Aaosa

Always afloat or safe aground. The condition for a vessel whilst in port.

Addendum

Additional terms at the end of a charter party.

Arbitration

Method of settling disputes which is usually binding on parties. A clause usually in a charter party.

ASBA

American Shipbrokers Association

B/L

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.

B/N

Booking note

Backletter

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.

BAF

Bunker adjustment factor

Bale Capacity

Cubic capacity of a vessels holds to carry packaged dry cargo such as bales/pallets.

Ballast Bonus

Compensation paid by Charterer for (relatively long) ballast voyage

Bareboat Charter

Vessel contract where charterers take over all responsibility for the operation of the vessel and expenses for a certain period of time.

BBB

Before breaking bulk. Refers to freight payments that must be received before discharge of a vessel commences.

Berth C/P

Term used in a voyage charter party, e.g. vessel shall proceed to Berth 2 at Falmouth.

Brokerage

Percentage of freight payable to broker (by owners in c/p’s) or applicable to sale or purchase.

C/P

Charter Party

Cargo Retention Clauses

Clauses introduced by charterers based on shortage of delivered cargo because of increased oil prices.

CBF

Cubic feet

CBM

Cubic metres

CIF

Cost, insurance, freight

COA

Contract of affreightment

COGSA

Carriage of Goods by Sea

Commission

See “Brokerage”

Conference

A scheduled liner service offered by owners on given routes on conditions agreed by members.

Congestions

Port/berth delays

Consignee

Name of agent, company or person receiving consignment

Deadfreight

Space booked by shipper or charterer on a vessel but not used

Deadweight/DWAT/DWCC

Vessel carrying capacity viz. fuel, water, crew based on 224O lbs per deadweight ton

Demurrage

Money payable to owner for delay for which owner is not responsible in loading/discharging after laytime expired.

Despatch

Time saved, reward for quick turnaround – in dry cargo only

Deviation

Vessel departure from specified voyage course

ETA

Estimated time of arrival

ETD

Estimated time of departure

FAC

Fast as can

FHEX

Fridays, holidays excluded

FIO

Free in/out

FIOST

Free in and out, stowed and trimmed

First Refusal

First attempt at best offer that can be matched

Fixture

Conclusion of shipbrokers negotiations to charter a ship – an agreement

FO

Fuel oil/free out

Force Majeure

Clause limiting responsibilities of charterers, shippers and receiver of cargo

Free Pratique

Clearance by the Health Authorities

Freight

Money payable on delivery of cargo in a mercantile condition.

Frustration

Charterers when cancelling agreement sometimes quote ‘doctrine of frustration’

i.e. vessel is lost, extensive delays.

GA

General Average

Geographical Rotation

Ports in order of calling

Grain Capacity

Cubic capacity in ‘grain”

Hague Rules

Code of minimum conditions for the carriage of cargo under a bill of lading

Hire

T/C remuneration

ITF

International Transport Workers Federation (Trade Unions)

Itinerary

Route/Schedule

IWL

Institute Warrant Limits

L/C

Letter of credit

LAY/CAN

Laydays/cancelling

Laytime

Time at charterers disposal for purpose of loading/discharging

Lien

Retention of property until outstanding dept is paid

LNG

Liquefied natural gas

Load Factor

Percentage of cargo or passengers carried e.g. 4000 tons carried on a vessel of 10000 capacity has a load factor of 40%

LOF

Lloyds open form Letter of indemnity

LT

Long Ton = 1016.05 kilogram

Lumpsum Freight

Money paid to shipper for charter of a ship (or portion) up to stated limit irrespective of quantity of cargo

Manifest

Inventory of cargo onboard

MOA

Memorandum of agreement

Mortgage

Loan issued against some security

NOR

Notice of readiness

OBO

Ore/bulk/oil vessel

P & I

Protection and indemnity insurance

Port CIP

Contracts with berth CIP. NOR can be given when within commercial limits of the port

Preamble

Introduction to a Charter Party

Proforma Acc

Estimated account

Recap

Recapitulation of the terms and conditions agreed

Reversible-time

Option for charterers to add together time allowed for loading & discharging relative to terms of a particular charter party

SB

Safe berth

Seaworthiness

Statement on the condition of the vessel . It has valid certificates, is fully equipped and manned

SHEX

Sundays, holidays excluded

SHINC

Sundays, holidays, included

SP

Safe port

ST

Short ton

STEM

Subject to enough cargo

Stowage Factor

Cubic space (measurement tons occupied by one tonne (2240 lbs or 1000 kgs of cargo))

Subject to

Depending upon as a condition

T/C

Time charter

T/C Equipment

Revenue per day

TBN

To be named/to be nominated

Time Bar

Time after which legal claims will not be entertained

Trading Limits

Maritime area usually specified by range of ports in which a vessel may operate

Weather Permitting

That time during which weather that prevents working shall not count as laytime

WIBON

Whether in berth or not

Wordscale

Index used for voyage charters in the tanker market; e.g. WS120

WW

Weather working

YAR 1974

York Antwerp Rules