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Glossary
Shipping Terms
| TERM | DEFINITION | |
| Ammonia | Raw material used in fertilizer production. | |
| Bunker fuel | Any hydrocarbon mineral oil used or intended to be used for the operation or propulsion of a ship. | |
| CAP - Condition Assessment Programme | Continuous surveillance of the condition of a vessel | |
| Capesize vessel | Dry bulk carrier of 80,000-200,000 dwt | |
| Cbm | Cubic meter. A unit for gas vessel’s capacity for carrying gas. | |
| CFC-refrigerants | Gases used as cooling agents in gas carriers | |
| Charter | The hiring of a vessel, or use of its carrying capacity, for either (i) a specified period of time or (ii) a specific voyage or set of voyages. | |
| Computer Based Training (CBT) | Interactive teaching programmes based on the use of a personal computer | |
| Commercial management | By managing a vessel commercially we mean that we are responsible for the chartering negotiations and operation of the vessel in accordance with the terms of the charterparties. | |
| Contract of Affreightment - COA | Contract of transporting certain amounts of cargo within a defined period | |
| CPP | Clean petroleum products. | |
| Dwt - dead weight tonnes | Maximum weight a vessel can carry | |
| Docking | When a vessel is taken into dock for inspections and periodical maintenance | |
| Freight rate | A rate paid on spot voyage, CoA or time charter. | |
| Fully refrigerated vessel | A gas carrier designed to carry cargoes fully refrigerated at atmospheric pressure | |
| Handymax-tonnage | Dry bulk vessel of 35,000-50,000 dwt | |
| IMO - International Maritime Organisation | Maritime agency for the United Nations | |
| ISM-Code | International Safety Management Code | |
| Kerguelen | A group of French islands in the South Indian Ocean hosting the second French ship register, often called TAAF (Territoire des Terres Australes et Antarctiques Francaises) | |
| LGC - large gas carrier | Gas carrier of 50,000-70,000 cbm | |
| LNG | Liquefied Natural Gas | |
| LPG | Liquefied Petroleum Gas | |
| LTI - lost time incident | Number of accidents per million working hours | |
| MARPOL | International Convention for the Prevention of Pollution from Ships | |
| MGC - medium gas carrier | Gas carrier of 20,000-50,000 cbm | |
| MST | Multipurpose Shuttle Tanker - tanker built/prepared for different purposes, such as shuttle, storage and production of oil | |
| NIS | Norwegian International Ship Register. | |
| OPA - Oil Pollution Act | Oil pollution laws and regulation in the USA | |
| Off hire | The time a vessel according to the charter party is not gaining charter hire, i.e. during drydocking, repairs, etc. | |
| Panamax-tonnage | The largest bulk carrier which can pass through the Panama Canal fully loaded (approximately 80,000 dwt) | |
| Petrochemical gases | Ethylene, propylene, butadiene, VCM | |
| Refined petroleum products | Products derived from crude oil: petrol, heating oil, jet fuel, etc. | |
| SAFIR | Safety and Improvement Report guidelines | |
| SOLAS | International Convention for the Safety of Life at Sea | |
| STCW | International Convention on Standards of Training, Certification and Watchkeeping | |
| Semi-refrigerated vessel | A gas carrier designed to carry cargoes both fully refrigerated and under higher pressure than atmospheric pressure. Bergesen gas carriers of 8,000-15,000 cbm. | |
| Spot market | Market for vessels that are not employed on time charter or Contract of Affreightment | |
| Spot rate | Freight rate agreed on the basis of current market level | |
| Spot voyage | A spot voyage is typically a single round trip that is priced on a current or spot market value. | |
| Refined petroleum products | Products derived from crude oil: petrol, heating oil, jet fuel, etc. | |
| Time charter (TC) | The hiring out of a vessel complete with crew for a period of time. The hirer (time charterer) pays for voyage related costs, and pays the ship owner a charter hire of a specific amount per day or specific sum per dwt per month, i.e. time charter rate | |
| Time charter (TC) rate | Calculated net t/c rate for vessels, not on time charter, is gross freight less voyage related costs divided by number of days | |
| VLGC - very large gas carrier | Gas carrier above 70,000 cbm | |
