Quotation

A quotation in chartering is an indication of the freight or hire an owner or broker offers for a stated cargo, voyage, or period, the opening figure in a negotiation. It is not a firm offer: an indication carries no binding commitment and can be withdrawn or revised as the market moves, whereas a firm offer with a stated validity binds the giver if accepted in time. Brokers circulate quotations against cargo orders to test the market level before a principal commits. The fixture follows only after firm offers and counters cross and the parties agree main terms and a clean recap.