Shipbroking Transactions
Expert-defined terms from the Global Certificate in Ship Brokerage course at LearnUNI. Free to read, free to share, paired with a globally recognised certification pathway.
**Academy of Freight Brokers and Customs Brokers (AAFCB)** #
**Academy of Freight Brokers and Customs Brokers (AAFCB)**
The AAFCB is a professional organization that offers certification and education… #
They aim to promote high standards of ethics, competence, and integrity in the brokering industry.
**Agency Agreement** #
**Agency Agreement**
An agency agreement is a contract between a shipowner and a shipbroker, where th… #
An agency agreement is a contract between a shipowner and a shipbroker, where the shipbroker is appointed as the shipowner's agent to act on their behalf in specific transactions.
**Alliance** #
**Alliance**
**Average Adjusters** #
**Average Adjusters**
Average adjusters are experts who determine the amount of compensation payable t… #
Average adjusters are experts who determine the amount of compensation payable to shipowners, charterers, or underwriters in the event of a general average claim.
**Baltic and International Maritime Council (BIMCO)** #
**Baltic and International Maritime Council (BIMCO)**
BIMCO is a global shipping organization that represents shipowners, operators, m… #
They provide standard contracts, clauses, and recommendations for use in international maritime trade.
**Bill of Lading (B/L)** #
**Bill of Lading (B/L)**
A B/L is a legal document issued by a carrier to acknowledge the receipt of good… #
It serves as a contract of carriage, a receipt for goods, and evidence of ownership of the goods.
**Brokerage** #
**Brokerage**
Brokerage is the act of bringing together parties involved in a transaction, suc… #
Brokerage is the act of bringing together parties involved in a transaction, such as a shipowner and a charterer, for a fee or commission.
**Charter Party (CP)** #
**Charter Party (CP)**
A CP is a contract between a shipowner and a charterer that outlines the terms a… #
A CP is a contract between a shipowner and a charterer that outlines the terms and conditions of the charter of a ship, including the vessel's specifications, freight rate, and route.
**Commercial Manager** #
**Commercial Manager**
A commercial manager is responsible for the commercial aspects of a shipping com… #
A commercial manager is responsible for the commercial aspects of a shipping company's operations, including negotiating contracts, managing relationships with clients, and developing business strategies.
**Deadweight Tonnage (DWT)** #
**Deadweight Tonnage (DWT)**
DWT is the total weight that a ship can carry, including cargo, fuel, fresh wate… #
DWT is the total weight that a ship can carry, including cargo, fuel, fresh water, and crew, measured in metric tons.
**Demurrage** #
**Demurrage**
Demurrage is a charge levied on a charterer when they exceed the allowed free ti… #
Demurrage is a charge levied on a charterer when they exceed the allowed free time for loading or discharging cargo at a port.
**Dispatch** #
**Dispatch**
Dispatch is the act of expediting the loading and discharging of cargo to minimi… #
Dispatch is the act of expediting the loading and discharging of cargo to minimize the time a vessel spends at a port.
**Fixture Recap** #
**Fixture Recap**
A fixture recap is a summary of the terms and conditions of a fixture, including… #
A fixture recap is a summary of the terms and conditions of a fixture, including the vessel's details, the voyage, the freight rate, and any additional terms.
**Freight Forwarder** #
**Freight Forwarder**
A freight forwarder is a company that arranges the transportation of goods on be… #
A freight forwarder is a company that arranges the transportation of goods on behalf of shippers, including handling customs clearance, storage, and distribution.
**Freight Rate** #
**Freight Rate**
A freight rate is the price paid for the transportation of goods by sea, usually… #
A freight rate is the price paid for the transportation of goods by sea, usually expressed in dollars per metric ton.
**General Average** #
**General Average**
General average is a principle in maritime law where all parties involved in a v… #
General average is a principle in maritime law where all parties involved in a voyage share the losses resulting from an extraordinary sacrifice made to save the ship and cargo.
**Institute of Chartered Shipbrokers (ICS)** #
**Institute of Chartered Shipbrokers (ICS)**
ICS is a professional body that provides education, training, and qualifications… #
ICS is a professional body that provides education, training, and qualifications for shipbrokers, agents, and other maritime professionals.
**Letter of Indemnity (LOI)** #
**Letter of Indemnity (LOI)**
An LOI is a document issued by a party to another party, promising to indemnify… #
An LOI is a document issued by a party to another party, promising to indemnify them against loss or liability arising from a specific event or action.
**Liners** #
**Liners**
Liners are ships that operate on regular schedules and fixed routes, carrying bo… #
Liners are ships that operate on regular schedules and fixed routes, carrying both cargo and passengers.
**Mate's Receipt** #
**Mate's Receipt**
A mate's receipt is a document issued by the ship's chief officer, acknowledging… #
A mate's receipt is a document issued by the ship's chief officer, acknowledging the receipt of cargo on board the ship.
**Nett Tonnage** #
**Nett Tonnage**
Nett tonnage is the total internal volume of a ship, measured in cubic meters, t… #
Nett tonnage is the total internal volume of a ship, measured in cubic meters, that is available for carrying cargo, expressed in gross and net tons.
**Non #
Vessel Operating Common Carrier (NVOCC)**
An NVOCC is a company that offers ocean transportation services to shippers but… #
An NVOCC is a company that offers ocean transportation services to shippers but does not own or operate any vessels.
**Owners' Protecting Association (OPA)** #
**Owners' Protecting Association (OPA)**
OPA is an organization that provides legal and technical support to shipowners,… #
OPA is an organization that provides legal and technical support to shipowners, charterers, and underwriters in the event of a casualty or dispute.
**Parcel Tanker** #
**Parcel Tanker**
A parcel tanker is a ship designed to carry multiple liquid cargoes in separate… #
A parcel tanker is a ship designed to carry multiple liquid cargoes in separate tanks, such as chemicals, vegetable oils, or wine.
**Port Agent** #
**Port Agent**
A port agent is a shipping company's representative at a port, responsible for h… #
A port agent is a shipping company's representative at a port, responsible for handling the vessel's administrative and operational requirements, such as customs clearance, cargo handling, and crew changes.
**Rate of Discharge** #
**Rate of Discharge**
The rate of discharge is the speed at which cargo is discharged from a ship, mea… #
The rate of discharge is the speed at which cargo is discharged from a ship, measured in metric tons per hour.
**Sale and Purchase (S&P)** #
**Sale and Purchase (S&P)**
S&P is the buying and selling of second #
hand or newbuild ships, including the negotiation of contracts, inspection of vessels, and financing arrangements.
**Ship Management** #
**Ship Management**
Ship management is the operation and maintenance of a ship, including crewing, t… #
Ship management is the operation and maintenance of a ship, including crewing, technical, and commercial management.
**Shipowner** #
**Shipowner**
A shipowner is an individual or company that owns a ship and is responsible for… #
A shipowner is an individual or company that owns a ship and is responsible for its operation and maintenance.
**Spot Market** #
**Spot Market**
The spot market is a market where cargo is bought and sold for immediate transpo… #
The spot market is a market where cargo is bought and sold for immediate transportation, usually on a one-time basis.
**Steamship Conference** #
**Steamship Conference**
A steamship conference is an association of shipping lines that collaborate to s… #
A steamship conference is an association of shipping lines that collaborate to set freight rates, terms, and conditions for a particular trade route.
**Sub Freight** #
**Sub Freight**
Sub freight is the freight paid to a sub #
charterer by a charterer for the use of a chartered ship.
**Tanker** #
**Tanker**
A tanker is a ship designed to carry liquid bulk cargoes, such as crude oil, pet… #
A tanker is a ship designed to carry liquid bulk cargoes, such as crude oil, petroleum products, chemicals, or liquefied gases.
**Technical Manager** #
**Technical Manager**
A technical manager is responsible for the maintenance and repair of a shipping… #
A technical manager is responsible for the maintenance and repair of a shipping company's vessels, ensuring compliance with safety and environmental regulations.
**Through Transport** #
**Through Transport**
Through transport is the transportation of goods from the point of origin to the… #
Through transport is the transportation of goods from the point of origin to the final destination, including all modes of transport, such as sea, rail, and road.
**Time Charter** #
**Time Charter**
A time charter is a contract where a charterer rents a ship for a specified peri… #
A time charter is a contract where a charterer rents a ship for a specified period, usually on a per-day or per-month basis, and is responsible for the vessel's operating costs, including fuel, crew, and port charges.
**Tramp Market** #
**Tramp Market**
The tramp market is a market where cargo is bought and sold on a voyage #
by-voyage basis, with no fixed routes or schedules.
**Tramp Shipping** #
**Tramp Shipping**
Tramp shipping is a type of shipping where vessels operate on a irregular basis,… #
Tramp shipping is a type of shipping where vessels operate on a irregular basis, transporting cargo wherever it is available, with no fixed routes or schedules.
**Vessel Particulars** #
**Vessel Particulars**
Vessel particulars are the details of a ship, including its name, type, size, to… #
Vessel particulars are the details of a ship, including its name, type, size, tonnage, speed, and other relevant information.
**Voyage Charter** #
**Voyage Charter**
A voyage charter is a contract where a charterer hires a ship to transport a spe… #
A voyage charter is a contract where a charterer hires a ship to transport a specific cargo from one port to another, paying a fixed freight rate based on the quantity and quality of the cargo.