Chartering Terms A - D:
AA - Always Accessible or Always Afloat - Term in Charter-Party which stipulates that the charterer must not order the ship to a port or
berth where she would touch the bottom or perhaps be unavailable at any time due to tidal variations.
AAAA - Always accessible always afloat.
A/C - Account This term is used when referring to a bank account and when allocating costs, such as in the phrase "for the a/c of
charterers".
ABS - American Bureau of Shipping.
ABT - About - A conditional term used in qualifying cargo, time, bunkers or speed: when discussing cargo. "about" usually covers a
margin of 5 % either way (i.e. 25,000 LT 5% more or less, at owner's option), when referring to a period of time: usually 15 days,
although each case is considered on its own merit. In connection with bunkers, "about" has been interpreted to mean 5% latitude;
regarding speed, the tolerance is generally one half knot.
Accomplished Bill of Lading- Original Bill of Lading which has been surrendered to the carrying ship at the discharge port in exchange
for the goods.
A/E or ACC/EXC - Accept/Except - Term used by either the ship owner's broker or the prospective charterer's broker during the
negotiations for the charter of a ship to signify that an offer or counter-offer is accepted apart from certain clauses or details. These
are then listed together with the amendments sought.
AD VAL FRT - Ad Valorem Freight - Freight calculated on the value of the goods, expressed as a percentage thereof.
ADDCOM - Address Commission - Commission payable by the ship owner to the charterer. The reason for this system is sometimes
said to be that the charterer's shipping department for bookkeeping purposes must show some kind of income from their activities.
State trading countries regularly include a 5% address commission in their orders.
Additional Demurrage - Amount of money paid to the ship owner by the voyage charterer, shipper or receiver, as the case may be,
for failing to complete loading or discharging before the agreed period of free time has expired. The daily rate of additional demurrage
is agreed in the Charter-Party.
Additional Freight - Extra charge imposed in accordance with the contract of carriage by a shipping line on the shipper, receiver or
Bill of Lading holder, as the case may be, for additional expenses incurred in discharging the cargo. This charge generally applies
when the port stipulated in the contract is inaccessible or when the discharge there would result in unreasonable delay to the ship:
under these circumstances, the shipping line may have an option under the contract of carriage to proceed to another port of
discharge the cargo where extra costs may be incurred.
"Adopted" Charter -If a charter "agreed" in that way following negotiations between, for instance, BIMCO and one or more groups
representing charterers is officially supported by another association of shipowners, for instance, the Chamber of Shipping of the
United Kingdom, it is stated that the Chamber of Shipping of the United Kingdom has " adopted" the charter; or on the other hand, if
BIMCO wants to support one or the other charter negotiated and "agreed" between the Chamber of Shipping of the United Kingdom
and one or more groups of charterers, then it is stated that the charter has been adopted by BIMCO. Moreover, a document issued by
an organization of shipowners, for instance INTERTANKO, for use in a special trade without having actually been "agreed" with any
particular group of charterers, may be adopted by BIMCO. An adopted document is compulsory for the members of the organization
who have adopted it if it is an "agreed" document.
Advance Freight - Freight payable at a time agreed by the shipowner and the shipper, before the goods are delivered at the place
of destination in the contract of carriage.
Advance on Freight - Money advances by the shipper to the master of a ship to pay for his disbursements while in port. It is often
repaid by deduction from freight.
Affreightment - The hiring of a ship, the term may also sometimes be used to describe a contract for a series of voyages.
AG - Arabian Gulf (used when vessels are proceeding to Arabian ports).
Agency Clause - Clause in Charter-Party, which stipulates whether the ship's agent at the loading and / or discharging ports are to be
nominated by the shipowner or the charterer.
Agency Fee - Fee payable by the shipowner or ship operator to a port agent, whose duties may include arranging a berth with the
port authority, ordering pilots, tugs and labor, entering the ship in at Customs and collecting freight.
"Agreed" Charter - The charter has been agreed between BIMCO (or The Chamber of Shipping of the United Kingdom or Cornite
Central des Armateurs de France or other associations of shipowners) with one ore more groups of charterers or other institutions (for
instance, the Polish Coal Charter Committee, the Timber Trade Federation of the United Kingdom, the Syndicat National du
Commerce Exterieur de Cereales, Paris or CMEA, Moscow). The printed conditions of an "agreed' charter must not be altered or
deleted without the express approval of the organizations who have agreed the charter, An "agreed" document is compulsory for the
trade for which it is intended, e.x. the sugar trade.
AGW - All going well.
All in Rate - Freight rate which is inclusive of all surcharges and extras. This type of freight rate is to be found in the liner trade.
Anniversary Date - This refers to the hour and date the ship is delivered to the charterer and, therefore hire is paid from that date,
either semi-monthly, monthly, or per 30 days, through the end of the charter period. This is especially important when negotiating for
an extension, or when 'fixing" in direct continuation.
AP - All Purposes - Time allowed in a voyage charter for loading and discharging combined, expressed as a number of days and
hours. Also referred to simply as purposes.
"Approved" Charter - this is the expression used for charters - whether "agreed", "adopted” or “recommended”.
APS - Arrival Pilot Station - Location often used as the place of delivery of a ship by the shipowner to the charterer at the
commencement of a time charter. The hire charge commences from the time of arrival unless the ship arrives prior to the first of the
laydays. In such a case, the hire charge commences at the beginning of the first layday or sooner at the option of the charterer.
Arbitration Clause - Clause in a contract, such as Charter-Party, which stipulates that any dispute between the parties arising from
the contract be resolved by arbitration. The clause also specifies the place where the arbitration is to be held, the number of
arbitrators and their qualifications, and the procedure should one party fail to nominate an arbitrator.
Arrived Ship - Requirement of all voyage charters that the ship must have arrived before laytime can commence. Where the
charterer has nominated a berth or dock, the ship must have arrived at that berth or dock. When a port is nominated, the ship must
have arrived at the pod in this context in cases where there is no berth available and the ship is obliged to wait, a vessel is an "arrived
ship" as soon as the following conditions have been met:
1. The vessel must have arrived at the loading or discharging berth or port as stipulated in the charter.
2. The vessel must be fully prepared to load or discharge.
3. Notice of readiness in writing, as prescribed, must have been given to shippers or consignees.
4. If berth nominated by charter is not available, then vessel can be considered “arrived" when NOR is tendered.
ASBA - Association of Ship Brokers and Agents (USA), Inc., New York.
As Agent Only - Form of words used with a signature to a Charter-Party or Bill of Lading to indicate that the party signing is doing so
merely on behalf of a principal, whether is to be the master, owner or charterer of the ship, and has no rights or liabilities under the
contract of carriage.
As is - In the condition in which the subject matter is. This expression is used when goods, or a ship, are offered for sale without repair
or rectification.
As is, Where is - In the condition in which the subject-matter is and at the place where it is lying. This expression is used where
goods or a ship, are offered for sale without repair or rectification and with delivery to the purchaser being at the place where the
goods are lying.
ATS - All Time Saved: term used in a voyage charter party to define one method by which dispatch money is calculated, that is, by
deducting time used for loading and/or discharging, as the case may be, from a theoretical time up to the expiry of laytime which
includes excepted periods, for example a charterer may be allowed 10 days for loading. He calculates the expiry of laytime taking,
account of excepted periods such as weekends, and arrives at a theoretical number of calendar days, say 15. Should he only use four
laydays to load, he is entitled to II days dispatch money.
ATDN - Any Time Day or Night - Term used in a time Charter-Party to signify that the shipowner may deliver the ship or that the
charterer may redeliver the ship, as the case may be, at any time of the day or night and not necessarily during normal working hours.
This term is very often followed by SHINC (Sundays and holidays included).
Average to Laytime - As a voyage charterer, to offset the time used in loading cargo against that used in discharging for the
purpose of calculating demurrage or dispatch. If, for example, a charterer earns five days dispatch at the loading port but there is a
period of three days demurrage at the discharging port, the charterer has a net claim for two days dispatch money.
Back to Back Charter - Contract between a charterer and a subcharterer whose terms and conditions are identical to the contract,
known as the head charter, between the charterer and the shipowner. The purpose of agreeing identical terms is to ensure that any
money for which the charterer may be liable to in the sub-charter, for example dispatch money, is recoverable from the shipowner.
Backfreight - Freight payable to a shipowner for the carriage of goods back to the port of loading or to another convenient port when
the vessel is unable to reach the port of destination because of an excepted peril or because the consignee fails to take delivery of
The goods or provide instructions for their disposal.
BAF - Bunker adjustment factor.
Bale / Bale Capacity - Total cubic capacity of a ship's holds available for the carriage of solid cargo which is not capable of filling the
spaces between the ship's frames. It is expressed in cubic feet or cubic meters. Where a cargo is free flowing and is capable of filling
the spaces between the ship's frames, the corresponding cubic capacity is known as the grain or grain capacity.
BB - Ballast Bonus - Sum of money paid by a time charterer to a shipowner in recognition of the fact that the shipowner is unlikely to
find a cargo near to the place of redelivery of the ship at the end of the period of the charter and is therefore obliged to ballast his
ship elsewhere.
Baltic Mercantile & Shipping Exchange - Institution, located in London, England, also known as the Baltic Exchange or simply the
Baltic, whose main function is to provide facilities for the chartering of ships by its members: chartering agents, acting on behalf of
charterers, negotiate with shipbrokers who represent shipowners on the "floor" of the Baltic. Other activities include air chartering,
futures trading and sale and purchase of ships.
Baltime - General purpose Time Charter Party published by BIMCO.
Bareboat Charter - The hiring or leasing of a ship for a period of time during which the shipowner provides only the ship while the
charterer provides the crew together with all stores and bunkers and pays all operating costs. This type of charter is favored by
persons or companies who wish to own a ship for investment purposes but who do not have the desire or expertise to operate the
ship. Similarly, it is favored by persons or companies who have a particular requirement for a ship and the expertise with which to
operate one but without the wish or ability to purchase. A ship hired out in this way is said to be on bareboat charter. Also referred to
as a demise charter or a charter by demise.
Bareboat Charterer - Person or company who charters a ship for a period of time, provides crew, bunkers and stores and pays all
operating costs. Also known as a demise charterer or charterer by demise.
Bareboat Charter-Party - Document containing the contract between the owner of a ship and the demise charter, and signed by
both, in which are all the terms and conditions such as the period of the charter, the rate of hire, the trading limits and all the rights
and responsibilities of the two parties. Also referred to as a demise Charter-Party.
Barecon 'A' - Standard bareboat Charter-Party published by BIMCO.
Barecon 'B' - Standard bareboat Charter-Party used for newbuildings financed by mortgage, published by BIMCO.
Base Cargo - Minimum quantity of cargo required by a shipping line to make it worthwhile to call at a particular port of loading.
Base Rate - Basic rate of freight of a shipping line or liner conference onto which are added, or on which are calculated, the various
surcharges such as the currency adjustment factor or bunker surcharge.
BBB - Before Breaking Bulk - A condition of carriage that freight, or some percentage of it, becomes payable before breaking bulk
(discharge of a vessel commences).
BD - Bundle.
Bearer of a Bill of Lading - Person who tenders the Bill of Lading to the ship at the place of discharge in exchange for the goods.
Bills of lading are often made out to bearer.
Bends - Both Ends - At both loading and discharging ports. This term is often used together with GSAAAAB (good safe always afloat
always accessible berth), with OSP (one safe port), with OSB (one safe berth) and to qualify the prices of the bunkers on delivery and
redelivery in a time charter. Also used to state agency determination (ex. Carrier's agents bends).
Berth Charter Party - Charter-Party in which a particular berth is nominated by the charterer. The time allowed for loading or
discharging, as the case may be, does not start to count until the ship reaches the berth, unless berth is occupied in which case time
starts counting when NOR is tendered.
Berth Standard of Average Cause - Clause in a Charter-Party setting out the contribution to be made by the charterer to any claim
for loss or damage to cargo for which the shipowner is liable.
Bill of Lading to Order - Bill of Lading which requires an endorsement by a consignee before goods can be delivered to him by the
carrying ship. Also called a “to order Bill of Lading.''
BIMCO (The Baltic and International Maritime Council) - Association whose main object is to promote and defend the interests of
shipowners. It also has a membership of shipbrokers and has been responsible for contributing to the creation of a large number of
Charter-Parties and other shipping documents.
Bimcosale - Standard bill of sale published by BIMCO, used for the purchase of ships.
B/L - Bill of Ladinq - Document issued by a shipowner to a shipper of goods. It serves as a receipt for the goods, evidence of the
contract of carriage and document of title. As a receipt it contains the description and quantity of the goods as well as suitable
notations if the goods are not in apparent good condition when received by the ship. As evidence of the contract of carriage, the Bill of
Lading contains the terms and conditions of the contract or, where the contract is represented by a Charter-Party, a reference to the
Charter-Party As a document of title, the "to order" Bill of Lading is used by a third party to take delivery ofthe goods from a ship.
Blacklist - List of countries published by a particular government which will not allow ships to trade at its ports if they have traded at
ports in the countries on that list.
Blt - Built.
B/N - Booking Note - Document containing the terms and conditions of a contract between a shipper and a shipping line for the
carriage of goods on a particular ship between specified ports or places.
B.N.A. - British North America.
Boffers or BO - (asking) best offers.
Book Space (to)- As a shipper or his agent, to reserve space in a ship for the carriage of certain defined goods from a place of
loading to a place of discharging.
Booking - Reservation made by a shipper or his agent with a carrier for the carriage of certain defined goods between defined places.
Booking List - List of all cargo bookings for a particular sailing. It is compiled by a shipping line from lists sent in by the line's agents
responsible for taking bookings for the various ports on the ship's itinerary.
Both to Blame Collision Clause - Clause in a Bill of Lading or charter party which stipulates that, in the event of a collision between
two ships where both are at fault, the owners of the cargo must indemnify the carrying ship against any amount paid by the carrying
ship to the non-carrying ship for damage to that cargo. This clause arises because, under American law, a cargo owner is not able to
make any recovery from the carrier for damage resulting from negligent navigation but may instead sue the non-carrying ship which in
turn seeks recovery from the carrying ship in proportion of his fault. This would render a carrier indirectly liable for a loss for which he
is not directly liable to the cargo owner. The clause has, however, been held to be invalid in the American courts when incorporated
with a common carrier.
Box Rate - Rate of freight per shipping container, as opposed to per ton or per cubic meter. Since a box rate is unaffected by the
actual quantity loaded into the container, it is in shipper's interest to load as much cargo as possible, subject to the maximum allowed,
to effectively reduce the cost of carriage for each ton or cubic meter.
Break Bulk (to) - To commence to discharge a bulk cargo. It is sometimes a condition of carriage that freight, or some percentage of
it, becomes payable on breaking bulk.
Breakbulk - Relating to cargo lifted on and off ships one piece or bundle at a time by means of cranes or derricks, as opposed to
cargo shipped on trailers or in shipping containers. Such goods may be described as breakbulk cargo; the ships which carry them are
sometimes referred to as breakbulk ships which are operated on a regular basis between advertised ports, provide a breakbulk
service. The term breakbulk is often used to denote the opposite of containerized.
Broken stowage - Amount of unused space in a ship or a hold by virtue of the irregular shape of the cargo. For example, the space
taken up by a bundle of bars of irregular length would be calculated on the basis of the longest length, as if all the bars were of that
length.
Brokerage - Fee or commission payable by a shipowner to a shipbroker for successful negotiation of a charter, It is normally
expressed as a percentage of the freight or hire and demurrage. Brokerage may or may not be payable, according to the terms of the
Charter-Party, should the voyage or period of the charter not be completed.
B/S - Bunker Surcharge - Extra charge applied by shipping lines, or set by liner conferences on behalf of their members, to reflect
fluctuations in the cost of bunkers. This surcharge is expressed either as an amount per freight ton or as a percentage of the freight.
Also referred to as bunker adjustment factor (BAF), or fuel oil surcharge (FOS), or fuel adjustment factor (FAF).
BT - Berth Terms - Expression signifying that the contract of carriage is subject to the customs and conditions of the ports of loading
and discharging.
C.A. - Central America (Le. - WCCA or ECCA depending which side).
CABAF - Currency and bunker adjustment factor surcharge applied by some shipping lines, and set by some liner conferences on
behalf of their members, which consists of a currency adjustment factor and a bunker adjustment factor combined. This surcharge is
normally expressed as a percentage of the freight rate.
CAD - Cash Against Documents - Term of sale whereby the buyer receives the commercial documents, including the Bill of Lading,
which is the document of title, on paying the seller for the goods. This term is also used to qualify a contract of carriage in which the
carrier releases the Bill of Lading to the shipper in exchange for the goods.
CAF - Currency Adjustment Factor - Surcharge applied to freight rates by shipping lines or set by liner conferences on behalf of their
members. The purpose of the currency adjustment factor is embodied in the E.S.C. (European Shippers' Councils) / C.E.N.S,A.
(Council of European and Japanese national Shipowners' associations ) Code. It is to ensure that the revenue of the shipping lines is
unaffected by the lines in relation to the tariff currency. The code provides formulae, adopted by many conferences, for calculating the
CAF and, since the values of currencies can move upwards as well as downwards, the CAF which is normally expressed as a
percentage of the freight, maybe negative as well as positive. Thus a tariff rate of $100 becomes $108 when subject to a plus 8 per
cent CAF.
Calendar Month - A "month" in a time charter usually means a calendar month, which extends from the given day of the month to the
day of corresponding number in next month. If that next month, being shorter, does not have a day of that number, the calendar
month expires on the last day of that month. For example, if a ship is delivered on August 31st, the 1st month's hire expires September
30th; the next month's hire would be payable on October 31st, not October 30th.
Canal Transit Dues - Charge levied by a canal authority, such as that for the Suez Canal, for transiting. This charge is based on the
ship's tonnage.
Cancellation (of a charter) - Repudiation of the contract, most often by the voyage charterer when the ship misses her canceling
date, or by a time charterer when the ship is off hire for more than the period stipulated in the Charter-Party.
Cancellation Clause - Charter Party clause specifying the last date known, as the canceling date, on which a ship must be available
to the charterer at the agreed place. If the ship arrives after the cancelling date, the charterer may have the option to cancel the
contract.
Canceling Date - Last date, agreed in a voyage Charter-Party or time Charter-Party, by which a ship must be available to the
charterer at the agreed place at the commencement of the contract. If the ship is not available by that date, the charterer may have
the option to cancel the charter under certain circumstances and clauses of the Charter Party.
Cargo Sharing - Reserving by the authorities of a country of the ocean carriage of its exports and imports to the ships of its own fleet
and that of the countries with which it trades, usually in equal proportions, often allowing the ships of other countries a smaller share.
Cargoworthiness - Fitness of a ship to carry a particular cargo.
Cargoworthy - Said of a ship, being fit to carry a particular cargo.
Carrier - Party who enters into a contract of carriage with a shipper. The carrier may be the owner or charterer of a ship.
Carryings - Quantity of cargo carried over a period of time by a shipping line or by all the members of a liner conference. This
quantity is a factor in determining the profitability of the service and the need, if any, to apply an increase to the freight rates.
CBR - Commodity Box Rate - Freight rate per shipping container for a particular commodity.
Centrocon - Voyage Charter-Party used for shipments of grain from the River Plate.
Cesser Clause - Clause in a voyage Charter-Party which seeks to relieve the charterer of all responsibility under the contract once
the cargo has been shipped. Often this clause incorporates a provision for the shipowner to have a lien on the cargo for freight,
deadfreight and demurrage.
CFR - Cost and Freight - Sales term denoting that the seller is responsible for arranging and paying for the carriage of the goods to
the agreed port of discharge. Risk of loss and damage generally passes to the buyer when the goods pass ship's rail at the port of
loading.
CFS - Container Freight Station - Place where consignments are grouped together and packed into a shipping container or where
such consignments are unpacked.
Charter - The chartering or hiring of a ship. A ship which is hired out is said to be on charter and the time during which a ship is hired
out is known as the period of the charter.
Charter by Demise - See bareboat chatter.
Charter in (to) - To hire a ship from a shipowner. This expression is sometimes used more specifically to denote that the ship is being
chartered for a specific voyage or purpose, supplementing a shipping company s fleet whose ships are fully committed or more
profitably employed elsewhere.
Charter out (to) - To hire a ship out to a charterer. This expression is sometimes used to denote, more specifically, the hiring out of a
ship which is temporarily surplus to the requirements of a shipowner or shipping company.
Charterable - Said of a quantity of goods that is sufficient to fill a ship taken on charter terms.
Charterer - Person or company who hires a ship from a shipowner for a period of time (see Time charterer) or who reserves the
entire cargo space of a ship for the carriage of goods from a port or ports of loading to a port or ports of discharge (see Voyage
charterer).
Charterer’s Market - Weak market, with comparatively low freight rates.
Chopt - in Charterers' Option - Term in a Charter-Party which stipulates that the charterers have a choice in specific
circumstances. For example, the contract may allow for discharge at port 'A' or port 'B' in charterers' option, with the provision that one
port is to be declared to the shipowner by a certain point in the voyage.
Charterer’s Agent - Ship's agent nominated by the voyage charterer in accordance with Charter-Party. Although nominated by the
charterer, the agent is paid by, and is responsible to, the shipowner. Can also be applicable to agents appointed at a load or
discharge port by request of the actual cargo interests.
Charterer's Bill of Ladinq - Bill of Lading issued by a charterer and signed by him or his agent. Under certain circumstances, the
charterer who signs his own bills of lading may be deemed to be the carrier, thus taking on all responsibilities of a carrier.
Chartering Agent - Shipbroker that acts on behalf of a charterer in the negotiations leading to the chartering of a ship. He is the
counterpart to the owner's broker, the shipowner who acts on behalf of the shipowner.
Charter Party Bill of Lading - Bill of Lading issued for a shipment of cargo on a chartered ship when it is intended that the receiver
be bound by the terms and conditions of the Charter-Party. A clause to this effect incorporating the date and place of signature of the
Charter-Party appears on the Bill of Lading.
Charter Party Broker - A broker that will contract at the actual market level, but he will always try to phrase every single Charter-
Party clause so that it will be as advantageous as possible to his principal. It must be stressed that a Charter-Party that has not been
carefully drafted may cause one of the parties considerable loses.
CIF - Cost Insurance and Freight - Sales tern denoting that the seller is responsible for arranging and paying for the carriage of the
goods to the agreed port of discharge and for the insurance of the goods covering the period of carriage involved in the contract of
sale. The risk of loss or damage generally passes to the buyer when the goods pass ship's rail at the port of loading.
CIP - Freight or Carriage and Insurance Paid to - This term is the same as CPT but with the addition that the seller has to procure
transport insurance against the risk of loss or damage to the goods during carriage. The seller contracts with the insurer and pays the
insurance premium.
Clause Paramount - Clause in a Bill of Lading or Charter-Party which stipulates that the contract of carriage is governed by the
Hague Rules or Hague-Visby Rules or the enactment of these rules of the country having jurisdiction over the contract.
Claused Bill of Lading - Bill of Lading containing one, or more than one, superimposed clause which may either specify a defect to
the cargo or its packing or may be any comment of the master regarding the carriage of the goods, for example that the weighs or
contents of a consignment are unknown to him, or that the goods shipped on deck are at shipper's risk.
Clean Bill of Lading - Bill of Lading which contains no superimposed clause specifying any defect to the cargo or its packing; it
indicates that the cargo has been received by the ship in apparent good order and condition. Clean bills of lading are often required
by banks who use them as collateral security against money advanced for the purchase of the goods described therein.
Clean Receipt - Receipt given by anyone receiving cargo into his care or possession bearing no clausing or notation indicating loss
or damage, thus indicating that the goods were received in apparent good order and condition.
Clear Days - Used with a number to denote the period of time excluding the first and the last days, for example ten clear days.
Closed Conference - Liner conference in which the member lines vote on the admission of a new line. The purpose of this is to
restrict the number of ships in a particular trade.
Closing date - Final date for delivering cargo to a liner ship. Usually considered to be the first day of the laycan or shipping period.
Can also be a cargo cutoff date.
COA - Contract of Affreightment - is usually a contract for the carriage of a specified type and quantity of cargo, covering two or
several shipments and running over a long period. In the COA it is the cargo and not the vessel that has a central position.
Coasthire - Time Charter-Party, the full name of which is the Chamber of Shipping Coasting and Short Sea daily Hire Charter Party.
Coasting Broker - Shipbroker who specializes in the negotiation of charters for coastwise or short sea voyages.
Combined Transport Bill of Lading or Combined Transport Document - Document evidencing a contract between shipper and a
shipping line for carriage of goods on a voyage involving at least two legs. Normally, the issuer of this document is responsible for the
goods from the time they are received into his care until the time they are delivered at destination.
Common Carrier - Person or company advertising a service involving the carriage of goods to and from ports on a particular route. A
common carrier is required by law to accept all cargo offered, except dangerous ones, and to make a reasonable charge for their
carriage.
Common Short Form Bill of Lading - Type of Bill of Lading which may be used by any shipping line since neither the name of the
line nor its conditions of carriage are printed on it: the name is typed on and a printed clause states the full terms and conditions are
available on request.
Competitive Broker - A broker engaged in efforts to bring together an owner's confidential broker with the broker of a suitable
charterer is engaged in competitive chartering and is called a competitive broker.
Conbill - Bill of Lading approved by the BIMCO for use when no Charter-Party is signed.
Conference - Two or more shipping lines operating a service in common between designated geographical areas. The lines agree a
set of freight rates and any special rates for shippers and each line charges the same as the others. The ships used are of types
suitable for the trade. Unlike tramp shipping where freight rates are function of daily supply and demand, conference rates are
relatively stable: base rates are altered by means of a general rate increase which in many cases is once a year. Lines in a
conference are governed by the rule of membership which may include rights to load or discharge at certain ports, and pooling of
cargo. Also referred to as a freight conference or a shipping conference or a liner conference.
Constant - Refers to those items of a more or less permanent nature, such as crew and effects, stores, spare parts in excess of rule
requirement (for example, a spare propeller and/or a spare tail shaft, neither of which are required by the rules), which have not been
included in the lightweight and consequently must be deduced from the deadweight when determining the deadweight available for
cargo. The word "constant" itself is a misnomer, since the constant is not forever constant but may vary from voyage to voyage
depending on the amount of stores and spares on board.
CT - Conference Terms - Qualification to a freight rate which signifies that it is subject to the standard terms and conditions of the
particular liner conference. These are normally set out in the conference's tariff.
Congenbill - Bill of Lading intended to be used with Gencon charter parties One of the clauses in this Bill of Lading states that it
incorporates all the terms of the Charter-Party.
Congestion Surcharge - Extra charge applied by shipping lines, or set by liner conferences on behalf of their members, to reflect
the cost of delay to their ships at a particular port caused by congestion.
Conlinebill- Liner Bill of Lading published by the BIMCO.
Conline Booking Note - Liner Booking Note published by BIMCO.
Consecutive Voyages - Successive voyages of a ship on charter to one party. The Charter-Party may stipulate the number of
voyages or the total quantity of cargo to be carried or the total period during which the shipowner performs the maximum number of
voyages. Consecutive is often abbreviated to consec.
Consignee - Person to whom goods are to be delivered by the carrier at the place of destination.
Consignor - Person who places goods in the care of a carrier for delivery to a person known as a consignee.
Consolidation - The grouping together of several compatible consignments into a full container load. Also referred to as groupage.
Contractor - Person or company having a loyalty contract with a liner conference and entitled subject to having complied with the
terms of the contract, to a contractor's rebate.
COP - Custom of the Port - Established practice at a port, which becomes part of a contract of carriage unless otherwise provided for
in the contract. Frequent examples are daily rate of loading and discharging, and the point where a carrier's responsibility ends in a
liner terms contact.
Copy Bill of Lading - Reproduction of a Bill of Lading intended to be used for administrative purposes only and not for taking delivery
of the goods or for transferring title to them.
Count (as laytime) (to) - To be included in the calculation of laytime in a voyage charter. Whether a period, such as during a week-
end or a strike, counts as laytime is subject to the agreement of shipowner and charterer save that, once all the time allowed has been
used, the remaining period until completion of loading or discharging, as the case may be, counts without exception. A typical voyage
Charter-Party clause might stipulate that 'time between 1700 hours Friday and 0800 hours Monday not to count, even if used.
Counter-offer or Counter - Response to an offer which in some way varies the terms or conditions of that offer, by virtue of a party
making a counter-offer, the offer itself is no longer binding. Offer and counteroffer form the basis of the negotiations involved in
chartering.
CP - Charter-Party - Document containing all the terms and conditions of the contract between a shipowner and a charterer, and
signed by both parties or their agents, for the hire of a ship or the space in a ship. Most Charter-Parties are standard forms with
printed clauses and spaces or boxes in which details relating to the individual charter, such as freight, laytime, demurrage, the ship's
construction, speed and consumption, are inserted. The printed documents may be varied and / or added to by agreement of the two
parties. Sometimes spelled Charter Party.
CPT - Freight or Carriage Paid to - Means that the seller pays the freight for the carriage of the goods to the named destination.
However, the risk of loss and damage to the goods, as well as of any cost increases, is transferred from the seller to the buyer when
the goods have been delivered into the custody of the first carrier and not at the ship's rail. It can be used for all modes of transport
including multimodal operations and container or roll-on/roll-off traffic by trailers and ferries. When the seller has to furnish a Bill of
Lading, waybill or carrier's receipt, he dully fulfills his obligation by presenting such a document issued by the person with whom he
has contracted for carriage to the named destination.
CQD - Customary Quick Dispatch - Means that the charterer must load and / or discharge as fast as is reasonably possible in the
circumstances prevailing at the time of loading or discharging. There is no provision for demurrage or dispatch. From the standpoint
of an owner, it gives very little assurance, if any, of a quick load and/or discharge.
Cst. - Centistokes - Measure of the viscosity of oils. The greater the number of centistokes, the higher the viscosity of a grade of oil.
D/A - Disbursements Account - Account rendered by a ship's agent at a port to the shipowner for all sums paid out in respect of the
ship's call at the port such as pilotage, towage, any cash advance to the master, supply of provisions and stores and the agency fee.
Receipts known as vouchers support the account,
Damage for Detention - Sum of money payable to the shipowner by the voyage charterer, or anyone who becomes a party to the
terms of the charter, for failing to load and/or discharge cargo within the time allowed in the Charter-Party. It is payable for each day or
part thereof until completion of loading or discharging, as the case may be. Unlike demurrage, the amount is not agreed in advance,
but is normally set by the Court either at the same rate as demurrage if such a rate has been incorporated into the Charter-Party, or
based on the daily running cost of the ship plus any profit which shipowner might reasonably have expected. These damages apply
when the Charter-Party contains no provision for demurrage or when the agreed period of demurrage is exceeded.
Deadfreight - Amount of money payable by a shipper or charterer to a shipowner or shipping line for failing to load the quantity of
cargo stipulated in the contract of carriage. Deadfreight is normally payable at the full freight rate but may be reduced by the loading
and/or discharging expenses if these were included in the freight.
Deadweight Cargo - Cargo of one metric ton which measures one cubic meter or less. Freight on deadweight cargo is generally
payable on the weight, that is, per metric ton.
Deck Cargo - Cargo carried on, and secured to, the open deck of a ship. Cargoes traditionally carried on deck include dangerous
goods, timber and goods, which are too large for the hatchway. Consideration needed when contemplating carrying cargo on deck
are: the strength of the deck, the strength of the hatch covers if cargo is stowed on the top of them, the safety of the crew and their
ability to go from one part of the ship to another, the need to ensure that cargo is not stacked so high as to impede navigation. Deck
cargoes are carried at the risk of the charterer, shipper or Bill of Lading holder, as the case may be.
Delivery (of) a cargo - The conveying of goods by a carrier to the receiver or Bill of Lading bolder at the place of destination in the
contract of carriage.
Dely - Delivery (of a ship) - Placing of a time chartered ship by the shipowner at the disposal of the charterer at the beginning of the
period of the charter, at the time and place agreed. The place of delivery is often a location, such as a pilot station, where it is
relatively easy to verify the time of arrival and hence the time when the charter commences. Normally, an on hire survey is carried out
as soon as practicable in order to determine the condition of the ship and the quantity of bunkers on board at the time of delivery.
Delivery Certificate - Document, signed by or on behalf of the shipowner and the charterer, certifying the time, date and place of
delivery of the ship, that is, the placing of the ship at the disposal of the time charterer at the beginning of the period of the charter.
The certificate also states the quantity of bunkers on board at the time of delivery and any notations by the charterer concerning the
failure of the ship to comply in any respect with the terms of the Charter-Party.
Delivery Order - Document issued by a liner company's agent authorizing the party named in it to take delivery of specific cargo from
a ship. It is normally issued in exchange for an original Bill of Lading.
Dem - Demurrage - Amount of money paid to the shipowner by the charterer, shipper or receiver, as the case may be, for failing to
complete loading and/or discharging within the time allowed in the Charter-Party. The rate of demurrage, normally an amount per day,
is agreed in the Charter-Party. Some charters specify that, after a certain period of demurrage, either additional demurrage or
damages for detention become payable. When demurrage becomes payable, it is said of a ship that she is on demurrage. Once a
ship is on demurrage, no deductions are made for the excepted periods, such as weekends, in the calculation of the demurrage
charges; hence it is said that "once on demurrage, always on demurrage."
Demise Charter - See bareboat charter.
Demise Clause - Clause in a Bill of Lading stipulating that the contact of carriage is between the shipper or Bill of Lading holder and
the shipowner. Bills of lading issued by charterers of a ship on behalf of the owner and master often contain this clause. It should be
noted that this clause is inconsistent with the laws of certain countries and may therefore be invalid in those countries.
DEQ - Delivered ex quay - This mean that the seller makes the goods available to the buyer on the quay at the destination named in
the sales contract. The seller has to bear the full cost and risk involved in bringing the goods there. There are two "ex quay" contracts
in use, namely "ex quay" (duty paid) and "ex quay' (duties on buyer's account), in which the liability to clear the goods for import are to
be met by the buyer instead of by the seller, parties are recommended always to use the full descriptions of these terms namely "ex
quay' (duty paid) or "ex quay" (duty on buyer's account), or else there may be uncertainty as to who is to he responsible for the
liability to clear the goods for import.
DESP - Despatch (Dispatch) or Despatch (Dispatch) Money - Amount of money the rate of which is agreed in advance, payable by
the shipowner to the charterer, shipper or receiver, as the case may be, for loading and/or discharging in less than the time allowed;
normally dispatch money, if a provision for it has been made, is at the same rate as, or half the rate of the rate of demurrage agreed
in the Charter-Party.
DES - Delivery ex ship - This mean that the seller shall make the goods available to the buyer on board the ship at the destination
named in the sales contact. The seller has to bear the full cost and risk involved in bringing the goods there.
Detention Charge - Charge payable by a shipper or receiver to a shipping line for detaining equipment or a vessel beyond the time
allowed.
Deviation Clause - Clause in a Bill of Lading or Charter-Party allowing the shipping line or shipowner to deviate from the agreed
route or normal trade route. This clause varies from contract to contract and may permit the ship to call at unscheduled ports for
whatever reason, or to deviate to save life or property.
DHD - Demurrage Half Despatch (Dispatch) - This term, often found in voyage charter negotiations, signifies that dispatch money is
to be paid at the daily rate of demurrage. The rate of demurrage precedes this term in the offer. For example, an offer by telex might
read USD 5.000 dhd, which signifies that demurrage would be at the rate of U.S. Dollars 5,000 per day and dispatch money at U.S.
Dollars 2,500 per day.
Dirty Bill of Lading - Bill of Lading containing one, or more than one superimposed clause specifying a defect to the cargo or
packing, noted at the time the goods are received by the ship. Such a Bill of Lading is also referred to as foul or unclean.
Disbursements - Sums paid out by a ship's agent on behalf of a shipowner at a port and recovered from the shipowner by means of
a disbursements account. Typical expenses include pod charges, pilotage, towage and the agent's fee.
Disponent Owner - Person or company who controls the commercial operation of a ship, responsible for deciding the ports of call
and the cargoes to be carried, very often, the disponent owner is a shipping line, which time charters a ship and issues its own liner
bills of lading. In most cases, Industrial Maritime Carriers are acting as "disponent owners".
Dock Dues - Charge levied against a shipowner or ship operator by a port authority for the use of a dock.
Door to Door - Said of a service or freight rate provided by a container shipping line whereby goods are loaded into a shipping
container at the shipper's premises and not unloaded until they arrive at the consignee's premises.
DOP - Dropping Outward Pilot - Frequently used provision in a time charter to determine the time and place of redelivery of a ship to
the owner by the charterer. The hire ceases at the moment the pilot disembarks.
Dry Weight - Actual weight of a bulk cargo less an allowance for moisture content.
DWCC - Deadweight Cargo Capacity or Deadweight Carrying Capacity - Weight of cargo, which a ship is able to carry when immersed
to the appropriate load line, expressed in tons.
DWT or DWAT - Deadweight or deadweight all told. Difference between a ship's loaded and light displacement, consisting of the total
weight of cargo, fuel, fresh water, stores and crew which a ship can carry when immersed to a particular load line, normally her
summer load line. The deadweight is expressed in tons.
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