyage charter when The charterer has been given The right to nominate a port than The charterer must nominate that port which is safe. The port will not be consider safe when a ship can reach that port in a specific time and uses it and than return without any occurrence which are consider dangerous and These dangers cannot be avoided by excellent navigation and good seamanship HYPERLINK https// l ftn11 11it is The duty of charterer to nominate a safe port and The port must be safe for all The time mentioned in The contract. The period will include The time of entry in port to The departure and in certain cases it will also cover The perils faced in open sea such as risk of submarine movement during wartime HYPERLINK https// l ftn12 12. This nomination also includes that when loading and discharging is complete The vessel must be able to leave The port safely. WheTher a port is safe or not it is a matter of fact of oTher individual cases HYPERLINK https// l ftn13 13a due consideration must be given to The type of vessel because a port may be safe for one vessel but not for The oTher. The dangers of port may be related to The use of port depending on The depth of port or lack of safety equipment and last but no least political unrest. The remedy that is available to ship owner if The charterer nominates a port which is not safe he can refuse to accept The port nomination if The port is not safe and can nominate an alternative port and is any damage has been done he can claim for physical damage to ship and costs of avoiding The damage to The ship e.g. tugs or off-loading shipment 5 Not to ship dangerous goods The shipper must not take to ship those good which are dangerous without notifying The peculiarities of those goods to The carrier. The dangerous goods not only include those commodities which are dangerous from start and those good which may become dangerous due to any leak or fumes. When ever goods are shipped without giving notice to The shipper that These good are harmful than The shipper will be accountable for any damage which will be caused to The ship or shipment. If The shipowner is aware of The goods that They are harmful Then There is no obligation on The shipper to apprise him of The fact. If goods are dangerous than The shipowner has The right to refuse to carry These goods 6 Frustration When The contract cannot be completed or materialized without The fault of any party it is called frustration. There are various kinds of frustration and The first one is impossibility of The performance and this type of frustration happens when The ship that is chartered is lost or becomes constructive total loss. The second kind of frustration is that when any change has been brought in The law and as a result of this law The performance of The contract becomes unlawful and delay also causes frustration as a delay may result in not achieving The objectives of The contract. The burden of proving frustration will be on that party who will be alleging it he must satisfy The court that The event has made The contract useless or The performance of The contract has become illegal. THE LIABILITIES OF CHARLES THE SHIP OWNER AND DAVID CHARTERER We have discussed various implied obligations in detail and this will help us to sort out what will be The liabilities of Charles according to The terms of contract. Both The parties of charter have agreed on some terms of charter and despite These terms few issues have been given in assignment which will be explained not only according to The implied obligations but also what is generally applicable. The first issue of discussion is that The vessel arrived at port of Lagos at 1800 on 1st January and The master immediately gave notice to The chatterers agent who at first instance refused to accept it as according to The terms of contract The master was bound to give notice 6 hours before The arrival of ship and it was a public holiday however later on he accepted it. And The loading started on 4th January and three days were wasted as no berth was available. It has been clearly mentioned in The terms of contract that wheTher berth will be available or not after acceptance of notice. The laytime will start, laytime means The period of time that is agreed between The parties during which The owner will keep The vessel available for loading and discharging without any extra payment to The freight. The loading took 7 days but in terms of contract it has been mentioned that 5 working days will be available for loading here The point of fact is that who will pay demurrage, The terms have made it clear that charterer will pay demurrage at 3000 per day and The ship owner is free from any liability in this respect. The second issue in The assignment is that MV Twist has The capacity to load 1000 tons of shipment but it only loaded 500 tons and which was 50 percentage short of her actual capacity. And this was The result of The method of stowage had different mode been adopted The ship had loaded 1000 tons. To get The ship full up to its capacity is The responsibility of The charterer as in terms of contract it has been clearly mentioned that shipowner will not be responsible for The negligence of The stevedores. And There are no oTher implied obligations to it. The issue which is very important and relates to implied obligation of The contract and no details have been given in The terms of contract by The parties. Under The terms Lagos is The port of loading and East coast of England is The port of discharge and no oTher details have been given regarding which route The master will follow. In this scenario when no route has been given in The terms of charter than The proper route is The direct route between The ports of loading and discharge. But few exceptions are also involved in it such as to save human life and to avoid danger to crew or shipment. But here The master has deviated from The direct route for its own personal purpose to pick up wine and perfume to give it as a gift to his wife and this act is consider as a breach of implied obligation. Although this is consider as a breach but The shipment owner can ignore it and contract remains intact as it depends on The goods owner to waive it. The ship owner cannot claim any right as this voyage is not a time voyage and The parties of charter are not bound by The time. Two more days were wasted as David nominated London as lightening port and anoTher day was lost to bag The top shipment but all These will not violate any terms of contract as in this charter time is not The essence. The last point of discussion relates to The issue of discharge as The discharge took total 8 days as 2 days were lost due to strike and 1 day was lost because The shipowner Charles removed The vessel for safety check. According to The terms of contract The charterer has 4 days to discharge his shipment and if any time that will be lost due to strike than in this case demurrage will be paid by The shipowner and The day on which he checks The vessel The demiurge will also be paid by him. This makes The whole issue very clear as out of total 8 days The charterer has 4 day of discharging and 3 days demurrage will be paid by The shipowner and The charterer will only pay demurrage for one day. The last point that needs explanation is that as told in assignment some reed were rotted as They were packed around ventilation pipe and some were damaged during unloading this point of issue is very clearly explained in The terms of charter that The shipowner will not be responsible for any loss caused by negligence of crew or stevedores so this point makes it clear it was duty of charterer to carefully placed his shipment and carefully unload it in this issue shipowner is free form any liability Chapter 4 Conclusion Recommendations 4.1 Conclusions Based on The findings of The study, The study concludes that shippers in The wet and dry bulk shipment market show greater preference for Supramax vessel type. The aggregate vessel of vessels chartered over The period covered in The study is 41,684 vessels out of which 22,593 representing about 54.2 percentage are Supramax vessel. This is seconded by VLCC which recorded 8,829 or 21.2 percentage charters. Capsize and Handymax vessel types had 6211 and 4069 charters respectively which represent 14.9 percentage and 9.77 percentage each. Shippers and ship owners also show greater preference for voyage charter party type than time charter party for all types of vessels. 4.2 Recommendations Since The interest of The ship broker is to earn and maximize economic from The service/trade by fulfilling The interest of The principal ship owner and shipper by linking and fixing The shipment to ship and ship to trade. The broker can only maximize his economic interest by fixing greater part of The ship owners and shippers demand. This can only be possible The brokers service supply goes in The same direction with The shippers and ship owners demand. In line with The aforementioned, it is recommended that African and Nigerian ship brokers should place greater priority on trading in Supramax ship types and mastering The principles and rules of voyage charter party type such that Their supply of services for both Supramax and voyage charter party should be greater as The demand trend for this ship type is likely to remain higher over time followed by VLCC while more shippers and ship owners are likely continue to show preference for voyage charter than time charter. Y7W/Z_xbO ysD h6VxO/cWikgK
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