Distance Learning

The scale of the global shipbuilding market is vast, from smaller support vessels through to specialist ships, massive cargo vessels and cruise ships. Whilst the number of newbuilding orders is still recovering from the surge of the boom years followed by the collapse of the recession, we have seen some significant multi-ship orders as some companies have seen this as an opportunity to place contracts on favourable terms, whilst shipyards (and state supporters in some cases) have used the downturn as an opportunity to restructure in order to improve competitiveness and gain market share for the future. At the same time many purchasers have been continuing in attempts to negotiate changes to their existing shipbuilding terms in order to delay vessels to address credit issues.

The investments of money and time in shipbuilding contracts by both buyers and builders are immense. Each party is relying on the other to perform its side of the bargain and is accepting a degree of risk in trusting the other party to perform. Ultimately, both buyer and builder are businesses and are dependent on many factors including ones outside their control such as the availability and cost of steel, other materials and equipment.

Whilst the contract provides the framework for allocating responsibilities and risks, if one party is unable to perform this will affect both parties. It is therefore common to see a high degree of commercial realism in discussions relating to shipbuilding contracts; simply relying on contract terms is only the start. Accordingly, the reputation of a shipyard and its track record in handling the inevitable issues that occur in building vessels can be as important to the buyer as price.

This distance learning course provides a comprehensive introduction to shipbuilding contracts, with a thorough look at the stakeholders, processes, finance, legal and commercial issues, delivery and guarantees. This course is ideal for a broad range of people, from those working in a shipyard (and that includes production as well as commercial staff ), to those in the shipping company and other associated consultants. It partners our 'Fundamentals of Ship Sale & Purchase' course, which is also available from Lloyd's Maritime Academy. The course has been validated by the Institute of Chartered Shipbrokers and successful participants will be exempted from the ICS Introduction to Shipping subject.

With the flexibility of learning at your own speed and when/where it is convenient to you, the course has the added benefit of allowing participants to network online and benefit from peer interaction and expert tutor support.

Now is a good time to take action to improve your knowledge of newbuilding contracting – without knowledge and understanding the most minor misunderstandings or ambiguities can have profound consequences. In the current economic environment. Being more knowledgeable and confident can save time, money and commercial reputation.