The total weight a vessel can safely carry, including cargo, fuel, and stores — not cargo capacity alone.
The total weight a vessel can safely carry, including cargo, fuel, fresh water, provisions, stores, crew, and other consumables, measured in metric tonnes. DWT is a measure of a vessel's total deadweight capacity, not its cargo capacity alone.
The vessel's maximum length from the foremost point of the bow to the aftmost point of the stern.
The vessel's maximum overall length from the foremost point of the bow to the aftmost point of the stern. LOA is commonly used to determine whether a vessel can physically fit within a berth, dock, lock, or other restricted area.
The agreed window of dates during which a vessel must arrive and be ready to load.
Short for 'laydays/cancelling' — the agreed period during which a vessel must arrive at the designated port or place and be ready to commence loading. If the vessel arrives after the cancelling date, the charterer may generally have the right to cancel the charter, subject to the charter party terms.
Compensation paid to the owner when loading or discharging takes longer than the agreed laytime.
Compensation payable to the vessel owner when the agreed laytime for loading or discharging is exceeded, subject to the terms of the charter party. The corresponding payment made to the charterer when cargo operations are completed within less than the allowed laytime is generally called despatch.
The cargo-carrying portion of DWT, after allowing for fuel, water, and stores — though not always calculated the same way.
A commonly used approximation of the cargo weight a vessel can carry after allowing for fuel, fresh water, provisions, stores, crew, and other deadweight items. Unlike DWT, DWCC isn't a strictly standardized figure — exactly what's deducted can vary between owners, brokers, and vessel particulars. The actual cargo intake for a given voyage also depends on the vessel's loading condition and voyage requirements.
Whether a vessel carries its own cargo-handling cranes, or depends on shore equipment.
A gearless vessel does not have its own cargo-handling cranes or other cargo gear and normally relies on shore-based equipment. A geared vessel is equipped with its own cargo-handling cranes or other gear, allowing it to load and discharge cargo at ports where suitable shore equipment may not be available.
A mutual insurance association covering an owner's third-party liabilities.
A mutual marine insurance association that provides cover for many of a shipowner's or ship operator's third-party liabilities, such as crew claims, cargo liabilities, pollution, collision liabilities, and wreck removal, subject to the applicable rules and terms. This is distinct from hull and machinery insurance, which primarily covers physical damage to the vessel itself.
The contract between shipowner and charterer setting out the terms of hire.
A contract between a shipowner and a charterer setting out the terms under which the vessel is hired. It defines matters such as the type of charter, freight or hire rate, duration or voyage, cargo, ports, laytime, responsibilities, and other contractual conditions.
Hiring a vessel for a fixed period, with the owner still responsible for crew and technical operation.
A charter in which the charterer hires the vessel for an agreed period. The owner normally remains responsible for the vessel's crew, maintenance, and technical operation, while the charterer generally directs the vessel's commercial employment within the limits of the charter party.
Hiring a vessel to carry an agreed cargo between specified ports, for an agreed freight.
A contract for the carriage of an agreed cargo between specified ports or places, in return for an agreed freight — rather than simply the hire of a vessel for a voyage. The owner remains responsible for operating the vessel, and freight is typically calculated per tonne of cargo carried or as a lump sum, as set out in the charter party.
A document acknowledging receipt of cargo, and — depending on its form and the governing law — a document of title.
A document issued by or on behalf of the carrier acknowledging receipt of cargo. It typically serves as a receipt for the goods and evidence of the contract of carriage. Whether, and how, it also functions as a negotiable document of title depends on the specific form of bill of lading issued (a straight bill of lading, for example, is generally not negotiable) and on the governing law applicable to the shipment.
How deep a vessel sits in the water, from the waterline to its lowest point.
The vertical distance between the vessel's waterline and the lowest point of its hull or keel. Draft varies with the vessel's loading condition and is an important factor in determining whether a vessel can safely navigate a particular port, berth, channel, or waterway.
A unique, permanent seven-digit identifier assigned to a vessel.
A unique seven-digit identification number permanently assigned to an eligible vessel. It remains associated with the vessel throughout its life and does not normally change when the vessel is renamed, reflagged, or sold, making it useful for unambiguous vessel identification.
An independent organization that surveys vessels against technical classification standards.
An independent organization that establishes technical standards and surveys vessels to verify compliance with its own classification rules, covering matters such as structural strength and the condition of machinery. Classification is related to, but legally distinct from, the statutory certification issued by or on behalf of a vessel's flag state, and from the requirements of marine insurers. Examples include members of IACS.
The fuel a vessel carries for its own propulsion and machinery.
Fuel carried on board a vessel for propulsion and the operation of its machinery. The term originates from the coal bunkers used to store fuel on early steamships and continues to be used in modern shipping, including for marine fuels and related fuel operations.
A formal notice that a vessel has arrived and is ready to load or discharge, subject to the charter party terms.
A notice tendered by the master, or on the vessel's behalf, stating that the vessel has arrived at the agreed place and is ready, in accordance with the charter party, to commence loading or discharging. Whether the NOR is valid and exactly when laytime begins to count depend on the specific charter party, including requirements concerning place, readiness, notice periods, and other agreed conditions.
The agreed period allowed for loading or discharging cargo without additional payment for delay.
The period of time agreed between the parties during which the vessel is made available for loading or discharging without payment additional to the agreed freight. Laytime may be expressed as a number of hours or days, or calculated according to an agreed loading or discharging rate. The exact rules for when laytime starts, stops, pauses, and whether particular periods count are determined by the charter party.
The estimated time at which a vessel is expected to arrive at a specified port, place, berth, or waypoint.
Estimated Time of Arrival — the expected time at which a vessel will reach a specified destination, such as a port, anchorage, berth, or waypoint. ETA is normally updated as the voyage progresses and is used by owners, charterers, agents, terminals, cargo interests, and other parties for operational planning.
The estimated time at which a vessel is expected to come alongside or occupy its designated berth.
Estimated Time of Berthing — the expected time at which a vessel will berth or come alongside at its designated berth. ETB can differ from ETA because a vessel may arrive at the port or anchorage before a berth becomes available.
The estimated time at which a vessel is expected to leave a port, berth, or other location.
Estimated Time of Departure — the expected time at which a vessel will depart from a port, berth, anchorage, or other specified location. ETD is commonly updated as cargo operations, port formalities, weather, traffic, and other operational factors affect the vessel's schedule.
Chartering terms that allocate certain cargo-handling costs to the charterer or cargo interests rather than the owner.
FIO means Free In and Out and generally indicates that the vessel is free of the cost of loading and discharging cargo, with those costs allocated to the charterer or cargo interests according to the charter party. FIOST extends the expression to include stowing and trimming. The exact allocation of costs, responsibilities, and risks depends on the wording of the applicable charter party.
Free In and Free Out — terms allocating loading or discharging costs respectively.
FI (Free In) generally means that the vessel is free of the cost of loading cargo, while FO (Free Out) generally means that the vessel is free of the cost of discharging cargo. The precise allocation of costs, responsibilities, and risks should always be determined from the applicable charter party wording.
A contract for the carriage of an agreed quantity of cargo over a period or series of shipments.
A Contract of Affreightment is an agreement under which a carrier or owner undertakes to transport an agreed quantity of cargo, usually through a series of shipments over an agreed period. The contract can provide flexibility concerning the vessels used for individual shipments, subject to the terms agreed between the parties.
The agreed chartering transaction between the owner and charterer.
A fixture is the concluded agreement between the owner and charterer on the principal commercial terms of a charter, such as the vessel, cargo, rate, laycan, ports, duration or voyage, and other agreed conditions. Whether an agreement is legally binding at a particular stage depends on the terms agreed and the circumstances of the transaction.
A written record summarizing the principal terms agreed for a vessel fixture.
A fixture note, often also called a recap or recap message, records the principal commercial terms agreed between the owner and charterer, such as vessel, cargo, rate, laycan, ports, and other important conditions. It is commonly used as a concise record of the agreed terms before the full charter party is finalized. Its legal effect depends on the wording and circumstances of the agreement.
The payment made for carrying cargo under a voyage charter or other contract of carriage.
The amount payable to the owner or carrier for transporting cargo. Under a voyage charter, freight may be calculated per tonne of cargo, as a lump sum, or according to another agreed basis set out in the charter party or contract of carriage.
The payment made for the use of a vessel under a time charter.
The amount payable by the charterer to the owner for the use of the vessel during a time charter. Hire is commonly expressed as a daily rate and is normally payable at the intervals and in accordance with the payment provisions specified in the charter party.
A list showing vessels' current or expected positions and when they may become available for new employment.
A position list is a list circulated by owners, operators, brokers, or other market participants showing vessels' current or expected positions and their anticipated dates of availability for new employment. Position lists are commonly used by charterers and brokers to identify vessels that may be suitable for upcoming cargoes or voyages.
A vessel that is, or is expected to become, available for new employment.
An open vessel is a vessel that is currently available, or is expected to become available, for new employment after completing its current voyage, charter, or other commitment. The expected opening date and location are important information when considering the vessel for a new fixture.
The agreed amount of cargo to be carried, often expressed with an agreed tolerance.
The quantity of cargo to be carried under a charter party or contract of carriage. It may be stated as an exact quantity, a range, or a quantity subject to an agreed tolerance, such as a specified percentage more or less at the option of the owner or charterer. The applicable tolerance and who controls it should be stated in the contract.
A unit of volume equal to one cubic metre, widely used to describe cargo volume and vessel capacity.
CBM means cubic metre, a unit of volume equal to one metre in length, one metre in width, and one metre in height. In shipping it is commonly used to express cargo volume, tank capacity, hold capacity, container capacity, or other three-dimensional space.
The volume of a vessel's cargo holds measured to the inside of the ship's shell plating and structural boundaries, used particularly for bulk cargoes such as grain.
Grain capacity is the cubic capacity of a vessel's cargo holds measured to the inside of the shell plating, tank top, bulkheads, and other relevant boundaries, including spaces between structural members where applicable. It is used particularly for free-flowing bulk cargoes such as grain, which can fill spaces that may not be usable for certain packaged or unitized cargoes.
The usable cubic capacity of a vessel's cargo holds for packaged, palletized, or other non-free-flowing cargo.
Bale capacity is the cubic capacity of a vessel's cargo holds measured within the ship's structural boundaries, generally excluding spaces occupied by frames, beams, stiffeners, and other structures that cannot practically be used for packaged or unitized cargo. It is therefore normally lower than the corresponding grain capacity.
A measure that expresses voyage earnings as an equivalent average daily time-charter rate.
Time Charter Equivalent (TCE) is a performance measure that converts the net earnings from a voyage into an equivalent average daily rate for comparison with time-charter earnings. A common calculation deducts voyage-related costs from voyage revenue and divides the resulting net voyage earnings by the relevant number of voyage days. The precise calculation can vary depending on the reporting methodology used.
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