Extended Operational and Trade Vocabulary
Chartering, Shipbroking and Freight Trading glossary (page 2)
The chartering and shipbroking desk vocabulary: address commission and agency fees, affreightment, the AFRA benchmark and the Aframax size class it named, the charter forms and clauses, and the freight-negotiation terms a broker uses. Grounds each term in the charter recap and the commercial negotiation it belongs to.
283 defined terms.
Showing 33 on this page (page 2 of 2).
T
- TCT (Trip Time Charter)
- Time charter for a single trip rather than a defined period.
- TD15
- Baltic dirty tanker route West Africa to China, Suezmax.
- TD20
- Baltic dirty tanker route West Africa to UK Continent, Suezmax.
- TD3C
- Baltic dirty tanker route Middle East Gulf to China, VLCC.
- TD6
- Baltic dirty tanker route Black Sea to Mediterranean, Suezmax.
- Time Bar (Demurrage)
- Contractual deadline, typically 90 days under SHELLVOY 6 and commonly 30 to 90 days elsewhere, for submitting a fully documented demurrage claim.
- Time Charter
- Charter for a defined period at hire per day.
- Time Sheet
- Document summarizing port time used and saved for laytime accounting.
- TOWCON 2008
- BIMCO international ocean towage agreement, lump sum.
- TOWHIRE 2008
- BIMCO international ocean towage agreement, daily hire.
- Trip Time Charter (TCT)
- Short time charter for a specific voyage with hire and bunkers regime.
- Tufton Pool
- Tonnage pool participation arrangements managed by Tufton Investment Management.
U
- Used Laytime
- Time actually expended in loading or discharging that counts as laytime.
- Utmost Despatch
- Owner's obligation to perform the voyage with reasonable speed.
V
- VLCC (Very Large Crude Carrier)
- Tanker between 200,000 and 320,000 DWT.
- VLGC (Very Large Gas Carrier)
- LPG carrier of about 70,000 to 93,000 cbm.
- Voyage Charter
- Charter for a specific voyage between named ports.
- VOYWAR 2013
- BIMCO war risks clause for voyage charters.
W
- War Risks Clause
- Clause addressing route deviation, additional insurance and refusal of orders in war zones.
- Waybill
- Sea waybill, non-negotiable transport document.
- WCCON (Whether Customs Cleared or Not)
- NOR qualifier permitting tendering without customs clearance.
- Weather Working Days (WWD)
- Laytime basis counting only days on which weather permits work.
- WIBON (Whether in Berth or Not)
- NOR qualifier permitting tendering even if no berth is available.
- WIFPON (Whether in Free Pratique or Not)
- NOR qualifier permitting tendering before pratique is granted.
- WIPON (Whether in Port or Not)
- NOR qualifier permitting tendering before entering the port limits.
- Withdrawal
- Owner's remedy of taking back the vessel for non-payment of hire under a time charter.
- Without Guarantee (WOG)
- Qualifier indicating information is given without warranty.
- Without Prejudice
- Privilege over settlement communications.
- Worldscale (WS)
- Tanker freight tariff system published annually by Worldscale Association, expressing rates as percentages of nominal flat rates.
X
- XL Bulker
- Informal label for over-Capesize bulkers such as Valemax of about 400,000 dwt.
Y
- York-Antwerp Rules
- CMI-drafted rules for adjustment of general average; current editions 1994, 2004, 2016.
Z
- Zero-Out Clause
- Time charter provision setting hire to zero during certain off-hire events.
- Zone Time Clause
- Provision defining the time zone basis for hire payments and NOR tendering.