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August 17, 2017
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A
Address Commission (ADCOM)

Commission payable by the shipowner to the charterer, expressed as a percentage of the freight or hire. This commission is a reimbursement to the charterer for costs incurred in relation to the chartering of the vessel either to third party brokers or by the chareterer's shipping department.

 
Annual Survey

The inspection of a ship pursuant to international conventions, by a classification society surveyor, on behalf of the flag state, that takes place every year.

 
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B
Ballast

An operation during which the ship is not laden with cargo. Also, a substance, usually water, used to improve the stability and control the draft of a ship. A vessel is said to be “in ballast” when it is steaming without cargo and carrying water as Ballast which is discharged before loading at the next loading port.

 
Bareboat Charter

A charter of a ship under which the shipowner is usually paid a fixed amount of charterhire for a certain period of time during which the charterer is responsible for the operating and voyage costs of the ship, as well as for the management of the ship, including crewing. A bareboat charter is also known as a 'demise charter' or a 'time charter by demise.' (See Time Charter and Voyage Charter.)

 
Beam

The width of a vessel at its widest point; breadth.

 
Bulk

Unpackaged solid cargo such as coal, ore and grain.

 
Bunkers

Heavy fuel and diesel oil used to power a ship's engines.

 
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C
Cellular Containership

A vessel specifically designed to carry containers, with cell-guides under deck and necessary fittings and equipment on deck. (See Fully Cellular Containership.)

 
Charter

The hire of a ship for a specified period of time or a particular operation to carry a cargo for a fixed fee from a loading port to a discharging port. The contract for a charter is commonly called a charterparty.

 
Charter Owner

Owners of containerships that charter vessels to shipping service operators, known as liner companies (rather than directly operating container shipping services for shippers).

 
Charterer

The party (individual or company) that hires a ship for a period of time or for an operation.

 
Charterhire

A sum of money paid to the shipowner by a charterer under a time charterparty for the use of a ship. Charterhire paid under an operating charter is also known as 'freight.'

 
Classification Society

An independent organization that certifies that a ship has been built and maintained according to the organization's rules for that type of ship and complies with the applicable rules and regulations of the country of the ship's registry and the international conventions of which that country is a member. A ship that receives its certification is referred to as being 'in-class'.

 
COA

Contract of Affreightment - quantity contract. An agreement between shipowner and shipper concerning the freight of a defined amount of cargo. The shipowner chooses the ship.

 
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D
Daily Operating Costs

The costs of a vessel's technical operation, crewing and insurance (ex-costs of financing).

 
Deadweight Ton (dwt)

A unit of a vessel's capacity for cargo, fuel oil, stores and crew, measured in tons. A vessel's dwt or total deadweight is the total weight, expressed in long tons (2,240 lbs), the vessel can carry when loaded to a particular load line.

 
Double Hull

Hull construction design in which a vessel has an inner and outer side and bottom separated by void space, usually several feet in width.

 
Draft

The depth of a vessel, loaded to full dwt capacity, between the waterline and the keel

 
Drybulk

Non-liquid cargoes of commodities shipped in an unpackaged state.

 
Drybulk Carriers

Vessels that are specially designed and built to carry large volumes of drybulk.

 
Drydocking

The removal of a ship from the water for inspection and repair of those parts of a ship that are below the waterline. During drydockings, which are required to be carried out periodically, certain mandatory classification society inspections are carried out and relevant certifications are issued. Drydockings for containerships are generally required once every five years, one of which must be a Special Survey.

 
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F
Freight

The price paid to a shipowner for the transportation of a cargo from one specific port to another. Freight often applies to voyage charters.

 
Freight Rate

A unit of a vessel's capacity for cargo, fuel oil, stores and crew, measured in tons. A vessel's dwt or total deadweight is the total weight, expressed in long tons (2,240 lbs), the vessel can carry when loaded to a particular load line.

 
Fully Cellular Containership

A vessel specifically designed to carry ISO standard containers, with cell-guides under deck and necessary fittings and equipment on deck. (See Cellular Containership.)

 
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G
Gear

On-board equipment used to load and unload vessels.

 
Geared

A vessel outfitted with equipment to load and unload its cargo.

 
Gearless

A vessel that lacks its own equipment to load and unload cargo.

 
General Cargo Ship

This older type of cargo ship generally has tween decks for mixed general cargo, tanks for liquid cargo, and maybe some refrigerated capacity. It also has deep holds for bulk cargo. Usually, the hatch openings are too small for below-deck container stowage, but containers can be stacked on deck. General cargo ships often have their own cranes and derricks for loading and discharging.

 
Gross Ton

A unit of measurement for the total enclosed space within a ship equal to 100 cubic feet or 2.831 cubic metres. Used for calculating of gross tonnage.

 
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H
Handymax

A drybulk carrier of approximately 40,000 to 60,000 dwt.

 
Handysize

A drybulk carrier of approximately 10,000 to 40,000 dwt.

 
Hull

Shell or body of a ship.

 
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I
IMO

International Maritime Organization, a United Nations agency that issues international standards for shipping.

 
Intermediate Survey

The inspection of a ship by a classification society surveyor that takes place 24 to 36 months after each special survey.

 
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K
Knot

A measure of the speed of a vessel. 1 knot = 1 nautical mile per hour, = 1.85 km/h = 1.15 miles per hour.

 
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L
Lay-up

Mooring a ship at a protected anchorage, shutting down substantially all of its operating systems and taking measures to protect against corrosion and other deterioration.

 
Liner Company

A company that operates ocean carriers for many different cargoes on the same voyage on regular schedules.

 
LNG

Liquefied natural gas.

 
LOA

Length overall.

 
LPG

Liquefied petroleum gas.

 
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M
Multipurpose ship (MPP)

A newer version of general cargo ship with holds designed for container stowage. The holds generally have tween decks and containers can be stacked and lashed on to the hatch covers. The MPP is still capable of carrying breakbulk cargoes, and bulk cargoes. Some are also equipped with tanks for liquid cargoes. It generally also has its own cranes and derricks, sometimes with heavy lift capability.

 
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N
Net revenue/Time charter (t/c) equivalent

Gross freight income less voyage costs (bunker costs, port duties etc.).

 
Newbuilding

A new ship under construction or just completed.

 
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O
Off-Hire

The period in which a ship is not available for service under a time charter and, accordingly, the charterer generally is not required to pay the hire rate. Off-hire periods can include days spent on repairs, drydocking and surveys, whether or not scheduled.

 
OPA

The United States Oil Pollution Act of 1990.

 
Operating Charter

A charter under which a shipowner hires out a ship for a specific operating between the loading port and the discharging port. The shipowner is responsible for paying both ship operating expenses and operating expenses. Typically, the charterer is responsible for any delay at the loading or discharging ports. The shipowner is paid freight on the basis of the cargo movement between ports.

 
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P
Panamax

A vessel of approximately 50,000 to 80,000 dwt, of maximum length, breadth and draft capable of passing fully loaded through the Panama Canal.

 
Post Panamax

Vessels with a beam of more than 33 meters that cannot transit the Panama Canal.

 
Protection and Indemnity Insurance

Insurance obtained through a mutual association formed by shipowners to provide liability indemnification protection from various liabilities to which they are exposed in the course of their business, and which spreads the liability costs of each member by requiring contribution by all members in the event of a loss.

 
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R
Ro-Ro

Roll-On Roll-Off vessels. These vessels are designed for wheeled or tracked cargo that can self-load onboard. Cargo generally drives on to through-decks via ramps, rather than being lifted through hatches.

 
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S
Scrapping

The sale of a ship as scrap metal.

 
Ship Management

The technical administration of a ship, including services like technical operation, maintenance, repair, crewing and insurance.

 
Shipbroker

A person/company who on behalf of shipowner/shipper negotiates a deal for the transportation of cargo at an agreed price. Shipbrokers are also active when shipping companies negotiate the purchasing and selling of ships, both second-hand tonnage and newbuilding contracts.

 
Sister Ships

Ships of the same class and specifications typically built at the same shipyard.

 
Special Survey

The inspection of a ship by a classification society surveyor that takes place every five years, as part of the recertification of the ship by a classification society.

 
Spot Market

The market for charters of vessels with durations of less than one year.

 
Standing Slot Capacity

Nominal static ship container capacity.

 
Strict Liability

Liability that is imposed without regard to fault.

 
Suezmax

A vessel of approximately 130,000 to 160,000 dwt, of maximum length, breadth and draft capable of passing fully loaded through the Suez Canal.

 
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T
TEU

Twenty-foot equivalent unit, the international standard measure for containers and containership capacity.

 
Time Charter

A charter under which the shipowner hires out a ship for a specified period of time. The shipowner is responsible for providing the crew and paying ship operating expenses while the charterer is responsible for paying the operating expenses and additional operating insurance. The shipowner is paid charterhire, which accrues on a daily basis. (See Voyage Charter and Bareboat Charter.)

 
Tonne

A metric tonne of 1,000 kilograms or 2,240 pounds.

 
Tonne-Mile

Quantity transported multiplied by average voyage distance, which used as a measure of tanker demand.

 
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V
Vessel Operating Expenses

The costs of operating a ship, primarily consisting of crew wages and associated costs, insurance premiums, management fee, lubricants and spare parts, and repair and maintenance costs. Ship operating expenses exclude fuel cost, port expenses, agents' fees, canal dues and extra war risk insurance, as well as commissions, which are included in 'operating expenses.' (See Voyage Operating Expenses.)

 
Voyage Charter

Contract for hire of a ship under which a shipowner is paid freight on the basis of moving cargo from a loading port to a discharge port. Normally per ton of cargo. The shipowner is responsible for paying both operating costs and voyage costs. The charterer is typically responsible for any delay at the loading or discharging ports.

 
Voyage Operating Expenses

Voyage operating expenses include port and canal charges, bunker (fuel) expenses, extra war risk insurance, address and brokerage commissions. (See Vessel Operating Expenses.)

 
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