المصطلحات
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a
ATS – All Time Saved
A laytime calculation method used in voyage charter parties. Despatch is calculated by deducting the actual time used for loading and/or discharging from the total laytime allowed, including excepted periods.
ATDN – Any Time Day or Night
A charter party term indicating that delivery or redelivery of a vessel may occur at any time, not limited to normal working hours. Often used together with SHINC (Sundays and Holidays Included).
Average to Laytime
A provision allowing time saved at the loading port to offset time used at the discharge port when calculating demurrage or despatch.
Air Waybill
A transport document issued for airfreight shipments, detailing shipment information and enabling cargo tracking.
b
BAF – Bunker Adjustment Factor
A surcharge applied by shipping lines to reflect fluctuations in marine fuel prices. It is added to the base ocean freight rate and adjusted periodically.
BBB – Before Breaking Bulk
A freight condition under which freight, or a portion of it, becomes payable before cargo discharge begins.
Bill of Lading (B/L)
A transport document issued by the carrier acknowledging receipt of goods. It serves three functions:
• Receipt of cargo
• Evidence of the contract of carriage
• Document of title
A “to order” bill of lading is negotiable and may be endorsed to transfer ownership.
Bill of Lading to Order
A negotiable bill of lading requiring endorsement before the cargo can be delivered.
BIMCO – Baltic and International Maritime Council
An international shipping association representing shipowners, charterers, and brokers. BIMCO develops widely used standard charter party forms and maritime contracts.
Break Bulk (to)
To commence discharge of cargo from a vessel.
Breakbulk
Cargo transported as individual units rather than in containers or bulk. Typically loaded and discharged using cranes or derricks.
B/S – Bunker Surcharge
A surcharge applied to freight rates to reflect fuel price changes. Also referred to as BAF (Bunker Adjustment Factor).
c
CAD – Cash Against Documents
A payment term under which the buyer receives shipping documents, including the bill of lading, upon payment.
CAF – Currency Adjustment Factor
A shipping surcharge applied to account for fluctuations in currency exchange rates.
Carrier
The party responsible for transporting goods under a contract of carriage. This may be the vessel owner or a charterer.
Charter
The hiring of a vessel under agreed contractual terms.
Charter Party (CP)
A contract between a shipowner and a charterer governing the hire of a vessel or space on a vessel. It defines freight terms, laytime, demurrage, and operational responsibilities.
Charterer
The party that hires a vessel under a charter party agreement.
Charterer’s Agent
An agent nominated by the charterer at a load or discharge port. While nominated by the charterer, the agent typically acts on behalf of and is paid by the shipowner.
Clean Bill of Lading
A bill of lading issued without clauses noting damage or irregularities in cargo or packaging, indicating receipt in apparent good order and condition.
Combined Transport Bill of Lading
A transport document covering carriage involving multiple modes (e.g., sea and inland transport), with the issuing carrier responsible from receipt to delivery.
Consignee
The party to whom goods are to be delivered at destination.
Count (as Laytime)
Refers to whether a specific period is included in laytime calculations under a voyage charter.
d
D/A – Disbursements Account
An account prepared by a ship’s agent detailing port expenses incurred during a vessel’s call.
Delivery Order
A document issued by a carrier or agent authorising the named party to take delivery of cargo.
Demurrage
Compensation payable to the shipowner when loading or discharging exceeds the agreed laytime.
Despatch
Compensation payable to the charterer when loading or discharging is completed in less than the agreed laytime.
Discharge Rate / Load Rate
The agreed quantity of cargo to be loaded or discharged per day under a charter party.
e
ETA
Estimated Time of Arrival
ETD
Estimated Time of Departure
ETC
Estimated Time of Completion
ETR
Estimated Time of Readiness
ETS
Estimated Time of Sailing
f
FAS – Free Alongside Ship
An Incoterm under which the seller delivers goods alongside the vessel at the named port. Risk transfers to the buyer at that point.
FHEX – Fridays and Holidays Excepted
A charter party term stating that Fridays and public holidays do not count as laytime.
FIO – Free In and Out
A freight term indicating that loading and discharging costs are not included in the freight rate.
FO – Free Out
A freight term indicating that discharge costs are not included in the freight rate.
Freight Collect
Freight payable at destination.
Freight Prepaid
Freight payable before shipment or issuance of transport documents.
h
House Bill of Lading
A bill of lading issued by a freight forwarder covering consolidated cargo shipments.
i
IMO Number
A unique seven-digit vessel identification number assigned under the International Maritime Organisation system. It remains unchanged throughout the vessel’s lifetime.
l
Laycan (Laydays and Cancelling Date)
The agreed time window within which a vessel must arrive at the loading port and be ready to load. If arrival occurs after the cancelling date, the charterer may cancel the contract.
Laytime
The agreed period allowed for loading and/or discharging cargo. If exceeded, demurrage applies; if unused, despatch may apply.
Letter of Credit (LC)
A banking instrument guaranteeing payment to the seller upon presentation of compliant documents, typically governed by UCP 600 rules.
Letter of Indemnity (LOI)
A written undertaking by one party to compensate another for specific risks arising from a requested action, such as cargo release without original bills of lading.
LIFO – Liner In Free Out
A freight term indicating that loading costs are included in the freight rate, but discharge costs are excluded.
m
Manifest
A document listing all cargo carried on board a vessel.
n
Nomination
The designation of a specific vessel for a particular voyage.
Non-Negotiable Bill of Lading
A transport document that does not confer title to goods and cannot be endorsed for transfer of ownership.
Non-Reversible Laytime
Laytime for loading and discharging calculated separately and not offset against each other.
NOR – Notice of Readiness
Formal notification that a vessel has arrived and is ready to load or discharge, triggering the commencement of laytime in accordance with the charter party.
NOS – Not Otherwise Specified
A general classification term used in shipping documentation.
Notify Party
The party named in a bill of lading to be informed of cargo arrival at destination.
o
OO – Owner’s Option
A charter party clause granting discretion to the vessel owner in specified circumstances.
OT – Overtime
Work performed outside normal working hours, typically subject to additional cost.
Owner’s Agent
An agent appointed and paid by the shipowner to represent the vessel in port.
s
Safe Berth (SB)
A contractual obligation requiring that a nominated berth be physically safe for the vessel.
Safe Port (SP)
A contractual obligation requiring that a nominated port be safe for the vessel to reach, remain in, and depart from safely.
Sea Waybill
A non-negotiable transport document used in liner shipping.
Seaworthiness
The vessel’s fitness to safely perform the intended voyage, including proper crew, equipment, and cargo suitability.
SHEX – Sundays and Holidays Excepted
A laytime provision excluding Sundays and public holidays from laytime calculations.
SHINC – Sundays and Holidays Included
A laytime provision including Sundays and public holidays in laytime calculations.
Shipbroker
A professional intermediary arranging vessel charters or sale and purchase transactions.
Shipper
The party that contracts with a carrier to transport goods.
Ship’s Agent
A representative handling a vessel’s port operations on behalf of the shipowner.
SSHEX – Saturdays, Sundays and Holidays Excepted
A laytime provision excluding Saturdays, Sundays, and public holidays.
SSHINC – Saturdays, Sundays and Holidays Included
A laytime provision including Saturdays, Sundays, and public holidays.
Statement of Facts
A port document recording arrival, loading/discharging times, stoppages, and operational details used for laytime calculation.
Stem
Confirmation that cargo is available for loading during specified dates.
t
TBA
To Be Advised
TBN
To Be Nominated
Indicates that a specific vessel has yet to be designated.
TEU
Twenty-Foot Equivalent Unit
Standard container measurement equivalent to one 20-foot container. A 40-foot container equals two TEUs.
Time Charter
A contract under which a vessel is hired for a defined period. The charterer controls commercial employment, while the owner retains responsibility for technical management and navigation.
Time Charterer
The party hiring a vessel under a time charter.
Time Reversible
A laytime provision allowing time saved at one port to offset time used at another.
Turn Time
Time during which a vessel waits for a berth.
v
Voyage Charter
A contract for the carriage of cargo between specified ports for an agreed freight rate.