| Aframax |
Tanker of 80‘000 to 120‘000 dwt. |
| B/B |
Bareboat Charter: Long-term chartering of a ship,
appointment of the master and crew and payment of all running
expenses by the charterer himself. |
| Bulker |
Bulk Carrier, a vessel designed to carry loose
cargo of a homogeneous nature in bulk, such as coal, iron ore,
grain, etc. |
| Bunkers |
Fuel for vessel‘s own engines. |
| CAP: Condition Assessment Program |
A voluntary quality classification program for
tankers introduced by Det Norske Veritas, Norway (Classification
Society). |
| Capesize |
A vessel of 125‘000 to 150‘000 dwt,
too large to transit the Panama Canal. |
| Classification Society |
Organisation (there are several world-wide) whose
main function is to set and maintain standards of construction
of ships and their equipment and to carry out surveys of ships
during construction and in regular intervals after delivery. |
| COA: Contract of Affreightment |
Contract for the delivery of a certain quantity
of a certain product over a defined time in various shipments
with a certain vessel type. Mostly concluded by bigger owners
with either producers or end-users. |
| COFR: Certificate of Financial Responsibility |
Requirement for any oil tanker sailing in US waters
to have a financial guarantee in accordance with OPA 90 rules
(See OPA). lt was introduced by the US Coast Guard in December
1994. |
| Combination Carrier (Combo) |
A vessel designed to carry either drybulk cargoes,
such as ore, or cargoes of oil (see OBO). |
| Container Feeder Vessel |
Container vessel with a capacity of between approx.
500 and 1’500 TEU (used for carrying cargo between large
vessels and smaller ports of destination). |
| Crude Carrier |
Oil tanker designed only to carry oil as a raw
material |
| Double Hull |
Typically modern tanker designe for the safety
of the environment in case of an accident. By having an additional
skin between the cargo hold and the outside, the cargo is expected
to be better protected from leaking out (requirement of the
OPA). |
| dwt |
Deadweight Tons (weight-carrying capacity of a
vessel). |
| FPSO |
Floating Production, Storage and Off-loading Vessel.
Large and specially equipped oil tanker. Staying permanently
in the same location, often used in off-shore oil fields to
produce, store and off-load crude oil. |
| grt |
Gross Register Tons (volume of a vessel in 100
cubic feet). |
| Handymax |
Drybulk Carrier of 35‘000 to 50‘000
dwt. |
| Handysize |
Drybulk Carrier of 10‘000 to 35‘000
dwt. |
| HBL; Hydrostatically Balanced Loading |
A special loading technique based on the fact
that oil is lighter than water. The tanks are filled with oil
to a level where the water pressure from outside exceeds the
pressure from the oil in the cargo tanks, thus preventing oil
from leaking out in case of a hull rupture below the water line. |
| IACS |
International Association of Classification Societies. |
| IMO |
International Maritime Organisation. UN‘s
international Advisory shipping organisation. |
| ISM Code |
International Safety Management Code, comprising
standardised regulations for ship management, safety and prevention
of environmental pollution. |
| ITF |
International Transport Worker’s Federation.
Trade union, whose objective has been the setting of standards
of employment for merchant seamen. |
| Knot |
A measure of the speed of a vessel. 1 knot = 1
nautical mile per hour = 1852 km/h. |
| ldt |
Light Displacement Tons (steel weight of a vessel). |
| LNG |
Liquefied Natural Gas. |
| LPG |
Liquefied Petroleum Gas. |
| LPG Carrier |
Small: below 20‘000 m3 pressurised, operating
predominantly in the coastal trade.
Medium-sized: 20‘000 - 50‘000 m3 semi-refrigerated
(LPG and chemical gases).
Large: 50‘000 m3 fully-refrigerated (LPG or ammonia). |
| MARPOL |
The International Conventions on Marine Pollution
Prevention (a part of the IMO). |
| M/T |
Motor Tanker. |
| Multipurpose Vessel |
Vessel capable of carrying several types of dry
cargo, either in combination with each other or as full cargo.
Often such vessels have movable bulkheads and more than one
deck. |
| M/V |
Motor Vessel |
| Nautical Mile |
1 nautical mile = 1852 km. |
| OBO |
Oil/Bulk/Ore Carrier. (see Combination Carrier) |
| OPA |
US Oil Pollution Act of 1990, regulating, among
other things, tankers in US waters. |
| OSV |
Off-shore Supply Vessel. Used in the off-shore
drilling industry with highly specialised equipment for servicing
and supporting underwater work. |
| Panamax |
The largest size of ship capable of transiting
the Panama Canal, 50‘000 to 80‘000 dwt. |
| Post- Panamax |
Container vessel with a capacity of over 3‘000
TEU. |
| Product Tanker |
Tanker designed to carry refined oil products. |
| Reefer |
Ship with refrigerated cargo space (transport
of fruit, meat, fish). |
| RoRo |
Roll-on/Roll-off (loading and discharging systems
with ramps). |
| Single Hull |
Vessel designed with only one skin between the
cargo and the outside. |
| Suezmax |
The largest size of ship capable of transiting
the Suez Canal, 120‘000 to 200‘000 dwt |
| T/C |
Time Charter: hire of a vessel including crew
over a certain period of time, whereby the charterer is responsible
for all voyage-related expenses (bunkers, port charges, etc.).
The technical operation of the vessel remains the responsibility
of the owner. |
| TEU |
Twenty-Feet-Equivalent Unit (measurement for the
vessel‘s container capacity). |
| T/T |
Turbine Tanker. |
| ULCC |
Ultra-Large Crude Carrier, 320‘000 dwt and
more. |
| VLCC |
Very Large Crude Carrier, 200‘000 to 320‘000
dwt. |
| WS |
World Scale: a widely used scale to measure the
USD values of tanker freight rates for the purpose for shipowners
to compare more easily the returns on alternative voyages. |
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