A ship chartering system is implemented on a computer or telecommunications network, such as the Internet, and is meant to supplement or replace services offered by current shipping brokers. The system allows a charterer to locate acceptable ships, receive bids from ship owners, and negotiate contract terms for their cargo. Ship owners are able to update their ship positions and cargo capabilities, add new ships to a database of available ships, and bid on the transportation of cargo entered by a charterer in an open market solicitation. In a preferred embodiment, both charterers and ship owners must subscribe to the system in order to access and participate in it.