Aframax
Or Long Range 2, LR2. Tanker of 80,000-120,000 DWT.
See also: http://en.wikipedia.org/wiki/Aframax
Barrel
Unit for trading oil. One barrel is the equivalent of around 159 litres.
Brent
Type of North Sea oil that functions as a commercial target.
See also: http://en.wikipedia.org/wiki/Brent_Crude
Bunker, bunkering
The name for the ship’s fuel, i.e. the oil burnt in the ship’s machinery. Bunkering refers to the taking aboard of bunker.
Charterer
A cargo owner or the party leasing the ship. Charterer is also the professional term for shipping clerks or clerks at brokers that do business on the freight market.
See also: http://en.wikipedia.org/wiki/Chartering_(shipping)
Daily cost
Costs of the ship’s crew, insurance and maintenance.
Deadweight/dwt
The weight of the load, bunker and loose equipment the ship is able to carry.
See also: http://en.wikipedia.org/wiki/Deadweight_tonnage
Distance minute (nautical mile)
= 1,852 metres.
Freight rate
The agreed price expressed in USD per day.
Handysize
Ship of 20,000–40,000 DWT.
IMO
International Maritime Organization. The UN’s international regulatory maritime organisation.
For further information go to: www.imo.org
Intermediate
Smaller ship of 10,000–20,000 DWT.
Intertanko
Organisation for independent tanker companies.
For further information go to: www.intertanko.com
ISM
International Safety Management Code. Standardised regulations for organising companies in relation to ship safety and prevention of environmental pollution.
For more information search under 'ISM' at: www.imo.org
ISO 9002
Standard for quality-control system
ISO 14000
Standard for environmental management systems.
Knot
A unit of speed for nautical vessels. One knot=one distance minute per hour, i.e. 1.85 km/hour.
MARPOL
International convention under IMO that regulates pollution at sea.
For further information search for 'MARPOL' at www.imo.org OR go to:
http://en.wikipedia.org/wiki/MARPOL_73/78
MR
Medium Range. Tanker of approx. 40,000-50,000 DWT.
OPEC
Organization of the Petroleum Exporting Countries. The organisation for countries exporting petroleum fuel. See also www.opec.org
Panamax
Or Long Range 1, LR1. Tanker of 50,000-70,000 DWT.
See also: http://en.wikipedia.org/wiki/Panamax
Spot market
The part of the maritime market that leases ships for individual journeys.
Suezmax
Tankers of 120,000–165,000 DWT.
http://en.wikipedia.org/wiki/Suezmax
Time charter
The shipping company charters out its ships completed and crewed for a payment based on a certain sum per day or a certain sum per DWT and month. The party chartering the ship pays for bunker and port fees.
See also: http://en.wikipedia.org/wiki/Charter-party
ULCC
Ultra Large Crude Carrier. Tankers over 320,000 DWT.
For more information go to: http://en.wikipedia.org/wiki/Oil_tanker
VLCC
Very Large Crude Carrier. Tanker of 200,000–320,000 DWT.
For more information go to: http://en.wikipedia.org/wiki/Oil_tanker