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Annual Survey -The inspection of a vessel by a classification society, on behalf of a flag state, that takes place every year.
Baltic Dry Index or BDI - The BDI is published every London working day by the Baltic Exchange, which collates information for Handysize, Supramax, Panamax and Capesize vessels to create this lead freight market indicator.
Ballast - The period of time during which a ship performs a voyage without cargo on board
Baltic Handysize Spot Index - The BHSI is published every London working day by the Baltic Exchange, which has collated information on fixtures for a number of routes in relation to a standard “28,000 dwt” vessel with 4 x 30 mt cranes and maximum 15 years of age. The index is also published on the basis of a Time Charter return, and is used to determine the value of the trading routes and settlement prices for FFAs
Bareboat Charter - Also known as "demise charter". Contract or hire of a ship under which the shipowner is usually paid a fixed amount of charter hire rate for a certain period of time during which the charterer is responsible for the operating costs and voyage costs of the vessel as well as arranging for crewing.
Bulk Carriers - Vessels which are specially designed and built to carry large volumes of cargo in bulk cargo form.
Bunkers - Heavy fuel oil used to power a vessel's engines.
Capesize - A dry bulk carrier in excess of 150,000 dwt. The Capesize sector is focused on long haul iron ore and coal trade routes. Due to the size of the vessels there are only a comparatively small number of ports around the world with the infrastructure to accommodate them.
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. The contract for a charter is called a charterparty.
Charterer - The individual or company hiring a vessel.
Charter Hire Rate - A sum of money paid to the vessel owner by a charterer under a time charterparty for the use of a vessel; the revenue earned by a vessel pursuant to a Bareboat Charter or a Time Charter (See “freight” for Voyage Charter or Contract of Affreightment revenue)
Classification Society - An independent organization which 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 the country of such vessel and the international conventions of which that country is a member.
Contract of Affreightment or CofA - Relates to the carriage of multiple cargoes over the same route and enables the COA holder to nominate different ships to perform the individual sailings. Essentially it constitutes a number of voyage charters to carry a specified amount of cargo during the term of the COA, which usually spans a number of years. All of the ship's operating, voyage and capital costs are borne by the ship owner. The freight rate normally is agreed on a per cargo-ton basis.
Deadweight Ton-"dwt" - A unit of a vessel's capacity for cargo, fuel oil, stores and crew, measured in metric tons of 1,000 kilograms. A vessel's DWT or total deadweight is the total weight the vessel can carry when loaded to a particular load line.
Demurrage - An agreed amount payable to the ship owner by the Charterer when the agreed time allowed for loading or unloading cargo has been exceeded through no fault of the owner
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.
Drydocking - The removal of a vessel from the water for inspection and/or repair of submerged parts.
Flag State - The country where the vessel is registered
Forward Freight Agreements or FFAs - A derivative instrument that is a means of hedging exposure to freight market risk through the purchase or sale of specified time charter rates for forward positions. Settlement is in cash, against a daily market index published by the Baltic Exchange
Gross Ton - Unit of 100 cubic feet or 2.831 cubic meters used in arriving at the calculation of gross tonnage.
Handymax - A dry bulk carrier of approximately 35,000 to 60,000 dwt.
Handysize - Bulk carriers with a cargo-carrying capability (referred to as the Deadweight tonnage or DWT) of less than 60,000 metric tonnes. The Handysize class of vessels are segregated into Supramax (50,000 to 60,000 DWT), Handymax (40,000 to 50,000 DWT), and Handy (<40,000 DWT.) Handysize vessels typically trade in the minor bulk cargoes, often in parcel size where individual cargo holds may have a different commodity.
Hull - The shell or body of a vessel.
International Maritime Organization-"IMO" - A United Nations agency that issues international trade standards for shipping.
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 classification societies.
ISM Code - The International Management Code for the Safe Operation of Ships and for Pollution Prevention, as adopted by the IMO.
Laycan or L/C - Period during which the shipowner may tender notice of readiness to the charterer that the ship has arrived at the port of loading and is ready to load. The period is expressed as two dates. The charterer is not obliged to commence loading until the first of these dates if the ship arrives earlier and may have the option of canceling the charter if the ship arrives after the second of the dates, known as the canceling date.
LWONT - Low water ordinary neap tides.
LWOST - Low water ordinary spring tides.
Metric Ton - A metric ton of 1,000 kilograms.
Minor Bulk Cargoes - Dry bulk cargoes such as forest products, iron and steel products, fertilisers, agricultural products, minerals and petcoke, bauxite and alumina, cement, other construction materials and salt
Newbuilding - A newly constructed vessel; a vessel under construction or on order.
OPA - The United States Oil Pollution Act of 1990 (as amended).
Orderbook - A reference to currently placed orders for the construction of vessels (e.g., the Panamax orderbook).
Panamax - A dry bulk carrier of approximately 60,000 to 80,000 dwt of maximum length, depth and draft capable of passing fully loaded through the Panama Canal .
Protection and Indemnity Insurance - Insurance coverage taken by a ship owner or Charterer against third party liabilities such as oil pollution, cargo damage, crew injury or loss of life, etc. 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.
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 approximately 12 months.
Sister Ships - Vessels of the same class and specification which were built by the same shipyard.
SOLAS - The International Convention for the Safety of Life at Sea 1974, as amended, adopted under the auspices of the IMO.
Special Survey - The inspection of a vessel by a classification society surveyor which takes place a minimum of every four years and a maximum of every five years.
Spot Market - The market for immediate chartering of a vessel usually for single voyages.
Supramax - Dry bulk carrier within the Handymax sector, of about 50,000 to 65,000 dwt, which is usually grab fitted and carries a wide variety of cargoes including Major Bulk and Minor Bulk cargoes
Strict Liability - Liability that is imposed without regard to fault.
Technical Management - Management of those aspects of ship owning and operation that relate to the physical operation of a vessel, including the provision of crew, routine maintenance, repairs, drydocking, supplies of stores and spares, compliance with all applicable international regulations, safety and quality management, environmental protection, newbuilding plan approval and newbuilding supervision, and related technical and financial reporting
Time Charter - Contract for hire of a ship. A charter under which the ship-owner is paid charter hire rate on a per day basis for a certain period of time, the shipowner being responsible for providing the crew and paying operating costs while the charterer is responsible for paying the voyage costs. Any delays at port or during the voyages are the responsibility of the charterer, save for certain specific exceptions such as loss of time arising from vessel breakdown and routine maintenance.
Ton - A metric ton of 1,000 kilograms.
Ton-Miles - The extent to which increases in drybulk trade have affected demand for drybulk carriers is reflected in estimates of ton-mile demand. Ton-mile demand is calculated by multiplying the volume of cargo moved on each route by the distance of the voyage.
Weighted Average Age - The weighted average age of a fleet is the sum of the age of each vessel in the fleet in each year from its delivery from the builder, weighted by the vessel's dwt in proportion to the total dwt of the fleet for each respective year.
Vessel Operating Costs -These consist of crew expenses, insurance, spare parts, stores and lubricating oils, vessel repairs and surveys, commissions and other miscellaneous running costs
Voyage Charter - Contract for hire of a vessel under which a shipowner is paid freight on the basis of moving cargo from a loading port to a discharge port. The shipowner is responsible for paying both operating costs and voyage costs. The charterer is typically responsible for any delay at the loading or discharging ports.