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shipping > Shipping Vocab > Flashcards

Shipping Vocab Flashcards

1
Q

Aframax

A

A system of sizing and freight rate assessment used by the London Tanker Brokers Panel Ltd. known as AFRA (average freight rate assessment). It is used to determine the average cost per ton for various size vessels on a monthly basis. An Aframax-size vessel is in the range of 80,000-130,000 DWT, either crude or product carrier.

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2
Q

API

A

American Petroleum Institute

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3
Q

API Gravity

A

An arbitrary expression of the weight of a product created by the API. API gravity is equal to (141.5/SG@60deg Fahrenheit)-131.5

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4
Q

API Tables

A

Eleven volumes of tables developed by the API to derive the necessary information to perform a cargo calculation.

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5
Q

Arrival ballast or “clean” ballast

A

The term is traditionally used on crude carriers to describe seawater introduced into cargo tanks that have been crude-oil-washed and water-rinsed. When discharged to the harbor through an oil content monitor, this ballast should not produce a visible sheen. the oil content of such ballast must not exceed 15 ppm.

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6
Q

Ballast

A

Seawater introduced into compartments on a tank vessel for the return leg of a voyage to the loading port. It is the additional weight necessary to bring the vessel to a suitable draft and trim and to reduce stresses and improve stability.

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7
Q

Barrel (bbl)

A

Equivalent to 42 gallons

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8
Q

Barrel, gross

A

The volume of cargo at the observed temperature in the tank.

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9
Q

Barrel, net

A

The volume of cargo corrected to a standard temperature of 60 degrees.

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10
Q

Bellmouth

A

The terminal end of the bottom piping in each tank, through which the tank is loaded and discharged. It’s shape is usually flared to approximately 1.5 times the original pipe diameter.

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11
Q

Bending stress

A

The stresses resulting from a concentration of weight at a certain location in the hull (uneven load) as well as from the motion of the vessel in a heavy seaway. On a tank vessel bending stress is commonly referred to as a hogging or sagging condition.

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12
Q

Benzene

A

An aromatic hydrocarbon with the composition C6H6. It is a regulated cargo (refer to Title 46 CFR Part 197) that requires special handling and safety measures designed to minimize the risk of exposure to vessel personnel.

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13
Q

Blank (blind flange)

A

A solid steel disk or plate used to cover and seal the end of a pipeline such as the cargo manifold.

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14
Q

Boiling point

A

The temperature at which the vapor pressure of a substance is equal to atmospheric pressure.

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15
Q

Bph

A

Barrels per hour

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16
Q

Bpt

A

Barrels per ton

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17
Q

BS&W

A

Bottom sediment and water

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18
Q

Bursting pressure

A

A pressure rating typically assigned to cargo and vapor houses.

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19
Q

Butterworth

A

A brand name of tank cleaning equipment. it is a term commonly used to describe portable tank cleaning equipment and he process of water-washing (Butterworthing) tanks.

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20
Q

CFR

A

Code of Federal Regulations

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21
Q

Cloud point

A

The temperature at which wax and other solid substances begin to separate from the liquid when an oil is cooled under specified conditions.

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22
Q

Coatings

A

Protective paints or linings applied to the surfaces of a tank to extend the surface life of the steel. The use of coatings has been found to facilitate cleaning and reduce the quantity of scale in cargo tanks.

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23
Q

Cofferdam

A

A void or empty space used to physically separate the cargo and noncargo areas of a tank vessel.

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24
Q

COI

A

Certificate of inspection

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25
Q

Commingling

A

The blending of two or more petroleum products in a cargo tank or pipeline either intentionally or by accident.

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26
Q

Compatibility chart

A

A chart used to determine potential reactivity between different chemical cargoes or materials.

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27
Q

Containment boom

A

A floating barrier that surrounds a vessel during a cargo transfer or bunkering operation. It is designed to limit the movement of a spill should cargo/bunkers be accidentally discharged into the water.

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28
Q

Contamination

A

The presence of unacceptable quantities of solid residues, rust, water, previous cargo, or together contaminant, resulting in a cargo that is off-specification.

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29
Q

Controlled venting

A

A method of venting the atmosphere of a cargo tank with the object of minimizing the accumulation of cargo vapors on deck and around the superstructure. Typical methods of venting include mast venting and the use of standpipes equipped with high-velocity vent valves.

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30
Q

COW

A

Crude-oil-washing. A fixed tank washing system employing the crude-oil cargo as the cleaning medium. This method of cleaning takes advantage of the solvent properties of crude oil to assist in the removal of oil clingage and deposits from the tank.

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31
Q

Cubic meter (when used to indicate cargo quantity)

A

Metric unit of volume measurement equal to 6.2898 bbls.

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32
Q

Cycle time

A

The length of time it takes a tank washing machine to move through all the angles within the tank during a wash. Reference to the manufacturer’s manual will give the time necessary for a particular tank cleaning machine.

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33
Q

Demurrage

A

Compensation from the charterer for time exceeding laytime.

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34
Q

Departure ballast

A

A term used on crude carriers to describe seater ballast introduced into cargo tanks that have been crude-oil-washed and stripped during the discharge operation.

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35
Q

Dip

A

The term that designates the depth of a liquid in a tank.

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36
Q

Displacement

A

The weight of water displaced by the hull; it is exactly equal to the weight of the vessel and its contents.

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37
Q

Displacement method

A

A method of atmosphere replacement utilized in the cargo tanks of an inerted tank vessel. Low-velocity entry of gas and minimal turbulence create a layered effect between the incoming and outgoing gases.

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38
Q

DOI

A

Declaration of inspection. A pretransfer checklist that must be completed by vessel and terminal personnel.

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39
Q

Double-hull construction

A

A method of vessel construction in which the cargo carrying compartments are separated from the sea by an inner and outer hull (two pieces of steel)

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40
Q

DWT

A

Dead weight tonnage. The amount of cargo, fuel, water, and stores a vessel can carry when fully loaded, expressed in either long tons or metric tons.

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41
Q

EEZ

A

Exclusive economic zone. The area extending 200 miles offshore of the United States.

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42
Q

Entry permit

A

A document issued by a responsible person prior to permitting the entry of personnel in to an enclosed space.

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43
Q

Epoxy

A

A special two-part resin or paint (hard coating) used to protect tank surfaces from salt-water corrosion and attack by certain aggressive chemical cargoes.

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44
Q

Explosimeter

A

Combustible-gas indicator

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45
Q

Fire point

A

The lowest temperature at which a liquid gives off sufficient vapors to support sustained combustion in the presence of an external source of ignition.

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46
Q

Fixed containment

A

A permanent trough or coaming under the manifold connections designed to collect any cargo spillage during the connecting and disconnecting of hoses or arms.

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47
Q

Flash point

A

The lowest temperature at which a liquid gives off sufficient vapors to form a flammable mixture with air in the presence of an external source of ignition. the vapors will ignite momentarily but are not capable of sustaining combustion.

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48
Q

Free surface

A

Refers to the free movement of liquid (such as cargo or ballast water) in a tank which has a negative effect on the stability of the vessel.

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49
Q

FWA

A

Free water allowance

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50
Q

Gas free

A

A tank or other enclosed space is considered gas free when sufficient fresh air has been introduced into the space to lower the level of flammable and toxic vapors and increase the oxygen level of a specific purpose.

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51
Q

Gas-freeing

A

The process of ventilating a space with air or prepare the pace for various operation such as entry, drydock, hot work, and so on. Before gas-freeing an inerted cargo tank, the operator must ensure the space has been properly purged of hydrocarbon vapors to prevent the creation of a flammable atmosphere.

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52
Q

Gauging, closed

A

A method of measuring the liquid level in a tank by means of a device, which penetrates the tank and does not result in the release of the atmosphere in the space. This device enables the operator to maintain a vapor-tight deck. Examples include float-type, electrical resistance, radar, pressure sensing, and magnetic probe.

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53
Q

Hog

A

Bending stress caused by the uneven distribution of weight on a vessel. A hog condition is created when there is a concentration of weight at the ends of the vessel; the deck is subjected to tension and the keel is under compression.

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54
Q

Hydrocarbon

A

Any compound made up of hydrogen and carbon exclusively.

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55
Q

Inert condition

A

An atmosphere is said to be in an inert condition when it is incapable of supporting combustion through oxygen deficiency. It consists of gas or a mixture of gases with an oxygen content of 8 percent or less by volume.

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56
Q

Inert gas

A

A gas or mixture of gases containing insufficient oxygen to support the combustion of hydrocarbons.

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57
Q

Inerting, primary

A

The process of gas replacement in which inert gas is introduced in to a space with the object of establishing an inert condition. Primary inerting is typically performed leaving the shipyard.

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58
Q

Innage

A

A measurement of the depth of liquid in a tank (the distance from the surface of the cargo to the bottom of the tank)

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59
Q

INTERTANKO

A

The International Association of Independent Tanker Owners

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60
Q

Laytime

A

The amount of time allowed fro cargo loading and discharge as specified by the charter party.

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61
Q

Lightering

A

The transfer of bulk liquid from the vessel to be lightered (VTBL) to a service vessel. Ligherting is usually necessary in areas where draft limitations or local regulations prevent the VTBL from proceeding directly to a dock.

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62
Q

Light ship

A

The weight of the empty ship. (Displacement of a vessel with no cargo, crew, stores, fuel, water, and ballast; usually expressed in long tons or metric tons)

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63
Q

Longitudinal bulkhead

A

Fore-and-aft bulkhead running the entire length of the cargo areas of the vessel. On a typical single-hull vessel, two of them are used to separate the cargo area into three distinct tanks athwartships: a center tank and a set of wing tanks.

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64
Q

Longitudinals

A

Numerous fore-and-aft framing members in the structure of a tanker.

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65
Q

LOT

A

Load-on-top. An operational technique devised by the tanker industry to retain oily/water mixtures on board in order to reduce sea pollution.

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66
Q

Manifold

A

The vessel/shore connection point on a tanker, usually located amidships. The manifold piping extends athwartships, thereby permitting the vessel to tie up with either side to the dock. Each manifold is equipped with its own valve frequently called a “header.”

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67
Q

OBO

A

Oil/bulk/ore carrier. Also called a combination carrier. A vessel specially constructed to carry various liquid and solid cargoes in bulk.

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68
Q

OBQ

A

Onboard quantity of cargo

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69
Q

Panamax

A

60,000-80,000 dwt

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70
Q

LR1

A

60,000-80,000 dwt

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71
Q

Handymax

A

32,000-42,000 dwt

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72
Q

MR

A

42,000-60,000 dwt

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73
Q

LR2

A

80,000-130,000 dwt

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74
Q

Suezmax

A

130,000-200,000 dwt

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75
Q

VLCC

A

200,000+ dwt

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76
Q

ULCC

A

320,000+ dwt

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77
Q

Pour point

A

The lowest temperature at which a liquid will remain a fluid

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78
Q

PIC

A

Person in charge. An individual possessing the proper USCG endorsement to control a cargo transfer involving dangerous liquids or liquefied gases on a tankship or barge.

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79
Q

ROB

A

Cargo (remaining on board) at the completion of the discharge operation.

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80
Q

Sag

A

Bending stress caused by the uneven distribution of weight on a vessel. A sag condition is created when there is a concentration of weight in the midsection of the vessel: the deck is subjected to compression and the keel is under tension. See also hog.

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81
Q

Segregated ballast system

A

A system on a tanker consisting of tanks, piping, and pumps used exclusively for ballast service. A segregated ballast system should not have any interconnection to the cargo system of the vessel.

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82
Q

SOLAS

A

International Convention for the Safety of Life at Sea

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83
Q

Sour crude oil

A

Any crude oil containing a significant amount of sulfur and sulfur compounds (hydrogen sulfide gas) which is characterized by the objectionable odor of rotten eggs.

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84
Q

Specific gravity

A

The ratio of the weight of a given volume of a substance at a standard temperature of 60 degrees Fahrenheit to the weight of an equal volume of freshwater.

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85
Q

SPM

A

Single-point mooring

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86
Q

Tanker

A

Any vessel designed to carry liquid cargo in bulk.

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87
Q

Ton, long

A

A unit weight: 2,240 pounds (1,016 kg)

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88
Q

Ton, metric

A

A unit of weight: 2,204 pounds (1,000 kg)

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89
Q

Ton, short

A

A unit of weight: 2,000 pounds (907 kg)

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90
Q

Topping off

A

The process of completing the loading of a cargo tank to a specified ullage. it is considered a critical operation in the transfer of cargo given the heightened potential for a spill. Under U.S. regulations, any critical operation requires the direct supervision of the PIC.

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91
Q

Topping up

A

The introduction of inert gas into a tank already in the inert condition with the object of raising the tank pressure to prevent the ingress of air.

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92
Q

TPI

A

Tons per inch immersion.

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93
Q

Transverse bulkhead

A

A solid bulkhead running in the athwartship direction usually separating cargo tanks.

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94
Q

Ullage

A

The measurement of free space above the liquid in a tank. it is the distance from the surface of the liquid in the tank to a reference datum on deck, normally the rim of the ullage opening in the hatch. Reference to the ullage calibration tables fro the vessel will give the volume of liquid in the tank (gross volume)

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95
Q

Ullage opening

A

Small opening in the tank hatch on deck that serves as the reference point for measurement of liquid (cargo) in the tank.

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96
Q

Vapor

A

A gas below its critical temperature.

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97
Q

Vetting

A

A term used to describe the inspection of a tank vessel under consideration for hire by a charterer

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98
Q

Viscosity

A

A measure of a liquid’s internal resistance to flow. It is useful when determining the pumpability of the cargo as well as the need to heat it.

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99
Q

VOC

A

Volatile organic compound

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100
Q

Volatility

A

The tendency of a liquid to vaporize.

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101
Q

VRP

A

Vessel response plan

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102
Q

VLPCs

A

Very large product carriers

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103
Q

AG

A

Arabian Gulf (also Persian Gulf)

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104
Q

A/R

A

Antwerp-Rotterdam range

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105
Q

AARA

A

Amsterdam-Antwerp-Rotterdam Area

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106
Q

ACP

A

African, Caribbean, Pacific countries

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107
Q

AH

A

Range of ports between and including Antwerp and Hamburg

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108
Q

AK

A

Alaska

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109
Q

ANTHAM

A

Antwerp-Hamburg range

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110
Q

APG

A

Arabian Persian Gulf

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111
Q

ARA

A

Antwerp-Rotterdam-Amsterdam range

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112
Q

ATL

A

Atlantic Ocean

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113
Q

AUSSIE

A

Australia

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114
Q

B/H

A

Bordeaux-Hamburg range

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115
Q

B/R

A

Bordeaux-Rouen

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116
Q

BA

A

Buenos Aires

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117
Q

BA/BB

A

Buenos Aires/ Bahia Blanca range

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118
Q

BENELUX

A

Belgium, the Netherlands, and Luxembourg

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119
Q

BLSEA

A

Baltic Sea

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120
Q

BSEA

A

Black Sea

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121
Q

C and/or J

A

China and/or Japan

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122
Q

CIS

A

Commonwealth of Independent States

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123
Q

CAR or CARIB

A

Caribbean Islands

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124
Q

CHINPO

A

China Sea, Indian and Pacific Oceans

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125
Q

CHN

A

China

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126
Q

COH

A

Cuba, Orinoco River and Haiti

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127
Q

CONT

A

Continent or Europe

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128
Q

EC

A

East Coast

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129
Q

EC

A

European Communities

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130
Q

ECGB

A

East coast of Great Britain

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131
Q

ECI

A

East coast of Ireland

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132
Q

ECIND

A

East coast of India

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133
Q

ECM

A

East coast of Medico

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134
Q

ECNA

A

East coast of North America

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135
Q

ECSA

A

East coast of South America

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136
Q

ECUK

A

East coast of United Kingdom

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137
Q

ECUS

A

East coast of USA

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138
Q

EEC

A

European Economic Community

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139
Q

EGY

A

Egypt

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140
Q

EI

A

East Indies

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141
Q

EMED

A

East Mediterranean

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142
Q

FEAST

A

Far East

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143
Q

FRISCO

A

San Francisco

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144
Q

G-H

A

Ghent-Hamburg range

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145
Q

GB

A

Great Britain

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146
Q

GIB

A

Gibraltar

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147
Q

GNS

A

German North Sea

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148
Q

GOM

A

Gulf of Mexico

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149
Q

HKG

A

Hong Kong

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150
Q

INDO

A

Indonesia

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151
Q

IOM

A

Isle of Man

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152
Q

IOR

A

Indian Ocean Region

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153
Q

JPN

A

Japan

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154
Q

KRS

A

Koreans

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155
Q

LA

A

Los Angeles

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156
Q

LAKES

A

Great Lakes

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157
Q

LB

A

Long beach (USA)

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158
Q

LND

A

London

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159
Q

LPL

A

Liverpool

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160
Q

MAA

A

Mina Al Ahmadi

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161
Q

MED

A

Mediterranean

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162
Q

MEG

A

Middle East Gult

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163
Q

MEX

A

Mexico

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164
Q

MSC

A

Manchester Ship Canal

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165
Q

N

A

North

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166
Q

N CONT

A

North Continent

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167
Q

n.E.

A

Not east of

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168
Q

n.N.

A

Not north of

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169
Q

n.W.

A

Not west of

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170
Q

n.S.

A

Not south of

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171
Q

N/A

A

North America or North Atlantic

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172
Q

NCSA

A

North Coast of South America

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173
Q

NCS

A

North Continental Shelf

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174
Q

NEOBIG

A

Not east of but including Greece

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175
Q

NG

A

Nigeria

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176
Q

NOLA

A

New Orleans

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177
Q

NOPAC

A

North Pacific Ports

178
Q

NY or NYK

A

New York

179
Q

PAC

A

Pacific Coast

180
Q

PAD

A

Pacific Australia Direct

181
Q

PAN

A

Panama

182
Q

PPUK

A

Picked Ports of UK

183
Q

PQ

A

Province of Quebec

184
Q

PRC

A

Peoples Republic of China

185
Q

RAPL

A

Rotterdam-Amsterdam pipeline

186
Q

RBAY

A

Richard’s Bay

187
Q

ROTT

A

Rotterdam

188
Q

SA

A

South America; South Australia; South Africa

189
Q

SEA

A

South East Asia

190
Q

SKOR

A

South Korea

191
Q

SPB

A

St. Petersburg

192
Q

SPN

A

Spain

193
Q

SPORE

A

Singapore

194
Q

TP

A

Transpacific

195
Q

UKHAD

A

UK and Le Havre-Antwerp-Dunkirk range

196
Q

UKHH

A

UK and Le Havre-Hamburg range

197
Q

UAE

A

United Arab Emirates

198
Q

UK

A

United Kingdom

199
Q

UKCS

A

UK Continental Shelf

200
Q

US

A

United States

201
Q

USAC

A

US Atlantic Coast

202
Q

USEC

A

US East Coast

203
Q

USNOPC

A

US North Pacific

204
Q

USWC or USWE

A

US West Coast

205
Q

W/A or WAF

A

West Africa

206
Q

WAG

A

West Asia Gulf

207
Q

WC

A

West Coast

208
Q

WCA

A

West Coast Africa

209
Q

WCI

A

West Coast India

210
Q

WCMEX

A

West Coast Mexico

211
Q

WCNA

A

West Coast North America

212
Q

WCSA

A

West Coast South America

213
Q

WCUK

A

West Coast UK

214
Q

WCUS

A

West Coast US

215
Q

WE/EI

A

West Britain/East Ireland

216
Q

WEST

A

Western Europe

217
Q

Y/A

A

York/Antwerp (rules)

218
Q

YUGO

A

Yugoslavia

219
Q

Clean Petroleum Products

A

Gasoil, diesel, gasoline, jet fuel, naphtha, clean condensates

220
Q

Condensates

A

Natural gas liquids heavier than butane

221
Q

Naphtha

A

Used as a chemical feedstock for steam cracking to produce petrochemicals (ethylene, propylene and pyrolysis gasoline) and as a fuel input to catalytic reforming for gasoline blending stock and BTX (benzene, toluene, and xylenes)

222
Q

Gasoil

A

Used as a chemical feedstock for steam cracking, although generally less preferred than naphtha and NGLS.

223
Q

Charter Party

A

A written contract between the owner of a vessel and the person desiring to employ the vessel: sets forth the terms of the arrangement (duration, freight rate, etc.)

224
Q

Charter

A

A person or firm who enters into a contract with a shipowner for the transportation of cargo or passengers for a stipulated period of time (i.e. a shipowner’s customer)

225
Q

P&I Club

A

Protection and indemnity

226
Q

Deadweight cargo

A

A long ton of cargo that can be stowed in less than 40 cubic feet

227
Q

Laytime

A

The amount of time allowed for cargo loading/discharge as specified by the charter party.

228
Q

Lading

A

Refers to the freight shipped, contents of the shipment.

229
Q

Worldscale

A

Worldwide Tanker Nominal Freight Scale Worldscale Association publishes a lengthy schedule of rates for popular tanker voyages. The printed figures, worldscale 100’s, reflect application of tanker operating cost assumption to the ports and distance steaming time ton route. These flat rates appear in US dollars per ton of cargo.

230
Q

Fixing

A

Chartering a vessel

231
Q

Fixture

A

Agreement of contract for transportation.

232
Q

Bunkers

A

Fuel, usually residue grades burned by ships main engines. The most familiar kind, called Bunker C may contain a high concentration of sulfur and have a high specific gravity, but must meet a viscosity specification which assures free flow at the temperatures vessels’ fuel system can maintain.

233
Q

Indemnity bond

A

An agreement to hold a carrier harmless with regard to a liability.

234
Q

Lien

A

A legal claim upon good for the satisfaction of some debt or duty.

235
Q

Laycan

A

Laydays/cancelling - the period of time when a spot charted ship must arrive to load a cargo. The period ends with the last moment a ship can give Notice of Readiness to berth and lift a cargo within its laydays. If the tanker does not arrive by that point, the charterer usually has several options including cancelling the charter..

236
Q

TCE

A

Time charter equivalent - A shipping industry standard used to calculate the average daily revenue performance of a vessel. TCE is calculated by taking voyage revenues, subtracting voyage expense and then dividing the entire total by the round-trip voyage duration days. AVERAGE DAILY REVENUE PERFORMANCE OF A VESSEL.

237
Q

COA

A

Contract of Affreightment - An agreement between a shipowner and a charter for the carriage of a certain amount of specified cargo or grades of cargo on named routes over a period of time. owners may use any suitable ships at their disposal to meet the contract’s requirements.

238
Q

Bill of lading, net

A

Gross volume less water, less sediment and water, converted to standard temperature.

239
Q

Coated

A

Vessel cargo tanks coated with epoxy for the transport of clean products.

240
Q

Fully-fixed

A

When a shipowner and charterer finalize a deal they say they have a “fully-fixed” ship. They have settled all of the issues including the price to employ the vessel.

241
Q

Gross registered tonnage

A

The function of the molded volume of all enclosed spaces of a ship [100 cubic fee is equal to 1 ton].

242
Q

Keel to mast

A

KTM - The distance from the keel of a vessel to the vessel’s highest point.

243
Q

Lightering clause

A

Charterer has the right to arrange lightering in accordance with OCIMF standards for ship-to-ship transfers. Lightering vessel is to be approved b y the vessel owner or disponent owner.

244
Q

Panama canal net registered tonnage (PCNRT)

A

Based on net tonnage, modified for Panama Canal purposes. Panama Canal/universal measurement system (PC/UMS) is based on a mathematical formula to calculate a vessel’s total volume, a PC/UMS net ton is equivalent to 100 cubic feet per day.

245
Q

Part Cargo

A

A cargo which is not a full cargo due to limitations based on load line regulations or other constraints.

246
Q

Subjects (ON SUBS)

A

Unresolved items which prevent confirmation of a deal. Tanker chartering and oil trading both involve negotiations which conclude “subject to” removal of some exception. A charterer might fix a ship subject to stem confirmation or subject management approval of buyer’s credit.

247
Q

To best of owners knowledge (TBOOK)

A

Formal verification of a statement by vessel owner

248
Q

Tons per centimeter

A

Amount of weight of cargo in metric tons required to submerge the vessel by one centimeter in salt water.

249
Q

Oil Pollution Act of 1990 (OPA)

A

In lieu of the 1989 Exxon Valdez oil spill all vessels and facility owners must develop plans detailing the steps which would be taken in the event of an oil spill. The plan must include contractual arrangements with US oil spill cleanup organizations. Foreign shipowners need to designate a qualified individual to act on their behalf if a spill were to occur. The provision has been in effect since 1993.

250
Q

Liability

A

OPA 1990 does not hold cargo owners liable for oil spills, shipowners are subject to limits of $1,200 per gross ton of oil. Onshore facility and deepwater port owners to $350 million; and offshore facility owners $75 million. OPA 1990 subjects the party responsible for the oil spill to unlimited liability for gross negligence, willful misconduct, violation of any federal operating or safety standard, or failure to report a spill or take part in a clean up.

251
Q

Spill fund

A

The law established a $1 billion oil spill liability trust fund. A 5% barrel of federal tax on oil was instituted to form the fund. Third parties can submit damage claims against the fund. The USCG can access the fund in the event the spill’s responsible party cannot be identified.

252
Q

Detention

A

A claim for detention is noarmally issued when specific delays are caused by a charterer in breach of the charter party, which cannot be governed by “laytime calculations.” Examples include legal stoppage by court orders, violations of local government’s rules, etc. Owner must prove damages.

253
Q

Deviation

A

A voluntary or mandatory divergence of the ship from her voyage as set forth in the charter party.

254
Q

Recoverable demurrage

A

Charterer can claim demurrage from the supplier or receiver.

255
Q

Laytime (2)

A

On of the most important terms of the charter party because it limits the total free port time for loading and discharging. Most charter parties allow 72h, others 96h or 120h. If time spent for loading and discharging cargo exceeds laytime allowed, the owner is entitled to collect demurrage from the charterer. A charterer’s liability to pay demurrage is absolute unless the delay is caused by owner, the local laws, or is excluded by provisions set forth in the charter party.

256
Q

Commencement of laytime

A

For laytime to officially start, vessel must meet all three criteria listed below: 1. vessel has to arrive at port, place or berth, both “physically and legally.” 2. vessel has to be in “all respects ready” to load or discharge. 3. vessel has to tender “Notice of Readiness” or “NOR” as per the charter party, correctly and efficiently. Three terms are commonly used to determine physical arrival: port limit, customary anchorage, and waiting area.

257
Q

Early loading

A

Allows charterer to gain additional laytime by agreeing to load the cargo before commencement of laydays can be considered a mutual benefit to owners and charterers as it is an efficiency in the system.

258
Q

Missed cancelling

A

The owner has an absolute duty to present his vessel at the port with reasonable dispatch. However, complications can arise: cargo is ready, but ship cannot reach the port in time, weather delays, breakdowns, etc. ***In the event that the owner might miss the cancelling date of the laydays it is his obligation to immediately inform the charterer. Charterer may request mutual cancelling of the charter party or extend the laycan.

259
Q

Clause paramount

A

Determines that the legal basis for the Bill of Lading shall be either the US Carriage of Goods by the Sea Act or the Hague Rules.

260
Q

Hague Rules

A

Hague Rules defines the carrier’s requirements in exercising due diligence: Ship must be sea worthy and properly maintained and manned; ship must be fit and safe to receive and carry the cargo; proper cargo loading and handling; proper issuing of Bill of Lading to the shipper is required. Hague Rules provide for a carrier’s defense against claims arising from the following causes: act of neglet or default by the master, navigator, or pilot etc.; fire, perils of the sea, act of God, hostilities, strikes, quarantine, etc.; any causes except the actual fault of the carrier.

261
Q

TOVALOP

A

Tanker Owner Voluntary Agreement Concerning Liability for Oil Pollution. TOVALOP is a private organization, guaranteeing cover of pollution liability separately from that which is provided by P&I clubs. Further coverage is available under CRISTAL (contract regarding an interim supplement to tanker liability for oil population. CRISTAL is funded by the oil industry but only applies where cargo carried belongs to a CRISTAL member. Cover takes over where TOVALOP ends.

262
Q

COFR

A

Certificate of Financial Responsibility - guiding principle is that parties responsible for water pollution should bear the “clean up cost” - administered (along with OPA) by the USCG - a COFR is issued to vessel operators who have demonstrated their ability to pay for clean up and damage costs up to the liability limits requirements by OPA.

263
Q

P&I Clubs

A

Protection & Indemnity - Provide cover for ship owners against third party liabilities relating to the use and operation of ships: insures for pollution liability of $1 billion per incident; covers liabilities and indemnities including injury to crew and passengers and other on board, cargo loss and damage, oil pollution, war risk, piracy, wreck removal, dock damage, hull and machinery insurance; vessels must stay within warranty limits (WIWC) i.e. avoid northern/southern regions with severe weather and icebergs.

264
Q

IMO

A

International Maritime Organization - specialized agency of the UN with the responsibility for the safety and security of marine transportation and for prevention of marine pollution by ships.

265
Q

River ports

A

River ports in many cases are draft restricted and freshwater allowance applies. Sometimes river ports are subject to traffic control and daytime transit which could cause berthing delays. Some river ports have air draft restrictions which could limit the availability of suitable tonnage.

266
Q

Offshore terminals

A

Generally designed for crude oil export and the so-called SBMs (single buoy mooring systems) are utilized. SMBs are highly weather effective and it is easy to berth and unberth to and from them.

267
Q

Onshore terminals

A

Usually of breasting dolphin design and certain restrictions could apply: DWT and displacement, parallel body length, distance-bow to center manifold-stern to center manifold, COA, special mooring rope requirements and others.

268
Q

Weather ports

A

Places with the established reputation of constraint delays due to weather conditions, normally located in unprotected, open sea areas, any delays due to weather normally count as laytime or time on demurrage in full and is not split at 50/50 between charterer and owner. Vessels offering on a market call, indicating any weather or delay prone ports in their itinerary, should be avoided, if possible, as they might not be able to make the laydays.

269
Q

Seasonal restrictions

A

Some ports and regions are affected by seasonal weather problems such as fog, hurricanes, and other conditions.

270
Q

Trading areas

A

Can be affect by: piracy, channel draft restrictions (Malacca Straits), national and international regulations (like OPA, emission control areas (ECA)), boycotts, geographical restrictions, limits on WIWC (within warranty limits), NEOBIG (not east of but including Greece), NNOGWB (not north of George Washington Bridge), and others.

271
Q

Lightering areas

A

Designated for ship-to-ship transfer service: are usually located offshore and could be weather exposed, vessels chartered to be lightered or to provide lightering service must strictly comply with OCIMF ship-to-ship transfer guide (latest edition). Some companies like Exxon have their own additional lightering questionnaire, which must be competed to their satisfaction in order to get the vessel’s acceptability.

272
Q

Load lines

A

The waterline corresponding to the maximum draft to which a vessel is permitted to load, either by freeboard regulations, the conditions of classification, or the conditions of service. ENSURE A VESSEL’S STABILITY.

273
Q

Plimsoll mark

A

Line or mark shows the safe “freeboard” (distance from water to weather deck). There are 6 load lines: tropical fresh, fresh, tropical, summer, winter, winter North Atlantic. Marks (series of horizontal lines) correspond to the seasons of the year and fresh and salt water painted on the outside of a ship marking the level which must remain above the surface of the water for the vessel’s stability.

274
Q

MAFRA

A

Modified Average Freight Rate Assessment - rate contains the spot rate element and a time charter hire element to counter balance the spot market volatility.

275
Q

Allocation group

A

Direct link between the supply and the marine group. Allocation receives the transportation requirement from the supply group in a timely manner as stipulated in the COA and schedules the most suitable vessel against it.

276
Q

Chartering group

A

Responsible to spot charter in suitable tonnage in order to meet the transportation requirements of the supply department and to charter controlled tonnage in the event those vessels cannot meet required loading windows.

277
Q

Marine group

A

As a cost center generates its revenues from freight payable by the supply or trading group based on agreed freight formula called MAFRA. In this fashion, the marine group covers its operating expenses by collecting cost allocations from the affiliates who require their services.

278
Q

Broker panel

A

Advantages: close business relationships between charterers, brokers, owners; brokers fully understand the charterer’s requirements and business as a whole; information flow is better as brokers have wide geographic coverage; large brokerage companies provide access to data, analysis, research reports, and ongoing spot and term market intelligence; company chartering personnel can stay more focused.

Disadvantages: In a strict rotational system, brokers may get complacent; brokers who provide additional market info via research capabilities may not be properly rewarded.

279
Q

Market call

A

Advantages: broker dissemination of infor allows for more shipowners to potentially participate in the business.

Disadvantages: In a rising market, competitive rates may not be obtained as the business will be transparent to the market and owners will want to see what other business may be available.

280
Q

Private cargo

A

Advantages: shipowners are typically more likely to provide competitive rates when they perceive that the broker has a good working relationship with the charterer.

Disadvantages: trust is given almost entirely to the broker handling the cargo.

281
Q

Term coverage

A

Advantages: Allows for more control of transportation system and limits exposure to possibly volatile spot markets; quality coverage is assured.

Disadvantages: Quality tonnage is not always assured for particular movements.

282
Q

Spot coverage

A

Advantages: Allowing a portion of chartering requirements to move on the spot market provides higher utilization for owned and time chartered tonnage; allowing for information flow to chartering personnel on a daily basis.

Disadvantages: Quality tonnage is not always assured for particular movements.

283
Q

Charters should know

A

tonnage availability; freight rate tendencies and forecasts; cargo and chartering activities; expected delays and intelligence on load and discharge ports and terminals of interest; knowledge of new and existing marine industry rules and regulations; other information pertaining to the industry must be pursued and understood.

284
Q

Brokers provide

A

tonnage availability; freight rate tendencies; fixture reports; info on load and discharge ports; macro market info on supply and demand of crude oil, products, and LNG, ton mile demand outlooks; feet size assessments; full operational support and assistance.

285
Q

Downward quantity tolerances

A

The Downward Quantity Tolerance (DQT) is the amount by which a buyer may fall short of its full Annual Contract Quantity in a Take or Pay gas sales contract without incurring sanctions. If there is no provision requiring the buyer to take supplementary volumes in subsequent years to make good for the deficiency, the Annual Contract Quantity becomes in effect the ACQ minus the DQT.

286
Q

AA

A

Always Afloat. A contract term requiring that the vessel not rest on the ground. In some ports the ship is aground when approaching or at berth.

287
Q

AAR

A

Abbreviation for:– Against All Risks (insurance clause).

288
Q

Abaft

A

A point beyond the midpoint of a ship’s length, towards the rear or stern.

289
Q

Abandon

A

A proceeding wherein a shipper/consignee seeks authority to abandon all or parts of their cargo.

290
Q

Abatement

A

A discount allowed for damage or overcharge in the payment of a bill.

291
Q

ABI

A

U.S. Customs’ “Automated Broker Interface,” by which brokers file importers’ entries electronically.

292
Q

Aboard

A

Referring to cargo being put, or laden, onto a means of conveyance.

293
Q

Absorption

A

One carrier assumes the charges of another without any increase in charges to the shipper.

294
Q

Acceptance

A

– A time draft (or bill of exchange) that the drawee (payer) has accepted and is unconditionally obligated to pay at maturity.
– Broadly speaking, any agreement to purchase goods under specified terms.

295
Q

Accessorial Charges

A

Charges that are applied to the base tariff rate or base contract rate, e.g., bunkers, container, currency, destination/delivery.

296
Q

Acquiescence

A

When a bill of lading is accepted or signed by a shipper or shipper’s agent without protest, the shipper is said to acquiesce to the terms, giving a silent form of consent.

297
Q

Acquittance

A

A written receipt in full, in discharge from all claims.

298
Q

ACS (A.C.S.) or ACE

A

U.S. Customs’ master computer system, “Automated Commercial Systems.” Now being replaced by the Automated Commercial Environment system.

299
Q

Act of God

A

An act beyond human control, such as lightning, flood or earthquake.

300
Q

Ad Valorem

A

A term from Latin meaning, “according to value.” Import duty applied as a percentage of the cargo’s dutiable value.

301
Q

Administrative Law Judge

A

A representative of a government commission or agency vested with power to administer oaths, examine witnesses, take testimony, and conduct hearings of cases submitted to, or initiated by, that agency. Also called Hearing Examiner.

302
Q

Advance

A

To move cargo up line to a vessel leaving sooner than the one booked.

303
Q

Advanced Charge

A

A charge paid by a carrier to an agent or to another carrier, which the delivering carrier then collects from the consignee. Such charges are usually for agents’ forwarding fees and incidental expenses paid out of pocket for account of the shipment by an agent or other carrier.

304
Q

Advanced Notice of Arrival (ANOA)

A

Any vessel entering United States waters from a foreign port is required to give a 96–hour ANOV. Any vessel of 300 gross registered tonnage and greater is required to give the ANOA to the U.S. Coast Guard’s National Vessel Movement Center. Any vessel under 300 gross registered tons is required to give the ANOA to the appropriate Captain of the Port.

305
Q

Adventure

A

Shipment of goods on shipper’s own account. A bill of adventure is a document signed by the master of the ship that carries goods at owner’s risk. Also, a term used in some insurance policies to mean a voyage or a shipment.

306
Q

Advising Bank

A

A bank operating in the seller’s country that handles letters of credit on behalf of a foreign bank.

307
Q

Affreightment, Contract of

A

An agreement by an ocean carrier to provide cargo space on a vessel at a specified time and for a specified price to accommodate an exporter or importer.

308
Q

Agency Tariff

A

A tariff published by an agent on behalf of several carriers.

309
Q

Agent (Agt.)

A

A person authorized to transact business for and in the name of another person or company. Types of agents are:(1) brokers, (2) commission merchants, (3) resident buyers, (4) sales agents, (5) manufacturer’s representatives.

310
Q

Agreed valuation

A

The value of a shipment agreed upon in order to secure a specific freight rate.

311
Q

All In

A

The total price to move cargo from origin to destination, inclusive of all charges.

312
Q

Allision

A

The striking by a moving vessel against a stationary object

313
Q

Alternative Rates

A

Privilege to use the rate producing the lowest charge.

314
Q

Ambient Temperature

A

The temperature of a surrounding body. The ambient temperature of a container is the atmospheric temperature to which it is exposed.

315
Q

American Bureau of Shipping

A

U.S. classification society which certifies seagoing vessels for compliance to standardized rules regarding construction and maintenance.

316
Q

AMS

A

The U.S. Customs’ “Automated Manifest System.”

317
Q

Anti–Dumping Duty

A

A tariff imposed to discourage sale of foreign goods, subsidized to sell at low prices detrimental to local manufacturers.

318
Q

Apparent Good Order

A

When freight appears to be free of damage so far as a general survey can determine.

319
Q

Arrival Notice

A

A notification by carrier of ship’s arrival to the consignee, the “Notify Party,” and – when applicable – the “Also Notify Party.” These parties in interest are listed in blocks 3, 4 and 10, respectively, of the Bill of Lading.

320
Q

Assignment

A

The transfer of certain rights from one party to another.

321
Q

Astern

A

– Behind a vessel

– Move in a reverse direction.

322
Q

ATDNSHINC

A

Any time Day or Night Sundays & Holidays Included. A chartering term referring to when a vessel will work.

323
Q

Athwartships

A

A direction across the width of a vessel.

324
Q

Automated Identification System (AIS)

A

It is a system used by ships and Vessel Traffic Service (VTS) principally for the identification and the locating of vessels. AIS provides a means for ships to electronically exchange ship data including: identification, position, course, and speed, with other nearby ships and VTS stations.

325
Q

Avoirdupois Pound

A

Same as 0.4535924277 kilograms.

326
Q

AWWL

A

Always within Institute Warranties Limits (Insurance purpose).

327
Q

BB

A

Abbreviation for:
– Ballast Bonus: Special payment above the Chartering price when the ship has to sail a long way on ballast to reach the loading port.
– Bareboat: Method of chartering of the ship leaving the charterer with almost all the responsibilities of the owner.

328
Q

B/L

A

Abbreviation for “Bill of Lading.”

329
Q

Backhaul

A

To haul a shipment back over part of a route it has traveled.

330
Q

BAF

A

Abbreviation for “Bunker Adjustment Factor.” Used to compensate steamship lines for fluctuating fuel costs. Sometimes called “Fuel Adjustment Factor” or FAF.

331
Q

Bank Guarantee

A

Guarantee issued by a bank to a carrier to be used in lieu of lost or misplaced original negotiable bill of lading.

332
Q

Barratry

A

An act committed by the master or mariners of a vessel, for some unlawful or fraudulent purpose, contrary to their duty to the owners, whereby the latter sustain injury. It may include negligence, if so gross as to evidence fraud.

333
Q

Base Rate

A

A tariff term referring to ocean rate less accessorial charges, or simply the base tariff rate.

334
Q

BCO

A

Abbreviation for “Beneficial Cargo Owner.” Refers to the importer of record, who physically takes possession of cargo at destination and does not act as a third party in the movement of such goods.

335
Q

Beam

A

The width of a ship.

336
Q

Beneficiary

A

– Entity to whom money is payable.
– The entity for whom a letter of credit is issued.
– The seller and the drawer of a draft.

337
Q

Berth Terms

A

Shipped under a rate that does not include the cost of loading or unloading. Shipowner pays for loading and unloading.

338
Q

Bilateral

A

A contract term meaning both parties agree to provide something for the other.

339
Q

Bill of Exchange

A

In the United States, commonly known as a “Draft.” However, bill of exchange is the correct term.

340
Q

Bill of Lading (B/L)

A

A document that establishes the terms of a contract between a shipper and a transportation company. It serves as a document of title, a contract of carriage and a receipt for goods.

341
Q

B/L’s Type

A

refers to the type of B/L being issued. Some examples are: a Memo (ME), Original (OBL), Non–negotiable, Corrected (CBL) or Amended (AM) B/L.

342
Q

Bill of Sale

A

Confirms the transfer of ownership of certain goods to another person in return for money paid or loaned.

343
Q

Bill to Party

A

Customer designated as party paying for services.

344
Q

Billed Weight

A

The weight shown in a waybill and freight bill, i.e, the invoiced weight.

345
Q

Blanket Bond

A

A bond covering a group of persons, articles or properties.

346
Q

Bond Port

A

Port of initial Customs entry of a vessel to any country. Also known as First Port of Call.

347
Q

Bonded Freight

A

Freight moving under a bond to U.S. Customs or to the Internal Revenue Service, to be delivered only under stated conditions.

348
Q

Bow

A

The front of a vessel.

349
Q

Broker

A

A person who arranges for transportation of loads for a percentage of the revenue from the load.

350
Q

Brokerage

A

Freight forwarder/broker compensation as specified by ocean tariff or contract.

351
Q

Bulkhead

A

A partition separating one part of a ship, freight car, aircraft or truck from another part.

352
Q

Bunker Charge

A

An extra charge sometimes added to steamship freight rates; justified by higher fuel costs. Also known as Fuel Adjustment Factor or FAF.

353
Q

CAF

A

Abbreviation for “Currency Adjustment Factor.” A charge, expressed as a percentage of a base rate, that is applied to compensate ocean carriers of currency fluctuations.

354
Q

Capesize Vessel

A

A dry bulk vessel above 80,000dwt or whose beam precludes passage via the Panama Canal and thus forces them to pass around Cape Horn or the Cape of Good Hope.

355
Q

Captain’s Protest

A

A document prepared by the captain of a vessel on arriving at port; shows conditions encountered during voyage, generally for the purpose of relieving ship owner of any loss to cargo and shifting responsibility for reimbursement to the insurance company.

356
Q

Cargo Tonnage

A

Most ocean freight is billed on the basis of weight or measurement tons (W/M). Weight tons can be expressed in short tons of 2000 pounds, long tons of 2240 pounds or metric tons of 1000 kilos (2204.62 pounds). Measurement tons are usually expressed as cargo measurement of 40 cubic feet (1.12 meters) or cubic meters (35.3 cubic feet.)

357
Q

Carrier’s Certificate

A

A certificate required by U.S. Customs to release cargo properly to the correct party.

358
Q

Certificate of Inspection

A

– A document certifying that merchandise (such as perishable goods) was in good condition immediately prior to its shipment.
– The document issued by the U.S. Coast Guard certifying an American
– Flag vessel’s compliance with applicable laws and regulations.

359
Q

Certificate of Origin

A

A certified document showing the origin of goods; used in international commerce.

360
Q

CI

A

Abbreviation for “Cost and Insurance.” A price that includes the cost of the goods, the marine insurance and all transportation charges except the ocean freight to the named point of destination.

361
Q

CIF (Named Port)

A

Abbreviation for “Cost, Insurance, Freight.” (Named Port) Same as C&F or CFR except seller also provides insurance to named destination.

362
Q

CIF&C

A

“Cost, Insurance, Freight.” Price includes commission as well as CIF.

363
Q

CIF&E

A

Abbreviation for “Cost, Insurance, Freight and Exchange.”

364
Q

CIFCI

A

Abbreviation for “Cost, Insurance, Freight, Collection and Interest.”

365
Q

CIFI&E

A

Abbreviation for “Cost, Insurance, Freight, Interest and Exchange.”

366
Q

Claim

A

A demand made upon a transportation line for payment on account of a loss sustained through its alleged negligence.

367
Q

Clean Bill of Lading

A

A receipt for goods issued by a carrier with an indication that the goods were received in “apparent good order and condition,” without damage or other irregularities .If no notation or exception is made, the B/L is assumed to be “cleaned.”

368
Q

COGSA

A

Carriage of Goods by Sea Act. U.S. federal codification passed in 1936 which standardizes carrier’s liability under carrier’s bill of lading. U.S. enactment of The Hague Rules.

369
Q

Cost, Insurance and Freight (CIF)

A

Cost of goods, marine insurance and all transportation (freight) charges are paid to the foreign point of delivery by the seller.

370
Q

Customs of the Port (COP)

A

A phrase often included in charter parties and freight contracts referring to local rules and practices which may impact upon the costs borne by the various parties.

371
Q

Despatch

A

An incentive payment paid by the vessel to the charterer for loading and unloading the cargo faster than agreed. Usually negotiated only in charter parties. Also called “dispatch.”

372
Q

Det Norske Veritas

A

A Norwegian classification society which certifies seagoing vessels for compliance to standardized rules regarding construction and maintenance.

373
Q

Differential

A

An amount added or deducted from base rate to make a rate to or from some other point or via another route.

374
Q

Dockage

A

Refers to the charge assessed against the vessel for berthing at the facility or for morring to a vessel so berthed.

375
Q

Draft

A

– The number of feet that the hull of a ship is beneath the surface of the water.
– An unconditional order in writing, addressed by one party (drawer) to another party (drawee), requiring the drawee to pay at a fixed or determinable future date a specified sum in lawful currency to the order of a specified person.

376
Q

Drawee

A

The individual or firm that issues a draft and thus stands to receive payment.

377
Q

ETA, C, D, R, S

A

– Estimated Time of Arrival, Completion, Departure, Readiness, or Sailing
– Estimated Time of Availability. That time when a tractor/partner carrier is available for dispatch.

378
Q

FMC (F.M.C.)

A

Federal Maritime Commission. The U.S. Governmental regulatory body responsible for administering maritime affairs including the tariff system, freight forwarder licensing, enforcing the conditions of the Shipping Act and approving conference or other carrier agreements.

379
Q

Force Majeure

A

The title of a common clause in contracts, exempting the parties for non–fulfillment of their obligations as a result of conditions beyond their control, such as earthquakes, floods or war.

380
Q

Fore and Aft

A

The direction on a vessel parallel to the center line.

381
Q

Free In and Out (FIO)

A

Cost of loading and unloading a vessel is borne by the charterer/shipper.

382
Q

Free of Particular Average (FPA)

A

A marine insurance term meaning that the assurer will not allow payment for partial loss or damage to cargo shipments except in certain circumstances, such as stranding, sinking, collision or fire.

383
Q

Free on Board (FOB – U.S. Domestic Use)

A

Shipped under a rate that includes costs of delivery to and the loading onto a carrier at a specified point. FOB Vessel: Seller is responsible for goods and preparation of export documentation until actually placed aboard the vessel.

384
Q

Free Out (FO)

A

Cost of unloading a vessel is borne by the charterer.

385
Q

Free Time

A

That amount of time that a carrier’s equipment may be used without incurring additional charges. (See Storage, Demurrage or Per Diem.)

386
Q

Freight

A

Refers to either the cargo carried or the charges assessed for carriage of the cargo.

387
Q

Freight Bill

A

A document issued by the carrier based on the bill of lading and other information; used to account for a shipment operationally, statistically, and financially.An Invoice.

388
Q

Full and Down

A

An expression to describe a loaded vessel carrying cargoes of such a volume and weight that it fills all the vessel’s spaces and also brings her down to her tonnage loadline. A rare but optimum revenue condition for a vessel operator.

389
Q

Hague Rules, The

A

A multilateral maritime treaty adopted in 1921 (at The Hague, Netherlands). Standardizes liability of an international carrier under the Ocean B/L. Establishes a legal “floor” for B/L. See COGSA

390
Q

Hatch

A

The opening in the deck of a vessel; gives access to the cargo hold.

391
Q

Immediate Exportation

A

An entry that allows foreign merchandise arriving at one port to be exported from the same port without the payment of duty.

392
Q

In Bond

A

Cargo moving under Customs control where duty has not yet been paid.

393
Q

Indemnity Bond

A

An agreement to hold a carrier harmless with regard to a liability.

394
Q

Intercoastal

A

Water service between two coasts; in the U.S., this usually refers to water service between the Atlantic and Pacific or Gulf Coasts.

395
Q

Knot

A

One nautical mile (6,076 feet or 1852 meters) per hour. In the days of sail, speed was measured by tossing overboard a log which was secured by a line. Knots were tied into the line at intervals of approximately six feet. The number of knots measured was then compared against time required to travel the distance of 1000 knots in the line.

396
Q

L/C

A

Abbreviation for “Letter of Credit.”

397
Q

Lading

A

Refers to the freight shipped; the contents of a shipment. A document, issued by a bank per instructions by a buyer of goods, authorizing the seller to draw a specified sum of money under specified terms, usually the receipt by the bank of certain documents within a given time. Some of the specific descriptions are:

398
Q

Letter of Indemnity

A

A letter of indemnity is a document which the shipper indemnifies the shipping company against the implications of claims that may arise from the issue of a clean Bill of Lading when the goods were not loaded in accordance with the description in the Bill of Lading.

399
Q

List

A

The amount in degrees that a vessel tilts from the vertical.

400
Q

Lloyds’ Registry

A

An organization maintained for the surveying and classing of ships so that insurance underwriter

401
Q

Manifest

A

Document that lists in detail all the bills of lading issued by a carrier or its agent or master for a specific voyage. A detailed summary of the total cargo of a vessel. Used principally for Customs purposes.

402
Q

Marine Insurance

A

Broadly, insurance covering loss or damage of goods at sea. Marine insurance typically compensates the owner of merchandise for losses sustained from fire, shipwreck, etc., but excludes losses that can be recovered from the carrier.

403
Q

Memorandum Bill of Lading

A

An in–house bill of lading. A duplicate copy.

404
Q

Mile

A

A unit equal to 5,280 feet on land. A nautical mile is 6076.115.

405
Q

NEC/NES/NOS

A

Abbreviation for “Not Elsewhere Classified.”
Abbreviation for “Not Elsewhere Specified.”
Abbreviation for “Not Otherwise Specified.”

406
Q

Negotiable Instruments

A

A document of title (such as a draft, promissory note, check, or bill of lading) transferable from one person to another in good faith for a consideration. Non–negotiable bills of lading are known as “straight consignment.” Negotiable bills are known as “order b/l’s.”

407
Q

Nippon Kaiji Kyokai (NK)

A

A Japanese classification society which certifies seagoing vessels for compliance to standardized rules regarding construction and maintenance.

408
Q

On Board

A

A notation on a bill of lading that cargo has been loaded on board a vessel. Used to satisfy the requirements of a letter of credit, in the absence of an express requirement to the contrary.

409
Q

Original Bill of Lading (OBL)

A

A document which requires proper signatures for consummating carriage of contract. Must be marked as “original” by the issuing carrier.

410
Q

POD

A

Abbreviation for:– Port of Discharge.– Port of Destination.– Proof of Delivery. A document required from the carrier or driver for proper payment.

411
Q

POL

A

Abbreviation for:– Port of Loading.– Petroleum, Oil, and Lubricants.

412
Q

Port

A

– Harbor with piers or docks.
– Left side of a ship when facing forward.
– Opening in a ship’s side for handling freight.

413
Q

Port of Call

A

Port where a ship discharges or receives traffic.

414
Q

Port of Entry

A

Port where cargo is unloaded and enters a country.

415
Q

Port of Exit

A

Place where cargo is loaded and leaves a country.

416
Q

Reconsignment

A

Changing the consignee or destination on a bill of lading while shipment is still in transit. Diversion has substantially the same meaning.

417
Q

RFQ

A

Request for quotation.

418
Q

Roll

A

To re–book cargo to a later vessel.

419
Q

SHEX

A

Saturday and Holidays Excluded.

420
Q

SHINC

A

Saturday and Holidays Included.

421
Q

Ship Chandler

A

An individual or company selling equipment and supplies for ships.

422
Q

Slip

A

A vessel’s berth between two piers.

423
Q

SSHEX

A

Abbreviation for Saturdays, Sundays and Holidays Excepted. Refers to loading and discharging of cargo as agreed to in the charter party. This indicates when time does not count in the calculation of demurrage and despatch.

424
Q

Starboard

A

The right side of a ship when facing the bow.

425
Q

Stern

A

The end of a vessel. Opposite of bow.

426
Q

STC

A

Said to contain.

427
Q

Straight Bill of Lading

A

A non–negotiable bill of lading which states a specific identity to whom the goods should be delivered.

428
Q

STW

A

Said to weigh.

429
Q

Tender

A

The offer of goods for transportation or the offer to place cars or containers for loading or unloading.

430
Q

Tenor

A

Time and date for payment of a draft.

431
Q

Terms of Sale

A

The point at which sellers have fulfilled their obligations so the goods in a legal sense could be said to have been delivered to the buyer. They are shorthand expressions that set out the rights and obligations of each party when it comes to transporting the goods.

432
Q

FOB (Free On Board)

A

An International Term of Sale that means the seller fulfills his or her obligation to deliver when the goods have passed over the ship’s rail at the named port of shipment. This means that the buyer has to bear all costs and risks to loss of or damage to the goods from that point. The FOB term requires the seller to clear the goods for export. (Note: The U.S. Government sometimes uses a made–up term “FOB Destination” to require the seller to take responsibility for delivering the goods at destination rather than the correct Incoterm of DDP.)

433
Q

TBN

A

To Be Nominated (when the name of a ship is still unknown).

434
Q

Through Rate

A

The total rate from the point of origin to final destination.

435
Q

Time Charter

A

A contract for leasing between the ship owners and the lessee. It would state, e.g., the duration of the lease in years or voyages.

436
Q

Turnaround

A

In water transportation, the time it takes between the arrival of a vessel and its departure.

437
Q

Underway

A

A vessel is underway when it is not at anchor, made fast to the shore, or aground.

438
Q

Wharf

A

A structure built on the shore of a harbor extending into deep water so that vessels may lie alongside. See also Dock and Pier.

439
Q

Panama canal

A

Connects the Pacific Ocean to the Caribbean Sea and the Atlantic Ocean. Currently has a limited role in global crude and petroleum product transport. The canals current size restrictions mean that vessels with capacities of roughly 400-550 thousand barrels of light sweet crude can safely pass through the canal. These are referred to as Panamax tankers.

440
Q

Suez cancal

A

Located in Egypt is a major transit route from the Persian Gulf to the Mediterranean and beyond that to North America. The Suez Canal saves an estimated 6,000 miles of travel around the Cape of Good Hope at the southernmost point of Africa. Current limitations are a maximum draft of 66 feet and a width of 164 feet. A ship this size has a DWT of 900,000-1.3 million barrels. Most vessels however, do not transit the canal fully laden but unload into the Suez-Mediterranean (Sumed) Pipeline.

441
Q

Strait of Malacca

A

Is located between Indonesia, Malaysia, and Singapore land links the Indian Ocean to the South China Sea and Pacific Ocean. It is the shortest sea route between the Persian Gulf suppliers and the markets of Asia. Vessels are limited to a draft of 82 feet. This is roughtly equal to a VLCC.

shipping (3 decks)

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