AIS SIGNAL
The Automatic Identification System is an automated tracking system that displays other vessels in the vicinity.
CALL SIGN
A Call Sign is a unique alphanumeric identity that belongs to the vessel: it enables two vessels with the same name to be identified separately.
BULK CARRIER
A Bulk Carrier is a cargo-carrying vessel designed to transport unpackaged bulk cargo.
CHARTERPARTY
A charterparty is a maritime contract between a shipowner and a "charterer" for the hire of either a ship for the carriage of passengers or cargo. There are three main types of charterparty:
- A Bareboat Charter is an arrangement for the hiring of a vessel whereby no administration or technical maintenance is included. The charterer obtains possession and full control of the vessel along with the legal and financial responsibility for it.
- In the Demise Bareboat Charter the charter period may last for many years and may end with the charterer acquiring the ownership of the ship.
- A Voyage Charter is the hiring of a vessel and crew for a voyage between a load port and a discharge port. The owner pays the port, fuel and crew costs.
CLASSIFICATION SOCIETY
A classification is a non-governmental organization that establishes and maintains technical standards for the construction and operation of ships and offshore structures.
CONCEALED OWNERSHIP
The legal owner of the vessel (a bank, a leasing or insurance company) that hands the property over to the lessee.
FLAG OF CONVENIENCE
The term refers to registering a ship in a sovereign state different from that of the ship's owners. Ships registered under flags of convenience can often reduce operating costs or avoid the regulations of the owner's country.
FLAGGING-OUT
To register a vessel in a country other than the one in which it operates, usually in order to take advantage of favourable rates of taxation.
JOINT OWNERSHIP
A shipping company under joint ownership is a corporate form reserved only for merchant shipping activity: it is when two or more natural / legal persons join together to practise merchant shipping for mutual benefit with a vessel of which the partners (proprietors) themselves own specified shares.
LEASE COMPANY
A Lease Company usually owns a fleet of vessels which leases to shipping companies. Most of the times it is affiliated to shipbuilders and conglomerates.
LESSEE
The entity to whom a lease is given which, in the case of a lease operation, is a shipping company.
LESSOR
The legal owner of the vessel (a bank, a leasing or insurance company) that hands the property over to the lessee.
MARITIME FINANCE
The financial aspects pertaining to commercial activities of the marine industry include: buying and purchasing of ships, development or repairing of gadgets and instrumentations, and even marine insurance and law payments.
MMSI NUMBER
A Maritime Mobile Service Identity is a series of nine digits which uniquely identify ship stations, and coast stations, and group calls.
NATIONAL REGISTER
A register that is open only to ships of its own nation.
OPEN REGISTER
Registers that are open to foreign-owned ships, known also as "flags of convenience".
RE-REGISTRATION
In case of change of ownership, the new owner can enjoy financial incentives under the previous registered flag.
SUB-LEASE
A sublease is an agreement between the tenant as sublessor and a third party as sublessee for all or a portion of the vessel premises. The sublease may be short-term or long-term in duration.
SHIPBUILDER
Expertise, suppliers, and government assistance are concentrated in Europe, even though most other ships are built in Asia (China is the world's largest shipbuilder).
SHIPBROKER
A shipbroker acts as an intermediary between ship owners and charterers or the buyers and sellers of ships.
SHIPPING LAW
Shipping law deals with the movement of goods and passengers by sea. It is didvided into “wet” and “dry”. Wet shipping refers to incidents or issues which come up during the actual voyage; whereas dry shipping refers to all other matters such as contracts, charter agreements, construction and funding for ships, port and harbour infrastructure.
SHIP MANAGEMENT
Ship Management supervises the maintenance of machinery on board the ship, provides adequate crew, arrange the loading and unloading of the cargo, negotiating contracts, and more
SHIPPING MARKETS
The shipping industry is divided into four closely related shipping markets, each trading in a different commodity:
- Newbuilding Market
Shipowners contracts with shipbuilders for the construction of new vessels.
- Freight Market
Shipowners contract to carry cargo for an agreed price per tonne while the charter market hires out ships for a certain period.
- Demolition Market
Ships are sold for scrap. The transactions happen between shipowners and demolition merchants, often with speculators acting as intermediaries.
- Sale and Purchase Market
Second hand ships are traded between shipowners. The second hand value of ships depends on freight rates, age, inflation and expectations.
SHIPOWNER
The shipowner is the owner of a merchant vessel and equips and exploits a ship, usually for delivering a cargo at a certain freight rate. Shipowners typically hire a licensed crew and captain rather than take a charge of the vessel in person. Usually the shipowner is organised through a company, but also people and investments funds can become shipowners.
TIME CHARTER
A time charter is the hiring of a vessel for a specific period of time; the owner still manages the vessel but the charterer selects the ports and directs the vessel where to go.
VESSEL OPERATOR
The vessel operator usually manages the operations with a trade group, instructing vessels, agents, contractors and stevedores on a daily basis.
The Automatic Identification System is an automated tracking system that displays other vessels in the vicinity.
CALL SIGN
A Call Sign is a unique alphanumeric identity that belongs to the vessel: it enables two vessels with the same name to be identified separately.
BULK CARRIER
A Bulk Carrier is a cargo-carrying vessel designed to transport unpackaged bulk cargo.
CHARTERPARTY
A charterparty is a maritime contract between a shipowner and a "charterer" for the hire of either a ship for the carriage of passengers or cargo. There are three main types of charterparty:
- A Bareboat Charter is an arrangement for the hiring of a vessel whereby no administration or technical maintenance is included. The charterer obtains possession and full control of the vessel along with the legal and financial responsibility for it.
- In the Demise Bareboat Charter the charter period may last for many years and may end with the charterer acquiring the ownership of the ship.
- A Voyage Charter is the hiring of a vessel and crew for a voyage between a load port and a discharge port. The owner pays the port, fuel and crew costs.
CLASSIFICATION SOCIETY
A classification is a non-governmental organization that establishes and maintains technical standards for the construction and operation of ships and offshore structures.
CONCEALED OWNERSHIP
The legal owner of the vessel (a bank, a leasing or insurance company) that hands the property over to the lessee.
FLAG OF CONVENIENCE
The term refers to registering a ship in a sovereign state different from that of the ship's owners. Ships registered under flags of convenience can often reduce operating costs or avoid the regulations of the owner's country.
FLAGGING-OUT
To register a vessel in a country other than the one in which it operates, usually in order to take advantage of favourable rates of taxation.
JOINT OWNERSHIP
A shipping company under joint ownership is a corporate form reserved only for merchant shipping activity: it is when two or more natural / legal persons join together to practise merchant shipping for mutual benefit with a vessel of which the partners (proprietors) themselves own specified shares.
LEASE COMPANY
A Lease Company usually owns a fleet of vessels which leases to shipping companies. Most of the times it is affiliated to shipbuilders and conglomerates.
LESSEE
The entity to whom a lease is given which, in the case of a lease operation, is a shipping company.
LESSOR
The legal owner of the vessel (a bank, a leasing or insurance company) that hands the property over to the lessee.
MARITIME FINANCE
The financial aspects pertaining to commercial activities of the marine industry include: buying and purchasing of ships, development or repairing of gadgets and instrumentations, and even marine insurance and law payments.
MMSI NUMBER
A Maritime Mobile Service Identity is a series of nine digits which uniquely identify ship stations, and coast stations, and group calls.
NATIONAL REGISTER
A register that is open only to ships of its own nation.
OPEN REGISTER
Registers that are open to foreign-owned ships, known also as "flags of convenience".
RE-REGISTRATION
In case of change of ownership, the new owner can enjoy financial incentives under the previous registered flag.
SUB-LEASE
A sublease is an agreement between the tenant as sublessor and a third party as sublessee for all or a portion of the vessel premises. The sublease may be short-term or long-term in duration.
SHIPBUILDER
Expertise, suppliers, and government assistance are concentrated in Europe, even though most other ships are built in Asia (China is the world's largest shipbuilder).
SHIPBROKER
A shipbroker acts as an intermediary between ship owners and charterers or the buyers and sellers of ships.
SHIPPING LAW
Shipping law deals with the movement of goods and passengers by sea. It is didvided into “wet” and “dry”. Wet shipping refers to incidents or issues which come up during the actual voyage; whereas dry shipping refers to all other matters such as contracts, charter agreements, construction and funding for ships, port and harbour infrastructure.
SHIP MANAGEMENT
Ship Management supervises the maintenance of machinery on board the ship, provides adequate crew, arrange the loading and unloading of the cargo, negotiating contracts, and more
SHIPPING MARKETS
The shipping industry is divided into four closely related shipping markets, each trading in a different commodity:
- Newbuilding Market
Shipowners contracts with shipbuilders for the construction of new vessels.
- Freight Market
Shipowners contract to carry cargo for an agreed price per tonne while the charter market hires out ships for a certain period.
- Demolition Market
Ships are sold for scrap. The transactions happen between shipowners and demolition merchants, often with speculators acting as intermediaries.
- Sale and Purchase Market
Second hand ships are traded between shipowners. The second hand value of ships depends on freight rates, age, inflation and expectations.
SHIPOWNER
The shipowner is the owner of a merchant vessel and equips and exploits a ship, usually for delivering a cargo at a certain freight rate. Shipowners typically hire a licensed crew and captain rather than take a charge of the vessel in person. Usually the shipowner is organised through a company, but also people and investments funds can become shipowners.
TIME CHARTER
A time charter is the hiring of a vessel for a specific period of time; the owner still manages the vessel but the charterer selects the ports and directs the vessel where to go.
VESSEL OPERATOR
The vessel operator usually manages the operations with a trade group, instructing vessels, agents, contractors and stevedores on a daily basis.
