- ADR American Depository Receipt. The exchange system for trading of foreign shares in the USA.
- Aframax American Freight Rate Association. Term for a tanker of approximately 80,000 - 119,000 dwt.
- Ballast A voyage with no cargo on board to get a ship in position for the next loading port or docking. A ballast tank is a tank that is filled with seawater when a vessel is in ballast, in order to ensure stability.
- Ballast ratio Time at sea without cargo as a percentage of total time.
- Bareboat (b/b) The hiring or leasing of a vessel from one company to another (the charterer), which in turn provides crew, bunkers, stores etc. and pays all operating costs.
- Bulk Unpackaged solid cargo such as coal, ore and grain
- Bunkers The ship's fuel.
- Buoy loader Tanker specially equipped for loading at sea via buoys.
- CAPCondition Assesment Program. Det Norske Veritas' (DNV) voluntary rating system for vessels describing and quantifying the standards of a vessel.
- CapesizeDry cargo carrier of 80,000 dwt or larger.
- Charter-partyTransport contract between shipowner and shipper of goods.
- ChartererCargo owner or another person/company who hires a ship.
- COAContract of Affreightment - quantity contract. An agreement between shipowner and shipper concerning the freight of a defined amount of cargo. The shipowner chooses the ship.
- COFRCertificate of Financial Responsibility. Certificate required by the US Coast Guard for tonnage transporting oil products in the US economic zone (due to OPA90), to confirm the owner's financial responsibility up to a specified amount for pollution caused in US waters.
- Combination carrierShip capable of carrying different types of cargo, thereby achieving a more uniform flow of shipments. Typically termed OBO, an abbreviation for oil, bulk, ore, which means that the vessel is designed for cargoes of these and other bulk products.
- Crude (oil)Unrefined oil directly from the reservoir
- Daily operating costsThe costs of a vessel's technical operation, crewing and insurance (ex.costs of financing).
- DemurrageMoney paid to shipowner by charterer, shipper or receiver for failing to complete loading/discharging within time allowed according to charter-party.
- DispatchRemuneration payable by shipowner to charterer, shipper or receiver for loading/discharging in less than the time allowed according to the charter-party.
- Dry cargo carrierA ship carrying general or bulk cargo.
- Dry dockingTo put a vessel into a dry dock for inspection, repair and maintenance. Normally done on regular basis.
- Dwt (deadweight ton)A measure expressed in metric tons (1,000 kg) or long tons (1,016 kg) of a ship's carrying capacity, including bunker oil, fresh water, crew and provisions.
This is the most important commercial measure of the capacity.
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- FFA Freight Futures Agreement - Agreement where a future freight voyage is agreed upon and paid for today.
- Fixture Process of selecting and securing a vessel for use.
- Flag Flag of the country where a ship is registered.
- Freight rate The agreed freight charge calculated by metric tons of cargo or deadweight ton pr month (See Worldscale).
- GRT Gross Registered Tonnage - The total internal capacity of a ship.
- Handysize Tanker A product tanker that ranges in size between 27,000 and 39,999 deadweight tonnes.
- Heavy Crude Crude oil that is more difficult to pump and process due to a higher viscosity.
- IMO International Maritime Organization - A United Nations organization that seeks to improve the safety of international marine transportation and prevent marine pollution.
- ISM Code Provides an international standard for the safe management and operation of ships and for pollution prevention. This is a regulatory requirement for shipping companies.
- ISO International Standards Organization.
- ISO 14001 Provides standards on how to manage a company''s activities in a way that minimizes harm to the environment.
- ISO 9001 Provides standards any company can use to deliver good quality products or services
- Keel Longitudinal girder at lowest point of a ship, from which the framework is built up. The keel provides ship with stability and structural integrity.
- Knot A measure of the speed of the vessel.
1 knot = 1 nautical mile per hour, that is 1,85 km/h.
- Lifting Process of loading cargo for transport.
- Lightering Unloading of cargo from deep draft vessels into smaller vessels that are able to enter shallower ports.
- LNG Liquefied Natural Gas is natural gas that has been cooled to - 260°F ( - 163°C), which liquefies it for safer, easier transport.
- LOA Length Overall - The distance between most forward point of a vessel''s hull to its most aft.
- LPG Liquefied Petroleum Gas Substances, produced in the oil refining process or in conjunction with natural gas processing, and containing butane and propane, liquefied for transport.
- Manifold Area of a tanker featuring pipes and valves for intake and offloading of cargo.
- MARPOL Marine Pollution Act - An international convention concerning the prevention of pollution from ships. MARPOL is administered by the International Maritime Organization.
- Master An officer qualified to command a ship. Usually refers to the Captain.
- MR Medium Range Tanker - Product tanker ranging in size from 40,000 to 54,999 deadweight tonnes. Main trade routes are from the Singapore region to Japan, Caribbean to the US, cross Mediterranean and U.K. Continent, and Northwest Europe to the United States.
- Net revenue/Time charter (t/c) equivalent Gross freight income less voyage costs (bunker costs, port duties etc.).
- NRT Net Registered Tonnage - Amount of space on a ship available for cargo.
- OBO Oil/Bulk/Ore carrier (see Combination carrier).
- Oil-Tanker Ship carrying crude oil or refined products.
If a ship is equipped to carry several types of cargo simultaneously the ship is called a Parcel Tanker.
A Shuttle Tanker is a tanker carrying oil from offshore fields to terminals.
An oil tanker especially built for the transportation of refined oil products, often with inside painted/coated tanks, is called a Product Tanker.
- OPA-90 The US Oil Pollution Act of 1990.
Federal law imposing regulations on shipowners trading in US waters.
- Panamax size Ship between 55,000 dwt and 80,000 dwt, the largest ship capable of navigating in the Panama Canal.
- Pilotage Process of piloting a ship.
- Port Left side of a ship as perceived when facing toward the front (bow). Also refers to a shore facility where ships dock to be loaded and unloaded.
- Post-Fixture Operations Voyage planning operations that take place after a voyage has been contracted, or "fixed".
- Product tanker Tanker that carries refined oil products.
- Refining Processing and manufacturing of petroleum products out of crude oil and other hydrocarbons. Refining begins with simple distillation, and then additional processes are done to minimize the production of heavier/lower value products, such as residual fuel oil, in favor of lighter/higher value products such as gasoline.
- Regasification Process that occurs after LNG has been shipped and transferred to a storage tank. It is then warmed to convert it back into natural gas for distribution via pressurized pipeline to residential, commercial and industrial users.
- Ship Management The technical administration of a ship, including services like technical operation, maintenance, repair, crewing and insurance.
- Shipbroker A person/company who on behalf of shipowner/shipper negotiates a deal for the transportation of cargo at an agreed price. Shipbrokers are also active when shipping companies negotiate the purchasing and selling of ships, both second-hand tonnage and newbuilding contracts.
- SOLAS Safety Of Life At Sea - Passed in 1914 after sinking of the Titanic, SOLAS is an international convention that sets out rules and regulations to ensure ships are safe.
- Spot market Short term contracts, normally not longer than three months in duration.
- Starboard Right side of a ship as perceived when facing toward the front.
- Suezmax Tanker between 120,000 dwt and 180,000 dwt.
- SWL Safe Working Load - Safety factor assigned to a load-bearing tool (wire, rope, crane, etc.) below its breaking strain to ensure safety of operation.
- Time charter (t/c) An arrangement whereby a shipowner places a crewed ship at a charterer's disposal for a certain period.
Freight is customarily paid in advance.
The charterer also pays for bunker charges, port duties etc.
- Ton 1,000 kilos (metric ton = 2,204 lb).
- Tonnage Cubic capacity of a ship.
- Towage Act of towing a ship.
- ULCC Ultra Large Crude Carrier.
Tanker of 320,000+ dwt.
- Vetting Process whereby a ship is assessed for acceptance or accreditation by a customer or other interested parties to ensure that the ship meets their safety, quality and environmental requirements.
- VLCC Very Large Crude Carrier.
Tanker between 200,000 and 320,000 dwt.
- Voyage charter The transportation of cargo from port(s) of loading to port(s) of discharge.
Payment is normally per ton of cargo, and the ship owner pays for bunker, port and canal charges etc.
- Voyage costs Costs directly related to a specific voyage (eg. bunker).
- Worldscale (Ws) International freight index for tankers.
A method of calculation of payment for the transport of oil by ships, for a single or several consecutive voyages.
Worldscale is a table giving the amount of USD pr ton oil for a number of standard routes. The rates listed in the table - so called flat rates termed W100 - are revised annually.
- Yard Shipyard at which vessels are built.