How a ship is fixed, step by step
A ship fixture follows a recognisable commercial sequence. Understanding each stage helps a charterer compare the market, preserve optionality and avoid committing before the terms are ready.
Updated 26 July 2026
The enquiry
A fixture starts with a cargo. The charterer, or their broker, writes an enquiry describing what needs to move: commodity, quantity and tolerance, load and discharge ports or ranges, laycan, loading and discharging rates, and the terms on which cargo handling is done.
A well-written enquiry gets better numbers than a vague one, because an owner pricing an unclear cargo prices the uncertainty too. If you do not know something, say so rather than leaving it out.
Circulating the cargo
The broker circulates the enquiry to owners and operators with tonnage open in the right window and the right position. This is where a broker earns their keep: knowing which ships are open, which owners will look at that cargo and which will not, and reaching them quickly.
Owners reply with the vessels they can offer, giving name, deadweight, dimensions, gear and itinerary, alongside their initial view on rate.
Indications
An indication is a non-binding view of where the owner might trade. It is usually qualified WOG, without guarantee. The point of an indication is to establish whether there is a deal to be had before either side spends time on details.
A charterer should expect several indications rather than one, and should read them against each other: a lower rate with worse laytime terms is often the more expensive option.
Firm offers and counters
When both sides are interested the exchange becomes firm. A firm offer states the vessel, the rate and the main terms, and it carries a validity time, often measured in hours. Inside that window the offer can be accepted; outside it, it lapses.
Counters follow, each one a complete set of terms rather than a comment on the last message. The discipline matters: in a fast market a fixture can turn on whether a counter was replied to within the hour.
Subjects
Main terms are usually agreed on subs, conditional on named subjects being lifted within a stated period.
- Sub details
- The remaining charter party details still have to be agreed.
- Sub stem
- Confirmation that the cargo is actually available for the dates.
- Sub shippers' or receivers' approval
- The vessel has to be accepted by the terminal or the counterparty at either end.
- Sub board approval
- Internal sign-off, usually with a short deadline.
Until the subjects are lifted there is no binding fixture. A charterer who treats an on-subs fixture as a ship in hand and starts committing cargo has taken a risk that is entirely their own.
The recap
Once subjects are lifted the broker issues the recap: the complete set of agreed terms, naming the standard form and listing the rider clauses. This is the contract in practice, and it is generally binding whether or not the formal charter party is later signed.
Read the recap on the day it is issued. Errors in it are cheap to correct immediately and expensive to argue about after loading.
After the fixture
The work does not stop at the recap. Agents are nominated at both ends, the vessel gives her approach notices, cargo documents are prepared, and the master tenders notice of readiness on arrival. Laytime starts running under the terms agreed, and the statement of facts records what actually happened.
Most disputes that follow a fixture are decided by documents created during this phase rather than by anything negotiated before it.
Vocabulary you will see
| Term | Meaning |
|---|---|
| WOG | Without guarantee. The figure is indicative, not warranted. |
| BSS 1/1 | Basis one port loading, one port discharging. |
| MOLOO | More or less in owner's option, the tolerance on cargo quantity. |
| CHOPT | Charterer's option. |
| DOP | Dropping outward pilot, a delivery point on a time charter. |
| APS | Arrival pilot station. |
| LAYCAN | Laydays and cancelling, the window for the vessel to arrive and tender. |
| DEM/DES | Demurrage and despatch rates. |
| TBN | To be nominated, where the vessel is not yet named. |
Common questions
How long does fixing a ship take?
On a normal dry cargo enquiry, indications come back within hours and a fixture can be concluded the same day if both sides want it. Project and heavy-lift cargo takes considerably longer, because the vessel has to be assessed against the units and the ports before anyone can price it.
What does "on subs" mean?
The main terms are agreed but the fixture is conditional on named subjects being lifted, such as shippers' approval, stem confirmation or board approval. Until they are lifted either party can walk away without liability, and until they are lifted you do not have a ship.
Can I talk to the owner directly?
You can, and on a repeating relationship you often will. The broker exists to reach owners you do not know, to run several conversations at once, and to keep the negotiation from becoming personal. Most charterers use both channels.
What does the broker get paid?
A commission agreed with the owner, operator or other appointed provider, commonly expressed as a percentage of freight or hire on a charter. The basis should be recorded in the recap or the relevant provider agreement.
This guide describes general market practice and is not legal advice. The signed contract, charter party and transaction-specific advice take precedence.