Glossary
An alphabetical list of terms or words found in or relating to VesselsValue or the maritime industry with brief explanations.
A
AER: Annual Efficiency Ratio. The efficiency ratio of a single vessel over one calendar year.
Aframax Tanker: An Aframax has a size range between 85,000 and 124,999 DWT, with the average size currently 109,000 DWT. The term ‘Afra’ is based on the Average Freight Rate Assessment which was created by Shell in the mid 1950’s to standardise shipping contract terms. They are versatile for their size and can call at multiple ports and trade both crude and refined oil products if they are coated.
Age: The age of a vessel measured in years and calculated as the current year or date minus the year or date of build.
AHT: An Anchor Handling Tug. Specialised Tug for the towing and anchoring of mobile drilling rigs and other offshore structures.
AHTS: An Anchor Handling Tug with Supplies. Specialised tug for the towing and anchoring of mobile drilling rigs. Can also be used in a supply capacity, to transport wet and dry cargo.
Air cushion vehicle (AVC): Hovercraft.
AIS (Automatic Identification System): A tracking system used to identify and locate vessels worldwide.
As Is, Where Is: The vessel is sold basis terms that do not require the vessel to be free from class condition or average damage affecting present class unless otherwise stated.
ASD / Azimuth Stern Drive: Rotating propellers to improve manoeuvrability, as opposed to screw propellers which are fixed.
Auction: A transaction via auction process where clean title was given.
Automated DCF Value: We calculate daily automated DCF values of cargo ships. A financial model is employed which takes into account the specification of the vessel (ship type, age, size and features) and each of the factors that affect net earnings (charter rates, OPEX rates, survey costs, fees and commissions, discount rate, inflation rates and scrap prices).
Automated Demolition Value: VesselsValue calculates daily automated demolition values for cargo ships. The value is determined from the lightweight (LDT) of the vessel and the scrap price per ton of steel for the sector.
Automated Market Value: We calculate daily automated Market Values of cargo ships, cruise ships, and offshore vessels. A mathematical model is employed which incorporates five factors: vessel type, age, size, features and freight earnings. Sales data are used to calibrate the model using a statistical technique known as regression analysis.
Automated Valuation Model (AVM): An online system that uses a mathematical framework and a database of vessel information to determine the value of a vessel on a specified date.
Automated Value: A value calculated using an automated valuation model (AVM). The automated valuation service at VesselsValue provides Market Value, DCF Value, Demolition Value, Condition Adjusted Value, Newbuild Value and Forecast Market Value.
Average age: The mean age of all vessels listed.
B
Ballast: Heavy substances loaded by a vessel to improve stability, trim, sea-keeping, and to keep the propeller immersed when not carrying cargo (unladen).
Ballast voyage: A voyage where ballast is loaded instead of cargo.
Baltic Exchange Sale and Purchase Assessments [BSPA]: Weekly (Monday) published Market Values for 5 year old vessels: VLCC 305,000 DWT, Aframax 105,000 DWT, MR 45,000 DWT, Capesize 172,000 DWT, Panamax (dry) 74,000 DWT, and Super Handy (Supramax) 52,000 DWT.
Bank Sale: A transaction in which a lender or creditor has forced the disposal of an asset.
Bareboat charter: An arrangement for the chartering or hiring of a vessel whereby no crew or provisions are included as part of the agreement. The charterer provides crew, bunkers and pays all operating costs.
Bareboat Charter Back (BBCB): The vessel is sold including a Bareboat Charter back to the Seller.
Bareboat Hire Purchase (BBHP): A transaction by which the Buyer takes the vessel on Bareboat Charter from the Seller, with commonly balloon payments at the start and or end of the charter period. Title for the vessel will pass to the charterer on completion of the Bareboat period.
Bay: A bay is similar to a gulf but is generally smaller in size and with a wider entrance. Also, a bay is not enclosed by land to a large extent in the way that a gulf is.
BBHP: (Bareboat Hire Purchase) A transaction by which the Buyer takes the vessel on Bareboat Charter from the Seller, with commonly balloon payments at the start and or end of the charter period. Title for the vessel will pass to the charterer on completion of the Bareboat period.
Beam: The width of a vessel. Also called breadth.
Beneficial Owner: The company or beneficial owner to which the use and title of a vessel ultimately belong to and are controlled by.
BHP: Brake Horse Power.
Bollard pull (BP): Pulling power of a vessel. Particularly relevant to AHT/AHTS vessels.
Booked days: The number of days during the period for which the vessel is expected to be hired for a charter.
BOP: Blowout preventer. Critical safety feature to shut off offshore well from rig to prevent blowouts.
Bulbous bow: A protruding bulb at the bow (front) of a ship just below the waterline. The bulb modifies the way the water flows around the hull, reducing drag and thus increasing speed, range, fuel efficiency, and stability.
Bulker (or Bulk carrier): A ship that transports unpackaged cargo, such as coal, ore or grain, in large quantities.
Bunkers: The fuel, normally fuel oil or diesel, used to power a vessel engine.
BWTS [sold note]: The vessel is sold with Ballast Water Treatment System installed onboard at the time of delivery.
C
Calibration: The process by which the coefficients for a market segment in the valuation model for Market Value are determined. See automated Market Value.
Canal: Artificial waterway constructed to facilitate trade, cutting short distances between the natural routes or sometimes between otherwise dangerous routes. Effectively a man-made strait.
Capesize Bulker: A Capesize Bulker has a size range between 120,000 and 450,000 DWT. The typical size is 180,000 DWT however most Newbuild orders are now 208,000 DWT. They are too wide for the Panama canal and usually carry coal, ore and other raw materials.
Cargo mile: Cargo miles are a measure of demand in the commercial shipping market. They are the product of the total distance travelled by a vessel while underway, its cargo capacity (measured in MT, TEU, CEU or CBM), and a utilisation factor.
Cargo ship (or freighter): A ship that carries cargo, such as goods or materials.
Cash/Shares: The purchase price of the vessel is paid both in cash and shares by the buying company.
CEU: Car Equivalent Unit. These are used to measure the capacity of Vehicle Carriers. A CEU is generally based on the dimensions of a 1966 Toyota Corona RT43: 4125 mm x 1,550 mm x 1,400 mm.
CGT: Compensated Gross Tonnage. This is an indicator of the work required to build a vessel. It is calculated from Gross Tonnage by a formula using coefficients that are determined by vessel type so that different vessels can be compared against each other even if of different type.
Channel: A channel is simply a wide strait. They have the same characteristics as straits only that they are bigger and have more navigable water.
Charter-party: A contract between a vessel owner and an owner of goods by which part or all of a vessel is leased for a voyage or stated time.
Charterer: A person or company who hires a vessel.
CII: Carbon Intensity Indicator. The metric used by the IMO to measure operational efficiency. Grams of CO2 emitted per cargo carrying capacity and nautical mile for a vessel transporting goods or passengers.
Classification society: A non-governmental organisation that establishes and maintains technical standards for the construction and operation of vessels and offshore structures.
Clean oil / Clean Petroleum Products (CPP): Refined oil products such as naphtha.
CNG: A CNG has a size range between 1,000 and 29,999 CBM. This is a new type – CLNG – Compressed LNG (liquify by pressure rather than cooling) for small LNG sizes.
Commercial controller: The company or disponent owner which has been novated the rights of use to a vessel by the operator. These rights are commonly transferred by way of a period charter contract or by placing the vessel with a Commercial Manager.
Commercial manager: A company appointed by the Beneficial Owner to manage all financial matters for the vessel on their behalf.
Condition Adjusted Value (CAV): CAV is the standard Market Value of the vessel with a condition adjustment factor applied. The adjustment factor is determined by a condition survey carried out by our partner company IDWAL Marine.
CONRO: A vessel with ramps to allow standard RORO cargoes to be loaded, plus cellular container guides on the weather deck where containers can be loaded by gear over the rails.
Container: A steel box of a set size for transporting goods. The most common sizes for shipping containers are 20ft long by 8ft wide, or 40ft long by 8ft wide.
Container ship: A cargo ship that carries containers.
Contract of affreightment (COA): An agreement to transport a defined amount of cargo at an agreed freight rate, with the shipowner choosing the ship.
Conversion: The vessel sold is to be retrofitted to a different ship type.
Core description: The set of key properties of a vessel, comprising IMO, name, type, size, year of build.
Crew boat: Alternative name for FSV.
Crude oil: Unrefined oil.
Crude Oil Washing: Crude Oil Washing is a system whereby oil tanks on a tanker are cleaned out between voyages not with water, but with crude oil – the cargo itself. The solvent action of the crude oil makes the cleaning process far more effective than when water is used.
Cruise ship: A vessel that carries people on voyages for pleasure, where the voyage itself and the ship’s amenities are a part of the experience, as well as the different destinations, i.e. ports of call, along the way.
Cruiseferry: A Cruiseferry has a size range between 9,000 and 80,000 GT. Combines the features of a cruise ship with a Ropax ferry. As a general rule it is a Ropax ferry with capacity for at least 500 berthed passengers.
Cubic Meters (CBM): The measure of the volume of gas a ship can carry.
Current Historic Value: The value of a vessel at a past time as determined at the present time. The current historic value will change if new information which would have been pertinent to that value subsequently becomes available.
Current Value: The value of a vessel at the present time.
D
DCF value: We calculate daily automated DCF Values of cargo ships. A financial model is employed which takes into account the specification of the vessel (vessel type, age, size and features) and each of the factors that affect net earnings (charter rates, OPEX rates, survey costs, fees and commissions, discount rate, inflation rates and scrap prices).
DCS: Data Collection Service. The platform used by the IMO to collect fuel consumption/emissions data for individual vessels.
DD Due (Dry Dock Due): The vessel is due for Dry Docking in the next 6 months from the transaction date. Dry Dock works will be not completed prior to delivery.
DD Passed (Dry Dock Passed): The vessel has passed Dry Dock in the 6 months prior to the transaction date.
Deadweight tonnage (DWT): A measure of how much mass a vessel can carry. It does not include the weight of the vessel itself. DWT is the sum of the weights of cargo, fuel, fresh water, ballast water, provisions, passengers, and crew.
Deckhead: The top of a cargo tank on a Tanker from a side-on view.
Deepwell: Pump type on Tanker whereby there are several pumps, with around one pump for each cargo tank.
Demolition price: The amount in US dollars paid for a vessel sold for demolition.
Demolition Value: The estimated amount in US dollars for which a vessel could be sold for demolition at a specified date. Sometimes called the residual value or scrap value.
Demurrage: The amounts paid by charterers to the owners of a vessel under a voyage charter for time used for charterers’ business in port, over and above the time allowed for in the Charter Party.
Dirty oil: Oil products that are not fully refined.
Discounted Cash Flow (DCF): A method used in finance to determine the present value of money obtained at some future time. All future cash flows (ie net earnings) are estimated and then discounted (ie reduced) to compensate for the delay and for the risk that the cash flow might not be obtained.
Displacement hull: Where the vessel is supported mainly or solely by buoyancy. Vessels that have this type of hull travel through the water at a rate that is limited by the waterline length.
Double Ended Ferry: Double Ended RoPax Ferries have a ramp on the fore and aft of the vessel, allowing vehicles to load and discharge without turning the vessel, and without turning vehicles on board. The direction of travel switches for each journey, with the bow becoming the stern. Double Ended Passenger ferries operate in a similar manner, making crossings and loading and unloading passengers without turning the vessel.
Draft: The depth of a vessel in the water. Calculated as vertical distance between the waterline and the keel, is expressed in metres, or in feet in the USA.
Drawworks: The primary hoisting machinery component of a rotary drilling rig. A large mechanical, cylindrical drum with multiple wraps of thick cable. This cable is reeled in/out which in turn moves up/down the traveling block which holds onto the drill pipe.
Drillship: A Drillship has a size range between 500 and 14,000 FT. A vessel designed for deepwater and ultra-deepwater offshore drilling of oil and gas wells.
Dry (market): A generic term which refers to the bulk market. Examples are coal, cement, fertiliser, timber and scrap metal.
Dry cargo carrier: A vessel capable of carrying general cargoes or bulk cargo.
Dry docking: To put a vessel into a large dock in the form of a basin that can be pumped free of water, used for making repairs below a vessel’s water line.
Dynamic positioning (DP): A method of positioning vessels accurately within pre-defined limits, using thrusters to maintain the vessel’s position to a pre-determined position maintained by a number of reference systems. Important when working in close proximity to rigs and other vessels. The higher number the better (indicates how many back up circuits there are on board).
E
EEDI: Energy Efficiency Design Index or EEDI is a measure of the energy efficiency of a vessel’s design and applies to new vessels with an EEDI Phase of 0 or higher. EEDI units are grams of CO2 emitted per tonne of capacity per nautical mile (g CO2/t nm).
EEXI: Energy Efficiency Existing Index or EEXI is a measure of the energy efficiency of a vessel’s design and is applied retroactively to existing vessels. EEXI units are grams of CO2 emitted per tonne of capacity per nautical mile (g CO2/t nm).
EGR: Exhaust Gas Recirculation. Modifies the inlet air to reduce NOx emissions in the exhaust from diesel engines.
En Bloc: A single transaction involving two or more vessels.
ER: Efficiency Ratio. A ratio used to measure the efficiency of ships. Found by dividing CO2 emissions by transport work performed.
ERRV: Emergency Rescue Response Vessel used in the offshore oil industry.
Ex P/Obligation (Exercised Purchase Obligation): The vessel was sold following the Buyer’s declaration of a previous obligation to purchase the Vessel. For secondhand transactions this is commonly tied to an existing charter party.
Ex P/Option (Exercised Purchase Option): The vessel was sold following the Buyer’s declaration of a previously acquired option to purchase the Vessel. For newbuild transactions this is normally tied to a recent order. For secondhand transactions this is commonly tied to an existing charter party.
F
Failed: A transaction which fails to complete.
Feature: Part of the description of a vessel. A vessel’s features include builder and engine type, and can also include ice class, pump type, gearing and various other aspects.
Feeder: A container vessel of typically less then 500 TEU. They are not always fuller cellular. These vessels are designed to transport containers in smaller quantities, often serving as a link between larger container ships and smaller ports.
Feedermax: A container vessel of typically 500 to 1,249 TEU. These vessels are designed to transport containers in smaller quantities, often serving as a link between larger container ships and smaller ports.
FEU (forty foot equivalent unit): An inexact unit of cargo capacity often used to describe the size of container ships and container terminals.
FiFi (Firefighting): The firefighting capability of a vessel. The higher the rating, the more water capacity and better fire-fighting ability.
Fixed age value - Fixed Age Value is the value of the vessel with its current features and size, adjusted historically (daily) using its age as of the valuation date (typically todays date). This creates a valuation history which is independent of age depreciation.
Floating Production Storage and Offloading (FPSO): Vessel used for oil storage. Usually a converted oil tanker or purpose built vessel.
For tender: A trading sale which is subject to the buyer winning employment for the vessel.
Forecast Market Value: The amount in USD millions that we have predicted that the vessel will be worth in 1 year from the forecast date.
Forward delivery: The vessel is sold basis a delivery date further in the future than is standard for sales of this ship type in current market conditions.
Freight rate: A price at which a certain cargo is delivered from one point to another.
FSV: Fast Supply Vessel used by the offshore oil industry with a specific capacity to transport large numbers of crew to rigs. Also has cargo capability.
Fully pressurised gas carrier (FP LPG): A Fully Pressurised LPG has a size range between 100 and 22,999 CBM. Non refrigerated, fully pressurised. At this small size pressure can be used to liquify the gas.
Fwd Dely (Forward Delivery): [see ID179] The vessel is sold basis a delivery date further in the future than is standard for sales of this ship type in current market conditions.
G
Gantry Crane: A type of overhead crane supported by freestanding legs that move on wheels or along a track or rail system. Typically used for move and lift heavy loads in ports, shipyards and on vessels.
Gas Carrier: A vessel that carries liquified gas. Liquefaction can be brought about by either refrigeration and/or pressure.
Geographical Information System (GIS): Software used to visualise, analyse and interpret spatial or geographical data.
Gulf: A large waterbody which can sometimes be considered as an extended arm of a sea, with a constricted entrance along a strait. A gulf is almost completely enclosed by land.
H
Hamburg Ship Evaluation Standard (HSES): A formulation of long term asset value (LTAV) developed by Vereinigung Hamburger Schiffsmakler und Schiffsagenten (VHSS), the German Shipbroker’s Association.
Handy Bulker: A Handy Bulker has a size range between 20,000 and 44,999 DWT. Handy Bulkers are well suited for small ports with length and draught restrictions, or ports lacking loading infrastructure. Modern designs are typically 37,000 DWT and are commonly fitted with loading gear.
Handy Container: A Handy Container has a size range between 1,250 and 1,999 TEU. These vessels operate in mainly coastal regions over Europe and Asia.
Handy Tanker: A Handy Tanker has a size range between 29,500 and 55,000 DWT. They are broken up into MR1s and MR2s. MR2s are the larger ship type commonly more than 44,000 DWT. MR1s are smaller typically being in region of 37,000 DWT. MRs carry clean oil products.
Handymax Bulker: A Handymax Bulker has a size range between 35,000 and 49,999 DWT. As Handysize designs got bigger they were called Handymaxes. Only old Handymaxes (1980s built) are below 42k DWT.
HGC: A HGC (Handy Gas Carrier) has a size range between 17,500 and 24,999 CBM. A fully refrigerated LPG Carrier.
Historic Value: The value of a vessel at a past time.
Hold: A general name for the large compartments below the main deck designated for stowage of general cargo.
Hull: Shell or body of a vessel, made up of its sides and bottom.
Hull Air Lubrication: A method to reduce the resistance between a vessel’s hull and the water using air bubbles. Air release units in the hull create microbubbles that coat the bottom of the vessel.
Hull Number: The builder’s reference number for the vessel. Can be alpha-numeric.
I
IMO (International Maritime Organisation): A United Nations agency devoted to shipping.
IMO number: A unique identification number, issued by the International Maritime Organisation, which remains with a vessel throughout its life.
Inc BBC (Includes Bareboat Charter): The vessel is sold with an existing Bareboat Charter party beyond the delivery laycan of the vessel.
Inc P/Obligation (Includes Purchase Obligation): The vessel is sold with a future obligation held by the charterer to purchase the vessel at a pre agreed date and price.
Inc P/Option (Includes Purchase Option): The vessel is sold with a future option held by the charterer to purchase the vessel at a pre agreed date and price.
Inc Sellers Credit: The vessel is sold including financing provided by the Seller to the Buyer.
Inc TC (Includes Time Charter): The vessel is sold with an existing Time Charter party which will be transferred to the Buyer on delivery.
Income approach: See DCF value.
Inert Gas System (IGS): Inert Gas System is a system of preventing any explosion in the cargo tanks of a tanker by replacing the cargo, as it is pumped out, by an inert gas, sometimes by flue gas from ship boilers.
Internal [sold note]: A transaction in which the Buyer and Seller are affiliated with one another via management company, joint venture or similar.
J
J19 Tanker: Please see Stainless Steel J19 Tanker.
Jack up: A Jack Up Drill Rig has a size range between 50 and 600 FT. A self-elevating rig or platform with movable legs allowing it to reach the sea floor. Usually moved by tugs or heavy lift vessels and confined to shallow waters under 120m deep.
Jones Act: USA law that requires goods shipped between USA ports to be transported on vessels that are built, flagged, owned, and operated by United States citizens or permanent residents.
K
KTS: Vessel speed in knots. One knot is one nautical mile per hour.
L
Laid up: A vessel that is not in active service and may be awaiting better markets, fitting out, or work needed for classification.
Laid Up [sold note]: The vessel sold is not capable of trading at the time of the transaction and additional expense is required by the Buyer to recommence trading.
Laker: A Bulker built specifically for use in the Great Lakes in North America. These are generally more slender with distinctive straighter/squarer sides than standard bulkers.
Lakes fitted: Bulkers that get through the locks on the St Lawrence River, which are just past (south-west of) Montreal by being a maximum 23.8m wide (typically 23.5 to 23.8 metres).
Lane metres: The area within which the trailers are stowed on RORO vessels.
Large Gas Carrier (LGC): A LGC (Large Gas Carrier) has a size range between 50,000 and 69,999 CBM. A fully refrigerated LPG Carrier.
Large LNG: A Large LNG has a size range between 100,000 and 209,999 CBM. These vessels make up the majority of the LNG fleet. There are no new LNG ships ordered bigger than this. The average size is 170,000 to 175,000 cbm. Cargo is carried at -162 degrees celsius so it is in its liquid state.
Large LNG RV: An LNG RV (regasification vessel) or RLNG has a size range between 100,000 and 209,999 CBM. Large LNG carrier with regasification facility. A moving FSRU (Floating Storage and Regasification Unit).
Launch: The floating of a vessel whose form has been made through welding, and whose painting is completed. This may involve sliding it into the water from the shipway on which it was constructed, flooding of the dock in which it was constructed or lowering the vessel into the water.
Laycan (Laydays canceling or L/C): The period in which the shipowner must tender notice of readiness to the charterer that the vessel has arrived at the pod of loading and is ready to load. This period is expressed as two dates.
Laytime: The amount of time in port granted by the owners of a vessel under the terms of a charter party for the loading and discharging of cargo. Any excess time used will be paid for at an agreed rate.
LCTC: Large Car and Truck Carrier, a Vehicle Carrier with at least 7,000 CEU capacity.
Lightweight (LWT / LDT): The weight in metric tons of an unladen vessel.
Linear value - The amount (in USD millions unless other currency specified) for which the vessel was acquired minus depreciation.
Liquified Ethylene Gas Carrier (LEG): A LEG (Liquid Ethylene Gas) carrier has a size range between 100 and 22,999 CBM. A fully refrigerated LPG/Ethylene Carrier designed to carry Ethylene with a minimum temperature of minus 104 degrees Celsius.
LNG: Liquified Natural Gas. Liquefaction is achieved on LPG carrying vessels by cooling the cargo to minus 163 degrees celsius.
LO-LO (Lift on, lift off): A Container ship in which containers are lifted on or off by crane.
Long Term Asset Value (LTAV): See DCF value.
Lower age: The minimum age in the range for the Forecast Valuations.
LPG: Liquefied Petroleum Gas. Liquefaction is achieved on LPG carrying vessels by cooling the cargo to minus 50 degrees Celsius or, in the case of some smaller capacity vessels, by using high pressure (usually over 10 bar).
LR1: Long Range Product Tanker. Panamax Tanker with fully coated cargo tanks meaning that it is capable of carrying oil products, as well as crude oil.
LR2: Long range product tanker. Aframax tanker with fully coated cargo tanks meaning that it is capable of carrying oil products, as well as crude oil.
LR3: Long Range Product Tanker. Suezmax Tanker with fully coated cargo tanks meaning that it is capable of carrying oil products, as well as crude oil.
M
Mapping: See vessel tracking system.
Marine Environment Protection Committee: MEPC. The body addressing environmental issues under the IMO’s remit.
Market segment: A vessel type, or occasionally a collection of vessel types, treated as a coherent entity for the purposes of valuation.
Market Value: The estimated amount in US dollars for which a vessel could be bought or sold on the open market at a specified date. Sometimes called the sale and purchase value or the fair Market Value.
Market Value with Charter For a vessel with charter above or below market charter rate, a premium or discount may be added to the market value to indicate the Market Value with Charter. Charter rates after existing charter agreement are assumed at market charter rates. The market value with charter corresponds to the concept of 'encumbered value'.
Max age: The valuation pot maximum age that a vessel will be valued up to.
MDO: Marine Diesel Oil.
Merchant vessel: A vessel that carries cargo or passengers for hire.
Midsize Gas Carrier (MGC): A MGC (Medium Sized Gas Carrier) has a size range between 25,000 and 49,999 CBM. A fully refrigerated LPG Carrier.
Midsize LNG: A Midsize LNG has a size range between 30,000 and 99,999 CBM. There are only 15 Midsize LNG carriers showing they make up a small amount of the fleet.
MMSI: A Maritime Mobile Service Identity (MMSI) is a series of nine digits which are sent in digital form over a radio frequency channel in order to uniquely identify vessels that have been launched. The number is related to the flag country.
MODU: Mobile Offshore Drilling Unit, such as a rig or a drillship.
Moon Pool: An opening (often round) in the floor of the vessel’s hull to give access to the water below.
MOPU: Mobile Offshore Processing Unit.
MPSV: Multi-Purpose Support Vessel. Used in the offshore oil industry.
MR: Medium Range Product Tanker. Handy Tanker with fully coated cargo tanks meaning that it is capable of carrying oil products, as well as crude oil.
Multigas Carrier: A Gas Carrier of typically 1 to 29,999 CBM that can carry LNG or LPG or Ethylene. Cooled to minus 163 degrees celsius to enable LNG but also pressurised typically to around 5.2 bar.
Multipurpose Vessel: A vessel that can carry bulk cargo and containers and in some cases also liquids, or has strong lifting gear.
N
Net tonnage: This is based on a calculation of the volume of all cargo spaces of a vessel. It indicates a vessel`s earning space and is a function of the moulded volume of all cargo spaces of the vessel.
New Panamax Container: A New Panamax Container has a size range between 10,075 and 16,500 TEU. This is a very modern design of vessel. Construction of this type began following the plans for the expansion of the Panama Canal. The new locks opened for commercial use in 2016.
Newbuild Value: The estimated amount in US dollars it would cost to replace a vessel with a brand new vessel of an equivalent specification at a specified date.
O
Ocean Going Tug (OGT): Specialised offshore tug, often with ice breaking capabilities or specialist oil recovery capabilities.
OCV: Offshore Construction Vessel
Oil Tanker: A cargo ship designed for the bulk transport of oil.
On Buyer Subs: The completion of the transaction is still waiting on an approval by the Buyer.
On Sellers Subs: The completion of the transaction is still waiting on an approval by the Seller.
On Subs: The completion of the transaction is still waiting on the approval of one or more counterparties.
Operator: The company which has been novated the rights of use to a vessel by the Beneficial Owner. Often these rights are transferred by way of putting it into a pool, long term bareboat or leasing contract.
OPEX: The costs of a vessel’s technical operation, crewing, management, insurance and maintenance, but excluding costs of financing. OPEX also excludes commercial management costs and survey costs.
OSV: Offshore Support Vessel
Out of Class: The vessel has exceeded the classification societies survey renewal dates and any additional trading extensions available from class.
P
P&I: Protection and Indemnity Insurance.
P&I club: Protection and Indemnity Association, the carrier’s mutual liability assurer.
Panamax Bulker: A Panamax Bulker has a size range between 50,000 and 99,999 DWT. These vessels are typically 82,000 DWT. They are mid-size for the dry bulk sector and can pass through the Panama Canal. A minority of Panamax BC are fitted with cranes for loading and discharging.
Panamax Container: A Panamax Container has a size range between 3,000 and 5,999 TEU. These vessels have a beam less than 32.3 meaning they can transit the original Panama Canal. These are classed as midsize cargo ships.
Panamax Tanker: A Panamax Tanker has a size range between 55,000 and 84,999 DWT, with the average size currently being in the region of 75,000 DWT. Panamax Tankers used to be the widest beam vessel able to transit the Panama Canal. However, the recent widening of the canal means the fleet is diversifying and no longer restricted by its maximum beam. Panamax Tankers carry crude oil whilst LR1 vessels carry clean products. The only difference being LR1 vessels have coated cargo tanks.
Parcel Tanker: A Tanker designed to carry an assortment of liquids, such as chemicals, or different grades of a liquid, such as petroleum, at one time.
Passenger Ferry: A Passenger Ferry has a size range between 8 and 32,000 GT. A ferry carrying only passengers, with no or minimal cargo capacity.
PCC: A PCC has a size range between 200 and 2,299 CEU. The main cargo for these vessels is new cars.
PCTC: A PCTC (Pure Car and Truck Carrier) has a size range between 200 and 6,999 CEU. The main cargo for these vessels is new motor vehicles, but they also take other tall cargo, e.g. construction equipment, power plant components even small boats/yachts. These vessels have adjustable deck heights to cater for vehicles/cargo they are carrying.
Planing Hull: A hull that is designed to develop positive dynamic pressure so that the vessel’s draft decreases as its speed increases . The dynamic lift reduces the wetted surface and therefore also the drag.
PNR (Price Not Reported): Price of the transaction is not reported. Pricing information will be added once found and cross referenced.
Pool: A venture between Beneficial Owners to form a collection of vessels of similar types and sizes, with a central administration, which are then marketed for charter or contracts of affreightment and whose revenues are pooled and distributed to the owners.
Poor Condition: The vessel is transacted in a different condition than the standard Market Value assumption of condition. See https://www.vesselsvalue.com/legal/disclaimers/valuation-disclaimer-maritime
Position List: A list of vessels that are available to pick up cargo at a given location within a certain time space.
Post fixture: Operational administration of a vessel once it is employed.
Post Panamax Bulker: A Post Panamax Bulker has a size range between 50,000 and 119,999 DWT. They are a small portion of the fleet. They typically have 7 holds and hatches unless contracted for specific trades. They are too large to pass through the former width of the Panamax Canal (32.26m).
Post Panamax Container: A Post Panamax Container has a size range between 3,000 and 10,074 TEU, they make up a large proportion of the Container fleet. These vessels have a beam of >32.3m. Post Panamaxes vary in design with old designs being smaller, older and less fuel efficient and the new designs being larger, more modern and fitted with eco engines.
Post Panamax Tanker: A Post Panamax Tanker has a size range between 55,000 and 84,999 DWT. These vessels have uncoated cargo tanks which will generally carry crude oil.
Price: The amount in USD paid for a vessel. Also known as sale price or market price.
Product Tanker: A Tanker that carries refined oil products.
PSV: Platform Supply Vessel designed and used to supply and support offshore platforms by transporting crew, supplies, and cargo to the platforms and returning waste, crew, and other cargo to shore. Characterised by a large open deck.
Pumproom: Pump type on tanker whereby one pump services many cargo tanks.
Q
Q-Flex: A Qflex has a size range between 210,000 and 229,999 CBM. The “Q” is for Qatar as that country has the big gas ports for these ships. These ships were the largest ships in the LNG fleet before the introduction of the QMAX vessels.
Q-Max (Qatar Max): A Qmax has a size range between 230,000 and 300,000 CBM. The “Q” is for Qatar as that country has the big gas ports for these ships. These are the maximum size of vessel that can dock at the LNG terminals in Qatar. These are the largest ships in the LNG fleet.
R
Rated water depth: Unit of measurement, in feet, which indicates the maximum operating depth of the MODU.
Recognised Organisation: A surveyor, or other organisation, entrusted by a vessel’s flag state with verifying a CII calculation.
Recovery Rate: The recovery rate is the proportion of the fair market value likely to be realised when selling a vessel in a bank sale or auction sale.
Reefer: A vessel capable of handling refrigerated cargoes, usually fresh fruit.
Reefer plug: Refrigeration plug for refrigerated containers. Each plug does two containers.
Registered Owner: The company to which the vessel is legally registered. This may often be a Single Purpose Company.
Resale: The sale of a vessel that has not yet been delivered to the orderer.
Residual Value: See Demolition Value.
ROCON: Alternative name for CONRO.
ROLO: A vessel with ramps whereby cargo is loaded by trucks with trailers to lower decks where upper decks or holds are loaded and unloaded by crane.
RoPax Ferry: A RoPax Ferry is a ferry with RORO (Roll On – Roll Off) ramp for wheeled cargo, with vehicle deck(s), as well as separate deck(s) for passengers.
RoPax Ferry High Speed: High Speed Ropax Ferries are designed for a maximum speed over 28 KTS. They tend to be on the smaller end of RoPax vessels, with a size under 20,000 GT.
RORO: A RORO is a vessel with ramps whereby dry cargo is loaded by trucks with trailers, which are then disconnected from the truck head and stowed end to end.
RSCS: A Route Specific Container Stowage lashing which increases the laden capacity on certain routes of a container vessel which has it.
S
Safe Working Load (SWL): The maximum mass that lifting gear can lift, suspend, or lower, without fear of breaking.
Sale record: Information determined at the time of a recorded sale of a vessel: principally, the IMO number, vessel type, DWT, date of sale, and price. VesselsValue typically obtains this information from Seasure brokers, shipbroker market reports and publications.
SCR: Selective Catalytic Reduction. Injects urea into the exhaust gas to reduce NOx. The urea reacts in the exhaust heat to produce ammonia, which in turn reacts with the NOx to break it down into nitrogen and water.
Scrap price: The scrap price in US dollars per long ton of steel on the demolition date.
Scrubber [sold note]: The vessel is sold with Scrubber Exhaust Gas Cleaning System installed onboard at the time of delivery.
Seasure Shipping Ltd: Seasure Shipbroking Ltd is a London based Sale and Purchase Shipbroker established in 1993. Seasure deal with newbuilding, second hand and demolition sales of all vessel types including Bulkers, Tankers, Container ships, and Gas Carriers. VesselsValue works directly with Seasure S&P brokers in development and in on-going data collection, testing and optimisation.
Sector: A main division of Cargo ships, which includes Bulkers, Tankers, Container ships, LNG Carriers and LPG Carriers.
SEEMP: Ship Energy Efficiency Management Plan. A listing of measures taken to improve energy efficiency, as well as the input parameters and final calculated CII.
Semi-Submersible rig: A Semi Sub Drill Rig has a size range between 50 and 14,000 FT. Floating offshore drilling platform, with submerged pontoons for added stability.
Ship: A large marine craft typically in excess of 1,000 DWT, including but not limited to bulkers, tankers, combination carriers, container ships, gas carriers, passenger ships, etc. A synonym for vessel. Within VesselsValue a ship generally refers a ship in general or a sold ship (in contrast to a vessel being valued).
Shipbroker (or broker): Specialist intermediary/negotiator between ship owners and charterers who use ships to transport cargo, or between buyers and sellers of vessels.
Shuttle tanker: A high spec ship designed for oil transport from an off-shore oil field as an alternative to constructing oil pipelines.
Single Buoy Mooring (SBM): An anchored loading buoy for tankers to load or offload oil or gas products Also known as a Single Point Mooring (SPM).
Sister vessels: Vessels built to the same design.
Small Scale LNG: An LNG carrier of typically 1 to 29,999 CBM.
Small Tanker: A Tanker of typically 100 to 29,499 DWT.
Sold age: Age of the vessel at the date of sale.
SP FR LPG (Semi-refrigerated): A SP FR LPG (Semi Pressurised, Fully refrigerated) has a size range between 100 and 22,999 CBM. This Gas carrier carries LPG in semi pressurised (circa 5 bar) and fully refrigerated (to minus 50 degrees Celsius) cargo tanks.
Specific Fuel Consumption: The mass of fuel consumed in one hour to produce one kilowatt brake power.
Spot market: Short term contracts normally executed immediately and lasting no longer than three months in duration. An example of a spot market is where vessels that are docked in a port enter into a contract to immediately transport crude oil supplied by a nearby company.
Spud date: The date an oil or gas well first penetrates the ground.
SS Due (Special Survey Due): The vessel is due for Special Survey in less than 6 months from the transaction date and no Special Survey works will be completed prior to delivery.
SS Passed (Special Survey Passed): The vessel has passed Special Survey in the 6 months prior to the transaction date.
SS/DD Due: The vessel is due for Special Survey & Dry Docking in less than 6 months from the transaction date and no Special Survey or Dry Docking works will be completed prior to delivery.
SS/DD Passed: The vessel has passed Special Survey & Dry Dock in the 6 months prior to the transaction date.
Stainless Steel 25k Tanker: A Small Chemical Tanker with a size range between 22,000 and 29,499 DWT with stainless steel tanks, meaning that it can carry a wide variety of chemical products.
Stainless Steel J19 Tanker: A Small Chemical Tanker with a size range between 18,500 and 21,999 DWT with stainless steel tanks, meaning that it can carry a wide variety of chemical products.
Statement of Compliance: A certificate awarded to vessels which are deemed to comply with CII regulation.
Strait: A narrow waterbody interconnecting two much larger water bodies (for example Strait of Gibraltar connects the Atlantic Ocean and the Mediterranean Sea). Water flow is in both directions. Straits are naturally formed without human intervention.
Sub Panamax Container: A Sub Panamax Container has a size range between 2,000 and 2,999 TEU. These vessels operate in mainly coastal regions over Europe and Asia.
Subsea Support Vessel: Offshore vessel catering to the construction, inspection and maintenance of offshore rigs and installations.
Suezmax Tanker: A Suezmax has a size range between 125,000 and 199,999 DWT, with the typical size at 160,000 DWT. They commonly carry crude oil but can in rare circumstances carry refined products. They can pass through the Suez Canal in both a ballast and laden state.
Supersegregator: A Handy Chemical Tanker with a size range between 34,000 and 54,999 DWT and over 24 segregated stainless steel tanks. The stainless steel tanks allow the tanker to carry a wide variety of chemical products, and the high level of segregation means the tanker can carry multiple small cargos.
Supramax Bulker: A Supramax Bulker has a size range between 50,000 and 72,999 DWT. Typically 56,000 DWT. These types are commonly fitted with cranes for loading and discharging.
Survey costs: The costs involved during the period when a vessel is being surveyed. This can include putting the vessel into a dry dock.
SWATH: Small Waterplane Area Twin Hull.
T
Tall Ship: Large sailing ship with traditionally rigged high mast(s).
Tanker: A cargo ship that carries liquids, such as oil or chemicals.
Tanktop: The bottom of a cargo tank on a Tanker from a side-on view.
TC Back (Time Charter Back): The vessel is sold including a Time Charter back to the Seller which will remain active after delivery.
TC Mitigation: Time Charter Mitigation. A trading sale in which the buyer is buying out a vessel that they currently pay to charter.
TC Mitigation (Time Charter Mitigation): A transaction in which the Buyer is currently chartering the vessel and purchases the vessel to get out of their charter commitment. Commonly an above market price is paid to mitigate the charter contract being cancelled early.
Technical Manager: A company appointed by the Beneficial Owner to manage all technical and crewing matters for the vessel on their behalf.
Terminal: An industrial storage facility for oil or gas products.
TEU (twenty foot equivalent unit): An inexact unit of cargo capacity often used to describe the size of container ships and container terminals. 14T homogenous TEU is the number of TEU a ship could carry if all the boxes were full to maximum load.
Time charter (TC): Vessel charter for a fixed period of time instead of for a certain number of voyages or trips.
Time charter equivalent (TCE): A shipping industry standard used to calculate the average daily revenue performance of a vessel. Time charter equivalent is calculated from gross freight income less voyage costs.
Ton Mile: One ton-mile is the equivalent of shipping one metric ton of product, one nautical mile.
Total age: The sum age of all vessels listed.
Type: A category of vessel normally determined by its general use and size. For example Aframax tanker, Capesize bulker, etc.
U
Ultra Large Container Vessel (ULCV): A ULCV has a size range between 15,000 and 25,000 TEU. These are the biggest vessels found on the water and also the most modern Container type.
Ultramax Bulker: An Ultramax Bulker has a size range between 60,000 and 72,999 DWT. Ultramax vessels are a relatively new ship to the market with the oldest vessel built 2009, they are usually equipped with an eco-engine. They are commonly considered to be simply the next generation of the older Supramax design.
Upper age: The maximum age in the range for the Forecast Valuations.
V
Value: The amount in US dollars a vessel is considered to be worth. Sometimes used as a synonym for Market Value. Ways of valuing a vessel include Market Value, DCF Value, Demolition Value, Book Value and Replacement Value
Value in use: See DCF Value
Vapour Emission Control System (VECS): Vapour Emission Control System (VECS) is an arrangement of piping and equipment used to control vapour emissions during tanker operations, including ship and shore vapour collection systems, monitoring and control devices and vapour processing arrangements.
Vapour Return System: Vapour Return System is when a liquid is pumped into an empty or partially full tank the vapours that are contained in the tank are displaced and are forced out through the fill opening. A vapor return system allows these vapours to be captured and returned to the filling vessel averting their release into the atmosphere.
Vehicle Carrier: Vehicle Carriers include PCC’s, PCTC’s and LCTC’s. The main cargo for these vessels is new motor vehicles.
Very Large Ammonia Carrier (VLAC): A Very Large Ammonia Carrier (VLAC) has a size range between 70,000 and 99,000 CBM. Introduced in 2023, they are designed to carry full cargoes of ammonia as well as standard LPG cargoes. They have reinforced hulls and tanks to accommodate the higher density of liquid ammonia.
Very Large Crude Carrier (VLCC): A Very Large Crude Carrier has a size range between 200,000 and 600,000 DWT, but are typically around 320,000 DWT. They facilitate the transportation of unrefined crude oil. VLCC’s commonly can carry 2,000,000 barrels of crude oil at any one time.
Very Large Ethane Carrier (VLEC): A VLEC (Very Large Ethane carrier) has a size range between 70,000 and 99,000 CBM. Designed to carry ethane which has a boiling temperature of minus 104 degrees Celsius. They mainly trade out of the US exporting to India.
Very Large Gas Carrier (VLGC): A VLGC (Very Large Gas Carrier) has a size range between 70,000 and 99,000 CBM. A fully refrigerated LPG carrier which carriers cargo to -50 degrees celsius.
Vessel: A synonym for ship. Within VesselsValue a vessel generally refers to the vessel being valued (in contrast to a ship in general or a sold ship).
Vessel Tracking System (VTS): A system which uses AIS data to map the real-time location and other properties of vessels. VesselsValue offers a mapping service, which provides positions, interactive information and graphic analysis for cargo ships.
Voyage charter: A contract whereby the shipowner places the vessel at the disposal of the charterer for one or more voyages, the shipowner being responsible for the operation of the vessel.
W
Wet (market): A generic term that is used to refer to the Tanker market.
Windfarm Installation Vessel: A Windfarm Installation vessel has a size range between 40 and 250 LOA. A vessel specifically designed for the installation of offshore wind turbines.
Working days: The number of days in a non-survey year for which a vessel is expected to be available for hire, normally 355.
X
No definitions currently
Y
Year or date of build: The year or date a vessel becomes live and is able to be used for its defined purpose.
Z
No definitions currently