A group of shipowners may agree to offer their ships to an organisation formed by the members of the group for the organisation (the “consortium”) to operate. “Shipping pools” are one form of consortia, generally operating in the tramp shipping, bulk trades. In liner trades, liner conferences fulfil much the same function except that each member company operates its ship independent of a centralised control organisation. In chartering practice, the administrative organisation of a consortium or shipping pool can charter ships in or out as necessary to carry out its cargo commitments or earn acceptable revenue.
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