Chartering Terms E - M:
Economic Speed - This is the speed of a vessel producing the best possible financial results for the owners, giving proper
consideration to the following:
1. The prices of bunkers in the ports en route.
2. Fuel consumption of the vessel at various speeds.
3. Daily operating costs.
4. The net freight per ton of cargo.
5. Operating profit per day.
6. Subsequent available employment of vesseland anticipated freight.
EIU - Even if Used - Term used in a voyage Charter-Party which provides that time used to load or discharge, as the case may be,
during excepted periods is not deducted from the time allowed. A Charter- Party might stipulate that the time does not count from 1700
hours Friday to 0800 hours Monday, even if used. In this case, even if charterers choose to load or discharge in between these hours,
the time spent working would not count as laytime.
Endorse a Bill of Lading - To sign over a Bill of Lading to another, thus transferring title to the goods described in the Bill of Lading
to that party.
Enrollment (U.S.) - The document issued by the U.S. Government to vessels under U.S. flag engaged solely in domestic or coastwise
trade, as distinguished from the register, which is confined to vessels engaging in foreign trade.
ETA - Estimated Time of Arrival.
ETC - Estimated Time of Completion.
ETD - Estimated Time of Departure.
ETR - Estimated Time of Readiness.
ETS - Estimated Time of Sailing.
EXW - ex Works - Sales term denoting that the seller is responsible for making the goods available at his works or factory. The buyer
bears the cost of loading the goods onto the vehicle(s) and delivering them to the destination. The risk of loss and damage to the
goods generally passes from the seller to the buyer at the time that they are made available.
Excepted Period - Period during which any time used to load or discharge does not count for the purpose of calculating demurrage
or dispatch, other than by prior agreement (see Unless used). Such periods must be expressly stated in the Charter-Party and may
include weekends; public holidays and time used shifting from anchorage to berth. It should be noted that, once laytime has expired,
time counts during excepted periods in the calculation of demurrage.
Exceptions Clause - Clause in a Charter-Party or Bill of Lading that exonerates the carrying ship from responsibility for damage to
cargo from certain named causes such as an act of God or negligence of the master.
Expiry of Laytime - Moment when the time allowed in the Charter-Party for loading and / or discharging, as the case may be, has
been used up. If loading or discharging, as the case may be, has been used up. If loading or discharging has not been completed,
demurrage or damages for detention become payable.
Extension of a Charter - Prolonging of the period during which a ship is on time charter. An option to extend the charter may be
incorporated into the Charter-Party, very often on the same terms but possibly at a different rate of hire.
Extension to the Canceling Date - Agreement by the charterer to a later date than that agreed in the Charter-Party by which a ship
must tender notice of readiness to the charterer that she has arrived and is ready to load. If a ship is likely to be delayed in reaching
the load port, the shipowner may ask the charterer to extend the canceling date. If the charterer agrees, the contract is amended
accordingly. If not, the charterer may have the option to cancel the charter either before the canceling date by mutual consent or after
the canceling date within a time specified in the Charter-Party. Alternatively, the shipowner may be obliged to present his ship at the
load port, however late.
Extension to Suit Time - An extension by the carrier of the period within which cargo interests must bring a lawsuit for any claim
which they may have under the contract of carriage. This extension may be grante at the request of cargo interests when the claim
has not been fully quantified and provides the parties with further time to settle the claim out of court.
Extra-length Surcharge - Extra charge set by liner conferences on behalf of their members or applied by shipping lines on cargo
exceeding a length specified in their tariff often 40 feet or 12 meters. This extra charge is normally expressed as an amount of money
per each ton for each unit of length, for example each foot or part of a foot in excess of the specified length.
FAC - Fast as Can - Term used in a contract of carriage, particularly in those of shipping lines, to denote that the shipper must supply
the cargo as fast as the ship can load or that the receiver must take delivery as fast as the ship can discharge.
FACCOP - Fast as Can Custom of the Port - see FAC - Fast as Can and COP - Custom of the Port.
FAF - Fuel Adjustment Factor - see bunker surcharge.
FAK - Freight All Kinds - Single freight rate which is charged irrespective of the commodity.
FAS - Free Alongside - Under this term the seller's obligations are fulfilled when the goods have been placed alongside the ship on
the quay or in lighters. This means that the buyer has to bear all costs and risks of toss or damage to the goods from that moment. It
should be noted that unlike fob, the present term requires the buyer to clear the goods for export
F/C - Full and Complete Cargo - This expression characterizes a full cargo, in accordance with the custom of the port, which will
either bring the vessel down to her maximum permissible draft or fill the vessel cubically as the case may be.
FCC - First Class Charterers - a commonly used, meaningless phrase, which should be avoided. Better to say, if you need to keep
the name undisclosed: "local charterers or a similar phrase".
FCL - Full Container Load - Quantity of cargo, which fills a shipping container to capacity, either by weight or cubic measurement.
FCL Allowance - Deduction from the FCL freight provided by a shipping line or liner conference to a shipper who loads a minimum
number of tons or cubic meters of cargo into a shipping container. There may be various allowances depending on the degree of
utilization of the container. Also known as utilization allowance.
FCL/FCL - Term used to describe a container freight rate whereby the shipper is responsible for packing of the container and the
shipper or receiver, as the case may be, is responsible for the unpacking.
FCL/LCL - Term used to describe a freight rate whereby the shipper is responsible for packing of the container and the shipper or
receiver, as the case may be, is responsible for the unpacking.
FD - Free Despatch (Dispatch) - Provision in a voyage Charter-Party that dispatch money is not payable when loading and/or
discharging has been completed in less than the time allowed.
Ferticon - Voyage Charter-Party used for shipments of fertilizer, published by the Chamber of Shipping.
Fertivoy - Voyage Charter-Party used for shipments of fertilizer from the United States of America and Canada. The full name of this
Charter-Party is the North American fertilizer Charter-Party.
FEU - Forty Foot Equivalent Unit - Unit of measurement equivalent to one 40-foot container. Thus two 20-foot containers comprise
an FEU. This measurement is used to quantify, for example, the container capacity of a ship, the number of containers carried on a
particular voyage or over a period of time, or it may be the unit on which freight is based.
FHEX - Fridays and Holidays Excepted - Charter-Party term, which provides that Fridays and holidays do not count in the
calculation of laytime. This term applies to those countries where Friday is the Sabbath, notably in the Middle East
Fl - Free In - Free of expense to the shipowner of cargo handling at the loading port.
FILO /FILTD - Free in Liner Out / Free in Liner Terms Discharge - Qualification to a freight rate denoting that it is inclusive of the
sea carriage and the cost of discharging. It excludes the cost of loading and, if appropriate to the type of cargo, stowing, dunnaging,
lashing and securing or trimming, all of which are payable by the charterer or shipper. This type of freight rate may have a provision
for laytime and demurrage at the port of loading since the carrier has no control over the loading.
FIO - Free In and Out - Term qualifying a freight rate which signifies that it excludes the cost of loading and discharging and if
appropriate to the type of cargo, stowing, dunnaging, lashing and securing or trimming, all of which are paid by the charterer or
shipper or receiver, as the case may be. This type of rate is typically found in voyage charter-parties and, since the shipowner has no
control over loading and discharging, these generally have suitable clauses for laytime and demurrage to allow for delays at the
loading and discharging ports.
FIOLS & D - Free In and Out, Lashed, Secured and Dunnaged - Qualification to a freight rate, which is equivalent to free in and
out, but which avoids any ambiguity by specifying that the cost of lashing, securing and dunnaging is not for the account of the
shipowner. It is normally payable by the charterer or the shipper.
FIOS - Free In and Out and Stowed - Qualification to a freight rate which is equivalent to free in and out but which avoids any
ambiguity by specifying that the cost of stowage is not for the account of the shipowner. It is normally payable by the charterer or the
shipper. It is used in carriage of general cargo.
FIOT - Free In and Out and Trimmed - Qualification to a freight rate which is equivalent to free in and out but which avoids any
ambiguity by specifying that the cost of trimming is not for the account of the shipowner. It is normally payable by the charterer or the
shipper. it is used in carriage of bulk cargo.
Firm Offer - An offer that is not conditional in any way and is binding on the party making it, provided that it is accepted in full and
within any time limit specified in it.
First Class Ship - Ship to which the highest class has been given by a classification society in accordance with its rules concerning
construction and maintenance.
Fix (to) - To conclude successfully negotiations resulting in the charter of a ship or cargo.
Fix Best Possible - Situation where the broker is given leeway to negotiate the Charter-Party if terms of original instructions cannot
be met in the market. Very rarely happens. Usually, the broker is given a set of instructions by the principal, and if he cannot find a
counter to meet those terms, he must return to his principal for a new set of instructions.
Fixed on Subjects - Said of a ship, when the terms and conditions of chartering her have been agreed except for a few, normally
Fixed Operating Expense - The daily or monthly out-of-pocket costs of operating a vessel, which may include amortization and
interest, but does not include fuel or any other variable costs.
Fixture - Successful conclusion of the negotiations between shipowner and charterer, generally through shipbrokers, resulting in the
charter of a ship.
FLT - Full Liner Terms - Qualification to a freight rate, which signifies that it consists of the ocean carriage and the cost of cargo
handling at the loading and discharging ports, according to the custom of those ports. This varies widely from country to country and,
within countries, from port to port: in some ports, the freight excludes all cargo handling costs while in others, the costs of handling
between the hold and the ship's rail or quay is included in the freight.
FO - Free Out - Qualification to a freight rate denoting that the cost of discharging of the cargo from the ship's hold is not included in
the freight but is payable by the charterer or shipper or Bill of Lading holder, as the case may be. When qualifying a term of sale, it
denotes that the purchase price of the goods does not include this cost that is borne by the buyer. Often, daily rates of discharging
and demurrage are incorporated into such contracts.
FOB - Free on Board - Sales term denoting that the seller is responsible for delivering the goods to the port of loading agreed in the
contract and for loading them on to the ship nominated by the buyer. The risk of loss or damage to the goods generally passes from
the seller to the buyer when the goods pass ship's rail at the port of loading.
FOB Charges - Are cargo handling charges levied on the shipper by the shipping line at the port of loading.
Force Majeure - Circumstance which is beyond the control of one of the parties to a contract and which may, according to the terms
and conditions, relieve that party of liability for failing to execute the contract.
Forwarding Agent or Forwarder - Person or company who arranges the carriage of goods and the associated formalities on behalf
of a shipper. The duties of a forwarding agent include booking space on a ship, providing all the necessary documentation and
arranging Export Customs clearance. Also referred to as freight forwarder.
Foul Bill of Ladinq - See dirty Bill of Lading.
FOW - First Open Water - Time in Spring or early Summer when rivers, lakes, or seas are unfrozen and sufficiently free of ice to be
open to navigation. The term is normally used in the Great lakes or Baltic trades and usually refers to sometime in April.
Free Time - Period between the time a ship is ready to load or discharge, having given notice of readiness, and the time that laytime
commences in accordance with the Charter-Party, during which the charterer or receiver is not obliged to load or discharge. It is
important to make provision in the Charter-Party for the effect of laytime should the charterer or receiver elect to load or discharge
during this period.
Freight Broker - Is the broker who is always successful in contracting somewhat above the market level, but who will never risk the
loss of business due to the details of a particular Charter-Party clause.
Freight Collect - Freight payable at destination, also referred to as freight forward.
Freight Conference - See conference.
Freight Forward - See freight collect.
Freight forwarder - See forwarding agent.
Freight Payable at Destination - Method of paying the freight often used for shipments of bulk cargoes whose weight is established
on discharge from the ship.
Freight Prepaid - Freight which is payable before the contract has been performed. Very often, the bills of lading are signed and
exchanged with the shipper for his payment of freight.
Freight Quotation - Freight quoted by a shipping line or liner conference, which may be given as an indication only.
Freight Rate - Amount of money paid to a shipowner or shipping line for the carriage of each unit of cargo, such as a ton, a cubic
meter or container load. Also referred to as rate of freight.
Freight Tariff - Schedule, published by a liner conference or shipping line, containing freight rates for a variety of commodities likely
to he carried by the lines and whether these are payable on the weight of commodity or its cubic measurement. The tariff also
contains details of charges for heavy lifts and long length cargoes, and terminal charges. Apart from matters of rating, the tariff of a
liner conference states the geographical areas served, the names of the member lines and the conference's general regulations.
Freight Ton - Unit of cargo on which a freight rate is based, generally one ton or one cubic meter whichever is greater. Also called
FRT - Freight - Amount of money paid by a shipowner or shipping line for the carriage of cargo. Depending on the type of contract,
the particular terms and, in some cases, the custom of the ports involved, the freight may include the cost of loading and/or
discharging the cargo or may simply cover the ocean carriage.
GA - General Average - Intentional act or sacrifice that is carried out during voyage to preserve the venture from a real peril. The
party who has suffered a loss as a result is reimbursed by all the other parties to the marine adventure, each paying a proportion of
the amount of the loss according to the value of their interest.
Gless - Gearless Ship - Ship which is not equipped with her own crane(s) or derrick(s). When chartering or scheduling such a ship
for a particular voyage, it is necessary to ensure that the loading and discharging ports have shore cranes capable of lifting up to the
heaviest piece weight of the ship's cargo.
Gencon - Widely used general purpose voyage Charter-Party published by BIMCO.
General Average Clause - Clause in a Bill of Lading or Charter-Party that stipulates in what country or place and by what rules.
often the York-Antwerp Rules, general average is to be adjusted.
GRI - General Rate Increase - Periodic increase to all the base freight rates in the tariff of a liner conference or shipping line.
Grain / Grain Capacity - Total cubic capacity of a ship's holds available for the carriage of grain or any other free-flowing bulk cargo
which is capable of filling the space between the ship's frames It is expressed in cubic feet or cubic meters. See corresponding term
bale I bale capacity.
Gross Terms - Type of voyage charter in which the shipowner pays for loading and discharging.
Groupage - See consolidation.
Groupage Bill of Lading - Bill of Lading, issued by a carrier to a forwarding agent, sometimes known as a groupage agent or
consolidator, which covers consignments from various shippers for the same destination which have been consolidated into one
consignment by the forwarding agent. Each shipper receives a house Bill of Lading from the forwarding agent covering his
GT - Gross Tonnage - The total of all the enclosed spaces within a ship expressed in tons each of which is equivalent to one
hundred cubic feet. This term was previously referred to as GRT.
HA - Hatchway - Opening in the deck of a ship though which cargo is loaded into, or discharged from, the hold.
Hague Rules - Rules governing the carriage of goods by sea and identifying the rights and responsibilities of carriers and owners of
cargo. These rules were published in 1924 following an international convention and were subsequently given the force of law by
many maritime nations.
Hague-Visby Rules - Set of rules, amending the Hague Rules, published and subsequently given the force of law by many maritime
Half Hire - Provision in a time Charter-Party that half of daily hire is payable under certain circumstances. For example, if a ship is lost
at sea, It may be agreed That half hire is payable from the date the ship was last heard from until the calculated date of arrival at her
Hamburg Rules - Rules governing the rights and responsibilities of carrier and cargo interests which may be incorporated into a
contract for the carriage of goods by sea either by agreement of the parties or statutorily. The rules were adopted by the United
Nations Convention on the Carriage of goods by sea in 1978.
Harbor Dues - Charge levied against a shipowner or ship operator by a port authority for the use of a harbor.
Head Charter - Contract for the charter of a ship between her owner and a charterer. This term is used to distinguish between this
Charter-Party and any contract: which the charterer may have with a third party to whom he sub-lets the ship.
Head Charterer - Charterer whose contract is direct with the shipowner in respect of a ship that is being chartered out and the sub-
chartered, perhaps several times. The head charterer is thus distinguished from all the sub-charterers.
Hire or Hire Money - Money paid by a charterer to a shipowner for the hire of a ship taken on time charter. It may be expressed, for
example, as an amount per day or per deadweight ton per month, hire is payable, by agreement, at regular intervals such as monthly
or semimonthly, normally in advance. It is important that hire money is paid on time since otherwise the shipowner has the right to
withdraw the ship from the service of the charterer.
Hire Statement - Written statement of the amount of hire money payable by a time charterer to a shipowner, showing the number of
days that have elapsed since the commencement of the charter or since last statement. Deductions may be made for items disbursed
by the charterer on behalf of the shipowner, such as cash advanced to the master, claims against the shipowner and off hire periods
are also often deducted. The first and last statements detail the quantity of bunkers on board at the time of delivery and redelivery
respectively of the ship, and corresponding adjustments made to the amounts of the remittances to take account of the purchase of
bunkers on board on delivery by the charterer and the subsequent sale of bunkers on board on redelivery to the shipowner.
Ho. - Hold - Space below the deck of a ship, used for carry cargo. If a ship has more than one hold, they are numbered consecutively
from one upwards starting with the forward-most; this is done for the purposes of identifying the hold and locating cargo stowed in
House Bill of Lading - Bill of Lading issued by a forwarding agent to a shipper covering a consignment, which the forwarding agent
has grouped with consignments from other shippers to the same destination. The forwarding agent receives one groupage Bill of
Lading from the carrier that covers all the consignments.
Husbandry Agent - This is the agent appointed by the shipowners to attend only to those non-cargo matters - specifically those
matters concerning vessel crew, repairs. supplies, and provisioning and classification society surveys.
HWONT - High water ordinary neap tides.
HWOST - High water ordinary spring tides.
Ice Clause - Clause in a Bill of Lading or Charter-Party that sets out the options available to the panics to the contract of carriage in
The event that navigation is prevented or temporarily delayed by severe ice conditions. The wording of the clause and the options
vary according to the individual contract: a master may have the right to divert the ship to the nearest safe port to discharge cargo
destined for an ice-bound port. Equally, a charterer may have the option of keeping a ship waiting for ice conditions to clear on
payment of demurrage.
Identity of Carrier Clause - Clause in a Bill of Lading which stipulates who the carrier is, that is, the part) responsible for the care of
the cargo under the terms of the contract of carriage. This is normally the shipowner since the party issuing the Bill of Lading may
have chartered the ship and may not be responsible for the navigation of the ship nor for the handling of the cargo. There are some
countries in which this clause may not be upheld.
Incoterms - Rules governing the interpretation of terms used in international trade, published by the International Chamber of
Commerce. Against each of the terms of sale, such as FOB, CIF and DDP, are defined the duties of buyer and seller. These rules are
incorporated into a contract of sale by agreement of the two parties.
Indemnity - Compensation offered by one party to another for the consequences of carrying out, or omitting to carry out, a certain
act. An indemnity is usually given in writing but is unenforceable in a court of law if the act for which it is given is intended to defraud
an innocent third party.
Independent Line - Shipping line that operates on a route served by a liner conference but which is not a member of that
conference, also referred to as a non-conference line or an outsider.
Inducement - Minimum quantity of cargo or freight required by a shipping line to make it worthwhile to call at a particular port of
loading or discharging. Such a cargo is called an inducement cargo or inducement rate.
Inherent vice - The terms mean any existing defects, diseases, decay or the inherent nature of the commodity that will cause it to
deteriorate with a lapse of time. Examples of goods that are subject to inherent vice are agricultural commodities, such as fruits and
vegetables, and tobacco, which have the tendency to over-heat and to be subject to spontaneous combustion. Mild rust on metal
created by atmospheric conditions is an inherent vice.
IWL - Institute Warranty Limits - Geographical limits within which a ship may navigate without incurring any additional insurance
Intaken Weight - Actual weight of cargo loaded on board a ship.
Interclub Agreement - Agreement between a number of major protection and indemnity clubs on the method of apportioning liability
for loss and damage to cargo carried in ships chartered under a New York Produce Exchange Charter-Party.
Interim Voyage - Voyage undertaken by a ship between the times she is chartered for a specific voyage and the time she performs it.
Intermodal Tariff - Tariff or freight rates of a shipping line or line conference covering inland as well as ocean legs.
"Issued" Charter - A form of Charter-Party for the establishment of which it might be said that BIMCO is responsible, is referred to as
"issued" by BIMCO.
Jettison Clause - Clause in a Bill of Lading or Charter-Party setting out the circumstances under which a master is entitled to jettison
goods from a ship.
Joint Survey - Inspection carried out by a surveyor on behalf of two parties, the cost generally being borne by both.
Jurisdiction Clause - Clause in a Bill of Lading or Charter-Party, which stipulates that any dispute between the parties arising from
the contract, be resolved in a court of law, as opposed to arbitration. It also specifies which county has jurisdiction, that is, the
authority to administer justice. Also known as litigation clause.
KG(s) - Kilograms(s)
KT – Knot
Laydays - Days allowed by the shipowner to the voyage charterer or Bill of Lading holder in which to load and / or discharge the
cargo. See also laytime.
Laycan or L/C - Laydays Canceling - Period during which the shipowner must tender notice of readiness to the charterer that the
ship has arrived at the pod of loading and is ready to load, This period is expressed as two dates, for example laydays 25 March
canceling 2 April or, when abbreviated as laycan, laycan 25 March/2 April. The charterer is not obliged to commence loading until the
first of these dates if the ship arrives earlier and may have the option of canceling the charter if the ship arrives after the second of
the dates, known as canceling date.
Laytime - Time allowed by the shipowner to the voyage charterer or Bill of Lading holder in which to load and / or discharge the
cargo. It is expressed as a number of days or hours or as a number or tons per day. There is normally a provision in the Charter-Party
for the commencement of laytime, which is often at a certain hour after notice of readiness has been tendered by the master, a
provision for periods when laytime does not count, for instance during bad weather, weekends or holidays or a provision for laytime
being exceeded, when demurrage or damages for detention become payable, or not being fully used, when dispatch may be payable.
Laytime Saved - Charter-Party term used to define one method by which dispatch money is calculated, that is, by deducting laytime
used from laytime allowed. If for example, a Charter-Party provides for 6 laydays for loading and the charterer uses 3 days, he is
entitled to 3 days despatch money. Also referred to as working time saved.
Laytime Statement - Portion of a time sheet, which details the amount of laytime used by a voyage charterer.
L/C - Letter of credit.
LCL - Less than Container Load - Consignment of cargo, which is insufficient to fill a shipping container. It is grouped with other
consignment for the same destination in a container at a container freight station.
Letter of Indemnity - Written statement in which one party undertakes to compensate another for the costs and consequences of
carrying out a certain act, for example, a shipper who has been delayed in sending an original Bill of Lading to the receiver may
instruct the master of the ship or the shipowner to release the goods to a named third party without production of an original Bill of
Lading. The master or owner, if they agree, may require a letter of indemnity from the shipper for the consequences of complying
should it turn out that the named party is not entitled to take delivery of the goods. It should be noted that, as a rule, any such letter
that seeks to indemnify against an act, which is intended to defraud an innocent third party, is unenforceable in a court of law.
Lien Clause - Clause in a voyage Charter-Party which entitles the shipowner to exercise a lien on the cargo, that is, to retain control
of the cargo until any freight, deadfreight or demurrage which is owing is paid. This provision is often incorporated into the cesser
clause, which seeks to relive the charterer once the cargo has been shipped.
LIFO - Liner In Free Out - Qualification to freight rate denoting that it is inclusive of the sea carriage and the cost of loading. It
excludes the cost of discharging, which is payable by the shipper or receiver, as the case may be. There may be a laytime and
demurrage arrangement at the port of discharging since the carrier has no control over the discharging.
Liner Bill of Lading - Bill of Lading containing the terms and conditions of carriage of a shipping line.
Liner Waybill - Document, issued by a shipping line to a shipper, which serves as a receipt for the goods and evidence of the
contract of carriage. In these respects it resembles a Bill of Lading but, unlike a Bill of Lading, it is not a document of title; it bears the
name of the consignee who has only to identify himself in order to take delivery of the cargo. Because it is not negotiable, the liner
waybill is not acceptable to the banks as collateral security; the purpose of the liner waybill is to avoid the delays to ships and cargoes
that occur when bills of lading are late in arriving at the discharge port. The liner waybill is also referred to as a sea waybill or an
ocean waybill or simply waybill.
Linertime - Deep sea time Charter-Party published by BIMCO, used when ships are chartered for liner operation.
Loading Broker - Company that represents a shipping line at the port of loading. Its duties are to advertise the line's sailings, to
obtain cargoes and co-ordinate their delivery to the ship and to sign bills of lading on behalf of the master.
Loose - Said of a consignment, which consists of single pieces not bundled together.
LONL - Lost or Not Lost - Term which may be used in contracts of carriage in which the freight is prepaid: often, freight is not
returnable whether the ship and/or the cargo are lost or not once having commenced the voyage. Many charter-parties provide that
brokerage commission is payable whether the ship is lost or not.
LS - Lump sum.
LT - Liner Terms - Qualification to a freight rate which signifies that it consists of the ocean carriage and the cost of cargo handling at
the Loading and discharging ports according to the custom of those ports. This varies widely from country to country and, within
countries, from port to port: in some ports, the freight excludes all cargo handling costs while in others the cost of handling between
the hold and the ship's rail or quay is included.
Lump Sum Charter - Voyage charter for which the freight is payable as a lump sum rather than per ton or other unit of cargo. The
shipowner guarantees to lift a certain quantity of cargo but the charterer pays the same amount for freight irrespective of the quantity
LWONT - Low Water Ordinary Neap Tides.
LWOST - Low Water Ordinary Spring Tides.
Manifest - Document containing a full list of ship's cargo, extracted from the bills of lading. A copy, known as the outward manifest, is
lodged with the Customs authorities at the port of loading. A further copy, known as the inward manifest, is similarly lodged at the
discharge port, with one copy going to the ship's agent so that the unloading of the ship may be planned in advance.
Max - Maximum.
MHWN - Mean High Water Neaps.
MHWS - Mean High Water Springs.
Min - Minimum.
Min/Max - Minimum/Maximum - When qualifying the contractual quantity in a voyage charter, this term signifies that the freight is
payable on that precise quantity, no more and no less.
Misdescription - Incorrect information concerning a ship given by the shipowner to a charterer or concerning cargo given by a
charterer or shipper to a shipowner or shipping line. This may give raise to a claim for extra costs or damages or, in some cases,
cancellation of the contract of carriage.
MLWN - Mean low water neaps.
MLWS - Mean low water springs.
MOL - More or Less.
Molchop - More or Less in Charterer's Option - Option allowed to a voyage charterer to load up to a certain quantity, normally
expressed as a percentage or a number of tons, over or under a quantity specified in the contract of carriage. This option may be
sought if the charterer is not certain of the exact quantity that will be available at the time of loading.
MOLOO - More or Less in Owner's Option - Option allowed to a shipowner to carry up to a certain quantity, normally expressed as
a percentage or number of tons, over or under a quantity specified in the voyage charter. This option may be sought if the shipowner
is not certain what the ship's cargo capacity will be, taking into consideration bunkers, stores and fresh water, or if he wants flexibility
to adjust the ship's trim.
More in dispute if on board to be delivered - Notation appearing on a Bill of Lading when the shipper is In disagreement with the
ship as to the number of pieces or package tallied on board.
M/R - Mate's Receipt - Receipt made out by the first officer, stating the quantity and condition of the goods loaded on board the ship.
This document is given to the shipper and later exchanged for the Bill of Lading.
MT - Metric ton - 1,000 kilograms.