Shipping Terms & Glossary
A comprehensive alphabetical glossary of shipping terms, bulk cargo terminology, and maritime definitions.
B
Bill of Lading
What a bill of lading is in dry bulk shipping: its three classic functions, the rights of shipper, carrier and consignee, the types, and freight prepaid versus collect.
Bunker (Marine Fuel)
What bunkers are in shipping: the fuel types VLSFO, HSFO, MGO and LNG, the IMO 2020 sulphur cap, what bunkering means, and who pays for fuel under voyage and time charters.
D
Deadweight Tonnage
Understanding deadweight tonnage (DWT): what it measures, how it's calculated, and why it matters for cargo shipping.
Demurrage
Guide to demurrage in shipping: what it is, how it's calculated, demurrage rates, and how to avoid demurrage charges.
Dispatch Money
Understanding dispatch money: the reward for completing loading or discharging faster than the allowed laytime.
Draught / Draft
Understanding vessel draught: what it means, how it is measured and read, how it differs from air draught and freeboard, and why it is the binding port constraint across every bulk carrier class.
F
FIO / FIOS / FIOST
How FIO terms allocate cargo-handling cost and time in dry bulk. Free in and out, FIOS, FIOST and their variants, contrasted with liner terms where the owner pays.
Fixture Recap
What a fixture recap is in dry bulk chartering: the broker-circulated summary of agreed main terms that binds the parties before the formal charter party is drawn up.
Freight Rate
What a freight rate is in dry bulk shipping: the price of carrying cargo on a voyage charter, quoted in USD per metric ton, and the supply, distance, fuel and port factors that move it.
L
Laycan
Understanding laycan in shipping: the laydays and cancelling date range, how it works, and its importance in charter parties.
Laytime
Understanding laytime: how loading and discharging time is calculated, laytime clauses, and its connection to demurrage.
LOA / Beam / Depth
Understanding vessel dimensions: Length Overall (LOA), beam, depth, and how they affect port access and cargo capacity.
Load Line / Plimsoll Mark
Load lines explained: the Plimsoll mark, freeboard, the seasonal and zonal marks (S, W, T, F, TF, WNA), and how the maximum legal draught varies by load line zone.
Loading & Discharge Rates
Guide to loading and discharge rates in dry bulk chartering: how they are quoted, how they feed into laytime, and why they matter for vessel selection and demurrage exposure. Tanker analogues are covered separately under pumping rate warranties and total laytime.