Fixture
Meaning
A fixture is a concluded charter: the ship has been “fixed” once owner and charterer have agreed all main terms and lifted any subjects.
Also written as Fixed, Fixing
Fixture explained
In the tanker market a ship is usually first fixed “on subjects”, meaning the commercial terms are agreed but conditions remain, such as the charterer's management approval or vetting. The fixture becomes clean, and binding, when those subjects are lifted.
Fixtures are reported in market reports with the ship, cargo size, route, laycan and rate, unless they are kept private and confidential.
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.
Lifting subjects
Lifting subjects means confirming that the conditions attached to a fixture are satisfied, turning it into a clean, binding fixture.
Recap
A recap is the broker's written summary of every term agreed in a fixture negotiation, which becomes the core of the charter party.
Failed fixture
A failed fixture is one that collapses before subjects are lifted, for example because vetting or the charterer's management does not approve.
Private and confidential
Private and confidential (P&C) means the fixture's rate or details are not to be reported to the market by the brokers involved.