A B C D E F G H I J K L M N O P Q R S T U V W All

Glossary "all"

ACM Shipbroker Ltd.

Shipbroking company.

Active core fleet

Owned vessels and chartered vessels with purchase option.

Active fleet

Owned vessels...

Aframax

Tankers in the order of 80,000-120,000 dwt, typically vessels with load capacities of 600,000 barrels of crude oil.

AG

Arabian Gulf. Synonyms: Middle East Gulf. (MEG); Persian Gulf (PG). 

Antifouling

Specially developed paint which - when used on the bottom of ships - reduce fouling from various organisms. Modern types of paint seek to minimize the hazardous environmental impacts.

Ballast voyage

(Ballastrejse)

Baltic Clean Tanker Index (BCTI)

Index of the product tanker rate development on selected routes for the product tanker vessel types: Handysize...

Baltic Dry Index (BDI)

Index of the dry cargo ate development on selected routes for the dry cargo vessel types; Handysize, Handymax...

Bareboat Charter Party

(Bareboat certeparti)

BIMCO

(Baltic and International Maritime Council)

Bloomberg

Provider of financial news and data.

Bulk carrier

(also known as dry cargo vessel) (Tørlastskib)

Bulk/Dry Cargo

Expression for bulk commodities. A term for everything stowed in bulk without packaging.

Bunker

(Brændstof)

Bunker hedging

Forward agreement to purchase or sell bunker oil at a predetermined price.

Bureau Veritas

Classification Society.

Cabotage

Transport of cargo between two ports in the same country. This trade is in some cases restricted to vessels from that particular country.

Call option

A right but not an obligation to buy an underlying instrument at a predetermined price.

Capesize

An indication of the size of a bulk carrier above 120,000 dwt.

Carbon disclosure project (CDP)

The world’s only global supplier of company data regarding environmental impact to investors.

Carrier

(Transportør)

Charter Party

(Certeparti)

Charterer

(Befragter)

Clarksons

Shipbroking company.

Classification Society

An organisation that develops and maintains standards for the construction and upkeep of vessels including their engines and safety equipment...

Clean oil

Refined petroleum products such as petrol, aviation fuel and naphtha. Synonym: Clean petroleum products (CPP).

CO2

Carbon dioxide.

COA

(Contract of Affreightment/Cargo contract) (Lastekontrakt)

Coated tanks

(Overfladebehandlede tanke)

Combination tonnage

(Kombinationstonnage)

Commercial Management

(Kommerciel management)

Consultas

Shipping system used by the Technical Department in connection with maintenance of the vessels, purchase...

Core fleet

(Kerneflåde)

Coverage

Percentage indicating the part of ship days which has secured employment.

CPP

(Clean Petroleum Products)

CSR - Corporate Social Responsibility

A company's sociale responsibility.

Daily operating costs

(Dagpenge)

Det Norske Veritas

Classification society.

Dirty oil

Crude oil as well as some heavier refined petroleum products such as fuel oil.

Double hull

(Dobbelt skrog)

Dry cargo

(Tørlast)

Dry cargo vessel

(Tørlastskib)

DWT

(Tons dødvægt)

EBIT

Earnings before interest and tax.

EBITDA

Earnings before interest, tax, depreciation and amortisation.

ECO vessel

Vessel with improved fuel efficiency.

EEOI - Energy Efficiency Operational Indicator

Calculation and analysis system used when measuring CO2 emissions from the vessels.

Fearnleys

Shipbroking company.

Forward Freight Agreement

(FFA) (Fragtrate terminsaftale)

Forward rate

Market expectations for future rate levels.

Gearless vessels

(Skibe uden kraner)

Gross gearing

(Nettogearing)

Handymax

An indication of the size of a bulkcarrier in the order of 40,000-60,000 dwt.

Handysize bulkcarrier

An indication of the size of a bulkcarrier in the order of 25,000-40,000 dwt.

Handysize tanker

Product tanker in the order of 27,000-42,000 dwt, transporting refined products.

HR

Internationally used common abbreviation of Human Resources...

IAS

International Accounting Standards.

IEA

International Energy Agency.

IFRS

International Financial Reporting Standards.

IISI

International Iron and Steel Institute.

IMD

International Institute for Management Development.

IMF

International Monetary Fund.

IMO

International Maritime Organisation – international shipping organisation under the UN.

IMOS

Shipping system which supports chartering...

Industrial carriers

Vessels with a limited field of operation for delivery of cargo to primarily very energy-intensive and market-sensitive companies. The Capesize is a typical example of an industrial carrier.

Interest rate swap

(Renteswap)

INTERTANKO

International association of independent tanker owners.

KPI

Key Performance Indicator.

Lightering operation

(Lægtringsoperation)

Liner shipping

Voyages with fixed routes.

Loading contract

(Lastekontrakt)

Long-haul

(Lang rejse)

Long-term charter

(Langtids charter)

Lorentzen og Stemoco

Shipbroking company.

LR1

(long range)

MACN

Maritime Anti-Corruption Network.

MAL

A two-digit code where the first digit indicates the degree of vapours (solvents) given off, and the second digit the degree of contact hazard...

MARPOL

A set of international conventions concerned with the prevention of pollution from ships. The IMO is responsible for the administration of MARPOL.

Med

The Mediterranean Sea.

MEG

Middle East Gulf. Synonyms: Arabian Gulf (AG); Persian Gulf (PG). 

MR tanker

(medium range)

MSI

Maritime Strategies International Ltd.

MT

Any self-propelled tanker, i.e. tanker fitted with diesel engine for propulsion.

MV

Any self-propelled vessel, i.e. vessel fitted with diesel engine for propulsion.

NAFTA

North American Free Trade Agreement. An agreement with the purpose of extending and improving trade between Mexico, USA and Canada.

Net asset value (NAV)

Booked equity adjusted for the market value of the fleet.

Net gearing

The ratio of the Company's net commitments to equity after deduction of contratually secured cash flows.

Non-toxic antifouling

An environment-friendly bottom paint for vessels that keep the bottom clear of algae.

NORDEN

(Group/Company)

NOX

Nitrogen coxides.

OECD

The Organisation for Economic Co-operation and Development. An association of the most industrialised nations with the main purpose of achieving increased economic growth.

OPA 90

US environmental legislation introduced to control oil pollution within US territorial waters, requiring double-hulled tanker tonnage.

OPEC

Organization of the Petroleum Exporting Countries.

Operating activities

(Operatørvirksomhed)

Option cargo contract

(Optionslastekontrakt)

Panama Canal

Artificial waterway in Panama connecting the Atlantic and Pacific oceans. The canal is about 80 km (50 miles) long and is made up of three sets of locks and two lakes...

Panamax

Bulk carrier of about 65,000-85,000 dwt. The largest type of vessel able to pass through the Panama Canal.

Persistent oil

(Svært opløselig olie)

PG

Persian Gulf. Synonyms: Middle East Gulf (MEG); Arabian Gulf (AG). 

Pool

A group of vessels with similar characteristics, with different owners but commercially operated together.

Port State Control

The countries' technical inspection of foreign vessels calling into their ports.

Post-Panamax

Bulk carrier of about 85,000-120...

Product tank

(Produkttank)

Profit from operator actitivies

Added value compared to earnings through employment at foward rates at the beginning of the year.

Propulsion resistance

(Fremdrivningsmodstand)

Protection & Indemnity

The most important shipping liability insurance.

Purchase option

(Købsoption)

Put option

A right, but not an obligation to sell the underlying instrument at the strike price.

R.S. Platou

Shipbroking company.

Relet

(Bortbefragtning)

ROE

(Egenkapitalforrentning)

ROIC

(Afkast af investeret kapital)

Ship days

(Skibsdage)

Shipping

Designated maritime activities.

Short-haul

(Kort rejse)

Short-term charter

(Korttids charter)

Single hull

(Enkelt skrog)

SO2

Sulphur dioxide.

SOLAS

International conventions concerned with Safety of Life at Sea.

SOX

Sulphur oxide.

Spot market

Market in which vessels are contracted for a single voyage for immediate delivery.

SR

(short range)

SSY

Shipbroking company.

Strike price

(Aftalt optionspris)

Suez Canal

Artificial waterway in Egypt connecting the Mediterranean and Red seas. The canal is about 163 km (102 miles) long and at sea level, so no locks are required.

Suezmax

A tanker of 120,000 - 200,000 dwt. The largest tankers that can navigate the Suez Canal fully loaded.

Supertanker

A very large crude carrier (VLCC) or ultra large crude carrier (ULCC).

Supramax

Bulk carrier of 40,000-65,000 dwt capacity.

T/C

(Timecharter) (Tidsbefragtning)

T/C equivalent

(Timecharter equivalent) (Timecharter ækvivalent)

Tank

General designation of all vessels transporting oil, both crude oil and refined products.

Tanker vessel

(tankskib)

Technical management

(Teknisk management)

Tonne-Mile

(Ton-mil) 

Tramp shipping

(Trampfart)

Tramp Shipping Company

A company operating vessels without a regular schedule.

Two-tier market

(Kvalitetsdifferentieret marked)

UL/VLCC

(Ultra Large/Very Large Crude Carriers)

UN Global Compact

(FN's sociale charter)

USDA

United States Department of Agriculture.

Value-at-risk

(VaR)

Vetting

(Inspektion)

WAF

West Africa.

World scale

Internationally used freight system based on a "standard vessel" of 75,000 dwt. The freight is calculated on the basis of scheduled voyages.