Commercial and Operational Shipping
Commercial shipping, chartering, economics and finance glossary (page 2)
How shipping is priced, financed, and traded as a cyclical asset business: Stopford’s four markets, the shipping cycle and asset play, sector dynamics in dry bulk, tankers, container, and gas, and chartering across voyage, time, bareboat, and COA forms. Covers Worldscale and the Baltic indices, forward freight agreements, time charter equivalent and OPEX, ship finance and the Poseidon Principles, the Norwegian Saleform, and tonnage tax.
305 defined terms.
Showing 55 on this page (page 2 of 2).
S
- Securities purchase agreement
- Agreement for purchase of debt or equity securities in shipping.
- Senior secured debt
- First lien debt secured by mortgage and assignment of earnings.
- Service contract
- Long term agreement between liner shipper and carrier.
- Settlement rate
- BFA settlement price for FFA contracts.
- SHELLTIME 4
- Shell standard time charter party for tankers.
- SHELLVOY 6
- Shell standard tanker voyage charter party.
- SHIPMAN 2024
- BIMCO standard ship management agreement, 2024 revision.
- SHIPSALE 22
- BIMCO sale and purchase form 2022.
- Short sea shipping
- Maritime transport over short distances within a region.
- Single hull tanker
- Pre-MARPOL Annex I single hull tanker, largely phased out.
- Slot Charter
- Charter of a defined number of TEU slots on a containership.
- Spot market
- Single voyage market.
- Stem date
- Date cargo is committed by the shipper.
- Stowage factor
- Volume occupied by one tonne of cargo.
- Subjects
- Conditions to be lifted before a fixture becomes binding.
- Suezmax
- Tanker ~150,000-160,000 DWT, largest for Suez Canal pre-deepening.
- SUPPLYTIME 2017
- BIMCO standard offshore time charter party.
- Supramax
- Dry bulk segment of about 50,000 to 60,000 dwt.
T
- Tanker pool
- Commercial pool of tanker tonnage sharing earnings.
- TCE
- Time charter equivalent earnings per day.
- Tender of NOR
- Service of notice of readiness on the charterer.
- Time Bar
- Limitation period (one year under Hague-Visby Article III Rule 6).
- Time Charter
- Charter for a defined period at hire per day.
- Time charter equivalent
- Voyage revenue minus voyage costs, divided by total voyage days.
- Tonnage tax
- Alternative tax regime based on ship tonnage rather than profits.
- Topping off
- Final cargo intake to reach desired loadline.
- Tramp shipping
- Bulk shipping operating on charter rather than schedule.
- Trip charter
- Time charter for a single voyage or short trip.
U
- Ullage
- Empty space above liquid cargo in a tank.
- Underlying contract
- Original cargo or trade contract underlying a charter.
- Unit load
- Standardised handling unit such as a container or pallet.
- Up to good safe port
- Charter language warranting safe port nominations.
- US Maritime Administration
- MARAD, US government maritime authority.
- Utilisation
- Percentage of available ship time earning revenue.
V
- Valuation report
- SP broker estimate of market value.
- Variation order
- Change order to a shipbuilding or repair contract.
- VLCC
- Very Large Crude Carrier, 200,000-320,000 DWT.
- VLGC
- Very Large Gas Carrier, ~84,000 m3 LPG.
- VLOC
- Very Large Ore Carrier, 200,000-400,000 DWT.
- Voyage Charter
- Charter for a specific voyage between named ports.
- Voyage estimate
- Pro forma calculation of voyage economics.
- Voyage instructions
- Charterer's orders for the voyage.
W
- Wages, victuals, and stores
- Crew related operating cost items.
- WAR Risk Insurance
- Cover for war and strikes perils excluded from hull policy.
- Warranty of seaworthiness
- Express or implied undertaking by owner.
- Waybill
- Sea waybill, non-negotiable transport document.
- Weather routing
- Optimum-track routing per environmental forecasts.
- Weather working day
- WWD, day of 24 hours suitable for cargo work.
- Whether in berth or not
- WIBON, NOR may be tendered whether the vessel is at berth or not.
- Whether in port or not
- WIPON, similar laytime trigger.
- WORLDSCALE
- Tanker freight rate scale set annually by the Worldscale Associations.
- Worldscale flat
- WS100, benchmark rate published by Worldscale.
X
- Xeneta XSI
- Container freight rate index based on shipper contract data.
Y
- York-Antwerp Rules
- CMI-drafted rules for adjustment of general average; current editions 1994, 2004, 2016.
Z
- Zero off-hire clause
- Clause limiting events causing off-hire.