What is chartering broker in SAP IS-OIL-DS-TSW - Trader's and Scheduler's Workbench?

SAP Term: chartering broker

• Component: IS-OIL-DS-TSW

• Component Name: Trader's and Scheduler's Workbench

• Description: The chartering broker hires a ship on behalf of an owner of cargo for a period of time and supervises the charter until it is completed.

Smart SAP Assistant

• Key Concepts: 
  A chartering broker is a person or company that acts as an intermediary between a charterer and a shipowner. The broker is responsible for negotiating the terms of the charter party, which includes the hire rate, duration of the charter, and other details. The broker also assists in arranging the payment of freight and other costs associated with the charter. 
  
  How to use it: 
  In SAP IS-OIL-DS-TSW Trader's and Scheduler's Workbench, chartering brokers can be used to manage the chartering process. This includes creating and managing charter parties, tracking payments, and managing vessel schedules. The broker can also provide market intelligence to help inform decisions about which vessels to charter and when. 
  
  Tips & Tricks: 
  When selecting a chartering broker, it is important to consider their experience and reputation in the industry. It is also important to ensure that they are familiar with the specific requirements of your business. Additionally, it is important to ensure that they are able to provide timely and accurate information about market conditions. 
  
  Related Information: 
  For more information about chartering brokers, please refer to the following resources: 
  - International Association of Maritime Economists (IAME): https://www.iame.org/ 
  - International Chamber of Shipping (ICS): https://www.ics-shipping.org/ 
  - International Maritime Employers' Council (IMEC): http://www.imec.org/