This is the business center.
This derives it genesis from the demand & supply chain. The natural resources like coal, iron ore and Grains are not available/grown in all parts of the world, but the consumption is round the globe. Thus there is a need for supply chain. The cargo traders buy the cargo at Origin and sell at destination.
Sailent points need to be considered are
• principles and common forms of commodity sale contracts,
• relationship between the sale, insurance and carriage contracts,
• principles of cargo and liability insurance,
• shipowners versus the charterers duties,
• forms of contracts of carriage,
• relevance of compulsory international conventions,
• bill of lading as a receipt, evidence of contract of carriage and document of title,
• transfer of rights and obligations between holders of the bill of lading, and
• letters of indemnity (LOI).
Thus the need for ocean transportation arises....