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Alternate terms and abbreviations are sometimes applied to shipping concepts; this section includes terms that are used in IMOS.
A
Address Commission (ADCOMM): A fee paid by the owner to the charterer or the charterer's designee. It may be a rebate on the freight for hire or a discount for frequent business or for not using an agent.
Agent: A business entity handling details, such as paperwork and port expenses, for another shipping business entity.
American Tanker Rate Schedule (ATRS): A publication of tanker Freight Rates from the Association of Ship Brokers and Agents. Each route has a flat rate based on a prototype vessel; counterparties agree on a percentage of the rate. Similar to World Scale.
API Gravity: A measure, from the American Petroleum Institute, of the relative density of petroleum liquids. A liquid with an API gravity greater than 10 floats on water. A liquid with a greater API gravity is less dense than and floats on one with a lesser API gravity.
At-the-Money (ATM): The situation in which an option's strike price equals the price of the underlying security.
Average Method (AVE): The default Bunker Calculation Method. The weighted average bunker cost multiplied by the amount consumed in the voyage.
B
Back-To-Back Charter: A charter in which a disponent owner charters out a vessel on terms that are the same (except for rate and similar variables that he controls) as the terms under which the vessel was chartered to him.
Ballast: Material such as seawater placed in a vessel that is empty of cargo, for stability. The vessel is then in ballast, as opposed to laden.
Ballast Bonus: A lumpsum payment for a vessel traveling in ballast to reach a loading port or a delivery port under a charter.
Baltic Index: A daily measure of shipping costs for different routes and vessels of different sizes, used for trading and settling contracts. It is issued by the Baltic Exchange, and Trading clients can subscribe to a feed into Market Data.
Barge: In IMOS, barges are represented as vessels with Type Code Barge.
BBL: Abbreviation for Barrel.
Beam: The width of a vessel at its widest point.
Beaufort Scale: A scale expressing wind force at sea. Good weather is typically defined as < 4 or 5; above that point, the data is ignored for calculating performance.
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0: Calm; < 1 knot
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1: Light air; 1–3 knots
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2: Light breeze; 4–6 knots
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3: Gentle breeze; 7–10 knots
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4: Moderate breeze; 11–16 knots
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5: Fresh breeze; 17–21 knots
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6: Strong breeze; 22–27 knots
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7: Moderate gale; 28–33 knots
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8: Fresh gale; 34–40 knots
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9: Strong gale; 41–47 knots
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10: Whole gale; 48–55 knots
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11: Storm; 56–65 knots
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12: Hurricane; > 65 knots
Berth: The specific place in a port where a vessel is to load and/or discharge.
Bill of Lading (BL): A written receipt issued by a vessel's Captain or a Shipping department that states that cargo has been placed onboard. It includes the type of cargo, the amount, and the terms for shipping.
Black (1976): A modified version of the Black-Scholes model that enables option pricing on future contracts. It is available on the Trading Profile.
Black-Scholes: A model typically used to price European options.
Boat: A synonym for an inland tug. In IMOS, boats are represented as vessels with Type Code Boat.
Broker: A business entity working between an owner and a charterer to arrange for a vessel to charter and/or cargo to ship.
Brokerage: See Commission.
Bulk Cargo: A homogenous cargo, such as coal or grain, that is stowed loose, not in a container.
Bunker:
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(Noun) The fuel used on a vessel, or the tank or compartment for storing fuel.
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(Verb) To acquire fuel or load fuel into a vessel's bunkers for its own use (not as cargo). Also known as stem.
Bunker Calculation Method: A method of valuing the fuel onboard a vessel, so that its cost can be allocated to the voyage in which it is used. It is selected in the Voyage Manager. See AVE, FIFO, LIFO, and TBM.
Bunker Surcharge: An Extra Freight Term; a way for an owner to make up for an increase in bunker prices.
C
Cabling, Victualling, and Entertainment (CVE): See Gratuities.
Cargo: The goods being carried on a vessel.
Cargo COA: A long-term sale contract on a Voyage Charter basis; the other side of a VC In COA.
Charter Party (CP): A contract between a vessel owner and a charterer that lists all the terms of their agreement.
Charterer: A business entity getting control of a vessel from another party.
Clearinghouse: A business entity that clears and settles financial accounts.
Consecutive Voyage Charter (CVC): A type of a voyage charter where a vessel is contracted for several consecutive voyages.
Contract of Affreightment (COA): A contract for a grouping of cargoes. A long-term agreement or grouping mechanism for a series of cargo liftings in what might be different vessels. See Cargo COA and VC In COA.
Combination Carrier: See Ore-Bulk-Oil Carrier.
Commission: A fee for services performed by a broker, also known as brokerage. It is paid by the owner because it is always assumed that business is being brought to the ship.
Cubic Capacity: Each vessel has two cubic capacities: Grain Cubic Capacity and Bale Cubic Capacity.
Cubic Feet (ft3) and Cubic Meters (m3): Units of measure for volume, typically associated with cargo.
CTMS: Abbreviation for Custody-Transfer Measurement System.
D
Daily Rate: Payment for a Time Charter: an amount per day, as opposed to a Freight Rate. It covers crew and maintenance, but not fuel.
Daughter Ship or Daughter Vessel: See Lightering Service Vessel.
Daughter Voyage: The voyage of a Lightering Service Vessel.
Deadfreight: Freight payable by a charterer to cover cargo loaded below the amount agreed upon in the contract.
Deadweight (DWT): The amount of mass or weight in tons that a ship can carry, including cargo, fuel, stores, fresh water, and crew.
Deadweight Cargo Capacity: The weight-carrying capacity of a vessel, expressed in long tons or metric tons.
Deadweight Scale: A scale on which are plotted the deadweight capacities corresponding to the various drafts of water. Also known as Displacement Scale.
Debunkering: The process of offloading bunker fuel from a ship. See Debunkering Workflow.
Delivery (DEL): The delivery of a vessel to a charterer at the beginning of a Time Charter.
Displacement Scale: See Deadweight Scale.
Demurrage (DEM): The money a voyage charterer must pay to the owner for a delay in loading and/or discharging cargo after laytime has expired.
Derivative: A financial instrument, such as an FFA, whose value changes based on the value of underlying assets.
Despatch (DES): The money an owner must pay to a voyage charterer if the ship completes loading or discharging before the laytime has expired.
Displacement: The weight of a ship and everything it contains, which is the same as the weight of the water it displaces.
Disponent Owner: A business entity that has control of a vessel's operation through charter or agreement, without owning the vessel.
Draft: The distance between the waterline and the bottom of a vessel.
E
ECA: Abbreviation for Emission Control Area.
Equipment: In IMOS, Equipment can refer to boats, barges, or a combination of both. See Tow.
Estimate: See Voyage Estimate.
Estimated Time of Arrival (ETA): A vessel's estimated time of arrival to a port.
Estimated Time of Departure (ETD): A vessel's estimated time of departure from a port.
ETC: Abbreviation for Estimated Time of Completion.
ETR: Abbreviation for Estimated Time of Readiness.
Extra Freight Terms: Extra charges related to freight, such as those for Deadfreight or Overage/Additional Cargo charges.
F
First In First Out (FIFO): A Bunker Calculation Method that treats bunkers as an asset and depletes the first asset before going on to the next. This is the most accurate method.
Fixture: The representation of the full contract that fixes a voyage and a cargo; the completed negotiation that results in a charter party.
Free Discharge (FD): The charterer or receiver pays for the discharging of the cargo.
Free In and Out (FIO): The charterer or shipper/receiver pays for the loading and discharging of the cargo.
Free In and Out Stowed (FIOS): The same as FIO, except that the additional cost of stowing is included.
Free In and Out Trimmed (FIOT): The same as FIO, except that trimming cost is included.
Free Onboard (FOB): An export sales term under which the seller is responsible for placing the goods on board a vessel at the port of shipment.
Freight: The amount of money payable to a vessel owner for carrying cargo from one port to another.
Freight Forward Agreement (FFA): A financial instrument used to buy or sell the price of freight on a forward basis.
Freight Rate: Payment for a Voyage Charter. An amount per unit of measure (MT, m3, BBL), as opposed to a Daily Rate.
Freight Scale Table: A Rate Table created in the Data Center for use on Cargo COAs and Cargoes.
Freight Type: The type of payment: F (Freight Rate), L (Lumpsum), W (World Scale), A (ATRS), D (Daily Rate), E (Equipment Daily Rate).
Fridays and Holidays Excepted/Excluded (FHEX): A Laytime Term. Fridays and Holidays are Excepted (Excluded) from laytime.
Fuel: The most common grades of fuel oil are IFO 180 CST and IFO 380 CST, used as propulsion fuel; and Bunker C, mainly used on steam turbine-driven large-size tankers. Also, MDO (marine diesel oil), used for auxiliaries.
G
GCU: Abbreviation for Gas Combustion Unit.
Gratuities: Extra money given to the Captain of the vessel in cash; also known as CVE.
H
Head Fixture: A Time Charter contract for an owned vessel. Its Contract Type is Own Vessel.
Hire: The basic compensation to be paid to a vessel owner by a charterer for a Time Charter.
I
ILOHC: Abbreviation for In Lieu of Hold Cleaning.
In-the-Money (ITM): The situation in which an option has some intrinsic value; the position is profitable.
Intermediate Fuel Oil (IFO): A Fuel/Lube Type.
J
Jetty: A walkway or other structure that extends from shore out into a body of water.
K
Knot: A unit of speed; one nautical mile per hour.
L
Laden: Refers to a vessel with cargo on board, as opposed to in ballast.
Last In First Out (LIFO): A Bunker Calculation Method that defers revenues, so you can maximize expenses currently and defer savings until later.
Laycan: The window of arrival time; the IMOS default is 15 days. Laycan also determines when you can cancel a contract.
Layday: The period of time during which the owner must tender the ship for loading.
Laytime: The amount of time allowed at a port for loading and/or discharging.
Laytime Non-Reversible: When laytime is non-reversible, any despatch earned or demurrage incurred at the load or discharge port is payable there.
Laytime Reversible: An option given to the charterer to add together the time allowed for loading and discharging.
Laytime Saved: The time saved to the ship from the completion of loading/discharging to the expiration of laytime.
Laytime Term: A Charter Party term that describes when ports are open for loading and discharging.
Leg: The part of a voyage from one port to the next port.
Length Overall (LOA): Length overall of a vessel.
Lift: A single movement of cargo off an STBL.
Lifting: A voyage of a single cargo created from a COA.
Lighter: A general name for a broad, usually flat-bottomed barge, frequently used in loading or discharging a larger vessel at anchor.
Lightering: The act of discharging cargo into a lighter or barge offshore. See the Lightering module.
Lightering Area: See Lightering Port.
Lightering Job: A subcontract for an individual Lightering Service Vessel.
Lightering Port: An offshore location where an STBL moors and undergoes lightering.
Lightering Service Vessel: A vessel that performs lightering for an STBL. Also known as a Daughter Ship or a Daughter Vessel.
Lightering Support Contract: A contract for a company's Lightering Support Vessels. Also known as a Work Boat Contract.
Lightering Support Job: A subcontract for an individual Lightering Support Vessel's services.
Lightering Support Vessel: A ship that accompanies Lightering Service Vessels to help with a lightering operation. Also known as a Work Boat.
Lightering Zone: See Lightering Port.
Liner: A vessel with a published, relatively fixed schedule between load and discharge ports, as opposed to a tramp.
Liquefied Natural Gas (LNG): A Fuel/Lube Type. See the LNG module.
Long-Term TC: A Time Charter Contract Type covering a long enough period of time that it requires special accounting.
Low Sulfur Fuel (LSF): A Fuel/Lube Type.
Low Sulfur Gas (LSG): A Fuel/Lube Type.
Low Sulfur IFO (LSI): A Fuel/Lube Type.
M
Margin: The money a trader has on account with a clearinghouse as collateral.
Mark to Market (M2M): To assign a value based on the current market price.
Master Contract: An IMOS form that is used to organize and differentiate different types of COAs.
Master Lightering Contract: A contract for a company's Lightering Service Vessels.
Max Lift Quantity: The maximum quantity a vessel can lift in the port in the voyage that has the most restrictive deadweight and draft limits. In IMOS, this amount can be calculated based on the density of the cargo, the vessel's deadweight, and the weight of bunkers and everything on the vessel.
Marine Diesel Oil (MDO): A Fuel/Lube Type.
Marine Gas Oil (MGO): A Fuel/Lube Type.
Min/Max: A minimum and maximum weight range.
Mooring Master: Captain of a Lightering Service or Support Vessel.
More or Less Owner's Option (MOLOO): An Option Type in which the charter party has a stated contract quantity, with an owner's option percentage.
Mother Ship or Mother Vessel: See STBL.
Mother Voyage: The voyage of an STBL.
Metric Ton (MT): A unit of measure for weight, typically associated with cargo.
N
NBOG: Abbreviation for Natural Boil-Off Gas.
Notice of Readiness (NOR): A notice that the Captain must present to the charterer stating that the vessel is ready to load or discharge.
O
OBQ: Abbreviation for Onboard Quantity.
Option Type: Cargo Tolerance Option Type, the option in the Charter Party that states the minimum/maximum load/discharge quantity for a cargo.
Ore-Bulk-Oil Carrier (OBO): A vessel designed to carry wet and/or dry cargoes, also known as a combination carrier.
Out-of-the-Money (OTM): The situation in which an option has no intrinsic value.
Outturn Weight: The delivered weight of the cargo, which is determined after discharge.
Overage: Cargo loaded above the specified amount. Also, an Extra Freight Term.
OVTO: A Voyage Charter Out.
Own Vessel (*OV): A Time Charter Contract Type for a vessel with ownership type OV. The contract is a Head Fixture.
Own Voyage (OV*): A voyage you are running for yourself (OVOV or TCOV), not chartering out.
Owned Vessel: A vessel you own, not a chartered vessel.
Owner: A business entity with control of a vessel.
P
Payment Type: Called Invoice Type on the Freight Invoice: Normal (default), Special, Incremental.
Period TC: A Time Charter Contract Type covering more than one voyage, but not long enough to require special accounting.
Pool: A number of vessels that owners group together for negotiating better rates.
Pooling Class: A category for vessels, based on deadweight and the number of holds, cranes, and hatches.
Port: A protected area within which ships are loaded with and/or discharged of cargo.
Port Charges: A general term that includes charges and dues of every nature assessed against the vessel or its cargo in a port.
Q
Quay: Pronounced "key." A wharf or jetty where vessels are loaded and unloaded.
R
Rebill: Expenses to be billed back to the vessel owner.
Redelivery (REDEL): The return of a vessel to the owner at the end of a Time Charter.
Relet (RELT): A voyage for which you Voyage Charter In a vessel and then Voyage Charter it Out.
Reliq: Abbreviation for Reliquefaction.
Remaining Onboard (ROB): Usually referring to bunkers remaining onboard.
Reverse Lightering: Offshore loading of cargo onto an STBL. See Lightering.
Reverse Top-Off: A situation in which cargo is loaded at a single port and offloaded at multiple discharge ports with varied rates. See Top-Off.
RO/RO: Abbreviation for Roll On Roll Off, a type of vessel.
S
Ship to Be Lightered (STBL): A vessel that needs lightering to discharge or load cargo.
Settlement: Trades are marked to market every day, and the clearinghouse credits or debits the trader's account daily, until the settlement date.
Sundays and Holidays Excepted/Excluded (SHEX): A Laytime Term.
Sundays and Holidays Included (SHINC): A Laytime Term.
Spot: (Vessel) A vessel immediately available for employment. (Voyage) A Voyage Charter In.
Statement of Facts (SOF): A list of port activities and the times they occurred, agreed on by the ship's Captain and the Agent, used for the laytime calculation.
Stem: To take on bunkers. See Bunker.
Stowage Factor: The number of ft3 actually occupied by one ton of a commodity, including an allowance for broken stowage.
T
Target Date: The date by which you would like to have a Demurrage Claim completed. In IMOS, it is calculated as Time Bar Date − Target Days.
Target Days: Used to calculate the Target Date.
Tramper Business Method (TBM): A Bunker Calculation Method, in which you buy all the inventory at the beginning of the voyage and sell it all at the end. In IMOS, the consumption is calculated.
TBN: Abbreviation for To Be Named/Nominated.
Terms: Values, set up in the Data Center, that can be selected in fields throughout IMOS.
Time Bar Date: The date by which a Demurrage Claim must be made. In IMOS, it is calculated as Demurrage-Triggering Activity Date + Time Bar Days.
Time Bar Days: Used to calculate the Time Bar Date.
Time Charter (TC): A charter for a period of time, as opposed to a Voyage Charter.
Time Charter Equivalent (TCE or TC Equiv): The cost of an equivalent Time Charter.
Time Charter In (TC In): A Time Charter contract between a charterer (IMOS user) and an owner to use a vessel for a certain length of time.
Time Charter Out (TC Out): A Time Charter contract between an owner (IMOS user) and a charterer to let out a vessel for a certain length of time.
Top-Off: A situation in which a cargo is loaded at multiple ports with varied rates and offloaded at a single discharge port. See Reverse Top-Off.
Tow: A combination of one boat and one or more barges working as a unit. In IMOS, tows are represented as vessels with Type Code Tow.
Tons per Centimeter (TPC) or Tons per Inch (TPI): The number of tons loaded for each centimeter/inch the vessel goes down in the water.
Tramp: A vessel with no regular schedule or itinerary, as opposed to a liner.
Transshipment: A transshipment voyage moves cargo to an intermediate location before the final discharge port.
Trip TC: A Time Charter Contract Type covering a very short time, usually one voyage.
Turn Time: Extra hours allowed for steaming into the berth after NOR is tendered and before laytime commences.
Turnbull Wakeman (1991): A model typically used to price Asian options. It is available on the Trading Profile.
U
Underlying: The financial instrument on whose performance this derivative's value is based.
Unwind: To take a trade back to a zero position.
V
VC In COA: A long-term purchase contract on a Voyage Charter basis; the other side of a Cargo COA.
Very Large Crude Carrier (VLCC): Very large crude (oil) carrier, about 160,000 tons deadweight.
VOY: Abbreviation for Voyage.
Voyage Charter (VC): A charter for a voyage, with payment at a certain Freight Rate, as opposed to a Time Charter.
Voyage Estimate: An estimate of the profit and loss for a voyage that includes as much information as possible about cargoes, ports, bunkers, income, and expenses.
W
Weather Working Day: A working day or part of a working day during which it is or would be possible to load or discharge cargo without interference from weather.
Working Day: A day on which work is normally done at a particular port.
Work Boat: See Lightering Support Vessel.
Work Boat Contract: See Lightering Support Contract.
Work Boat Job: See Lightering Support Job.
World Scale (WS): A publication of tanker Freight Rates from the Worldscale Association. Similar to ATRS.