Aaosa
Always afloat or safe aground. The condition for a vessel whilst in port. 


Addendum
Additional terms at the end of a charter party. 


Arbitration
Method of settling disputes which is usually binding on parties. A clause usually in a charter party. 


ASBA
American Shipbrokers Association 


B/L
Bill of lading, receipt of goods shipped onboard signed by Master (or agent) who contracts to carry them, stating terms on which goods are carried. 


B/N
Booking note 


Backletter
Where a seller/shipper issues a 'letter of indemnity' in favour of the carrier in exchange for a clean bill of lading. May have only a limited value. Example: P & I problems. 


BAF
Bunker adjustment factor 


Bale Capacity
Cubic capacity of a vessels holds to carry packaged dry cargo such as bales/pallets. 


Ballast Bonus
Compensation paid by Charterer for (relatively long) ballast voyage 


Bareboar Charter
Vessel contract where charterers take over all responsibility for the operation of the vessel and expenses for a certain period of time. 


BBB
Before breaking bulk. Refers to freight payments that must be received before discharge of a vessel commences. 


Berth C/P
Term used in a voyage charter party, e.g. vessel shall proceed to Berth 2 at Falmouth. 


Brokerage
Percentage of freight payable to broker (by owners in c/p's) or applicable to sale or purchase. 


C/P
Charter Party 


Cargo Retention Clauses
Clauses introduced by charterers based on shortage of delivered cargo because of increased oil prices. 


CBF
Cubic feet 


CBM
Cubic metres 


CIF
Cost, insurance, freight 


COA
Contract of affreightment 


COGSA
Carriage of Goods by Sea 


Commission
See "Brokerage" 


Conference
A scheduled liner service offered by owners on given routes on conditions agreed by members. 


Congestions
Port/berth delays 


Consignee
Name of agent, company or person receiving consignment 


Deadfreight
Space booked by shipper or charterer on a vessel but not used 


Deadweight/DWAT/DWCC
Vessel carrying capacity viz. fuel, water, crew based on 224O lbs per deadweight ton 


Demurrage
Money payable to owner for delay for which owner is not responsible in loading/discharging after laytime expired. 


Despatch
Time saved, reward for quick turnaround - in dry cargo only 


Deviation
Vessel departure from specified voyage course 


ETA
Estimated time of arrival 


ETD
Estimated time of departure 


FAC
Fast as can 


FHEX
Fridays, holidays excluded 


FIO
Free in/out 


FIOST
Free in and out, stowed and trimmed 


First Refusal
First attempt at best offer that can be matched 


Fixture
Conclusion of shipbrokers negotiations to charter a ship - an agreement 


FO
Fuel oil/free out 


Force Majeure
Clause limiting responsibilities of charterers, shippers and receiver of cargo 


Free Pratique
Clearance by the Health Authorities 


Freight
Money payable on delivery of cargo in a mercantile condition. 


Frustration
Charterers when cancelling agreement sometimes quote 'doctrine of frustration' i.e. vessel is lost, extensive delays. 


GA
General Average 


Geographical Rotation
Ports in order of calling 


Grain Capacity
Cubic capacity in 'grain" 


Hague Rules
Code of minimum conditions for the carriage of cargo under a bill of lading 


Hire
T/C remuneration 


ITF
International Transport Workers Federation (Trade Unions) 


Itinerary
Route/Schedule 


IWL
Institute Warrant Limits 


L/C
Letter of credit 


LAY/CAN
Laydays/cancelling 


Laytime
Time at charterers disposal for purpose of loading/discharging 


Lien
Retention of property until outstanding dept is paid 


LNG
Liquefied natural gas 


Load Factor
Percentage of cargo or passengers carried e.g. 4000 tons carried on a vessel of 10000 capacity has a load factor of 40% 


LOF
Lloyds open form 


LOI
Letter of indemnity 


LT
Long Ton = 1016.05 kilogram 


Lumpsum Freight
Money paid to shipper for charter of a ship (or portion) up to stated limit irrespective of quantity of cargo 


Manifest
Inventory of cargo onboard 


MOA
Memorandum of agreement 


Mortgage
Loan issued against some security 


NOR
Notice of readiness 


OBO
Ore/bulk/oil vessel 


P & I
Protection and indemnity insurance 


Port CIP
Contracts with berth CIP. NOR can be given when within commercial limits of the port 


Preamble
Introduction to a Charter Party 


Proforma Acc
Estimated account 


Recap
Recapitulation of the terms and conditions agreed 


Reversible-time
Option for charterers to add together time allowed for loading & discharging relative to terms of a particular charter party 


SB
Safe berth 


Seaworthiness
Statement on the condition of the vessel . It has valid certificates, is fully equipped and manned 


SHEX
Sundays, holidays excluded 


SHINC
Sundays, holidays, included 


SP
Safe port 


ST
Short ton 


STEM
Subject to enough cargo 


Stowage Factor
Cubic space (measurement tons occupied by one tonne (2240 lbs or 1000 kgs of cargo)) 


Subject to
Depending upon as a condition 


T/C
Time charter 


T/C Equipment
Revenue per day 


TBN
To be named/to be nominated 


Time Bar
Time after which legal claims will not be entertained 


Trading Limits
Maritime area usually specified by range of ports in which a vessel may operate 


Weather Permitting
That time during which weather that prevents working shall not count as laytime 


WIBON
Whether in berth or not 


Wordscale
Index used for voyage charters in the tanker market; e.g. WS120 


WW
Weather working 


YAR 1974
York Antwerp Rules