Charter Party and Shipping Abbreviations and Terms

On this page you can find a very detailed, hand-made list of chartering abbreviations and shipping terms, as well as their meanings and definitions in an alphabetical order.

I have tried to add almost all important shipping terms and abbreviations that are frequently used in charter party contracts.

All abbreviations on this page are fully expanded.

If available, shipping terms are also explained in a new page.

In order to reach corresponding explanation of the shipping terms, you have to click the heading part of each shipping term.

Affreightment

Affreightment is a maritime term, which is used in chartering operations.

Affreightment also known as contract of affreightment and refers to the contract signed between shipowner and charterer.

Contract of Affreightment is the expression usually employed to describe the contract between a shipowner and some other person called the charterer, by which the shipowner agrees to carry goods of the charterer in his ship, or to give to the charterer the use of the whole or part of the cargo-carrying space of the ship for the carriage of his goods on a specified voyage or voyages or for a specified time; the charterer on his part agreeing to pay a specified price, called "freight," for the carriage of the goods or the use of the ship.

I have already explained that time charter party, voyage charter party and bareboat charter party are different contract types that are available when hiring bulk cargo vessels.

Affreightment may refer one of these charter party contracts.

Accept/Except

Accept/Except is a maritime term which is usually used in time charter party contracts or voyage charter party contracts.

The term, when used during the negotiation phase of the charter party contracts, explains to the receiver that the counter-party agreed to the offer apart from certain conditions or clauses.

Accept/Except used by either the shipowner’s broker or the prospective charterer’s broker during the negotiations for the charter of a ship to signify that an offer or counter-offer is accepted apart from certain clauses or details.

Objections are then listed together with the amendments sought.

Accept/Except Term Usage Example:

Charter Party Offer

Ship Details: Genco Surprise d.dk 8C Hkg fg built 1998 72495dwt 

Cargo Details: 25,000 MT 10% MOLOO Blk Wheat (sf 46-47`)

Load Port/Discharge Port: One Safe Berth Odessa to One Safe Berth Jeddah 

Freight Rate: USD 33/tonne FIOS 

Arrival and Cancelling Dates: 15/31 August 2015 

Laytime: 12000/9000 Working Days 24 Hours Consecutive Weather Permitted Shipping Sundays and Holidays Excepted (SHEX)

Demurrage & Despatch: Dern USD 8,200pd pro rata D1/2D laytime saved 

Charter Party Contract: Norgrain89 

Total commissions: 1.25 percent of the total freight bill

Any Other Points: Subject Details 

Counter Offer

Accept/Except freight rate (USD 33/tonne FIOT) and arrival and cancelling dates (01/15 August 2015).

Accomplished Bill of Lading

Accomplished bill of lading is a maritime term, which is also used with spent bill of lading term interchangeably.

Accomplished bill of lading is used to define a situation where at least one original copy of bill of lading which has been surrendered to the carrier's agent at the port of discharge in exchange for the goods.

Once an original bill of lading is surrendered to the carrier's agent at the port of discharge, then all original bills of lading copies become void or spent.

According to Simon Baughen spent bill of lading defines a bill of lading which can no longer be used to transfer constructive possession in the goods which it represents, for example, where the person entitled to possession of those goods receives the bill of lading after it has actually taken delivery of the goods.

About

When used in a charter party contract, abt - about, means that  a margin of 5% more or less would apply to quantity of cargo, bunkers or speed.

If it is used in connection with a period of time about refers to usually 15 days, although each case should be considered on its own merit.

Example Usage: Below examples are collected from well-known standard format time charter party contracts under field description of vessel's "Speed Capability in Knots and Fuel Consumption".

NYPE 1946 lines 9 –10
“... and capable of steaming, fully laden, under good weather conditions about ... knots on a consumption of about ... tons of … best grade fuel oil ...”

NYPE 1993 lines 18-20
... Speed about ... knots, fully laden, in good weather conditions up to and including maximum Force... on the Beaufort wind scale, on a consumption of about ... tons of ...

BALTIME 1939

PART I Box 12

Speed capability in knots (abt.) on a consumption in tons (abt.) of m …

PART II lines 10-13

... and fully loaded capable of steaming about the number of knots indicated in Box 12 in good weather and smooth water on a consumption of about the number of tons fuel oil stated in Box 12 ...