Always afloat or safe aground. The condition for a vessel whilst in port.
Additional terms at the end of a charter party.
Method of settling disputes which is usually binding on parties. A clause usually in a charter party.
American Shipbrokers Association
Bill of lading, receipt of goods shipped onboard signed by Master (or agent) who contracts to carry them, stating terms on which goods are carried.
Where a seller/shipper issues a ‘letter of indemnity’ in favour of the carrier in exchange for a clean bill of lading. May have only a limited value. Example: P & I problems.
Bunker adjustment factor
Cubic capacity of a vessels holds to carry packaged dry cargo such as bales/pallets.
Compensation paid by Charterer for (relatively long) ballast voyage
Vessel contract where charterers take over all responsibility for the operation of the vessel and expenses for a certain period of time.
Before breaking bulk. Refers to freight payments that must be received before discharge of a vessel commences.
Term used in a voyage charter party, e.g. vessel shall proceed to Berth 2 at Falmouth.
Percentage of freight payable to broker (by owners in c/p’s) or applicable to sale or purchase.
Cargo Retention Clauses
Clauses introduced by charterers based on shortage of delivered cargo because of increased oil prices.
Cost, insurance, freight
Contract of affreightment
Carriage of Goods by Sea
A scheduled liner service offered by owners on given routes on conditions agreed by members.
Name of agent, company or person receiving consignment
Space booked by shipper or charterer on a vessel but not used
Vessel carrying capacity viz. fuel, water, crew based on 224O lbs per deadweight ton
Money payable to owner for delay for which owner is not responsible in loading/discharging after laytime expired.
Time saved, reward for quick turnaround – in dry cargo only
Vessel departure from specified voyage course
Estimated time of arrival
Estimated time of departure
Fast as can
Fridays, holidays excluded
Free in and out, stowed and trimmed
First attempt at best offer that can be matched
Conclusion of shipbrokers negotiations to charter a ship – an agreement
Fuel oil/free out
Clause limiting responsibilities of charterers, shippers and receiver of cargo
Clearance by the Health Authorities
Money payable on delivery of cargo in a mercantile condition.
Charterers when cancelling agreement sometimes quote ‘doctrine of frustration’
i.e. vessel is lost, extensive delays.
Ports in order of calling
Cubic capacity in ‘grain”
Code of minimum conditions for the carriage of cargo under a bill of lading
International Transport Workers Federation (Trade Unions)
Institute Warrant Limits
Letter of credit
Time at charterers disposal for purpose of loading/discharging
Retention of property until outstanding dept is paid
Liquefied natural gas
Percentage of cargo or passengers carried e.g. 4000 tons carried on a vessel of 10000 capacity has a load factor of 40%
Lloyds open form Letter of indemnity
Long Ton = 1016.05 kilogram
Money paid to shipper for charter of a ship (or portion) up to stated limit irrespective of quantity of cargo
Inventory of cargo onboard
Memorandum of agreement
Loan issued against some security
Notice of readiness
P & I
Protection and indemnity insurance
Contracts with berth CIP. NOR can be given when within commercial limits of the port
Introduction to a Charter Party
Recapitulation of the terms and conditions agreed
Option for charterers to add together time allowed for loading & discharging relative to terms of a particular charter party
Statement on the condition of the vessel . It has valid certificates, is fully equipped and manned
Sundays, holidays excluded
Sundays, holidays, included
Subject to enough cargo
Cubic space (measurement tons occupied by one tonne (2240 lbs or 1000 kgs of cargo))
Depending upon as a condition
Revenue per day
To be named/to be nominated
Time after which legal claims will not be entertained
Maritime area usually specified by range of ports in which a vessel may operate
That time during which weather that prevents working shall not count as laytime
Whether in berth or not
Index used for voyage charters in the tanker market; e.g. WS120
York Antwerp Rules