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Annual Survey
The inspection of a ship pursuant to international conventions,
by a classification society surveyor, on behalf of the flag
state, that takes place every year.
Ballast
A voyage during which the ship is not laden with cargo.
Bareboat Charter
A charter of a ship under which the shipowner is usually paid
a fixed amount of charterhire for a certain period of time
during which the charterer is responsible for the ship operating
expenses and voyage expenses of the ship and for the management
of the ship, including crewing. A bareboat charter is also
known as a "demise charter" or a "time charter
by demise."
Bunkers
Heavy fuel and diesel oil used to power a ship's engines.
Charter
The hire of a ship for a specified period of time or a particular
voyage to carry a cargo from a loading port to a discharging
port. The contract for a charter is commonly called a charterparty.
Charterer
The party that hires a ship for a period of time or for a
voyage.
Charterhire
A sum of money paid to the shipowner by a charterer for the
use of a ship. Charterhire paid under a voyage charter is
also known as "freight."
Classification society
An independent organization that certifies that a ship has
been built and maintained according to the organization's
rules for that type of ship and complies with the applicable
rules and regulations of the country of the ship's registry
and the international conventions of which that country is
a member. A ship that receives its certification is referred
to as being "in-class."
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Drydocking
The removal of a ship from the water for inspection and repair
of those parts of a ship that are below the water line. During
drydockings, which are required to be carried out periodically,
certain mandatory classification society inspections are carried
out and relevant certifications are issued. Drydockings for
containerships are generally required once every five years,
one of which must be a Special Survey.
Gross ton
A unit of measurement for the total enclosed space within
a ship equal to 100 cubic feet or 2.831 cubic meters.
Hull
Shell or body of a ship.
IMO
International Maritime Organization, a United Nations agency
that issues international standards for shipping.
Intermediate survey
The inspection of a ship by a classification society surveyor
that takes place 24 to 36 months after each special survey.
Newbuilding
A new ship under construction or just completed.
Off-hire
The period in which a ship is not available for service under
a time charter and, accordingly, the charterer generally is
not required to pay the hire rate. Off-hire periods can include
days spent on repairs, drydocking and surveys, whether or
not scheduled.
Protection and indemnity
insurance
Insurance obtained through a mutual association formed by
shipowners to provide liability indemnification protection
from various liabilities to which they are exposed in the
course of their business, and which spreads the liability
costs of each member by requiring contribution by all members
in the event of a loss.
Scrapping
The sale of a ship as scrap metal.
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Ship operating expenses
The costs of operating a ship, primarily consisting of crew
wages and associated costs, insurance premiums, management
fee, lubricants and spare parts, and repair and maintenance
costs. Ship operating expenses exclude fuel cost, port expenses,
agents' fees, canal dues and extra war risk insurance, as
well as commissions, which are included in "voyage expenses."
Sister ships
Ships of the same class and specifications typically built
at the same shipyard.
Special survey
The inspection of a ship by a classification society surveyor
that takes place every five years, as part of the recertification
of the ship by a classification society.
Spot market
The market for immediate chartering of a ship, usually for
single voyages.
TEU
Twenty-foot equivalent unit, the international standard measure
for containers and containership capacity.
Time charter
A charter under which the shipowner hires out a ship for a
specified period of time. The shipowner is responsible for
providing the crew and paying ship operating expenses while
the charterer is responsible for paying the voyage expenses
and additional voyage insurance. The shipowner is paid charterhire,
which accrues on a daily basis.
Voyage charter
A charter under which a shipowner hires out a ship for a specific
voyage between the loading port and the discharging port.
The shipowner is responsible for paying both ship operating
expenses and voyage expenses. Typically, the charterer is
responsible for any delay at the loading or discharging ports.
The shipowner is paid freight on the basis of the cargo movement
between ports.
Voyage expenses
Expenses incurred due to a ship's traveling from a loading
port to a discharging port, such as fuel (bunkers) cost, port
expenses, agents' fees, canal dues, extra war risk insurance
and commissions.
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