A dry bulk fixture rarely comes together in one conversation. It moves through a sequence of stages, each narrowing the gap between what a charterer needs and what an owner can offer, until both sides are bound to the same terms. Understanding that sequence helps both parties know what to expect from their broker at each point, and what a given message in the negotiation actually commits them to.
The starting point: cargo and vessel particulars
Every fixture begins with a set of facts: a cargo to move, a laycan, a load and discharge range, and the commercial constraints around it, or a vessel with a position, description and open dates. The broker's first job is to gather these particulars accurately and present them to the market in a form that owners or charterers can act on without needing to chase missing detail.
At this stage nothing is binding. The charterer expects the broker to circulate the enquiry to a relevant, well-matched list of owners; the owner expects the same discretion in reverse, so that a vessel's position is not broadcast indiscriminately. Precision here saves time later, because a vague enquiry produces vague offers.
Indication: testing the market before committing
An indication is a soft, non-binding signal of where a deal might land: an approximate level, a general idea of terms, put forward to see whether there is enough common ground to proceed. Neither side is committing to anything by giving or receiving one.
What a charterer or owner should expect from the broker at this stage is honest market colour, not a rate quoted just to keep a conversation alive. A good indication reflects what the broker genuinely believes is achievable, based on current tonnage and cargo flow, so that both parties can decide quickly whether to move to a firm negotiation or look elsewhere.
Firm offer: the terms are now on the table
A firm offer is a different order of commitment. It sets out specific terms, freight, laycan, loading and discharging conditions, and is normally held open only for a stated period of time. Once it is issued, the offering party is bound to those terms if the other side accepts within that window, subject to whatever conditions are attached.
This is where the broker's role shifts from market feeler to negotiator of detail. Both charterer and owner should expect every material term to be stated clearly and completely, no ambiguity left for later, since a firm offer that gets accepted becomes the basis of the fixture. Counter-offers move the same way, each one firm and time-limited in turn, until the parties converge or the negotiation lapses.
Subjects: conditional, but not casual
Even once terms are agreed, a fixture is usually concluded "subject to" a short list of conditions, commonly subjects such as stem, vessel approval, or management or head-owner approval. These are genuine conditions that must be satisfied or lifted before the fixture is fully binding, not a loophole to walk away for convenience.
During this phase the broker is expected to keep both sides informed of progress on each subject and to press for them to be lifted promptly and in the right order. A charterer or owner who tries to renegotiate terms once subjects are largely lifted, rather than raise a genuine issue tied to the subject itself, is departing from accepted market conduct. Commercial practice on how firmly subjects bind varies with the wording used, so parties should always check the specific terms agreed.
Recap: the fixture is confirmed
Once all subjects are lifted, the broker issues a recap: a single document summarising every agreed term, from freight and laycan through to loading and discharging terms, demurrage arrangements and any special clauses. The recap is the fixture. It is what both owner and charterer will refer back to, and what the full charterparty, when drawn up, is expected to reflect.
At this point both sides should expect the recap to be complete and unambiguous, with nothing left to be settled informally afterwards. Whether the transaction runs as a voyage or time charter shapes exactly which terms the recap needs to cover, but the principle is the same across both: once recapped, the deal is done, and the parties move on to performing it rather than negotiating it.
A fixture is only as sound as the process behind it. At ER Drybulk, our chartering desks handle each of these stages, from first enquiry to final recap, with the same discretion and attention to detail regardless of cargo size or trade. For a broader view of what that involves day to day, see our article on what a dry bulk shipbroker does.