NEWS
Gary Drew, Essex Shipping
Dry Cargo - RightShip
New in 2018 is a revised RightShip regulation which drops the dry cargo ship inspection for ships over 8000 dwt from 18 to 14 years. An inspection takes up to two days and usually costs up to US$7500.
Gary Drew, Essex Shipping
Bosporus Bypass
Work is due to start this year, environmental considerations permitting, on a 45km stretch of canal from the Durusu area in the Black Sea to Kucukcekmece Lake, Marmara. Initially mooted in 2011, the plans show the width ranging from 250m to 1km and a depth of 25m.
Gary Drew, Essex Shipping
Suez Slops
The Suez Canal Economic Zone and French company Ecoslops have signed a memorandum of understanding to develop a feasibility study, due for completion by Q3, for a slops reception facility close to the canal. They estimate in excess of 40kmt of slops are being generated by 18000 transits and 7000 port calls, which Ecoslops plan to convert to light bitumen and new fuels.
Gary Drew, Essex Shipping
US Sanctions – 2017 Recap
In 2017 the advent of Donald Trump’s presidency has created both questions and answers where US sanctions are concerned, leaving many traders, owners and brokers unsure of where they stand. In brief:
In June, Trump announced his intention to roll back Obama’s relaxation of the Cuba embargo, and by November OFAC (the United States Office of Foreign Assets Control) and the Dept of Commerce published limitations on travel and new restrictions on liaison with Cuban security services.
August Changes to US Sanctions Laws included the Countering America’s Adversaries Through Sanctions Act (“CAATSA”); this codified some pre-existing sanctions, imposed some new ones against certain Russians (allegedly identified as having undermined United States cybersecurity), and created a mechanism for Congressional review before the President could ease sanctions against Russia. CAATSA also tightened existing sanctions that target Russia’s energy, defence and financial sectors; limitations to the duration of US financing and tightened sanctions on Russian deepwater, Arctic offshore, and shale projects are the main thrust.
In September, Trump issued an executive order expanding United States sanctions by blocking North Korean-controlled funds and bank accounts, as well as prohibiting vessels that have called North Korean ports in the previous 180 days from entering the US.
An October announcement stated Trump would not certify Iran’s compliance with the JCPOA (Joint Comprehensive Plan of Action), which had suspended some nuclear-related sanctions. Although this doesn’t reinstate any sanctions, Trump will need to periodically renew sanctions waivers, which of course he might not. Finally, and also in October, OFAC announced the termination of most US sanctions against Sudan; these had already been suspended in January 2017.
Gary Drew, Essex Shipping
Fleets & Finance - Specialized
We have seen a year that featured consolidation more than just in terms of ships, as a number of banks reduce or discontinue their shipping loan portfolios, while others have bought this debt and increased their own exposure. The weak shipping markets too have played their part in pushing up the cost of borrowing, as stricter regulation of financial markets have taken some of the venture capital options away. Correspondingly, increased regulation applied to ships’ hydrocarbon emissions, ballast water treatment and the demand for ships to inert (whether actually necessary or not), all contributes to making entry costs to some of the more specialized markets too prohibitive. Whether or not this is all enough to put much of a brake on gratuitous, speculative shipbuilding remains to be seen, but the majority of seemingly committed owners are beginning to see light at the end of the tunnel where earnings are concerned. There is no doubt more owning consolidation is likely this year and next, and if parcel tanker scrapping increases too, the building blocks for the next boom will fall perfectly into place.
Gary Drew, Essex Shipping
Cryptocurrency & Crowd Funding
Another concept on the blocks this year is blockchain financing, as ‘Shipowner.io’ is promoted as a channel for the man/woman/other on the street to own part of a ship for as little as US$100 (or less). The online platform has an initial target audience of seafarers, shipping enthusiasts and ethereum traders, and an assets and services target of US$23 billion by 2023, as it tries to out-compete more costly banking and financing.
Gary Drew, Essex Shipping
Chemical Coaster Consolidation
An early move in the 2018 market was Axel Eitzen’s acquisition of the 19-ship, 3000 to 11000 mt dwt Herning Shipping from Nordic Tankers, hot on the heels of Nordic’s divestment of Crystal Nordic late last year. Axel Eitzen, Nikolai Heidenreich and Erik Bartnes are the partners behind the acquisition, which apparently will be renamed Christiana Shipping and will also encompass the existing small tanker fleet operating out of Southern France and Marbella.
CONVERSION TABLES
PRESSURE
BAR | ATM | KGF/CM2 | LBF/IN2 (PSI) | |
1 BAR | 1 | 0.98692 | 1.01972 | 14.5038 |
1 STANDARD ATMOSPHERE (ATM) | 1.01325 | 1 | 14.6959 | |
1 KILOGRAMME-FORCE PER SQUARE CENTIMETRE (KGF/CM2) | 0.98066 | 0.967841 | 1 | 14.2233 |
1 POUND-FORCE PER SQUARE INCH (LBF/IN2 OR PSI) | 0.06895 | 0.068046 | 0.070307 | 1 |
APPROX. WEIGHT/VOLUME
TO CONVERT | ||||||||
DENSITY (15C) | API (60F) | M3 TO MT | MT TO M3 | US BBLS TO MT) | MT TO US BBLS | US BBLS TO LONG TONS | LONG TONS TO US BBLS | |
CRUDE OILS: | MULTIPLY BY FACTOR | |||||||
ARABIAN HEAVY | 0.8867 | 28.0 | 0.8856 | 1.1292 | 0.14073 | 7.105 | 0.13851 | 7.22 |
ARABIAN MEDIUM | 0.8741 | 30.3 | 0.8730 | 1.1455 | 0.13873 | 7.208 | 0.13654 | 7.324 |
ARABIAN LIGHT | 0.8576 | 33.4 | 0.8565 | 1.1675 | 0.13612 | 7.347 | 0.13397 | 7.464 |
IRANIAN LIGHT | 0.8550 | 33.9 | 0.8539 | 1.1711 | 0.13571 | 7.369 | 0.13356 | 7.487 |
OMAN | 0.8509 | 34.7 | 0.8498 | 1.1767 | 0.13505 | 7.405 | 0.13292 | 7.523 |
MURBAN | 0.8276 | 39.4 | 0.8265 | 1.2099 | 0.13133 | 7.614 | 0.12926 | 7.736 |
ZAKUM | 0.8242 | 40.1 | 0.8231 | 1.2149 | 0.1308 | 7.645 | 0.12873 | 7.768 |
PRODUCTS: | ||||||||
FUEL OIL | 0.9793 | 12.9 | 0.9782 | 1.0223 | 0.15547 | 6.432 | 0.15301 | 6.535 |
GAS OIL | 0.8295 | 39 | 0.8284 | 1.2071 | 0.13164 | 7.596 | 0.12956 | 7.718 |
JET FUEL | 0.8096 | 43.2 | 0.8085 | 1.2369 | 0.12847 | 7.784 | 0.12644 | 7.909 |
GASOLINE | 0.7299 | 62.3 | 0.7288 | 1.3721 | 0.11579 | 8.636 | 0.11396 | 8.775 |
NAPTHA | 0.6599 | 82.9 | 0.6588 | 1.5179 | 0.10465 | 9.555 | 0.10299 | 9.709 |
*AT 60oF |
WEIGHT
KG | MT | LONG TON | SHORT TON | |
1 KILOGRAMME (KG) | 1 | 0.001 | 0.000984 | 0.001102 |
1 METRIC TONNE (MT) | 1,000 | 1 | 0.984207 | 1.10231 |
1 LONG TON (LT) | 1,016.05 | 1.01605 | 1 | 1.12 |
1 SHORT TON (ST) | 907.185 | 0.90719 | 0.892857 | 1 |
LENGTH
CM | M | INCH | FT | YD | ||||
1 CENTIMETRE (CM) | 1 | 0.01 | 0.3937 | 0.032808 | 0.010936 | |||
1 METRE (M) | 100 | 1 | 39.3701 | 3.28084 | 1.09361 | |||
1 INCH (IN) | 2.54 | 0.0254 | 1 | 0.00833 | 0.02777 | |||
1 FOOT (FT) | 30.48 | 0.3048 | 12 | 1 | 0.3333 | |||
1 YARD (YD) | 91.44 | 0.9144 | 36 | 3 | 1 | |||
1 MILE = 1.60934 KILOMETRE 1 KILOMETRE = 0.62137 MILE 1 NAUTICAL MILE = 1.852 KILOMETRE |
CAPACITY
M3 | FT3 | UK GALLON | US GALLON | BBLS | ||||
1 CUBIC METRE (M3) | 1 | 35.3147 | 219.969 | 264.17 | 6.28976 | |||
1 CUBIC FOOT (FT3) | 0.028317 | 1 | 6.2288 | 7.4805 | 0.178107 | |||
1 IMPERIAL GALLON (UK GAL) | 0.004546 | 0.160544 | 1 | 1.2009 | 0.028594 | |||
1 US GALLON (US GAL) | 0.003785 | 0.133681 | 0.83268 | 1 | 0.02381 | |||
1 US BARREL (BBLS) | 0.158988 | 5.6146 | 34.9726 | 42 | 1 | |||
CUBIC METRE = KILOLITRE |
TEMPERATURE
o CELSIUS (oC) = 5/9 (oF -32) |
o FAHRENHEIT (oF) = (9/5 oC) +32 |
SHIPPING GLOSSARY
A
AA - ALWAYS AFLOAT
AAAA – ALWAYS ACCESSIBLE, ALWAYS AFLOAT
AAR – ALWAYS AT RISK
A/C - ACCOUNT
ADDCOM – ADDRESS COMMISSION
ADDENDUM – ADDITIONAL CHARTERING TERMS AT THE END OF A CHARTER PARTY
AFRA – AFRAMAX (TANKER SIZE)
AG – ARABIAN GULF
AGW – ALL GOING WELL
A/O – AND / OR
AOG – ACT OF GOD
API – AMERICAN PETROLEUM INSTITUTE
ARA – AMSTERDAM – ROTTERDAM - ANTWERP (AREA)
ARB – ARBITRATION
A/S – ALONGSIDE
ASAP – AS SOON AS POSSIBLE
ASTM – AMERICAN SOCIETY FOR TESTING AND MATERIALS (PRODUCT COLOUR SCALE)
ATV – ASBATANKVOY CHARTER PARTY
AUX – AUXILIARY
B
BB – BAREBOAT
BBB – BEFORE BREAKING BULK
BBLS – BARRELS
BCM – BOW TO CENTRE MANIFOLD
BENDS – BOTH ENDS
BHP – BRAKE HORSE POWER
BIFFEX – BALTIC INTERNATIONAL FRIEGHT FUTURES EXCHANGE
BIMCO - BALTIC AND INTERNATIONAL MARITIME COUNCIL
BKRS - BUNKERS (FUEL)
B/L – BILL OF LADING
B/N – BOOKING NOTE
BP – BOILING POINT
BSS – BASIS
BT – BOWTHRUSTER
BW – BRACKISH WATER
C
CAP – CONDITION ASSESSMENT PROGRAMME
CBM – CUBIC METRES
CCR – CARGO CONTROL ROOM
CDI – CHEMICAL DISTRIBUTION INSTITUTE
CG – COAST GUARD
CHOPT – CHARTERER'S OPTION
CHRTS - CHARTERERS
CIF – COST INSURANCE AND FREIGHT
CIQ – CHINESE INSPECTION AND QUARANTINE (REGULATIONS)
CIS – CHARTERER'S INSPECTOR'S SATISFACTION
CL – CLOSED LINE OR CENTRE LINE
CLC – CIVIL LIABILITY CONVENTION (POLLUTION)
CLN – CLEAN
CLSS – CLAUSES
CMA – CHARTERER’S MANAGEMENT APPROVAL
COA – CONTRACT OF AFFREIGHTMENT
COB – CLOSE OF BUSINESS
COC – CERTIFICATE OF CLASS
COF – CERTIFICATE OF FITNESS
COMP – COMPLETION
CONS – CONSUMPTION
COP – CLEAN OIL PRODUCTS
COS – CHAMBER OF SHIPPING
COW – CRUDE OIL WASHING SYSTEM
C/P – CHARTER PARTY
CPP – CLEAN PETROLEUM PRODUCTS
CT – CENTRE TANK
CV – CLOSED VENTING OR CONSECUTIVE VOYAGES
CWRB – CREW WAR RISK BONUS
D
D&A – DRUG & ALCOHOL
DD – DRY DOCK
DEG – DEGREES
DEM – DEMURRAGE
DENS – DENSITY
DH – DOUBLE HULL
DNV – DET NORSKE VERITAS (NORWEIGAN CLASS SOCIETY)
DO – DIESEL OIL
DOP – DROPPING OUTWARD PILOT OR DIRTY OIL PRODUCTS
DLOSP – DROPPING LAST OUTWARD SEA PILOT
DOT – DEPARTMENT OF TRADE
DPP – DIRTY PETROLEUM PRODUCTS
DRK - DERRICK
DT – DECK TANK
DV – DOUBLE VALVE
DWAT – DEADWEIGHT AT TOTAL
DWCC – DEADWEIGHT CARGO CAPACITY
DWT – DEADWEIGHT
E
EAF – EAST AFRICA
ECI – EAST COAST INDIA
E/O – EITHER / OR
E&OE – ERRORS AND OMISSIONS EXCEPTED
EOP – END OF PASSAGE
EOSP – END OF SEA PASSAGE
EPCA – EUROPEAN PETRO CHEMICAL ASSOCIATION
EPX – EPOXY (TANK COATING)
ETA – ESTIMATED TIME OF ARRIVAL
ETB – ESTIMATED TIME OF BERTHING
ETC – ESTIMATED TIME OF COMPLETION
ETD/S – ESTIMATED TIME OF DEPARTURE/SAILING
EWRIP – EXTRA WAR RISK INSURANCE PREMIUM
F
FAO – FOR THE ATTENTION OF
FAO – FOOD AND AGRICULTURAL ORGANISATION
FB – FREEBOARD
FC – FULL CARGO
FHINC – FRIDAYS AND HOLIDAYS INLCUDED
FLA – FIRST LINE ASHORE
FO – FUEL OIL
FOB – FREE ON BOARD
FOC – FREE OF CARGO
FOC – FLAG OF CONVENIENCE
FOSFA – FEDERATION OF OIL SEEDS AND FATS ASSOCIATIONS.
FP – FLASH POINT
FR – FINAL REPORT
FSL – FLAT SIDE LENGTH
FSS – FULL SEA SPEED
FWDFT – FRESH WATER DRAFT
G
GA – GENERAL AVERAGE OR GENERAL ARRANGEMENT PLAN
GBS – GERMAN BALTIC SEA
GHS – GLOBAL HARMONIZED SYSTEM OF CLASSIFICATION AND LABELLING OF CHEMICALS
GL – GERMANISCHER LLOYD
GNS – GERMAN NORTH SEA
GOA – GULF OF ADEN
GPS – GLOBAL POSITIONING SYSTEM
GT – GROSS TONNAGE
H
H&M – HULL & MACHINERY (INSURANCE)
HMAC – HAZARDOUS MATERIALS ADVISORY COUNCIL
HWS – HIGH WATER SPRINGS
I
IACS – INTERNATIONAL ASSOCIATION OF CLASSIFICATION SOCIETIES
IAPH – INTERNATIONAL ASSOCIATION OF PORTS AND HARBOURS
IAPPC – INTERNATIONAL AIR POLLUTION PREVENTION CERTIFICATE
IBC CODE – INTERNATIONAL BULK CHEMICAL CODE (SAFE SHIP CONSTRUCTION)
ICS – INSTITUTE OF CHARTERED SHIPBROKERS
IGS – INERT GAS SYSTEM
IMO – INTERNATIONAL MARITIME ORGANISATION
INTERTANKO – INTERNATIONAL ASSOCIATION OF INDEPENDENT TANKER OWNERS.
IOPPC – INTERNATIONAL OIL POLLUTION PREVENTION CERTIFICATE
ISGOTT - INTERNATIONAL SAFETY GUIDE FOR OIL TANKERS AND TERMINALS
ISM – INTERNATIONAL SAFETY MANAGEMENT CODE
ISPS – INTERNATIONAL SHIP AND PORT FACILITY SECURITY (CODE)
ISSC – INTERNATIONAL SHIP SECURITY CERTIFICATE
ITF – INTERNATIONAL TRANSPORT WORKERS’ FEDERATION
ITOPF – INTERNATIONAL TANKER OWNERS POLLUTION FEDERATION
IWL – INSTITUTE WARRANTY LIMITS
K
KR – KOREAN REGISTER
KTM – KEEL TO MASTHEAD
KTS – KNOTS
L
LAT – LATITUDE
LBP – LENGTH BETWEEN PERPENDICULARS
LC – LAST CARGO
LDG – LOADING
LDN – LONDON
LLC – LOAD LINE CONVENTION
LNG – LIQUEFIED NATURAL GAS
LOA – LENGTH OVERALL
LOC – LETTER OF CREDIT
LOI – LETTER OF INDEMNITY
LOF – LLYODS OPEN FORM
LOFO – LONDON FORM CHARTER PARTY
LONG – LONGTITUDE
LPG – LIQUEFIED PETROLEUM GAS
LR – LLOYDS REGISTER OR LOADREADY
LR1/LR2 – LONG RANGE (TANKER SIZE)
LS - LUMPSUM
LT – LONG TONS
LUBE – LUBRICATING OIL
LW – LOW WATER
LWT – LIGHT WEIGHT TON
M
MARPOL 73/78 – MARINE POLLUTION (CONVENTION - 1973, MODIFIED 1978).
MDO – MARINE DIESEL OIL
M/E – MAIN ENGINE
MIN/MAX – MINIMUM / MAXIMUM
MFR – MINIMUM FLAT RATE
ML – ‘MARINELINE’ (POLYMER TANK COATING)
MOLCO – MORE OR LESS IN CHARTERER'S OPTION
MOLOO – MORE OR LESS IN OWNER'S OPTION
MPA'S – MILLIPASCAL-SECOND (VISCOSITY)
MR – MEDIUM RANGE (TANKER SIZE)
MS – MILD STEEL
MT – METRIC TONS / MEAN TIME/ MOTOR TANKER
MTPH – METRIC TONS PER HOUR
MV – MOTOR VESSEL
N
N2 – NITROGEN (FOR PURGING OR PADDING)
NAABSA – NOT ALWAYS AFLOAT BUT SAFELY AGROUND
NBLDG – NEW BUILDING
NDFCAPMQS – NO DEADFREIGHT FOR CHARTERER'S ACCOUNT PROVIDED MINIMUM QUANTITY SUPPLIED.
NGOER – NORMAL GEOGRAPHICAL ORDER EN ROUTE
NHC – NO HEAT CRUDE
NOR – NOTICE OF READINESS
NPA – NATIONAL PRODUCT ASSOCIATION (PRODUCT COLOUR SCALE)
NT – NET TONNAGE
NWE – NORTH WEST EUROPE
NY – NEW YORK
O
OA – ON ARRIVAL
OB – OVERBOARD
OBL – ORIGINAL BILL OF LADING
OD – ON DELIVERY
OCIMF – OIL COMPANIES INTERNAL MARINE FORUM
OH – OFF HIRE
OO – OWNER'S OPTION
OOS – OWNER'S OPTION SUBSITUTE
OPL – OFF PORT LIMITS
OPT – OPTION
OSB – ONE SAFE BERTH
OSP – ONE SAFE PORT
OWNS - OWNERS
P
P&I – PROTECTION AND INDEMNITY
PBL – PARALLEL BODY LENGTH
PC – PART CARGO
P&C – PRIVATE AND CONFIDENTIAL
PCNT - PANAMA CANAL NET TONNAGE
PCT - PERCENT
PDPR – PER DAY, PRO RATA
PG – PERSIAN GULF
PLT – PER LONG TON
PMT – PER METRIC TON
POB – PILOT ON BOARD
POD – PLACE OF DISCHARGE
POP – PALM OIL PRODUCT
PPM – PARTS PER MILLION
PPT – PROMPT
PR – POSITION REPORT
PSC – PORT STATE CONTROL
PSFP – PROVIDED SHORE FACILITIES PERMIT
PVV – PRESSURE VACUUM VALVE
R
REV – REVERSIBLE (LAYTIME)
REVS – REVOLUTIONS
ROB – REMAINING ON BOARD
ROT - ROTATION
ROT - RESIDUAL OIL TANK
R/T – RADIO TELEPHONE
R/V – ROUND VOYAGE
S
S&P – SALE AND PURCHASE
SAR – SEARCH AND RESCUE
SB – SAFE BERTH
SBM – SINGLE BUOY MOORING
SBT – SEGREGATED BALLAST TANKS
SCM – STERN TO CENTRE MANIFOLD
SCGT/SCNT – SUEZ CANAL GROSS/NET TONNAGE
SDFT – SUMMER DRAFT
SEG – SEGREGATION
SG – SPECIFIC GRAVITY
SIRE – SHIP INSPECTION REPORT PROGRAMME
SH – SECOND HALF
SHEX – SUNDAYS AND HOLIDAYS EXCLUDED
SHEXUU – SUNDAYS AND HOLIDAYS EXCLUDED UNLESS USED
SHINC – SUNDAYS AND HOLIDAYS INCLUDED
SLOP – SLOP TANK
SOLAS – SAFETY OF LIFE AT SEA (CONVENTION)
SPD – SPEED
SPM – SINGLE-POINT MOORING
SQAS – SAFETY AMD QUALITY ASSESSMENT SYSTEM
SS – STAINLESS STEEL / SPECIAL SURVEY
STS – SHIP-TO-SHIP (CARGO TRANSHIPMENT)
SUB – SUBSTITUTE
SUBS – SUBJECTS
SW – SALT WATER
SWDFT – SALT WATER DRAFT
SWL – SAFE WORKING LOAD (CRANES & DERRICKS)
T
TBA – TO BE ADVISED
TBC – TO BE CONFIRMED
TBD – TO BE DECLARED
TBN – TO BE NOMINATED
TBRN – TO BE RENAMED
T/C – TIME CHARTER
TPC – TONS PER CENTIMETRE (IMMERSION)
TPH – TONS PER HOUR
TR&E – TIME, RISK AND EXPENSE
TT – TELEGRAPHIC TRANSFER
U
ULCC – ULTRA LARGE CRUDE CARRIER
UKC – UNDER-KEEL CLEARANCE
UNDKR – UNDARKER
UNLDD – UNLEADED
UPC – USUAL PROTECTIVE CLAUSES
USAC – US ATLANTIC COAST
USCG – UNITED STATES COAST GUARD
USG – US GULF
UU – UNLESS USED
USWC – US WEST COAST
V
VECS – VAPOUR EMISSION CONTROL SYSTEM
VHF – VERY HIGH FREQUENCY (RADIO)
VI – VISCOSITY INDEX
VISC – VISCOSITY
VLCC – VERY LARGE CRUDE CARRIER
VP – VAPOUR PRESSURE / VARIABLE PITCH
VSL – VESSEL
W
WAF – WEST AFRICA
WB – WATER BALLAST
WCI – WEST COAST INDIA
WCSA – WEST COAST SOUTH AMERICA
WDFT – WATER DRAFT
WDWT – WINTER DEADWEIGHT
WIBON – WHETHER IN BERTH OR NOT
WIFPON – WHETHER IN FREE PRATIQUE OR NOT
WOG – WITHOUT GUARANTEE
WP – WEATHER PERMITTING / WAY POINT
WS – WORLD SCALE
WSHTC – WORLD SCALE HOURS, TERMS AND CONDITIONS
WSNP – WEATHER AND SAFE NAVIGATION PERMITTING
WT – WING TANK
WVNS – WITHIN VESSEL'S NATURAL SEGREGATION
W/W – WATER WHITE
Y
Y/A – YORK / ANTWERP RULES
Z
Z – ZINC (TANK COATING)
DEFINITIONS
ARBITRAGE - The buying of foreign exchange, securities, or commodities in one market and the simultaneous selling in another market, in terms of a third market. By this manipulation a profit is made because of the difference in the rates of exchange or in the prices of securities or commodities involved.
BALLAST BONUS - Sum of money paid by a time charterer to a ship owner (in a good market) to compensate him for not finding a cargo near the place of re-delivery of the ship at the end of the charter. The bonus serves as an incentive for the ballast (empty) trip to cover up the cost of fuel and time. At times a ship owner pay the charterer a ballast bonus when the vessel is being re-delivered at the end of time charter, especially when market is not good for the ship owner.
DRAFT - Depth to which a ship is immersed in water. The depth varies according to the design of the ship and will be greater or lesser depending not only onthe weight of the ship and everything on board, but also on the density of the water in which the ship is lying.
ISGOTT – International Safety Guide for Oil Tankers and Terminals is produced by the International chamber of shipping, Oil companies international marine forum and the international association of ports and harbours and is a guide to safely handling Petroleum and Crude oil products on Tankers and in the terminal. The first edition was published in 1978, the current edition – the 5 th – was published in 2006 and is still very much in daily use both on-shore and off.
P&I – or protection and Indemnity is an insurance cover that can be taken out by companies involved in the maritime sector. The ‘P&I Club’ will provide advice to its members on the best practices to avoid claims being made against the member by third parties, this advice may include restriction of trade with certain countries / entities due to international embargoes enforced against them or even vague reporting of previous claims against other members to illustrate the dangers of certain actions or inactions as the case may be.
WORLD SCALE – Stands for ‘New worldwide tanker nominal freight scale’ the company is a non-profit making organisation and has offices based in London and New York, Worldscale provide freight ‘flat rates’ for a round-trip voyage, this flat rate is based on market conditions at the time of printing which includes average bunker prices at that moment – there are also further differentials and terms and conditions to be taken into account when using Worldscale.
Disclaimer
This website is provided “as is” without any representations or warranties, express or implied. Essex Shipping Services Ltd. makes no representations or warranties in relation to this website or the information and materials provided on this website.