Extended Operational and Trade Vocabulary

Shipbroking, Freight Derivatives, and Baltic Indices glossary

Vocabulary of shipbroking and freight trading: independent and S&P brokers such as Affinity and Allied, contracts of affreightment, vessel segments like Aframax named for the Average Freight Rate Assessment scale, tanker route codes, all-telex-fixed confirmation, and the arbitration-clause and Baltic-index terminology underpinning chartering and freight-derivative markets.

255 defined terms.

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

A

Affinity Shipping LLP: Tanker and dry bulk broker and consultancy.
Affreightment, Contract of (COA): Multi-voyage contract under which an owner commits to lift a defined cargo tonnage over a period at agreed rates.
Aframax: Tanker segment of roughly 80,000 to 120,000 dwt named after the AFRA scale.
All Telex Fixed (ATF): Term used in shipbroker negotiations to confirm that all subjects on a fixture have been lifted by exchange of telex or email.
Allied Shipbroking: Athens-based shipbroker founded in 1982 publishing widely cited weekly dry and wet S&P and chartering reports.
Arbitration Clause: Dispute resolution provision in MoA, typically LMAA, SCMA, or SMA.
Asbatankvoy: Standard tanker voyage charter party of the Association of Ship Brokers and Agents.
Association of Ship Brokers and Agents (ASBA): New York-based broker association that maintains the Asbatankvoy form and runs the annual ASBA Cargo Conference.
AWES Form: Newbuilding contract form maintained by the Association of European Shipbuilders and Shiprepairers used by some European yards.

B

Backhaul: Return leg of a voyage, usually at lower freight rates than the headhaul.
Baltic Capesize Index (BCI): Capesize segment of the Baltic indices.
Baltic Clean Tanker Index (BCTI): Baltic Exchange index for clean petroleum product tankers.
Baltic Coffee House: 18th-century Virginia and Baltick coffee house in Threadneedle Street, London, from which the Baltic Exchange takes its name.
Baltic Dirty Tanker Index (BDTI): Baltic Exchange index for crude oil tankers.
Baltic Dry Index (BDI): Composite dry-bulk freight index published by the Baltic Exchange.
Baltic Exchange: London-based provider of freight market information and assessments.
Baltic Exchange Information Services (BEIS): Subsidiary that licenses Baltic index data, settlement prices, and route definitions to brokers, exchanges, and clearing houses.
Baltic Handysize Index (BHSI): Baltic Exchange index for Handysize dry bulkers.
Baltic LNG Index (BLNG): Daily assessments for 174,000 cubic meter two-stroke LNG carrier routes BLNG1, BLNG2, and BLNG3.
Baltic LPG Index (BLPG): Daily assessments for 84,000 cubic meter VLGC routes BLPG1 Ras Tanura to Chiba, BLPG2 Houston to Flushing, and BLPG3 Houston to Chiba.
Baltic Panamax Index (BPI): Panamax segment of the Baltic indices.
Baltic Supramax Index (BSI): Supramax segment of the Baltic indices.
BCI 5TC: Time charter equivalent basket averaging Capesize routes C8, C9, C10, C14, and C16 used to settle Capesize FFAs.
BHSI 7TC: Time charter equivalent basket of seven Handysize routes used to settle Handysize FFAs.
BIMCO: Baltic and International Maritime Council, drafter of standard maritime contracts.
Black Sea-Med Route (TD26): Baltic dirty tanker route covering 130,000 mt crude from CPC Yuzhnaya Ozereyevka to Augusta.
BLNG1: Baltic LNG route Ras Laffan to Gladstone benchmarking Australia to Asia long-haul economics.
BLNG2: Baltic LNG route Sabine Pass to Gate terminal Rotterdam benchmarking US Atlantic to Northwest Europe.
BLNG3: Baltic LNG route Sabine Pass to Futtsu benchmarking US Atlantic to Japan via Panama Canal.
BLPG1: Baltic VLGC route Ras Tanura to Chiba benchmarking Middle East to Japan LPG long-haul.
BLPG2: Baltic VLGC route Houston to Flushing benchmarking US Gulf to Northwest Europe LPG arbitrage.
BLPG3: Baltic VLGC route Houston to Chiba benchmarking US to Far East LPG long-haul.
Bob Knight Capesize Index (legacy BCI): Original Capesize index basket prior to the BCI 5TC redesign that retired routes C2, C3, C4, C5, C7, C11, and C12.
BPI 5TC: Time charter equivalent basket of Panamax routes P1A, P2A, P3A, P4, and P5 after the retirement of P6.
Braemar ACM Shipbroking: London-listed shipbroker formed by mergers culminating in 2017, descended from Mr Mistry founded 1995 and Braemar Seascope.
BRS Shipbrokers: Chartering arm of the BRS Group active in dry, tanker, gas, and S&P.
Bulk Carrier: Single-deck ship for unpackaged dry bulk.
Bunker Adjustment Factor (BAF): Surcharge linked to bunker fuel prices.
Bunker Clause: Charter party provision specifying bunker quantities, qualities, and prices on delivery and redelivery.

C

C10_14 Pacific Round: Capesize route C10 covering a Pacific round voyage benchmark used in the BCI 5TC.
C14 China-Brazil Round: Capesize route C14 covering a China to Brazil and back round trip benchmark used in the BCI 5TC.
C16 Backhaul: Capesize route C16 covering a backhaul voyage from Far East to Continent used in the BCI 5TC.
C3 Tubarao-Qingdao: Legacy Capesize voyage route for 170,000 mt iron ore from Brazil to China still tracked for spot information though excluded from the BCI 5TC.
C5 West Australia-Qingdao: Legacy Capesize voyage route for 170,000 mt iron ore from Western Australia to China, retained as informational reference.
C7 Bolivar-Rotterdam: Legacy Capesize coal route from Colombia to ARA used historically before BCI redesign.
C8_14 Transatlantic Round: Capesize route C8 covering a transatlantic round voyage benchmark used in the BCI 5TC.
C9_14 Continent-Far East: Capesize route C9 covering a fronthaul voyage from Continent or Mediterranean to China-Japan range.
Calendar Month Average (CMA): FFA settlement methodology averaging Baltic index publications across all index days in a delivery month.
Cancelling date: Latest date by which the vessel must tender notice of readiness, often referred to as cancelling.
Capesize: Bulker >150,000 DWT too large for Suez/Panama traditionally.
Cargo Bid Indication: Initial offer of cargo from a charterer through brokers to the shipowner market.
CCFI: China Containerized Freight Index published by the Shanghai Shipping Exchange, tracking outbound container freight from Chinese ports across thirteen trade lanes.
Charter party: Contract for the hire of a ship or carriage of cargo.
Clarksons Platou: London-listed shipbroking group formed by the 2015 merger of H Clarkson & Co founded 1852 and Norway's RS Platou founded 1936.
Clarksons Shipping Intelligence Network (SIN): Subscription database providing time series of fixtures, prices, fleet, and orderbook data published by Clarksons Research.
Clean Petroleum Products (CPP): Gasoline, naphtha, jet, kero, gasoil.
Clean Tanker: Vessel carrying refined petroleum products such as gasoline, jet, naphtha, and diesel, assessed under the BCTI route family.
Cleared FFA: Forward freight agreement novated to a central counterparty clearing house, eliminating bilateral credit exposure.
Clearing House: Central counterparty such as LCH, SGX, CME, or EEX that novates FFA trades and manages margin to mitigate counterparty risk.
Closing Position List: Periodic broker circular listing vessels open for charter in defined ranges and dates.
CME Group: Chicago-based exchange that lists cleared dry FFA and tanker FFA contracts following the closure of NASDAQ Commodities freight book.
COA Tonnage: Total contractual cargo volume committed under a contract of affreightment, typically expressed in metric tons per year with tolerance.
Commission (Address): Brokerage and address commission deducted from gross freight or hire, typically 1.25 percent address plus 1.25 percent brokerage in dry markets.
Composite Index: Weighted average of sub-indices such as the BDI which weights BCI, BPI, BSI, and BHSI equally at 25 percent each.
Container Slot: Single TEU or FEU capacity unit on a container ship priced through indices such as SCFI, WCI, and FBX.
Contract for Difference (CFD): Cash-settled derivative whose payoff references a settlement price, the legal form underlying FFAs.
Counterparty Credit Risk: Risk that a bilateral FFA counterparty defaults before settlement, mitigated by clearing or guarantees.

D

Daily Fix: Publication of Baltic index values at approximately 13:00 London time on every London business day.
Deadweight Tonnage (DWT): Maximum mass of cargo, fuel, stores, water, and crew a vessel can carry.
Delivery Range: Geographic window allowed for tendering NOR.
DEMOLISHCON: BIMCO 2012 standard demolition sale form used in cash buyer transactions of vessels for recycling.
Demurrage: Liquidated damages for detention of ship beyond laytime.
Despatch: Reward paid to the charterer for completing loading or discharging within laytime.
Dirty Petroleum Products (DPP): Fuel oil, crude, slops.
Doric Shipbrokers: Greek dry bulk shipbroking firm headquartered in Athens.
Drewry Maritime Research: London-based shipping consultancy publishing the annual Global Container Terminal Operators Report.
Dry Bulk: Cargo segment covering iron ore, coal, grain, bauxite, alumina, fertilizers, and minor bulks moved on bulk carriers.

E

Eastport Maritime: Shipbroker with offices in the United States and Greece active in dry bulk and S&P.
EEX: European Energy Exchange, the Leipzig-based exchange that lists and clears freight, emissions, and energy derivatives including dry FFAs.
Equilibrium Price: Theoretical FFA settlement consistent with no-arbitrage between physical fixtures and forward curve.
Eurosale: NIPPONSALE and BIMCO Saleform legacy alternative briefly used in continental European S&P deals.
Exchange of Bills: Final stage of FFA novation to a clearing house, completed on trade date or T+1.
Exchange of Documents: S&P closing step at which Memorandum of Agreement deliverables are tabled by sellers and buyers.

F

FBX: Freightos Baltic Index, a container freight index produced by Freightos and the Baltic Exchange covering twelve global container trade lanes.
FFA: Forward Freight Agreement, OTC freight derivative settled on Baltic indices.
FFABA: Forward Freight Agreement Brokers Association standard FFA terms.
FFABA 2007 Terms: Standard contract for bilateral dry and wet FFAs maintained by the FFABA and embedded in ISDA master agreements.
FFABA 2022 Terms: Updated FFABA template incorporating clearing references, EU benchmark regulation acknowledgements, and updated tax language.
Fixing: Process of negotiating and concluding a charter party through competitive offer and counter-offer between brokers.
Fixture: Concluded charter party agreement.
Flat Rate: Worldscale published nominal dollars-per-ton value for a tanker voyage at which percentage assessments are anchored.
Forward Curve: Set of cleared FFA prices for consecutive months and quarters used to infer market expectations of future freight rates.
Forward Ship Index (FSI): Legacy freight derivative index used prior to the consolidation around Baltic FFAs.
Freight Derivative: Generic term for any financial instrument whose value depends on freight prices, including FFAs and container futures.
Freight Option: Cash-settled Asian option on a Baltic route average, typically traded in monthly tenors and cleared at LCH or EEX.
Fronthaul: Headhaul leg with stronger demand.

G

Galbraiths: London-based shipbroker founded in 1844 in Glasgow, active in dry, wet, gas, S&P, and newbuilding desks.
Genchart: Singapore-based shipbroker active in dry bulk chartering and S&P.
Gencon: BIMCO standard voyage charterparty form, current edition 2022.
Geneva Forfaiting: Convention reference for legacy freight finance, not directly part of FFA architecture but used in trade-paper structures.
Gibson Shipbrokers: London-based tanker, gas, and S&P broker founded in 1884 with a flagship weekly tanker market report.
Gross freight: Freight before address and brokerage commissions are deducted.

H

H Clarkson & Co: London shipbroker founded in 1852 that forms the historical core of Clarksons Platou.
Handymax: Dry bulk segment of about 40,000 to 50,000 dwt.
Handysize: Dry bulk segment of about 10,000 to 40,000 dwt.
HARPEX: Container charter index published by Hamburg shipbroker Harper Petersen tracking time charter rates for container vessels by size class.
Hedger: Market participant using FFAs primarily to offset existing physical freight exposure rather than to speculate.
Hire: Periodic payment by time or bareboat charterer for the use of the vessel.
Howe Robinson Partners: London-headquartered shipbroker with major offices in Singapore and Hong Kong.

I

ICAP Shipping: Former freight broker arm of ICAP plc, integrated into TP ICAP after the 2016 merger.
ICE Futures Europe: London-based exchange that previously listed freight contracts and continues to clear related shipping fuel products.
Imarex: International Maritime Exchange founded in Oslo in 2000, the first regulated freight derivatives exchange, merged into NOS Clearing and ultimately wound down after NASDAQ Commodities exit in 2018.
Inge Steensland: Oslo-based shipbroker founded in 1956 with strong gas and chemical desks.
Intermodal Shipbrokers: Athens-based shipbroking firm publishing a widely read weekly S&P report.
ISDA Master Agreement: Standardized master agreement used to govern bilateral FFAs together with FFABA confirmations.

J

Japanese Saleform: NIPPONSALE form maintained by the Japan Shipping Exchange used in some S&P transactions, particularly involving Japanese principals.
Joint service: Vessel service operated jointly by two or more carriers.

K

Kamsarmax: 80,000-85,000 DWT bulker.
Knock-for-Knock: Reciprocal indemnity arrangement in offshore and towage contracts.

L

Laycan: Layday and cancelling window of a voyage or time charter.
LCH ForexClear: London Clearing House service that has historically cleared freight contracts alongside FX derivatives.
LCH.Clearnet: Group central counterparty providing clearing services for freight, energy, and rates derivatives.
Letter of credit: Bank instrument guaranteeing payment under specified document conditions.
Letter of Indemnity (LOI): Counter-promise to compensate for action taken at requester's request.
Lien clause: Clause allowing owner to retain cargo for freight, demurrage, or hire.
Lion Shipbrokers: Athens-based shipbroking and S&P firm.
Lloyd's List Intelligence Seasearcher: A commercial database providing vessel ownership history, designation flags, and STS-pair detection.
Lorentzen Stemoco: Oslo-based shipbroker active in dry, wet, S&P, newbuilding, and project finance advisory.
LR1: Long Range 1 product tanker of roughly 55,000 to 80,000 dwt, the reference vessel for clean route TC5 and TC8.
LR2: Long Range 2 product tanker of roughly 80,000 to 120,000 dwt, the reference vessel for clean routes TC1 and TC20.

M

Maersk Broker: Independent Danish partnership shipbroker founded in 1948.
Marex Spectron: London-based commodities broker with a freight derivatives desk active in cleared dry and wet FFAs.
Margin Call: Demand from a clearing house or counterparty for additional collateral following adverse mark-to-market movement on an FFA position.
Market Report: Periodic broker publication summarizing fixtures, S&P deals, and index movements, often weekly.
MEG: Monoethylene glycol; hydrate inhibitor injected into subsea flowlines.
Memorandum of Agreement (MoA): Binding sale contract for a secondhand ship.
MR Tanker: Medium Range product tanker of roughly 40,000 to 55,000 dwt, the reference vessel for clean routes TC2, TC10, TC11, TC14, TC17, TC18, and TC19.

N

NASDAQ Commodities: Oslo-based derivatives exchange that listed freight contracts until exiting the freight derivatives business in 2018.
National Stock Exchange of India (NSE): Indian exchange not currently a major freight derivatives listing venue, distinct from NCDEX.
NCDEX: National Commodity and Derivatives Exchange in Mumbai that has explored freight contracts referencing Indian coastal routes.
NCFI: Ningbo Containerized Freight Index published by the Ningbo Shipping Exchange covering twenty-one outbound container trade routes from Ningbo.
NEWBUILDCON: BIMCO standard shipbuilding contract.
Newbuilding Order: Contract between buyer and shipyard for the construction and delivery of a vessel on terms drawn from SAJ, AWES, NEWBUILDCON, or bespoke forms.
NIPPONSALE: Standard sale form whose arbitration clause typically refers disputes to TOMAC in Tokyo.
Norwegian Saleform 1993: Earlier edition of the BIMCO Norwegian Saleform MOA still occasionally referenced in older S&P precedent.
Norwegian Saleform 2012 (NSF 2012): Widely used MOA edition published by the Norwegian Shipbrokers Association in cooperation with BIMCO.
Norwegian Saleform 2024 (NSF 2024): Latest revision of the Saleform updating dispute resolution, sanctions, electronic signature, and cyber clauses.
NOS Clearing: Norwegian clearing house used historically for cleared FFAs and tanker derivatives.
Notice of Readiness (NOR): Notice by master that ship is ready to load or discharge, starting laytime.

O

OCIMF: Oil Companies International Marine Forum, owner of SIRE.
Off-Hire: Period under a time charter during which hire ceases due to specified events.
Open Position List: Broker circular of vessels open for employment in given areas during specified dates.
Optima Shipbrokers: Piraeus-based shipbroker active in dry bulk and tankers.
Order: Cargo or vessel inquiry circulated through brokers.

P

P1A_82: Panamax route P1A defined as a transatlantic round voyage for an 82,500 dwt Kamsarmax used in the BPI 5TC.
P2A_82: Panamax route P2A defined as a Continent or Skaw-Gibraltar to Far East fronthaul for an 82,500 dwt Kamsarmax used in the BPI 5TC.
P3A_82: Baltic Panamax time charter route for delivery Japan-South Korea transpacific round voyage on an 82,000 deadweight Kamsarmax-type vessel.
P4_82: Baltic Panamax time charter route for backhaul delivery Japan-South Korea redelivery Gibraltar-Hamburg range on an 82,000 deadweight vessel.
P5_82: Earlier Baltic Panamax assessment retired with the introduction of the current 4TC basket on Kamsarmax-type vessels.
P6_82 (retired): Panamax route P6 defined as a Singapore to Skaw-Gibraltar backhaul for an 82,500 dwt Kamsarmax, retired from the BPI 5TC.
Panamax: Dry bulk or container vessel sized for the original Panama Canal locks.
Panellist: Independent shipbroker firm appointed by the Baltic Exchange to submit daily rate assessments for index calculation.
Pareto Securities: Financial services group whose shipping desk participates in equity, debt, and derivatives broking around freight markets.
PCC: Pure Car Carrier, served at ro-ro berths.
Period charter: Time charter for an extended period.

Q

Q4 FFA Strip: Forward freight agreement covering October, November, and December of a year, commonly traded in dry and wet markets.
Quarter Contract: FFA tenor covering a three-month calendar quarter, settling against the average of monthly settlement prices.

R

Rainmaker Index: Generic broker term for a chartering benchmark adopted by a single house, distinguished from the Baltic Exchange indices.
Recycling Sale: S&P transaction in which a vessel is sold for demolition, typically documented on DEMOLISHCON or Saleform demolition variants.
Redelivery: Return of the vessel to the owner at the end of a time or bareboat charter.
Reefer: Refrigerated container, ISO group R, common codes 22R1, 42R1, 45R1.
RS Platou: Norwegian shipbroker and project finance house that merged with Clarksons in 2014.

S

S10_58: Supramax route S10 South China trip via Indonesia to South China for a 58,328 dwt Tess58 reference vessel used in the BSI 10TC.
S1B_58: Supramax route S1B Canakkale to South China via Indonesia for a 58,328 dwt Tess58 reference vessel used in the BSI 10TC.
S1C_58: Supramax route S1C US Gulf to China-South Japan trip for a 58,328 dwt Tess58 reference vessel used in the BSI 10TC.
S2_58: Supramax route S2 North China one Australia or Pacific round voyage for a 58,328 dwt Tess58 reference vessel used in the BSI 10TC.
S3_58: Supramax route S3 North China trip via West Africa to North China for a 58,328 dwt Tess58 reference vessel used in the BSI 10TC.
S4A_58: Supramax route S4A US Gulf trip to Skaw-Passero for a 58,328 dwt Tess58 reference vessel used in the BSI 10TC.
S4B_58: Supramax route S4B Skaw-Passero trip to US Gulf for a 58,328 dwt Tess58 reference vessel used in the BSI 10TC.
S5_58: Supramax route S5 West Africa trip via East Coast South America to North China for a 58,328 dwt Tess58 reference vessel used in the BSI 10TC.
S8_58: Supramax route S8 South China trip via Indonesia to East Coast India for a 58,328 dwt Tess58 reference vessel used in the BSI 10TC.
S9_58: Supramax route S9 West Africa trip via East Coast South America to Skaw-Passero for a 58,328 dwt Tess58 reference vessel used in the BSI 10TC.
SAJ Form: Shipbuilders Association of Japan standard newbuilding contract.
Sale and Purchase (S&P): Market for buying and selling second-hand vessels intermediated by S&P brokers and documented on the NSF or NIPPONSALE.
Saleform demolition variants: Adapted versions of the Norwegian Saleform tailored for recycling sales, used alongside DEMOLISHCON.
SCFI: Shanghai Containerized Freight Index.
SCFIS: Shanghai Containerized Freight Index Settlement, the cash-settlement version of the SCFI used by SHFE for container freight futures.
Seascope Shipbrokers: Athens-based shipbroker active in dry bulk and tanker desks.
SGX: Singapore Exchange, the dominant Asian clearer of dry, tanker, container, and gas FFAs since the integration of legacy clearing infrastructure.
Shanghai Shipping Exchange (SSE): Chinese exchange founded in 1996 that publishes SCFI, CCFI, SCFIS, and various secondary container indices.
Shellvoy: Voyage charter party form maintained by Shell Trading, current edition Shellvoy 6, widely used in crude and dirty product fixtures.
SHIPSALE 22: BIMCO sale and purchase form 2022.
Simpson Spence Young (SSY): London-headquartered independent shipbroker founded in 1880 with dry, wet, gas, S&P, FFA, and research desks worldwide.
Single Voyage Charter: Voyage charter for a single laden leg, settled on rate per metric ton or Worldscale points.
Spot market: Single voyage market.
Subjects: Conditions to be lifted before a fixture becomes binding.
Suezmax: Tanker ~150,000-160,000 DWT, largest for Suez Canal pre-deepening.
Supramax: Dry bulk segment of about 50,000 to 60,000 dwt.

T

TC1_75: Baltic clean route TC1 covering 75,000 mt from Ras Tanura to Yokohama for an LR2.
TC10_40: Baltic clean route TC10 covering 40,000 mt from South Korea to Singapore for an MR, reflecting intra-Asia naphtha and gasoline trade.
TC11_40: Baltic clean route TC11 covering 40,000 mt from South Korea to Singapore for an MR, supplementing intra-Asia clean reference.
TC12_35: Baltic clean route TC12 covering 35,000 mt from West Coast India to Japan for an MR.
TC14_38: Baltic clean route TC14 covering 38,000 mt from US Gulf to UK Continent for an MR.
TC15_80: Baltic clean route TC15 covering 80,000 mt from Mediterranean to Far East for an LR2.
TC17_35: Baltic clean route TC17 covering 35,000 mt from Jubail to Dar es Salaam for an MR.
TC18_38: Baltic clean route TC18 covering 38,000 mt from US Gulf to Brazil for an MR.
TC19_38: Baltic clean route TC19 covering 38,000 mt from Amsterdam to Lagos for an MR.
TC2_37: Baltic clean route TC2 covering 37,000 mt from Rotterdam to New York for an MR.
TC20_90: Baltic clean route TC20 covering 90,000 mt from Ras Tanura to Rotterdam for an LR2.
TC5_55: Baltic clean route TC5 covering 55,000 mt from Ras Tanura to Yokohama for an LR1.
TC7_30: Baltic clean route TC7 covering 30,000 mt from Singapore to East Coast Australia for a Handy product tanker.
TC8_65: Baltic clean route TC8 covering 65,000 mt from Jubail to Rotterdam for an LR1.
TD1_270: Baltic dirty route TD1 covering 270,000 mt crude from Mideast Gulf to US Atlantic Coast for a VLCC.
TD14_80: Baltic dirty route TD14 covering 80,000 mt crude from SE Asia to East Coast Australia for an Aframax in the Indo-Australia trade.
TD15_260: Baltic dirty route TD15 covering 260,000 mt crude from West Africa to Qingdao for a VLCC.
TD17_100: Baltic dirty route TD17 covering 100,000 mt crude from Primorsk to Wilhelmshaven for an Aframax in the Baltic-UKC trade.
TD18_30: Baltic dirty route TD18 covering 30,000 mt fuel oil from Baltic to UK Continent for a Handy tanker.
TD19_80: Baltic dirty route TD19 covering 80,000 mt crude cross-Mediterranean from Ceyhan to Lavera for an Aframax.
TD2_270: Baltic dirty route TD2 covering 270,000 mt crude from Mideast Gulf to Singapore for a VLCC.
TD20_130: Baltic dirty route TD20 covering 130,000 mt crude from Bonny Offshore to Rotterdam for a Suezmax.
TD21_70: Baltic dirty route TD21 covering 70,000 mt crude from Caribs to US Atlantic Coast for an Aframax.
TD22_270: Baltic dirty route TD22 covering 270,000 mt crude from US Gulf to Qingdao for a VLCC.
TD23_270: Baltic dirty route TD23 covering 270,000 mt crude from Mideast Gulf to Cape Town for a VLCC, used as a Cape of Good Hope routing benchmark.
TD24_70: Baltic dirty route TD24 covering 70,000 mt crude from West Africa to East Coast Canada for an Aframax-Suezmax hybrid reference.
TD25_38: Baltic dirty route TD25 covering 38,000 mt fuel oil from US Gulf to UK Continent for a Handy tanker.
TD26_130: Baltic dirty route TD26 covering 130,000 mt crude from CPC terminal to Augusta for a Suezmax in the Black Sea-Med trade.
TD3 (retired): Baltic dirty route TD3 covering 260,000 mt crude from Mideast Gulf to Chiba for a VLCC, retired and replaced by TD3C.
TD3C_270: Baltic dirty route TD3C covering 270,000 mt crude from Mideast Gulf to Qingdao for a VLCC.
TD7_80: Baltic dirty route TD7 covering 80,000 mt crude from Sullom Voe to Wilhelmshaven for an Aframax in the North Sea-UKC trade.
TD8_80: Baltic dirty route TD8 covering 80,000 mt heat-150F dirty from Kuwait to Singapore for an Aframax.
TD9_70: Baltic dirty route TD9 covering 70,000 mt crude from Puerto Jose to Corpus Christi for an Aframax in the Caribs-USG trade.
Time Charter Equivalent (TCE): Daily earnings metric calculated as voyage revenue minus voyage costs divided by total voyage days, used to compare spot earnings across routes.
Tonnage List: Shipbroker compilation of vessels open for fixture in a given region, indirectly informing FFA sentiment.
TP ICAP: London-listed interdealer broker formed by the 2016 merger of Tullett Prebon and ICAP, with a shipping desk active in FFAs.
Trip Time Charter (TCT): Short time charter for a specific voyage with hire and bunkers regime.
Tullett Prebon: London-based interdealer broker that historically intermediated freight derivatives prior to merging into TP ICAP in 2016.

U

Ultramax: Dry bulk carrier of approximately 60,000 to 65,000 deadweight tons, a larger evolution of the Supramax design.
Underlying Index: Specific Baltic, container, or LNG route or basket against which an FFA, swap, or option settles.

V

Variation Margin: Daily cash flow exchanged between FFA counterparties and clearing house reflecting mark-to-market changes.
VesselsValue: Vessel valuation and data provider widely used by lenders and owners.
VLCC: Very Large Crude Carrier, 200,000-320,000 DWT.
VLGC: Very Large Gas Carrier, ~84,000 m3 LPG.
Voyage Charter: Charter for a specific voyage between named ports.

W

War Risks Clause: Clause addressing route deviation, additional insurance and refusal of orders in war zones.
WCI: World Container Index published by Drewry covering composite and route-level container spot freight rates across eight major trade lanes.
Wet Tanker: Generic term covering crude and clean petroleum tankers as opposed to dry bulk carriers.
WORLDSCALE: Tanker freight rate scale set annually by the Worldscale Associations.
Worldscale Flat Rate: Annually published nominal dollars-per-ton freight rate for each defined tanker voyage at the Worldscale 100 level.
Worldscale Points: Quoted percentage of the nominal flat rate at which a tanker voyage is fixed or assessed, with WS100 equal to the flat rate.

X

XSI: Xeneta Shipping Index published by Norwegian benchmarking firm Xeneta, covering long-term and spot container freight rates across major corridors.