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ABS American Bureau of Shipping, classification society.

AGW All going well.

Airdraft Distance from waterline to highest point above water.
Amwelsh Voyage charter party (coal).
Asbatime Timecharter charter party.
ATUTC Actual time used to count.
Baltime Timecharter charter party.
Baltimore Form C Voyage charter party (grain).
Bale Volume capacity of cargo hold(s) used to estimate intake of non-bulk cargo (in cbft or cbm).
BC Bulkcarrier.
Beam Breadth of a vessel.
Bill of Lading A document which establishes the terms of a contract between a shipper and owner to move cargo
between specified ports. The B/L is usually prepared by the shipper on a form issued by the owner. It is a document
of title, contract of carriage and a receipt for goods.
B/L Bill of Lading.
Booking Note Short form contract usually used for part cargoes.
Box Shaped Hold Cargo hold in which the sides and the bottom join at right angles.
Breakbulk Bundled, palletised or packaged goods that are not shipped in containers.
Bulkcarrier Vessel built to transport dry bulk cargoes.
Bulkhead A partition separating one part of a ship (e.g. hold or tank) from another part.
Bunker Adjustment Factor (BAF) Adjustment to freight rates to compensate for fluctuations in the market price
for fuel.
BV Bureau Veritas, classification society.
C (Ore) 7 Voyage charter party (ore, minerals).
Cabotage Water transportation term applicable to shipments between ports of the same nation. Often referred to as
coastal navigation or trade.
Cancelling Date by which vessel is to arrive at a loading port.
Capesize Vessel too large to fit through the Suez (or Panama) Canal.
CBFT Cubic feet.
CBM Cubic metres.
Charter Party (C/P) Agreement between a shipowner and a charterer, outlining terms and conditions governing the
transportation. The agreement may be for one or several voyages, or for a certain period of time.
Charterer The party paying for the transportation. This may be the cargo owner, supplier or the receiver of the
Class Classification Society, organisation setting standards for design, build, condition of ships.
Contract of Affreightment (COA) An agreement between an owner and a charterer to transport a given quantity
of cargo or quantity as required by the charterer during a given period of time. The owner is free to decide which
vessel he will use.
Cost and Freight (CFR) The seller prepays the cost of carriage to the named port of destination, and clears the
goods for export. Risk of cargo loss or damage transfers to the buyer when the goods pass the ship's rail at the port
of shipment.
Cost, Insurance and Freight (CIF) The seller has the same obligations as under the CFR but also has to procure
marine insurance against the buyer’s risk of loss or damage to the goods during the carriage. The seller contracts
insurance and pays the insurance premium.
Currency Adjustment Factor (CAF) A charge which is applied to compensate the owner of currency fluctuations.
Daily cost / running cost Expenses for crew and other expenses directly connected to the daily running of the
vessel, like lube oils, insurance, maintenance etc.
Deadweight (DWT) The total weight that a vessel can carry when loaded to its marks, including cargo, fuel, stores,
spares, crew, etc. (usually in Metric Tons).
Demurrage Charge against cargo for loading/discharging taking longer time than agreed.
Despatch Credit against cargo for loading/discharging taking shorter time than agreed.
Displacement The weight of the vessel and its weight contents.
DNV Det norske Veritas, classification society.
Double hull The ship has an inner and an outer hull. This construction increases strength and safety.
Draught Depth of submerged part of vessel.
Drydock Place of ship repair. Vessels are regularly put into drydock for inspection, repair and painting of vessels
Dunnage Wood (usually) placed amongst cargo to facilitate stowage and protect against damage.
DWT Deadweight.
FEU Forty foot equivalent unit (container).
FHEX Fridays, holidays, excepted.
FHINC Fridays, holidays, included.
FIO Free In and Out.
FIOS Free In and Out Stowed.
FIOT Free In and Out Trimmed.
FLT Full Liner Terms.
Force Majeure The title of a common clause in contracts, exempting parties for non-fulfillment of obligations as
the result of conditions beyond their control such as earthquakes, floods or war.
FOT Free On Truck.
Free On Board (FOB, International Use) An International Term of Sale that means that the seller fulfils his
obligation to deliver when the cargo has passed the ship’s rail at the named port of shipment. This means that the
buyer has to bear all costs and risks of loss or damage to the cargo from that point. The FOB term requires the seller
to clear the goods for export. The buyer contracts and pays for carriage.
Free Out (FO) Cost of unloading a vessel is borne by the charterer.
FW Fresh Water.
Gencon Voyage charter party.
GL Germanischer Lloyd, classification society.
Grab Lifting bucket fitted to vessel/shore crane for loading/discharging bulk cargo.
Grain Volume capacity of cargo hold(s) used to estimate intake of bulk cargo (in cbft or cbm).
Grainvoy Voyage charter party (grain).
Gross Tons Formulated measurement of enclosed spaces in a ship.
GRT Gross Registered Tons - same as GT.
GT Gross Tons.
Hatch Opening in upper deck accessing cargo hold.
Hatchcover Cover (usually steel) for hatch.
HFO Heavy Fuel Oil.
H/H Hook/Hook.
Hold Cargo compartment of a ship.
IFO Intermediate Fuel Oil.
IMO International Maritime Organisation, United Nations supported agency for international maritime matters.
ISM International Safety Management code (IMO).
ISO International Standards Organisation, body responsible for industrial standardisation.
IWL Institute Warranty Limits, insurance related geographical trade limits.
Laycan Laydays/Cancelling.
Laydays Agreed dates within which vessel can arrive to load a cargo.
Laytime Time allowed for loading or discharging.
LDT Light Displacement Tonnage, weight of an empty vessel (usually in Long Tons).
LOA Length Overall (of vessel).
LR Lloyd's Register, classification society.
L/S/D Lashed/Secured/Dunnaged.
LT Long ton (2240 lbs).
Manifest A document that lists in detail all the Bills of Lading issued by a vessel or its agent or master. The
manifest may be used e.g. for customs purposes.
MDO Marine Diesel Oil.
MGO Marine Gas Oil.
MOA Memorandum of Agreement, detailed contract usually used for ship sales.
MT Metric ton (1000 kg).
NAABSA Not Always Afloat but Safe Aground, term applied to berths where vessel touches bottom at low tide.
Net Tons Formulated measurement of enclosed spaces in a ship.
NT Net Tons.
Newbuilding A new vessel under construction or contracted to be built.
NK Nippon Kaiji Kyokai, classification society.
NRT Net Registered Tons - same as NT.
NYPE Timecharter charter party (New York Produce Exchange form).
OBO Ore Bulk Oil Carrier, combination dry/wet cargo ship.
Off hire The time a vessel according to the charter party is not fully employed and not generating income for its
owner, e.g. time used for repairs.
Open Hatch Vessel in which the hatches extend the full reach of the holds (no overhang).
Panamax Vessel of maximum dimensions to transit the Panama Canal.
Pool A co-operation between owners putting their vessels into a joint operation. Net revenues are divided between
the pool partners according to a predetermined key.
POR Place of Rest.

Revenue Ton A ton on which the shipment is paid. If cargo is rated as weight or measure (W/M), whichever
produces the highest revenue will be considered the revenue ton.
SATPMSHEX Saturday afternoons, Sundays, holidays excepted.
SATSHEX Saturdays, Sundays, holidays excepted.
SF Stowage Factor (usually in cbft/mt or cbm/mt).
SHEX Sundays, holidays excepted.
SHINC Sundays, holidays included.
Ship management Administration of vessels, including technical operation and maintenance, crewing and
SSW Summer Salt Water, maximum allowable immersion in summer saltwater conditions.
ST Short ton (2000 lbs).
Stevedore Individual or firm that handles cargo discharged from or loaded onto a vessel.
Sticker Attached strip (usually wood) allowing ventilation of lumber cargo.
SOLAS International Convention for the Safety of Life at Sea (IMO).
Spot rate Freight rate for a voyage or cargo based on the current market level.
SWL Safe Working Load.
Synacomex Voyage charter party (grain).
Terminal An assigned area in which cargo is prepared for loading into a vessel, train, truck, etc, or is stored
immediately after discharge from a vessel, train or truck.
TEU Twenty foot equivalent unit (container).
THC Terminal Handling Charges.
Timecharter Chartering of an entire vessel at a fixed price per day. The party that hires the vessel pays for bunkers,
port and canal costs and other voyage costs.
Transhipment Shipment of cargo to a destination in another port or country on more than one vessel, train or truck.
The liability may pass from one carrier to another, or it may be covered under a Through Bill of Lading issued by
the first carrier.
Unitisation The consolidation of a quantity of individual items into one large shipping unit for easier handling.
Then one or more larger items of cargo can be loaded with a single piece of equipment, such as a pulp frame.
UU Unless Used.
Voyage charter Contract to transport goods at a fixed freight rate (per ton, etc.).
Waybill (W/B) A document prepared by the owner at the place of shipment. It can contain the point of shipment,
destination, consignor, consignee, description of shipment and amount charged for the transportation. A waybill is
forwarded with the shipment or sent to the agent at the transfer point or waybill destination. Unlike a Bill of Lading,
a Waybill is not a document of title.
WMT Wet Metric Ton.
WOG Without Guarantee.
WP Weather Permitting.
WWD Weather Working Day, a day where loading/discharging operations are not prevented by weather.