Course 05 of 20 · Freight and Shipping Desk Academy

Voyage Economics & Time-Charter Equivalent

Stage A, Shipping and voyage foundations. Level 3 of 10.

Assembling a complete voyage calculation and reducing any form of employment to a single comparable time-charter equivalent per day.

125 chapters · 12 modules · every chapter one 8 to 10 minute explainer · builds on: Course 02, Course 03, Course 04

Enrol or enquire See the 125 chapters
How a chapter is delivered

One chapter is one idea taken to the point of use

Each chapter covers one idea to the point where you can use it, and comes two ways: a narrated explainer, and a deep dive audio discussion of around thirty minutes that works the same material at depth.

Self-paced throughout, and the same chapters can be taught as a cohort. Chapters run in order: each one assumes only what the chapters before it taught, and capability belonging to a later course is named and deferred rather than half-covered.

Curriculum

12 modules · 125 chapters

Open any module for its full chapter list, in teaching order.

M0 The Owner's Question: Will This Employment Pay? Ch 1-10
  1. Why an Owner Estimates Before He Fixes
  2. The Estimate as the Desk's Working Document
  3. Earnings per Day as the Only Comparable Answer
  4. What the Charterer Sees and What the Owner Sees
  5. Four Ways to Employ One Vessel
  6. The Inputs Already in Your Hands
  7. Vocabulary of the Estimate Sheet
  8. Accept, Counter or Pass
  9. Where Estimates Go Wrong Before They Begin
  10. From Day Count to Daily Earnings: the Path Ahead
M1 The Voyage Clock: Counting Days Ch 11-21
  1. Distance Tables and the Two Legs of a Round Voyage
  2. Sea Days from Distance and Service Speed
  3. Weather Margin and the Days Reality Adds
  4. Port Time from Arrival to Departure
  5. Cargo Rates Turned into Berth Hours
  6. Canal Transit Time inside the Clock
  7. Waiting Days Nobody Is Paying For
  8. The Laytime Allowance Entered as Days
  9. Multi-Port Rotations and the Order of Call
  10. Bunkering Calls and Deviation Days
  11. The Voyage Clock Assembled
M2 The Revenue Line Ch 22-31
  1. Gross Freight from Rate and Quantity Lifted
  2. Cargo Intake and the Tonnes You Can Actually Load
  3. Deadfreight When the Stem Falls Short
  4. Address Commission and Brokerage Off the Top
  5. Demurrage Expected as a Credit Line
  6. Despatch Payable Back to the Charterer
  7. Lumpsum Freight and the Intake Risk It Shifts
  8. When Freight Is Payable and What Delay Costs
  9. Bunker Clauses and Escalation in the Freight Terms
  10. The Revenue Side Closed
M3 Loading Costs onto the Voyage Ch 32-42
  1. Which Costs Belong to the Voyage and Which to the Year
  2. Bunker Burn Converted into a Voyage Charge
  3. Fuel Grades Switched between Zones
  4. Bunkers Remaining on Board at Each End
  5. Port Disbursements for Every Call
  6. Canal Tolls and Transit Dues
  7. Cargo Handling the Owner Pays For
  8. Agency, Survey and Inspection Items
  9. Extra War and Area Premiums on a Routing
  10. Contingency You Can Justify
  11. The Voyage Cost Total
M4 The Estimate as One Sheet Ch 43-52
  1. The Shape of an Estimate Sheet
  2. Fixing the Basis: Date, Position and Source
  3. Entering Days, Revenue and Cost in Order
  4. Voyage Result Read Three Ways
  5. Reading an Estimate Somebody Else Built
  6. Three Checks That Catch Most Errors
  7. Estimating on Incomplete Cargo Details
  8. Re-estimating as the Enquiry Changes
  9. A Full Estimate Worked, Part One: The Inputs
  10. A Full Estimate Worked, Part Two: The Answer
M5 Time-Charter Equivalent Ch 53-63
  1. What Time-Charter Equivalent Actually Measures
  2. The Daily Earnings Formula Derived
  3. Which Days Belong in the Denominator
  4. Which Costs Come Out and Which Stay In
  5. Gross and Net of Commission
  6. Why a Daily Earnings Figure Is Not Profit
  7. Daily Earnings Against Daily Running Cost
  8. Two Voyages of Unequal Length Compared
  9. Round Voyage Earnings Against a Single Leg
  10. Quoting Your Own Daily Number to the Market
  11. One Fixture Reduced to a Single Day Rate
M6 Reducing Every Form of Employment to One Number Ch 64-75
  1. Why Four Employment Forms Need One Yardstick
  2. A Voyage Charter Expressed per Vessel Day
  3. Hire under a Period Charter Brought to the Same Basis
  4. A Trip Charter and the Delivery Points That Define It
  5. Consecutive Voyages on a Continuous Clock
  6. A Single Lifting under a Tonnage Contract
  7. Reletting Surplus Capacity: the Operator's Number
  8. Backhaul and Triangulated Employment
  9. Ballast Bonus and Positioning Payments
  10. A Part Cargo Sharing One Vessel
  11. Floating Storage Judged as Employment
  12. Four Offers Placed on One Table
M7 Ballast, Position and the Next Fixture Ch 76-85
  1. The Ballast Leg as an Investment in the Next Cargo
  2. Positioning Toward a Market You Expect to Firm
  3. Ballasting Far Against Waiting in Area
  4. Last Cargo Done and the Next One Unknown
  5. The Open Position Date and What It Is Worth
  6. Where One Voyage Ends and the Next Begins
  7. Triangulation Value and the Backhaul Discount
  8. Idle Days Priced into a Sequence
  9. Two Fixtures Sequenced Against One Hull
  10. A Positioning Choice Costed Out
M8 Choosing Between Fixtures Ch 86-95
  1. Ranking Offers That Are Not Comparable
  2. Why the Highest Rate Loses
  3. A Short Haul Against a Long Haul
  4. Dollars per Tonne Against a Daily Hire Offer
  5. A Difficult Cargo at a Better Number
  6. Congestion Risk Priced into a Comparison
  7. Options and Extensions in an Offer
  8. Turning Work Down and the Cost of an Idle Hull
  9. Marginal Employment Below Full Cost
  10. A Period Proposal Against the Spot Trade
M9 Breakeven and the Rate You Can Accept Ch 96-105
  1. Solving the Estimate Backwards for Freight
  2. Breakeven at Cash Cost and at Full Cost
  3. The Indifference Rate Between Two Employments
  4. A Minimum Acceptable Rate for a Named Position
  5. How a Bunker Move Shifts the Breakeven
  6. Sensitivity to Days, Intake and Rate
  7. A Rate Range You Can Hold in a Conversation
  8. The Charterer's Ceiling and the Owner's Floor
  9. Revising a Floor While an Enquiry Is Live
  10. A Breakeven Built for One Open Vessel
M10 Estimate Against Outturn Ch 106-115
  1. Why Outturn Differs from the Estimate
  2. Actual Days Recovered from the Voyage Record
  3. Fuel Burned Against Fuel Estimated
  4. Port Costs as Invoiced
  5. Items Still Open When the Voyage Closes
  6. Accruing a Voyage That Has Not Finished
  7. Variance Attributed to Its Cause
  8. Feeding Outturn Back into the Next Estimate
  9. A Voyage Reviewed After the Fact
  10. The Pressure to Flatter an Estimate
M11 A Decision Taken End to End Ch 116-125
  1. One Open Vessel and Three Live Enquiries
  2. Building the Clock for Each Enquiry
  3. Costing Each Enquiry in Turn
  4. Revenue and Deductions Side by Side
  5. All Three Reduced to Earnings per Day
  6. The Positioning Consequence of Each Choice
  7. The Recommendation and How to Defend It
  8. What Would Reverse the Answer
  9. What a Voyage Calculation Cannot See
  10. Where This Method Is Picked Up Next

The brochure gives each of these 125 chapters a paragraph on what it covers and what you can do once you have worked through it.

This is course 5 of twenty

It stands alone, and it is also the entry point to the Freight and Shipping Desk Academy pathway.

Enrol or enquire See the whole pathway