1. Opportunity and voyage estimation
Before a fixture, the commercial team evaluates cargo, vessel suitability, route, port costs, bunkers, duration, freight, commissions, weather and risk. The estimate is a decision model—not a guarantee. Assumptions should be versioned so the team can later understand why the voyage performed differently.
2. Negotiation, subjects and fixture
The brokered negotiation produces offers, counteroffers and subjects. Once the essential terms are agreed, a fixture recap records the commercial understanding pending the full charter party. Clean transfer from recap to the operational record is critical because small transcription errors can affect notices, laytime, freight or claims.
3. Handover to operations
Operations turns a commercial promise into an executable voyage. The team confirms instructions, contacts, certificates, cargo details, port requirements, agents, bunker plans and reporting expectations. A structured handover should distinguish confirmed facts, assumptions and unresolved items.
4. Voyage and port-call execution
The vessel and shore team exchange ETAs, noon reports, notices, instructions and port documents. Agents coordinate clearances and services. Changes in weather, congestion, berth availability, cargo readiness or vessel performance can alter the plan quickly. Every material event needs time, source and context.
5. Laytime, demurrage and claims
The Statement of Facts, Notice of Readiness, charter-party clauses and supporting documents form the evidence base. Laytime is calculated according to the contract, not intuition. Exceptions, stoppages and time bars must be handled carefully. A transparent calculation reduces avoidable disagreement.
6. Freight, disbursements and final settlement
Finance reconciles freight, hire where relevant, commissions, bunker adjustments, port disbursements, claims and other voyage costs. The quality of settlement depends on the quality of the operational record. Closing a voyage should preserve the final numbers and the reasoning behind them.
Frequently asked questions
What does fixture mean in shipping?
A fixture is the agreement of a ship or cargo employment on negotiated terms, commonly recorded first in a fixture recap and later in a charter party.
What happens after a vessel is fixed?
The commercial terms are handed to operations for voyage planning, instructions, documentation, port calls, reporting, claims and settlement.
Why is the Statement of Facts important?
It provides a chronological record of port events and is a primary source for laytime and demurrage analysis.