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Address commissions: The commission payable to a charterer usually expressed as a percentage of the charter rate.

Annual survey: The inspection of a vessel by a classification society surveyor, on behalf of a flag state, that takes place every year.


Beam: The width at the widest point, or a point alongside a ship at the midpoint of its length.

Brokerage commissions: The commissions payable to a ship broker usually expressed as a percentage of the charter rate.

Bulk carriers: vessels which are specially designed and built to carry large volumes of cargo in bulk form.

Bunkers: Heavy fuel oil and diesel oil used to power a vessel's engines.


Capesize: A dry bulk carrier vessel in excess of 100,000 dwt.

Charter: The hire of a vessel for a specified period of time or to carry a cargo for a fixed fee from a loading port to a discharging port.

Charter rate: A sum of money paid to the vessel owner by a charterer under a time charterparty for the use of a vessel, usually expressed on a per day basis.

Charterer: The individual or company hiring a vessel.

Charterparty: The contract for a charter.

Classification society: An independent organisation that certifies that a vessel has been built and maintained in accordance with the rules of such organization and complies with the applicable rules and regulations of such vessel's country of registry and the international conventions to which that country is subject.

Commercial management: The management of the employment, or chartering, of a vessel and associated functions, including seeking and negotiating employment for vessels, billing and collecting revenues the year on year growth rate over a multiple-year period. The formula for calculating CAGR is (current value/base value)^ (1/number of years) -1.

Contracts of affreightment: This is an arrangement under which the vessel owner and charterer agree terms for the carriage of a designated volume of a given commodity on a specified route, with such shipments being carried out on a regular basis. The total volumes of cargo to be carried may require the vessel owner to use several different ships to fulfil such.

Compound annual growth rate or CAGR: A charter. Hence, the agreement does not normally specifically identify the tonnage that will be used to fulfil its terms, but will tend to define general requirements (e.g. maximum permissible age). Under the terms of a contract of affreightment, freight is normally paid on an agreed US$ per tonne basis, with the vessel owner then meeting all voyage, operating and capital costs incurred in the execution of such a charter.


Dwt: Aeadweight tonne, a unit of a vessel's capacity for cargo, fuel oil, stores and crew, measured in metric tonnes of 1,000 kilogrammes; a vessel's dwt or total deadweight is the total weight the vessel can carry when loaded up to her summer draft.

Derrick: A simple crane that is typically used for moving cargo onto or from a ship.

DPA: Designated person ashore.

Draft: Vertical distance between the waterline and the bottom of the vessel's keel.

Dry bulk: Non-liquid cargoes of commodities shipped in an unpackaged state.

Dry docking: The removal of a vessel from the water for inspection and/or repair of its submerged parts.



Freight: A sum of money paid to a vessel owner by a charterer for performing a voyage charter expressed either per tonne or as a lump sum.


Geared vessel: A vessel that has cargo-handling cranes and derricks installed on its main deck for loading and discharging cargo to serve ports without suitable lifting equipment, geared vessels are mainly in the handysize and handymax sizes.


Handymax: a dry bulk carrier vessel of approximately 30,000 to 59,999 dwt.

Handysize: A dry bulk carrier vessel of approximately 10,000 to 29,999 dwt.

Hull: The shell or body of a vessel.

Hull and machinery insurance: A physical damage insurance policy designed to cover physical loss or damage arising from a marine peril.


IISI: International Iron and Steel Institute.

Intermediate survey: The inspection of a vessel by a classification society surveyor which takes place between two and three years before and after each special survey for such vessel pursuant to the rules of international conventions and of the relevant classification society.

IMO: International Maritime Organisation, a United Nations agency that issues international trade standards for shipping.

ISM Code: the International Management Code for the Safe Operation of Ships and for Pollution Prevention, as adopted by the IMO, which among other things, requests vessel owners to obtain a safety management certification for each vessel they manage.




Long-term time charter: A time charter that lasts more than 12 months.


MARPOL Annex VI: The annex relating to air pollution in the International Convention for the Prevention of Pollution From Ships, 1973.


Newbuilding: A new vessel under construction.


OPA: Tthe United States Oil Pollution Act of 1990 (as amended). Off-hire: the period a vessel is unable to perform the services for which it is required under a time charter. Off-hire periods typically include days spent undergoing repairs and dry docking whether scheduled or not scheduled.

Operating cost: Tthe cost of operating a vessel that is incurred during a charter, primarily consisting of crewing costs, insurance premiums, spare parts and repair and maintenance costs.

Orderbook: A reference to currently placed orders for the construction of vessels.


Panamax: A vessel of approximately 60,000 to 99,999 dwt with a maximum length, beam and draft capable of passing fully loaded through the Panama Canal (maximum beam 32.2 metres).

Period charter: See time charter insurance obtained through a mutual association formed by shipowners to provide liability insurance protection from large financial loss to one member through contributions towards that loss by all members.




Safety of Life at Sea Convention: The International Convention for the Safety of Life at Sea of 1974, as amended, adopted under the auspices of the IMO.

Scrapping: The disposal of old or damaged vessel tonnage by way of sale as scrap metal.

Short-term time charter: A time charter which lasts less than 12 months

Sister ships: Vessels of the same specification that were built by the same shipyard.

Special survey: The inspection of a vessel by a classification society surveyor that takes place every five years.

Spot charter: The immediate chartering of a vessel usually for single voyages.

Spot marke: The market for spot charters.

Strict liability: Tliability that is imposed without regard to fault.

Supramax: A new class of handymax dry bulk carrier of approximately 50,000 to 59,999 dwt.


TCE: Time charter equivalent, a standard industry measure of the average daily revenue performance of a vessel. The TCE rate achieved on a given voyage is expressed in US$/day and is generally calculated by subtracting voyage expenses, including bunkers and port charges, from voyage revenue and dividing the net amount (time charter equivalent revenues) by the round-trip voyage duration "protection and indemnity insurance".

Technical management: The management of the operation of a vessel, including physically maintaining the vessel, maintaining necessary certifications, supervising and arranging repairs and supplying necessary stores, spares, and lubricating oils, responsibilities also generally include selecting, engaging and training crew, and arranging necessary insurance coverage.

Time charter: A contract for the hire of a vessel under which the vessel owner is paid a charter rate on a per day basis for a certain period of time, the vessel owner being responsible for providing the crew and paying operating costs while the charterer is responsible for paying the voyage costs (including bunkers) and the charterer being responsible for any delays at port or during the voyage, save for certain exceptions such as loss of time arising from vessel breakdown and routine maintenance.

Time charter days: The number of days of a time charter.

Tonne: 1,000 kilogrammes.

Tonne mile: Calculated by multiplying the volume of cargo moved on each route by the distance of the voyage.



Voyage charter: A contract for the hire of a vessel under which the vessel owner is paid freight on the basis of moving cargo from a loading port to a discharge port, the vessel owner being responsible for paying both operating costs and voyage costs and the charterer being typically responsible for any delay at the loading or discharging ports.

Voyage costs:
Expenses incurred due to a vessel travelling to a destination such as fuel costs, port and canal fees, and commissions "war risk insurances" a type of insurance which covers damage due to acts of war, including invasion, insurrection, rebellion and hijacking. Some policies also cover damage due to weapons of mass destruction.


Weighted average age: Average age of a fleet of vessels given by the sum of the individual age of each vessel in the fleet weighted by that vessel's dwt in proportion to the dwt of the whole fleet. The formula for calculating weighted average age is the sum of (age of vessel multiplied by dwt of vessel divided by dwt of fleet).





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