Failed fixture
Meaning
A failed fixture is one that collapses before subjects are lifted, for example because vetting or the charterer's management does not approve.
Also written as Failed on subs, Fail
Failed fixture explained
A ship failing on subjects is common and usually carries no liability, because the deal was never binding. Market reports mark failed fixtures, and a ship that has failed returns to the market, sometimes at a weaker rate.
Related terms
Subjects
Subjects are conditions attached to an otherwise agreed fixture, such as charterer's approval or vetting, that must be lifted before it is binding.
Fixture
A fixture is a concluded charter: the ship has been “fixed” once owner and charterer have agreed all main terms and lifted any subjects.
Vetting
Vetting is an oil company's or charterer's risk assessment of a tanker, using inspection reports and history, before agreeing to charter it or accept it at a terminal.