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