Loading Masters: Risks of Mooring and Unmooring
Average reading time 6 minutes The mooring and unmooring of ships have always been a hazardous operation during the ship docking process. In fact, since Loading Masters are tasked to oversee the mooring and unmooring process of vessels, it is of utmost importance that Loading Masters are aware of the dangers and risks present in the process. This enables them to better manage these processes and prevent any accidents from happening. In this post, mooring and the risks involved with mooring and unmooring will be looked at. What is Mooring? Mooring is defined as the act of fastening a boat…
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Everything you need to know about Leadership Effectiveness
Average reading time 7 minutes Leadership effectiveness refers to the capabilities of a leader to an effective leader. An effective leader is someone who has a strong character of honesty, integrity, ethics and is able to effectively communicate with stakeholders to drive business goals into a reality. Let’s take a look at Fortune World’s most admired companies. The 3 companies to top the list are Apple, Amazon, and Microsoft. Apart from being the most admired companies in the world, there is one other striking attribute that is common to all these successful companies. Yes, these companies are also well known…
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Differences between Production Sharing Contracts and Concessionary Contracts
Average reading time 9 minutes Since the 1960s, Production Sharing Contracts (PSCs) have begun to replace concessionary contracts to become one of the most fundamental forms of contract to be found in the International Oil and Gas Industry. Thus, many Commercial departments, legal personnel and contract managers in the oil and gas industry are required to learn about PSCs and its various features. However, the question that is often left unanswered is what exactly is the difference between these Production Sharing Contracts and Concessionary Contracts? Consequently, in this post, we’ll aim to define what PSCs are, before attempting to answer…
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How Ship Chartering works and why it is Important
Ship Chartering is an important process as it ensures that the organisation’s cargoes get delivered safely in the most cost-effective manner. In fact, it is essential for charterers to have an extensive comprehension of the essential aspects of chartering, as it equips them with insight to make strategic chartering decisions and negotiate for better charter parties. Therefore, we have created a detailed guide on ship chartering. This includes a definition of the terms used, how ship chartering works and why it is important to learn about ship chartering contracts. What is Ship Chartering? Chartering is defined as an agreement where…
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4 Powerful Leadership Traits
Estimated reading time: 6 minutes With time, businesses are becoming more and more complex. Organisations need to have leaders who can think strategically to continue to thrive in this competitive business environment. The results from a study concluded that 58% of organizations top priority is closing leadership skill gaps and improving upon these traits. Leadership traits isn’t something people are born with as these traits can be learned, adopted, and strengthened with time and practice. In this article you’ll learn about the 4 powerful leadership traits: Effective communicator Visionary Honesty and Integrity Empathy Effective communicatorOne of the most powerful trait…
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Top 3 Ways to avoid Demurrage Costs
Estimated Reading Time: 4 mins Demurrage is simply the money payable to the owner for delay for which the owner is not responsible in loading and/or discharging after the laytime has expired. As such, demurrage is an unpredictable and oftentimes expensive component of shipping costs. SingStats affirms that Cargo Handling & Freight Charges, Charter Fees and Fuels is one of the top three business costs amounting for enterprises. Volatile components of the shipping costs such as demurrage charges makes it hard for executives to budget for them accordingly and avoid demurrage costs. In this article, we would be exploring three…
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5 Ways to Improve Internal Corporate Communication
Estimated reading time: 6 minutes Effective internal corporate communication in an organisation is essential to any business to operate smoothly and successfully. According to Towers Watson study, companies with highly effective communication practices enjoy 47% higher total returns to shareholders compared to organizations with poor communication. Improved internal communication along with increasing returns to shareholders, also increases employee engagement, help build stronger teams, and enhance the competitiveness of your company. More and more businesses are realizing the importance of internal communication and are looking for valuable ways to improve it. Here we have summed up 5 Ways to Improve Internal…
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Steps in Merger and Acquisition Process in Oil and Gas Industry
Estimated reading time: 8 minutes Mergers and Acquisitions have become a major part of many organisation’s growth strategies especially in the oil and gas sector. Given the current situation of 2020, we are witnessing a crash in the oil prices. The deal count of M&A might have fallen but the transactions have been much bigger with multiple deals above billion dollars. Firms go ahead with M&A deals for several reasons for example, to grow market share, value generation, access new technology etc. Given the benefits, mergers and acquisitions might seem very appealing, but they are a very risky business. Whats…
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Bids and Tenders, why now is the time
Estimated reading time: 5 minutes One strange side effect of the world being in lockdown has been that a unique opportunity has been given to organisations to rethink. To stop doing what they always did, to stop trying harder. They have the opportunity to do things differently, to do things easier, to do things better. Supply chains around the world are in disarray and whilst demand over the past couple of months may have been suppressed very soon markets will once again be dialled up. For many it may be a time of great relief but be warned, you will…
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Importance of Production Sharing Contracts
Production sharing contract (PSC) refers to a contract between one or more investors and the government. This are rights to prospection, exploration and extraction of mineral resources from a specific area cover over a specified period of time are determined. It is also referred to as Production sharing agreement (PSA)used in the Hydrocarbon industry. Production Sharing contract addresses the important issue of ownership of oil reserves. This contract is politically acceptable in most developing countries. It is also attractive to foreign firms as they can book the reserves in their balance sheets notwithstanding the fact that they do not own…
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