Question

Distinguish between welfare and commercial chartering

Answer 1

Welfare catering involves providing food to unprivileged people with no profits, while commercial catering involves providing food to privileged people in exchange of money.

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Answer 2

${\huge{\boxed{\mathcal{\pink{Welfare}}}}}$

• Welfare economics is the study of how the allocation of resources and goods affects social welfare. This relates directly to the study of economic efficiency and income distribution, as well as how these two factors affect the overall well-being of people in the economy.

${\huge{\boxed{\mathcal{\pink{Chartering}}}}}$

• Chartering is a core activity of any commercial management process which in accordance with BIMCO’s Standard Ship Management Agreement “SHIPMAN 2009” comprises but is not limited to “seeking and negotiating employment for the Vessel and the conclusion of charter parties or other contracts relating to the employment of the Vessel”. Depending on owners’ requests we provide for each ship voyage, single time charter (“time charter trip”) or where required period employment.

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