Ballast -
(a) the material (usually water in ballast tanks) used to stabilise II vessel when
panially loaded or empty.
(b) 111 Ballast -term to describe vessel sailing empty to next loading pon. BFI -
Baltic Freight Index - an index reflecting a composite number of routes, issued on a
daily basis
BIFFEX -
Baltic International Freight Futures Exchange - exchange on which freight future
contracts are traded and the BFI (qv) is pub)ished.
Bill or Ladlog (H/L) -
Document serving three functions:
(1) receipt for cargo prepared by the shipper and signed by the carrier
(2) 'document of title' to the cargo ie proof or ownership; and
(3) provides evidence of terms and conditions of the contract of carriage of cargo by sea.
Brokerage-
The remuneration for brokers' time and effon in negotiating the Chaner Pany (qv); expressed
as a % of freight or hire payment received by shipowner.
Bunkers -
Term for fuel used by a vessel.
Buoker Clause -
Time Chaners (qv) stipulate that chanerer accepts & pays for all fuel on the
vessel at pon of delivery; on redelivery owner shall pay for any fuel remaining on board,
Bunker Escalatloo I De-escalation
Clause -
In a COA (qv) it is sometimes usual to link freight rate to market price of bunkers
at time of fixing, in order to adjust freight rate in line with bunker price movements at
time of each shipment .
C & F I CFR -
Cost and Freight -method of selling cargo where seller pays for loading costs and
ocean freight
Capesizc -
A ship of about 100-200,000 DWT, (A vessel which is too large to transit the Panama Canal
and thus has to sail via Cape of Good Hope from Pacific to Atlantic and vice versa.)
Charter Party -
Document containing details of the fixture of the chanered vessel. Standard form chaner
panies for various trades are normally used, but some chanerers use private forms.
CIF (Cost lnsurance and
Freight) -
Method or selling cargo where. seller pays for loadina costs. ocean freight and insurance.
COA - (Contract of Affreightment)
-
A Charter Party (qv) covering more than one voyage.
Deadfreight -
Freight payable on cargo space booked but not actually used.
Drmurrage -
Financial compensation paid by charterer to the vessel for delays after the lay time (qv)
has expired at the load I discharge port.
Despatch -
Financial reward paid by the owner to the charterer if the load I discharge
operations are completed in advance or expiry or lay time (qv). Usually paid at
half the demurrage rate (qv).
Draught -
Vertical distance between the waterline and the keel. Figures quoted refer to a
fully-laden vessel.
Draught Survey -
Survey undertaken at the load I discharge port to determine by means of draught
measurement how much cargo is on board.
DWT -
Deadweight Tons -deadweight capacity of vessel comprising cargo, bunker fuel, fresh
water, stores etc.
DWCC - (Deadweight
Cargo Capacity) The portion or the deadweight available for the carriage or the cargo.
ETA Estimated Time of
Arrival (of vessel).
ETD Estimated Time of/
Departure (of vessel) .
ETR Estimated Time 0f
Readiness.
FIO (Free in and
Out) - Confers the responsibility to the charterers (shippers I receivers) to
arrange the stevedores and to load/discharge the cargo on their own account ie free of
expense to vessel owners. who are still accountable for port charges (qv).
FIOST
(Free In and Out Stowed and Trimmed - as for FIO (qv- see Shipping Facts
Card I), but also including sto\ving and trimming free of expense to vessel owner.
FOB -
Free On Board - method of selling cargo excluding ocean freight and insurance, but
including loading costs.
FOBT -
Free On Board Trimmed - as for FOB (qv), but including trimming (qv) of
cargo after loading.
Force Majeure -
circumstances beyond reasonable control of tile party / parties.
Free Pratique -
clean bill of health for ship and crew |
Gearless -
a ship without means on board for the loading / unloading of cargo. Freight -
the money paid on a Voyage Charter (qv) by the charterer to the owner.
Handysize -
inexact tcrm, but normally taken to mean a vessel of about 20 - 35,000 DWT
Handymax -
inexact term, but normally taken to mcan a vessel of about 40 - 48,000 DWT.
Hire -
money paid on a Time Charter (qv) by the charterer to the owner
Laycan -
Laydays & Cancelling Date - the earliest and latest dales on which Ihe
vessel must be ready to load at the port or be delivered to the time charterer.
Laydays -
specific time period (days) during which the vessel must arrive at the loading port ready
for loading
Lay time -
time allowed for the vessel's cargo to be loaded / discharged without incurring demurrage (qv).
LOA -
Length Overall - total length of vessel aft to fore
Mate's Receipt -
document signed by Chief Officer acknowledging receipt of cargo on board a vessel.
MOLOO -
More Or Less in Owner's Option (tonnage caveat).
NOR -
Notice of Readiness -notice given by ship that it is ready 10 load/discharge its cargo.
OBO -
Ore I Bulk I Oil multi-purpose carrier.
Outreach -
total distance that a port'. loading/ discharging equipmcnt can reach out over a vessel.
Panamax -
vessel of about 60 - 75,000 DWT (Technically the maximmn size vessel that can
transit the Panama Canal-restriction of of 122 M beam)
Port Costs / Disbursements -
charges normally paid by shipowner to the port authorities for use of port facilities.
SATSHEX -
Salurday, Sundays & Holidays Excluded.
SB -
Safe Berth - a berth which the vessel can reach and depart from without being
exposed to danger that is unavoidable by good seamanship. It is the responsibility of the
charterer to provide this.
ISHINC -
Sundays & Holidays Included.
SHEX -
Sundays & Holidays Excluded.
SP -
Safe Port - as Safe Berth (qv) except relates 10 port.
Spot -
term for suitably sized vessel readily available for short-term i charter, usually in
vicinity of charterer's requirement.
Stevedore -
company engaged in providing loading / discharging services for vessels.
SWAD -
Salt Water Arrival Draft.
Time Charter -
fixture whereby charterer hires vessel for a specified period; payment made on a daily
basis and includes fuel used, port costs etc.
Trimmed -
when vesseI is stabilised by
(a) levelling off cargo within each hold, and
(b) stowing cargo throughout ship so that fore and aft drafts are practically the same.
Trip Time Charter -
fixture whereby charlerer hires vessel for single voyage or round trip; terms and
conditions similar to Time Charter (qv).
Turn Time (TT) -
lime allowed in the charter party, after NOR (qv) tendered and before laytime (qv)
commences Usually quoted in hours.
Voyage Charter -
fixture whereby the charterer pays a rate per ton loaded or on a lump sum basis.
WWD -
Weather Working Days - working days in which it is possible to load I discharge
cargo without the interference of weather. |
