Extended Operational and Trade Vocabulary

Shipbrokers and Brokerage Firms glossary

The shipbroking-firm vocabulary: the named brokerage houses and their mergers (ACM, Braemar, Affinity), the broker’s account and recap acknowledgments, address commission through the broker channel, and the brokerage-desk terms. Grounds each term in the brokerage firm or the negotiation step it belongs to.

273 defined terms.

Showing 250 on this page (page 1 of 2).

A

Account, broker's: The principal on whose behalf a shipbroker negotiates a charter, sale, or newbuilding contract.
Acknowledgement of receipt: Broker confirmation that an offer, counter, or recap has been received by the counterparty's broker channel.
ACM Shipping: London shipbroker founded in 1982 that merged with Braemar Shipping Services in 2013 to form Braemar ACM.
Address commission: Commission deducted from gross freight or hire payable to the charterer.
Affinity Shipping LLP: Tanker and dry bulk broker and consultancy.
Affinity Tankers: Tanker desk of Affinity Shipping LLP covering crude, clean, and dirty product chartering.
Affreightment, contract of: Multi-shipment freight contract often arranged through dry or tanker chartering brokers.
Agency commission: Fee paid to a port agent, distinct from brokerage but sometimes coordinated through the same broker.
Allied Shipbroking Inc.: Piraeus-based shipbroker specializing in dry bulk sale and purchase and chartering, publisher of a weekly S&P report.
Alphaliner: Container shipping data and analytics provider widely used by box brokers and operators.
APM Maersk Broker relationship: Maersk Broker is an independent partnership separate from A.P. Moller Maersk despite the shared origin.
Approach broker: The broker who first introduces a vessel or cargo to a prospective counterparty in a chain.
Arbitrage cargo: Spot cargo created by price differentials between regions, frequently brokered on short notice.
Arbitration Clause: Dispute resolution provision in MoA, typically LMAA, SCMA, or SMA.
Asbestos warranty: Buyer warranty in modern Saleforms, important in S&P broker negotiations.
Astrup Fearnley: Norwegian shipbroking and investment banking group with a long established project finance desk.
Athens shipbroking cluster: Concentration of dry, tanker, and S&P brokers in Piraeus serving Greek owners.
Atlantic Brokers: Generic label for brokers focused on transatlantic dry and tanker trades.
Auction sale: S&P method, often court-ordered, where brokers submit sealed bids on distressed tonnage.
Authority to fix: Written or recorded confirmation from a principal that the broker may conclude a deal on stated terms.

B

Back-to-back fixture: Two charters concluded on matching terms by the same broker, typical of operator desks.
Baltic Exchange: London-based provider of freight market information and assessments.
Baltic Exchange Code of Ethics: Conduct code binding member brokers, emphasizing "our word our bond."
Baltic Exchange Membership: Status granting access to indices, panels, and the broker community.
Baltic Index panellist: Member broker submitting daily route assessments to Baltic Exchange indices.
Bareboat charter broker: Broker specializing in long-term hull-only charters often linked to leasing structures.
Barry Rogliano Salles: Former name of BRS Group, the French shipbroking and consultancy firm.
Bid level: Indicative price at which a buyer's S&P broker is willing to commit subject to inspection.
Bidder shortlist: List of qualified buyers circulated by the seller's broker before invited offers.
Bills of lading review: Broker support function in chartering, ensuring contractual alignment with the charter party.
BIMCO: Baltic and International Maritime Council, drafter of standard maritime contracts.
BIMCO Singapore Saleform: Sale and purchase contract published jointly by BIMCO and SSA in 2011.
Bimcosale: BIMCO standard recap and contract for sale at auction or by tender.
Block list: Roster of counterparties a principal will not deal with, maintained discreetly by brokers.
Box broker: Container broker arranging slot charters, time charters, or sales of container vessels.
Braemar ACM: London-listed shipbroking group active in physical and derivatives broking across tanker, dry bulk, gas, and container markets.
Braemar Plc: London-listed shipbroking, financial, and technical services group, rebranded from Braemar Shipping Services.
Braemar Securities: Defunct corporate finance arm of Braemar offering shipping equity and advisory work.
Broker chain: Sequence of brokers, each adding commission, between owner and charterer or seller and buyer.
Broker channel: The chain of intermediaries between principals through which offers and counters are passed.
Broker's commission: Compensation paid to the broker, typically a percentage of freight, hire, or sale price.
Broker's note: Written confirmation of a transaction issued by the broker to the principals.
Brokerage account: Ledger maintained by owners and charterers recording commission payable to each broker in the chain.
Brokerage clause: Charter or MOA clause naming each broker and the commission due.
Brokerage invoice: Document issued by the broker claiming commission upon performance.
BRS Group: Paris based shipbroker publishing market reports and valuations.
BRS Shipbrokers: Chartering arm of the BRS Group active in dry, tanker, gas, and S&P.
BTI Tankers: Now-historic tanker brokerage that merged with ACM in 2008.

C

Capesize panel: Group of panellist brokers contributing to Baltic Capesize Index assessments.
Cash Buyer: Intermediary that purchases ships outright for cash and resells to recycling yards.
Charles R. Weber Company: New York-based shipbroker founded in 1916, specializing in tankers and research.
Charter Market Information: Daily market intelligence circulated by chartering brokers to clients.
Chartering broker: Intermediary who arranges charters for owners or charterers.
Chartering Desk: Operational unit within an owner, operator, or charterer that fixes vessels physically and often coordinates with derivatives hedging.
CIF/CFR cargo broker: Broker arranging chartering when cargo is sold on delivered terms.
Clarksons Hellas: Greek subsidiary serving Piraeus-based principals across chartering and S&P.
Clarksons Houston: Houston office focused on tanker, gas, and offshore work in the US Gulf.
Clarksons Italy: Italian arm serving owners and charterers in Genoa and Milan.
Clarksons Mexico: Mexican subsidiary covering Gulf of Mexico and Latin American trades.
Clarksons Platou Asia: Asian operations of Clarksons Platou following the 2015 RS Platou acquisition.
Clarksons Platou Futures: Derivatives broking arm of Clarkson PLC active across dry, wet, gas, container, and emissions freight derivatives.
Clarksons Platou Securities: Investment banking arm of Clarksons providing equity and debt advisory.
Clarksons PLC: London-listed parent of the world's largest shipbroking and research group.
Clarksons Research: Valuation and market data arm of Clarkson PLC.
Clean fixture: Concluded charter free of subjects.
Clean Recap: Final fixture summary agreed without further amendments.
Closing meeting: S&P signing meeting where MOA performance, payment, and protocol of delivery are executed.
Coastal broker: Broker focused on short-sea or cabotage trades.
Compass Maritime Services: New Jersey-based shipbroker specializing in dry bulk S&P and chartering.
Competing broker: Independent broker on the same side of a deal, sometimes leading to "two brokers, one principal."
Confidentiality undertaking: Pre-deal NDA signed by buyer's broker before disclosure of vessel particulars.
Confirmation: Broker's written assurance that an offer or counter is bona fide and binding subject to subs.
Container broker: Broker active in box ship time charters, slot deals, and box ship S&P.
Counter-offer: Revised set of terms returned by the receiving principal through the broker channel.
Cover Note: broker's confirmation to the assured that cover has been placed pending issue of the policy.
Cruise broker: Specialist broker active in cruise vessel S&P, including conversions and demolition.
Cumulative tonnage report: Periodic broker publication summarizing S&P or demolition volumes.

D

Daily report: Standard broker email summarizing the market open, key fixtures, and S&P interest.
Dead freight broker note: Broker confirmation of compensation for unloaded cargo.
Delivery clause: Charter clause governing the place and condition of delivery.
Demolition Broker: Intermediary arranging sale of vessels between owners and cash buyers.
Demurrage: Liquidated damages for detention of ship beyond laytime.
Despatch: Reward paid to the charterer for completing loading or discharging within laytime.
Despatch half demurrage: Standard formula where despatch equals 50 percent of the demurrage rate.
Diabos: Athens-based shipbroking and laytime calculation house.
Doric Shipbrokers: Greek dry bulk shipbroking firm headquartered in Athens.
Drewry Maritime Services: London-based maritime research, advisory, and supply chain consultancy.
Dropped from subs: Status when subjects are not lifted within the deadline, terminating the deal.
Dry cargo broker: Broker active in bulk commodities including coal, ore, grain, and minor bulks.
Dry cargo desk: Department of a shipbroking firm covering bulk carriers.

E

Eastport Maritime: Shipbroker with offices in the United States and Greece active in dry bulk and S&P.
Eddystone Group: London-based ship sale and purchase brokerage active in dry bulk.
EEXI consultancy: Broker-adjacent service advising on Energy Efficiency Existing Ship Index implications for S&P.
Electronic broker platform: Web-based system distributing positions and orders to subscribers.
Estimate: Voyage P&L spreadsheet prepared by chartering brokers comparing alternative employment.
Ethical wall: Internal information barrier between conflicted desks within a shipbroking firm.
Exchange membership fee: Annual subscription paid to bodies such as the Baltic Exchange.

F

Failed deal: Negotiation that does not progress to fixture, often due to unlifted subjects.
Failed on subjects: Specific status indicating subjects were declined before the deadline.
Fearnley Securities: Investment banking sibling of Fearnleys within the Astrup Fearnley group.
Fearnleys: Norwegian shipbroking firm part of the Astrup Fearnley group, active in tanker, dry, gas, and FFA broking and Baltic panellist contributions.
Federation of National Associations of Ship Brokers and Agents: International federation known as FONASBA.
FFA broker: Broker arranging forward freight agreements, often within a dedicated derivatives desk.
FFABA: Forward Freight Agreement Brokers Association standard FFA terms.
Firm bid: Buyer's firm and time-limited price commitment in an S&P negotiation.
Firm Offer: Binding offer open for acceptance for a stated short period.
Firm Order: Term-of-art on broker channels signifying executable interest.
Fix: Determined geographical position.
Fixed and failed: Reported status when a deal is announced as fixed but fails on subjects.
Fixture: Concluded charter party agreement.
Fixture comment: Anonymized market color circulated by brokers explaining fixture context.
Fixture list: Daily compilation of recent fixtures, often by Baltic Exchange members.
Floating storage broker: Broker arranging tankers used for offshore crude or product storage.
FONASBA: Federation of National Associations of Ship Brokers and Agents based in London.
FONASBA Quality Standard: Voluntary quality scheme for member agents and brokers.
For Order: Charter party annotation by a broker indicating the freight payee will be nominated later.
Forward Order Book: Subscriber service from Clarksons Research tracking newbuilding orders.
Frachtcontor Junge: Hamburg-based shipbroker active in dry bulk and tanker chartering.

G

Galbraith's Ltd: London shipbroker founded in 1844, active in dry, tanker, gas, sale and purchase, and offshore.
Gap: Negotiating distance between owner's last offer and charterer's last counter.
Gas broker: Broker specializing in LNG and LPG carrier chartering and S&P.
Geneva broker community: Cluster of trader-affiliated brokers serving commodities houses.
Globus Maritime: Greek dry bulk shipping and brokerage interests in Athens.
Greek S&P cluster: Athens-based brokers Allied, Intermodal, Doric, Optima, Lion, and others active in second-hand tonnage.
Gross freight: Freight before address and brokerage commissions are deducted.

H

Hartmann & Lund: Smaller Hamburg-based shipbroker.
Head broker: Broker mandated directly by the principal, distinct from sub-brokers in the chain.
Hellenic Brokerage Cluster: Informal name for the dense network of Piraeus shipbrokers.
Howe Robinson Partners: London-headquartered shipbroker with major offices in Singapore and Hong Kong.
Hull and Machinery Survey: A condition inspection commissioned by hull and machinery underwriters to assess insurability and identify required repairs.

I

ICS: International Chamber of Shipping, industry body.
ICS Tutorship: Distance learning program offered by the Institute of Chartered Shipbrokers.
IHS Markit Maritime: Maritime data and analytics business now part of S&P Global Commodity Insights.
In-house broker: Broker employed by a principal rather than an independent firm.
Indicated firm: Indication elevated to a binding firm offer.
Indication: Non-binding price level given by broker pending firm offer.
Inquiry: Charterer's request circulated by brokers to qualified owners.
Inspection: Buyer's vessel survey arranged through the S&P broker.
Inspection results: Outcome of buyer's hull, machinery, and class inspections, key to lifting subjects.
Institute of Chartered Shipbrokers: Professional body awarding FICS and MICS designations.
Intermarine Brokers: Smaller European shipbroker active in dry trades.
Intermodal Shipbrokers: Athens-based shipbroking firm publishing a widely read weekly S&P report.

J

Joint broker arrangement: Mandate shared between two brokerage houses, splitting commission per agreement.
Jurisdiction Clause: Choice-of-forum provision in contracts of carriage and charters.

K

K-line broker desk: Generic term for in-house chartering teams at Japanese majors, distinct from independent brokers.
Klaveness Chartering: Norwegian charterer-operator with an internal chartering desk that frequently engages independent brokers.

L

Laycan: Layday and cancelling window of a voyage or time charter.
Laytime: Time allowed for loading or discharging under a voyage charter.
Laytime calculation house: Specialist provider such as Diabos handling demurrage statements.
LCM Commodities: US-based futures and physical brokerage with shipping affiliations.
Letter of indemnity broker note: Confirmation that an LOI has been provided in lieu of bills of lading.
Lifted subjects: Removal of all conditions, making the fixture or MOA fully binding.
Lion Shipbrokers: Athens-based shipbroking and S&P firm.
List of competitors: Vessels named by an S&P broker as also being for sale, used to gauge market depth.
Lloyd's List: Maritime trade newspaper, founded 1734.
Lloyd's List Daily Briefing: Daily intelligence email widely read in the broker community.
Lloyd's List Intelligence: Maritime intelligence service used for compliance screening.
London Shipbroking Cluster: Concentration of brokers in the City of London and St Katharine Docks area.
Lorentzen & Stemoco: Norwegian shipbroker with a long history in dry, tanker, gas, and S&P.
LPG broker desk: Team focused on liquefied petroleum gas carrier chartering.

M

Maersk Broker: Independent Danish partnership shipbroker founded in 1948.
Maersk Broker Newbuilding: Newbuilding desk of Maersk Broker active in dry, tanker, gas, and container projects.
Mandate: Authority granted by a principal to a broker, sometimes exclusive.
Maritime Strategies International: Independent research consultancy providing vessel valuations and market analysis.
Marsoft Inc.: Boston-based shipping consultancy providing forecasts and asset advisory.
McQuilling Services: New York-based tanker brokerage, consultancy, and operations services firm.
Memorandum of agreement: MOA, sale and purchase contract for ships.
Mexisa: Mexico City-based shipbroker active in bulkers, tankers, and project cargo.
Mid market: Approximate midpoint between bid and offer, used in indicative reporting.
Mid-tier broker: Mid-sized firm below the top global houses but above local boutiques.
MOA: Memorandum of Agreement, the principal S&P contract.
MOA Saleform 1993: Norwegian Shipbrokers' Association Memorandum of Agreement issued in 1993.
MOA Saleform 2012: Updated Norwegian Saleform issued in 2012.
MOA Saleform 2024: Latest Norwegian Saleform revision.
MSI: Maritime Strategies International, the London consultancy.

N

Negotiation cycle: Iterative exchange of offers and counters in a broker channel.
Negotiation log: Broker's chronological record of indications, offers, and counters during a deal.
Net freight: Freight after deduction of address and brokerage commissions.
New broker: Broker newly mandated mid-negotiation, sometimes by an alternative principal.
NEWBUILDCON: BIMCO standard shipbuilding contract.
Newbuilding broker: Broker specializing in shipyard contracts for new vessels.
Newbuilding contract: Construction contract typically modelled on SAJ, NEWBUILDCON, or AWES forms.
Nor: Notice of readiness to load or discharge.
Norden Chartering: Internal chartering activity of Dampskibsselskabet Norden which also retains external brokers.
Norwegian Saleform: NSF, SP form by the Norwegian Shipbrokers' Association.
NSF: Common abbreviation for the Norwegian Saleform.

O

Offer: Price and terms communicated by a principal through the broker channel.
Offshore broker: Broker specializing in OSVs, anchor handlers, and offshore construction vessels.
Open position: Vessel circulated by brokers as available for employment with stated open date and port.
Operator desk: Broker or in-house team taking principal risk on a portfolio of fixtures.
Optima Shipbrokers: Piraeus-based shipbroker active in dry bulk and tankers.
Order: Cargo or vessel inquiry circulated through brokers.
Outright Sale: Sale free of charter, vessel delivered with full commercial freedom.
Owner's broker: Broker mandated to represent the owner in a charter or sale.

P

Pareto Securities Shipbroking: Norwegian shipbroking arm of Pareto Securities active in chartering and S&P.
Performance claim: Claim arising from breach of speed or consumption warranties.
Performance Warranty: A charterparty representation as to the vessel's speed and bunker consumption under defined conditions.
PIRR position list: Generic broker term for position, itinerary, reasonableness, and rate distribution.
Platts: S&P Global Platts, commodity pricing service informing tanker and dry chartering decisions.
Position list: List of vessels available for fixture.
Poten & Partners: New York-based shipbroker with a long history in tankers and LNG.
Poten LNG: LNG chartering, S&P, and consultancy desk of Poten & Partners.
Pre-fix indication: Indicative level shared before a firm offer is made.
Principal: The owner, charterer, buyer, or seller behind the broker.
Principal-to-principal: Direct deal without brokers, rare in modern shipping S&P.
Project Broker: Norwegian originator that structures and places KS shipping projects.
Project cargo desk: Department specializing in oversized or specialized cargo shipments.
Proof of funds: Buyer evidence of deposit capability requested by the seller's broker before subs.
Protocol of Delivery and Acceptance: Document recording handover time and place.

Q

Q88: The standard vessel particulars questionnaire format used industry-wide for tanker chartering and vetting.
Q88VPQ: Vessel Particulars Questionnaire developed within the Q88 ecosystem.

R

Re-let: Charterer sub-letting the vessel, often through the original brokers.
Recap: Recapitulation message summarizing all agreed main terms of the fixture.
Reefer broker: Broker active in refrigerated cargo and reefer container chartering.
Refund commission: Address commission returned to the charterer through the broker.
Reposition voyage: Ballast leg negotiated through brokers to bring the vessel to the next loading area.
Research arm: Data and analytics division within a shipbroking firm, such as Clarksons Research.
RightShip vetting overlay: Risk management platform used by chartering brokers to screen tonnage.
Riviera Maritime Media: UK-based publisher of LNG Journal, Tanker Shipping & Trade, and related titles.
RS Platou: Norwegian shipbroker and project finance house that merged with Clarksons in 2014.
Russian sanctions advisory: Compliance support offered by shipbroking houses for tanker S&P and chartering.

S

Sale and purchase broker: SP broker, intermediary in ship transactions.
Sale candidate: Vessel circulated by an S&P broker as available for sale.
Saleform: Common abbreviation for the Norwegian Saleform.
Seller's broker: S&P broker mandated by the seller.
Senior partner: Mandated broker with principal-client relationships, typical of partnership houses.
Shipbroking partnership: Common organizational form, exemplified by Maersk Broker and Galbraith's.
Shipping Intelligence Network: Subscription database produced by Clarksons Research.
Singapore broker cluster: Asian hub centered on Marina Bay and Tanjong Pagar serving Asian principals.
Sister vessel sale: S&P transaction involving siblings within a series, often packaged by brokers.
SOF: Statement of Facts recording port events, central to broker-supported laytime calculations.
Splash 247: Online maritime news outlet widely read by brokers.
SSY: Simpson Spence Young, one of the world's largest independent shipbrokers.
SSY Athens: SSY's Piraeus office serving Greek principals.
SSY Connecticut: SSY's Stamford office serving North American principals.
SSY Consultancy & Research: Research and consultancy arm of SSY.
SSY Futures: Derivatives arm of Simpson Spence Young active across dry, wet, container, gas, and emissions FFAs.
SSY London: SSY's headquarters in the City of London.
SSY Singapore: SSY's Asian hub office.
Standard commission: Customary 1.25 percent brokerage in tanker voyage charters and 1.25 percent in time charters.
Star Maritime: Athens-based shipbroking firm active in dry bulk chartering and S&P.
Statement of Facts: SOF, time log of port events from arrival to departure.
Strict commission clause: Specific charter wording requiring commission to be paid on freight earned and paid.
Sub-broker: Broker further down the chain from the head broker.
Subjects: Conditions to be lifted before a fixture becomes binding.
Subs lapsed: Status when subjects are not lifted within the deadline.
Subs Lifted: Confirmation that all conditional subjects have been satisfied.

T

Tanker broker: Broker active in crude, product, and chemical tanker chartering.
Tankers International: VLCC tanker pool whose commercial activities engage brokers and operators.
Tender broker: Broker handling structured tender processes for government or trader cargo.