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