Fixture recap: what it contains and why it matters
When a negotiation ends and subjects are lifted, the broker sends a fixture recap: one message that restates every agreed term. It is the reference both sides will go back to if anything is disputed, so what it says, and what it leaves out, matters.
What a fixture recap is
A fixture recap (often just 'recap') is a written summary of all the terms agreed in the negotiation, sent by the broker to both principals once the deal is fixed. It lists the main terms, the standard form and base charter party, and every agreed amendment. A 'clean' recap means all subjects have been lifted and the fixture is firm.
What a complete recap contains
- Account (charterer) and owner, with full style
- Vessel name and main particulars
- Cargo, quantity, tolerance and option
- Load and discharge ports or ranges
- Laycan
- Load and discharge rates and laytime terms
- Freight or hire, payment terms
- Demurrage and despatch rates
- Commissions
- Standard form, base charter party and agreed amendments
- Law and arbitration
- Subjects lifted, with the date
Recap vs charter party
The recap is issued within hours of fixing. The formal charter party follows later, sometimes weeks later, and is drawn up from the recap. Voyages often start before the charter party is signed, so in practice the recap is the working contract. Any error in it travels into the charter party, the voyage instructions and eventually the laytime calculation.
Mistakes that cause disputes
- Tolerance written without saying whose option it is
- Laytime terms that do not say SHINC or SHEX
- A base charter party referenced but not identified precisely
- Rider clauses agreed in the chat but missing from the recap
- Demurrage rate stated without the currency or per-day basis
How we handle recaps
At CharterDeck the agreed terms are captured in a structured record as the negotiation moves, so the recap is generated from what was actually agreed rather than retyped from memory. Your broker still reads every line before it goes out.
Frequently asked questions
- What does 'clean fixture' mean?
- A clean fixture is one where all subjects have been lifted, so both parties are bound on the agreed terms.
- Is a fixture recap legally binding?
- Once subjects are lifted, the agreed terms bind the parties, and the recap is the usual written evidence of them. The formal charter party normally follows the recap.
Where this applies on our desk: Clean petroleum products shipping.