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Common Chartering abbreviations used in cargo ships employment

Defining Chartering abbreviations

We have summarized below, many terms commonly used by shipbrokers and others involved in ship chartering, mainly to save time and effort in communications. Shipmasters may come across many of the acronyms and abbreviations in documents relating to charters, e.g. in telexed voyage orders and market reports.

Term : Meaning

AA : always afloat
ABT : about
AG : Arabian Gulf
APS : arrival pilot station
B : ballast
B/Ls or Bs/L : bills of lading
BB : below bridges; ballast bonus
BBB : before breaking bulk
BENDS : both ends (load and discharge ports)
BWAD : brackish water arrival draft
C/P : charter party
CD : customary despatch
CFR : cost and freight
CHOPT : charterers’ option
CIF : cost, insurance and freight
COA : contract of affreightment
COMBO : combination port
CONT : Continent
COP : custom of port
CQD : customary quick despatch
CVS : consecutive voyages
DELY : delivery
DFD : demurrage/free despatch
DHD : demurrage/half despatch
DLRS : US dollars DOP : dropping outward pilot
DWAT : deadweight all told
DWCC : deadweight cargo capacity
ECSA : East Coast South America
EIU : even if used
ETA : estimated/expected time of arrival
ETC : estimated/expected time of commencement/completion
ETD : estimated/expected time of departure
ETS : estimated/expected time of sailing
FAC : fast as can
FAS : free alongside
FCL : full container load
FDESP : free of despatch
FEAST : Far East
FHEX : Fridays and holidays excepted
FHINC : Fridays and holidays included
FILO : free in, liner out
FIO : free in and out
FIOS : free in, out and stowed
FIOSPT : free in, out and spout-trimmed
FIOST : free in, out, stowed and trimmed
FIOT : free in, out and trimmed
FIT : free in and trimmed
FLT : full liner terms
FOB : free on board
FOQ : free on quay
FOW : free on wharf
FP : free pratique
FWAD : fresh water arrival draft
Gross terms : carrier arranges/pays for cargo-handling, but laytime will probably apply
GSB : good and safe berth
GSP : good and safe port
HAT : highest astronomical tide
HSS : heavy grain, sorghums, soyabeans
HWOST : high water, ordinary spring tides
IWL : Institute Warranty Limits
K : knots
Liner terms: carrier arranges/pays for cargo-handling at load
and discharge ports as well as carriage
L/C : letter of credit
LT : long ton (1LT = 2240lb = 1.016MT)
L : laden
LAT : lowest astronomical tide
LO/LO : lift-on/lift-off
LWOST : low water, ordinary spring tides
MHWN: mean high water neaps
LCL : less than container load
MT : metric tonne (1 MT = 1000kg = 0.9842LT)
Min/max :minimum/maximum (i.e. exact quantity)
MHWS : mean high water springs
MLWN : mean low water neaps
MLWS : mean low water springs
MOL : more or less
MOLCO : more or less at charterers’ option
MOLOO : more or less at owners’ option
NAABSA : not always afloat but safe aground
Nett terms : cargo-handling is arranged/paid for by charterers or shipper
NOR : Notice of Readiness
NVOC(C) : non-vessel-owning (common) carrier
PCT : percent
PPT : prompt (cargo or ship available promptly)
RO/RO : roll-on/roll-off
ROB : remaining on board
SA : safe anchorage
SATPMSHEX ; Saturday afternoons, Sundays & holidays excluded
SB : safe berth
SC : scale
SCALE LOAD : load rate according to C/P scale
SHEX : Sundays and holidays excluded
SHINC : Sundays and holidays included
Sous ; palan under hook (i.e. barge cargo)
SP : safe port
Spot : cargo or ship available immediately
Stem : readiness of cargo
SWAD : salt water arrival draft
SWL : safe working load
T/C : time charter
TIP : taking inward pilot
USNH : US East Coast north of Cape Hatteras
W/M : weight or measure
WCCON : whether customs cleared or not
WIBON : whether in berth or not
WIFPON : whether in free pratique or not
WIPON : whether in port or not
WP : weather permitting
WW :weather working
WWReady : when and where ready

Summarized below seagoing cargo ship various employment guide:
  1. Charty party forms

  2. defines the obligations, rights and liabilities of the shipowner and charterer. Recognised standard form (e.g. GENCON, BALTIME, NYPE)
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    Nature of a time charter
    The charterers agree to hire from the shipowner a named vessel, of specified technical characteristics, for an agreed period of time, for the charterer’s purposes subject to agreed restrictions.
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  3. Voyage charter advantages

  4. contract for the carriage by a named vessel of a specified quantity of cargo between named ports or places.
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  5. Terms of Bareboat charter and lease arrangement

  6. The vessel owners put the vessel (without any crew) at the complete disposal of the charterers and pay the capital costs, but (usually) no other costs.
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  7. Seaworthiness of vessel

  8. A vessel must be fit to encounter the “ordinary perils of the sea” (e.g. bad weather) and other incidental risks to which she will be exposed on the voyage..
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  9. International trade terms (INCOTERMS) in sea transportation

  10. INCOTERMS is a set of rules, published by the International Chamber of Commerce, for the uniform interpretation of the most commonly used trade terms used in international trade contracts.
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  11. Money transfer procedure in sea transport

  12. Money transfer system commonly used in overseas trade to enable sellers to obtain early payment, i.e. soon after shipment of the goods.
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  13. Contract between cargo seller and buyer

  14. The contract of sale between the seller and the buyer of the goods is separate from the contract of carriage which one party or the other, or a third party (such as a freight forwarder), will make with the carrier .
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  15. Parties involved in sea transportation of goods

  16. Forming links in the transport chain- Sea carrier, Freight forwarder, shipper, consignee,agent & banks
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  17. Carriage of goods by sea act 1992 (COGSA 92)

  18. Section 3 of COGSA 92 lays down guidelines establishing when liabilities under a bill of lading, sea waybill or ship’s delivery order will be transferred to a party who is not an original party to the contract of carriage (i.e. an endorsee or transferee). The party who takes or demands delivery of the goods to which a bill of lading, sea waybill or ship’s delivery order relate becomes subject to the same liabilities as the original shipper..
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  19. Laytime interpretation rules

  20. Rules, which were issued jointly by BIMCO, CMI, FONASBA and INTERCARGO, replace the Charter party Laytime Definitions 1980.
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  21. CIF ( Cost, Insurance and Freight ) used in international trade terms (INCOTERMS)

  22. “CIF” means Cost, Insurance and Freight (paid to a named place), e.g. CIF London.- is a contract based on the discharge port
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  23. FOB ( free on board ) used in international trade terms (INCOTERMS)

  24. “FOB” means Free On Board (named port of shipment), e.g. “FOB Newcastle NSW”. It is one of the most commonly used term (INCOTERMS) in sales contracts involving sea transportation of goods.
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  25. Ships employment baltic exchange

  26. Baltic Exchange members undertake to abide by a strict code of business practice, enshrined in the famous Baltic motto “Our Word Our Bond”.
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  27. Ships charter market place

  28. Most ships employed in the charter markets are dry bulk carriers, tankers, combination carriers (e.g. OBOs), or reefer vessels, although there is also a charter market for container ships and for vessels of various special purpose types
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  29. Common Chartering abbreviations

  30. Many terms commonly used by shipbrokers and others involved in ship chartering, mainly to save time and effort in communications. Shipmasters may come across many of the acronyms and abbreviations in documents relating to charters, e.g. in telexed voyage orders and market reports..
    More .....

  31. Tanker freight worldscale

  32. "Worldscale" is the code name for the “New Worldwide Tanker Nominal Freight Scale”, published by the Worldscale Association (London) Limited and the Worldscale Association (NYC) Inc
    More .....

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