Maritime Shipping Terms Test Bank Questions with Verified Answers Graded A+
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Maritime Shipping Terms
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Maritime Shipping Terms
Maritime Shipping Terms Test Bank Questions with Verified Answers Graded A+
ADCOMM - Answers Address Commission.
Address Commission - Answers 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...
Maritime Shipping Terms Test Bank Questions with Verified Answers Graded A+
ADCOMM - Answers Address Commission.
Address Commission - Answers 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.
API Gravity - Answers 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.
ATRS - Answers American Tanker Rate Schedule; 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 Worldscale.
AVE - Answers Average method; the default Bunker Calculation Method. The weighted average cost
multiplied by the amount consumed in the voyage.
B/L - Answers Bill of Lading.
Back-To-Back Charter - Answers 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 - Answers 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 - Answers A lump sum payment for a vessel traveling in ballast to reach a loading port or a
delivery port under a charter.
BBL - Answers Barrel.
Beam - Answers The width of a vessel at its widest point.
Beaufort Scale - Answers A scale expressing wind force at sea. Good weather is typically defined as
below 4 or 5; above that point, performance data is ignored.
Berth - Answers The specific place in a port where a vessel is to load and/or discharge.
Bill of Lading - Answers A written receipt issued by a vessel's Master or a Shipping department that
states that cargo has been placed on board. It includes the type of cargo, the amount, and the terms for
shipping.
Broker - Answers An entity working between an owner and a charterer to arrange for a vessel to charter
and/or cargo to ship.
Brokerage - Answers Commission.
, Bulk Cargo - Answers Usually a homogenous cargo stowed loose, not in a container.
"Bunker - Answers (Noun) The fuel used on a vessel, or the tank or compartment for storing fuel.
(Verb) To acquire fuel or load fuel into a vessel's bunkers for its own use (not as cargo). Also known as
stem." - Answers
Bunker Calculation Method - Answers A method of valuing the fuel onboard a vessel, so that its cost can
be allocated to the voyage in which it is used. The Bunker Calculation Method is selected in the Voyage
Manager. See AVE, FIFO, LIFO, and TBM.
Bunker Surcharge - Answers An Extra Freight Term; a way for an owner to cover an increase in bunker
prices.
C/P or CP - Answers Charter Party.
Cargo - Answers The goods being carried on a vessel.
Cargo COA - Answers A long-term sale contract on a Voyage Charter basis; the other side of a VC In COA.
A commitment to individual packages of transportation in what might be different vessels.
Charter Party - Answers A contract between a vessel owner and a charterer that lists all the terms of
their agreement.
Charterer - Answers An entity getting control of a vessel from another party.
COA - Answers Contract of Affreightment.
Commission - Answers A fee for services performed by a broker, paid by the owner (because it is always
assumed that business is being brought to the ship). The commission paid to a broker is usually 1.25% of
the freight and, in most cases, of deadfreight and demurrage in the case of a Voyage Charter;
alternatively 1.25% of the hire in the case of a Time Charter. Also known as brokerage.
Contract of Affreightment (COA) - Answers A contract for a larger grouping of cargoes; a long-term
agreement or grouping mechanism. See Cargo COA and VC In COA.
"Cubic Capacity - Answers Each ship has two cubic capacities: GRAIN cubic and BALE cubic.
GRAIN cubic capacity is the maximum space available for cargo - Answers measured in cubic feet or
cubic meters, to the inside of the shell plating of the ship (or to the outside of the frames and to the top
of the beams (or underside of the deck plating). In other words, if a bulk cargo such as grain were
loaded, it would flow in between the frames and beams, thereby occupying the maximum space
available, or the grain cubic capacity.
BALE cubic capacity is the space available for cargo - Answers measured in cubic feet, to the inside of the
cargo battens, to the inside of the frames or to the underside of the beams. The BALE cubic applies
when dealing with bagged cargoes or a general cargo of mixed commodities. In loading hand-stowed
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