Definition
In chartering, a fixture is a concluded agreement to employ a vessel — the point at which negotiation ends and a binding (or firmly subject-lifted) commitment exists between owner and charterer on specific terms: vessel, cargo, rate, laycan, and the applicable charter party form.
A vessel is described as 'fixed' once this agreement is reached; the market as a whole describes overall chartering activity in terms of how many, and at what rates, vessels are being fixed on given routes or for given cargo types.
Fixture vs recap vs charter party
| Term | Meaning |
|---|---|
| Fixture | The concluded agreement itself — the commercial outcome |
| Recap | The message summarising the fixture's agreed terms, sent immediately after agreement |
| Charter party | The full, formal legal contract document governing the fixture |
The recap is not itself the binding contract in most practice — it is a commercial record of what was agreed, ahead of the fuller charter party document — though its precise legal weight can depend on the specific wording used and applicable law.
Why fixture data matters to the market
Reported fixtures — rate, route, vessel size, cargo — are a primary source of market intelligence, feeding freight index assessments, market reports and the pricing expectations that inform the next round of negotiations. A broker or charterer tracking recent fixtures on a given route is reading the clearest available signal of current market levels.
Frequently asked questions
What does it mean when a vessel is 'fixed'?
It means a chartering agreement for that vessel has been concluded — owner and charterer have agreed terms and the vessel is committed to that cargo or employment, typically once any negotiation subjects have been satisfied.
Is a recap message legally binding?
A recap is primarily a commercial summary of agreed terms sent immediately after a fixture is concluded, ahead of the full charter party document. Its precise legal status can depend on the specific wording and governing law, but the formal charter party is generally the fuller binding contract.
Why do brokers track recently reported fixtures?
Because fixture data — rate, route, vessel size — is one of the clearest available signals of current market freight levels, feeding both formal index assessments and the informal market intelligence brokers rely on in ongoing negotiations.