Terms and expressions
Capesize
Vessel exceeding 100 000 dwt
Charterer
Hirer of a vessel
Charterhire
Hire expenses for a ship
Charterparty
An agreement to hire a vessel
Dry bulk
Cargo as grain, coal, ore or steel
Dwt
Dead weight tons – The maximum weight a vessel can carry
as cargo and stores
Handysize
Vessels between 10 000 and 40 000 dwt
Income on T/C-basis
Freight income after deduction of all voyage related expenses
such as loading- and discharging expenses, bunkers etc.
Medium Range (MR)
Vessels between 40 000 and 60 000 dwt
Off-hire
The period during which a vessel is temporarily out of operation
in relation to the terms of the relevant charterparty with a loss of agreed hire under this as a consequence
Operating expenses
Crew expenses and all expenses in connection with vessel’s
technical operation including insurance
Operator
The holder of a freight contract with a cargo shipper and/or
the manager of tonnage
Panmax / Postpanmax
Vessels between 60 000 and 100 000 dwt
Pool
A joint sailing agreement
Spot market
Markets for vessels operating on a tramp basis
Supramax
Vessels between 40 000 and 60 000 dwt
Time Charter (T/C)
An agreement to let a vessel which is manned and ready for operation for an agreed period