| Ballast |
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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.
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| Bareboat Charter |
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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.)
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| Beam |
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The width of a vessel at its widest point; breadth.
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| Bulk |
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Unpackaged solid cargo such as coal, ore and grain.
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| Bunkers |
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Heavy fuel and diesel oil used to power a ship's engines.
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| Cellular Containership |
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A vessel specifically designed to carry containers, with cell-guides under deck and necessary fittings and equipment on deck. (See Fully Cellular Containership.)
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| Charter |
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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.
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| Charter Owner |
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Owners of containerships that charter vessels to shipping service operators, known as liner companies (rather than directly operating container shipping services for shippers).
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| Charterer |
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The party (individual or company) that hires a ship for a period of time or for an operation.
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| Charterhire |
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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.'
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| Classification Society |
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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'.
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| COA |
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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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| Daily Operating Costs |
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The costs of a vessel's technical operation, crewing and insurance (ex-costs of financing).
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| Deadweight Ton (dwt) |
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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.
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| Double Hull |
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Hull construction design in which a vessel has an inner and outer side and bottom separated by void space, usually several feet in width.
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| Draft |
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The depth of a vessel, loaded to full dwt capacity, between the waterline and the keel
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| Drybulk |
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Non-liquid cargoes of commodities shipped in an unpackaged state.
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| Drybulk Carriers |
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Vessels that are specially designed and built to carry large volumes of drybulk.
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| Drydocking |
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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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| Freight |
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The price paid to a shipowner for the transportation of a cargo from one specific port to another. Freight often applies to voyage charters.
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| Freight Rate |
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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.
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| Fully Cellular Containership |
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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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| Gear |
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On-board equipment used to load and unload vessels.
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| Geared |
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A vessel outfitted with equipment to load and unload its cargo.
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| Gearless |
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A vessel that lacks its own equipment to load and unload cargo.
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| General Cargo Ship |
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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.
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| Gross Ton |
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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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| Scrapping |
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The sale of a ship as scrap metal.
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| Ship Management |
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The technical administration of a ship, including services like technical operation, maintenance, repair, crewing and insurance.
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| Shipbroker |
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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.
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| Sister Ships |
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Ships of the same class and specifications typically built at the same shipyard.
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| Special Survey |
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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.
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| Spot Market |
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The market for charters of vessels with durations of less than one year.
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| Standing Slot Capacity |
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Nominal static ship container capacity.
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| Strict Liability |
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Liability that is imposed without regard to fault.
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| Suezmax |
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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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| Vessel Operating Expenses |
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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.)
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| Voyage Charter |
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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.
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| Voyage Operating Expenses |
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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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