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Shipping Terminology & Definitions
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Afloat Cargoes on board vessel en route to destination.

Ara Antwerp/Rotterdam/Amsterdam.

Arbitration Out of court settlement of points of controversy by one or more professional men appointed by the two parties.

Ballast A term to describe a vessel sailing without cargo, but taking water into her tanks to give stability.

Bends Short for both ends. Used when any loading and discharging term for a vessel is the same for both loading and discharging: e.g. 6,000 mt per WWD SHINC BENDS.

Bill of lading (b/l) A receipt for goods shipped on board a vessel´┐Żsigned by master or his agent; subsequent possession of this document gives the ownership of the cargo described to the holder.

Bunkers Refers to the fuel used by the vessel.

Capesize A vessel of about 120,000 dwt.

Cfr Cost and freight. A C & F price includes the cost of the cargo and the freight.

CFR Cost and freight. A C & F price includes the cost of the cargo and the freight.

CIF Cost, insurance and freight. A CIF price includes the cost of the cargo, its insurance and freight.

Dwt Deadweight tons. The weight which a vessel is capable of carrying by way of cargo, plus bunkers, stores and fresh water, when loading to maximum permitted marks. This is measured in tons of 2,240 lbs.

Demurrage An agreed daily amount of money payable to owner by charterer as a penalty if vessel takes more than the laytime for loading or discharging.

Despatch The opposite of demurrage, an amount payable by owner to charterer for loading or discharging a vessel more quickly than the laytime. Traditionally half the demurrage rate.

Draught The depth to which a floating vessel is submerged. When a figure is quoted in a vessel's description this refers to her being fully loaded including stores and water.

ETA Estimated time of arrival.

ETR  Estimated time of readiness.

FOB  Free on board. An FOB price does not include insurance and freight.

Force Majeure Circumstances beyond reasonable control. Not a term of art in English law.

Gearless The vessel has little or no means aboard for loading and discharging cargo.

Handysize A vessel of about 45,000 dwt.

Knot Measure of speed, being one nautical mile of 6,080 feet (1.853Kms) traversed in one hour.

Laid up A vessel being moored through lack of employment usually without full crew and with engine sealed.

Laydays A specific period in days during which the ship must arrive and be ready for loading.

Lay time The time available for loading or discharging a vessel's cargo without incurring demurrage.

LOA Length overall.

LWT Lightweight tons. This is the weight of steel in a ship and is usually given when a ship is sold for scrap when the price is given in dollars per lightweight ton.

NOR Notice of readiness. This is tendered by the vessel to the receiver's agent (usually in office hours) to indicate that it is ready to load or discharge. The time of tender is the start of turn time.

OBO Ore/bulk/oil carrier.

Panamax A vessel of about 65,000 dwt.

Running days Days of 24 consecutive hours including holidays, Saturdays, Sundays, unless excepted, i.e. a vessel is told she will be loaded in 4 running days, whether or not she is worked upon; alternative is say 4 WWD SHEX - 4 weather (permitting) working days Sundays and holidays excepted.

Spot Term for a ship available for charter in the immediate vicinity of a charterer's requirement for tonnage and similarly for a cargo immediately available.

Satshex  Saturdays, Sundays and holidays excluded

SHEX Sundays and holidays excluded. This term usually follows a loading or discharging per day figure.

SHINC Sundays and holidays included.

Stevedore In reality the contractor who employs labourers to load/discharge vessels. These labourers are often wrongly called stevedores.

Timecharter Charter arranged for a fixed period. Payment is either per day or per deadweight ton per month, but it excludes voyage costs. The charterer has the use of the vessel with the shipowner supplying the crew and provisions.

Trimmed The trimming of a cargo is when it is levelled off after loading.

Trip timecharter Charter arranged for a single voyage, often with destination loosely described, e.g. Spanish Mediterranean, but redelivery point specified, e.g. pass Gibraltar. Payment calculated as per timecharter.

TT Turn time. Quoted in hours, being the time between the tendering of notice of readiness (NOR) and lay time commencing.

ULCC Ultra large crude carrier. Generally means a crude oil tanker of 350,000 dwt or above.

VLCC Very large crude carrier. Crude oil tankers of about 175,000 dwt up to 350,000 dwt.

Voyage Charter Charter arranged for a single voyage with agreed loading and discharging ports. Payment is per metric ton of cargo loaded and includes all voyage costs.

WWD Weather working days. This is usually qualified by SHEX or SHINC and means the exclusion of time lost through bad weather.

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