Shipping Terms Glossary

ARA - Antwerp/Rotterdam/Amsterdam. Major coal importing ports in northwest Europe.

Ballast - (a) the material (usually water in ballast tanks) used to stabilise a essel when partially loaded or
empty! (b) "n #allast - term to describe essel sailing empty to ne$t loading port.
BENDS - %bbreiation &or 'both ends'. (sed when any loading and discharging term &or a essel is the same &or
both loading and discharging operations.
BFI - Baltic Freight Index - an inde$ re&lecting a composite number o& routes! issued on a daily basis.
BIFFEX - Baltic International Freight Futures Exchange -e$change on which &reight &uture contracts are traded
and the #)" is published.
Bill of Lading (B/L) - *ocument sering three &unctions+ (,) receipt &or cargo prepared by the shipper and
signed by the carrier- (.) 'document o& title' to the cargo i.e. proo& o& ownership- and (/) proides eidence o&
terms and conditions o& the contract o& carriage o& cargo by sea.
Brokerage - the remuneration &or brokers' time and e&&ort in negotiating the 0harter 1arty (qv)- e$pressed as a
2 o& &reight or hire payment receied by shipowner.
Bunkers - term &or &uel used by a essel.
Bunker Clause - Time 0harters stipulate that charterer accepts 3 pays &or all &uel on the essel at port o&
deliery- on redeliery owner shall pay &or any &uel remaining on board.
Bunker Escalation / Deescalation Clause - in a 04% it is sometimes usual to link &reight rate to market price
o& bunkers at time o& &i$ing! in order to adjust &reight rate in line with bunker price moements at time o& each
shipment.
C ! F / CFR - ost and Freight - method o& selling cargo where seller pays &or loading costs and ocean &reight.
Ca"esi#e - a ship o& about 56!666 *7T. (% essel which is too large to transit the 1anama 0anal and thus has
to sail ia 0ape o& Good 8ope &rom 1aci&ic to %tlantic and ice ersa.)
C$arter %art& - document containing details o& the &i$ture o& the chartered essel. Standard &orm charter parties
&or arious trades are normally used! but some charterers use priate &orms.
CIF - ost! Insurance and Freight - method o& selling cargo where seller pays &or loading costs! ocean &reight
and insurance.
C'A - 0ontract o& %&&reightment - a 0harter 1arty coering more than one oyage.
Deadfreig$t - &reight payable on cargo space booked but not actually used.
De(urrage - &inancial compensation paid by charterer to the essel &or delays a&ter the laytime has e$pired at
the load9discharge port.
Des"atc$ - &inancial reward paid by the owner to the charterer i& the load 9 discharge operations are completed
in adance o& e$piry o& laytime. (sually paid at hal& the demurrage rate.
Draug$t - ertical distance between the waterline and the keel. )igures :uoted re&er to a &ully-laden essel.
Draug$t Sur)e& - surey undertaken at the load9 discharge port to determine by means o& draught
measurement how much cargo is on board.
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D*+ - "eadweight #onnes - deadweight capacity o& essel comprising cargo! bunker &uel! &resh water! stores
etc.
D*CC - "eadweight argo apacit$ - the portion o& the deadweight aailable &or the carriage o& the cargo.
E+A - Estimated #ime o% Arrival (o& essel).
E+D - Estimated #ime o% "eparture (o& essel).
E+R - Estimated #ime o% Readiness.
FI' - Free In and &ut - con&ers the responsibility to the charterers (shippers 9 receiers) to arrange the
steedores and to load 9 discharge the cargo on their own account ie &ree o& e$pense to essel owners! who are
still accountable &or port charges'
FI'S+ - )ree "n and 4ut Stowed and Trimmed - as &or )"4! but also including stowing and trimming &ree o&
e$pense to essel owner.
F'B - )ree 4n #oard - method o& selling cargo e$cluding ocean &reight and insurance! but including loading
costs.
F'B+ - )ree 4n #oard Trimmed - as &or )4#! but including trimmingo& cargo a&ter loading.
Force ,a-eure - circumstances beyond reasonable control o& the party9parties.
Free %rati.ue - clean bill o& health &or ship and crew.
Freig$t - the money paid on a ;oyage 0harterby the charterer to the owner.
/earless - a ship without means on board &or the loading9unloading o& cargo.
0and&(a1 - ine$act term! but normally taken to mean a essel o& about <6-=6!666 *7T.
0and&si#e - ine$act term! but normally taken to mean a essel o& about ,6-<6!666 *7T.
0ire - money paid on a Time 0harterby the charterer to the owner.
La&can - >aydays 3 0ancelling *ate - the earliest and latest dates on which the essel must be ready to load
at the port or be deliered to the time charterer.
La&da&s - speci&ic time period (days) during which the essel must arrie at the loading port ready &or loading.
La&ti(e - time allowed &or the essel's cargo to be loaded9discharged without incurring demurrage'
L'A - >ength 4erall - total length o& essel a&t to &ore.
,ate2s Recei"t - document signed by 0hie& 4&&icer acknowledging receipt o& cargo on board a essel.
,'L'' - More 4r >ess in 4wner's 4ption (tonnage caeat).
N'R - ?otice o& @eadiness - notice gien by ship that it is ready to load9discharge its cargo.
'B' - 4re9#ulk94il Multi-purpose 0arrier.
'utreac$ - total distance that a port's loading9 discharging e:uipment can reach out oer a essel.
%ana(a1 - essel o& about =6-56!666 *7T. (Technically the ma$imum siAe essel that can transit the 1anama
0anal - restriction o& /... M beam.)
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%ort Costs / Dis3urse(ents - charges normally paid by shipowner to the port authorities &or use o& port
&acilities.
SA+S0EX - Saturdays! Sundays 3 8olidays E$cluded.
SB - Sa&e #erth - a berth! which the essel can reach and depart &rom without being e$posed to danger that is
unaoidable by good seamanship. "t is the responsibility o& the charterrer to proide this.
SF - Stowage )actor - used to determine whether a essel's holds will be &illed be&ore the essel reaches its
ma$imum draught. The S) &or coal! depending on type! is between /B and <5 cubic &eet per long ton.
S0INC - Sundays 3 8olidays "ncluded.
S0EX - Sundays 3 8olidays E$cluded.
S% - Sa&e 1ort - as Sa&e #erth e$cept relates to port.
S"ot - term &or suitably siAed essel readily aailable &or short-term charter! usually in icinity o& charterer's
re:uirement.
Ste)edore - company engaged in proiding loading9 discharging serices &or essels.
S*AD - Salt 7ater %rrial *ra&t.
+i(e C$arter - &i$ture whereby charterer hires essel &or a speci&ied period- payment made on a daily basis
and includes &uel used! port costs etc.
+ri((ed - when essel is stabilised by (a) leelling o&& cargo within each hold! and (b) stowing cargo
throughout ship so that &ore and a&t dra&ts are practically the same.
+ri" +i(e C$arter - &i$ture whereby charterer hires essel &or single oyage or round trip- terms and conditions
similar to Time 0harter'
+urn +i(e (++) - time allowed in the charter party! a&ter ?4@tendered and be&ore laytime commences. (sually
:uoted in hours.
4o&age C$arter - &i$ture whereby the charterer pays a rate per ton loaded or on a lump sum basis.
**D - 7eather 7orking *ays - working days in which it is possible to load9discharge cargo without the
inter&erence o& weather.
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