Glossary of Shipping Terms (M - Z)
Glossary of Shipping Terms (M - Z)
| M | Meter or Measure |
| M/T (MT) | Motor Tanker |
| M/V (MV) | Motor Vessel |
| Manifest | List of all cargo on board (Cargo Manifest). Term used also for passenger list on cruise vessels, passenger ferries, etc |
| MARAD | Maritime Administration (USA) - authority under the US department for Trade. Handles subsidies etc. to American shipyards and shipping companies. |
| MARAD | Maritime Administration: Branch of U. S. Department of Transportation |
| MARINTEK | Norsk Marinteknisk Forskningsinstitutt A/S (Trondheim) - Norwegian maritime research institution. |
| Maritime inquiry | - an inquiry conducted by maritime and legal authorities following an accident or near-accident at sea, resulting in a maritime declaration.The purpose of such hearings is to uncover the cause of accident or mishap. The inquiry is primarily conducted between members of the crew, but may also involve bystanders who may shed light on the events. The maritime inquiry serves three purposes according to Norwegian maritime law: -Enables maritime authorities to consider amending or improving existing rules and regulations in order to prevent similar accidents. -Determines whether or not someone should be prosecuted for criminal neglect or breach of rules. -Uncovers liabilities in connection with insurance claims. |
| MARPOL | International Convention for the Prevention of Pollution from ships (London) |
| MARPOL | The International Convention for Prevention of Pollution from Ships - 1973 (as modified by the Protocol of 1978) |
| MAX | Maximum |
| MB | Molded Breath: The breath of the hull at the widest part, measured between the outer surfaces of the frames. |
| MBT | Motor Blocks Turning |
| MCT | Marine Custody Transfer |
| MCTM | Marine Custody Transfer Measurement: The measurement activity involving a marine custody transfer (MCT) |
| MD | Mean Draft: The average of the drafts measured at the bow and the stern |
| MD | Mean Draft: The average of the drafts measured at the bow and the stern. or Molded Depth: The depth measured between the top of the keel, or lower surface of the frame at the center line, and the top of the upper deck beam at the gunwale. |
| MDO | Marine Diesel Oil |
| MED | Mediterranean Sea |
| MED | Mediterranean Sea |
| MEIF | Mandatory Excess Insurance Facility - Norwegian-Swedish-Greek proposal to solve the COFR-question. |
| MEIF | Mandatory Excess Insurance Fund |
| MEP | Marine Environmental Protection (U.S.) |
| MEPC | Maritime Environment Protection Committee (IMO, London) |
| MEPC | Marine Environmental Protection Committee (U.S.) |
| Merger | The joining of two or more (shipowning) companies.Merger - the joining of two or more (shipowning) companies. |
| MERPAC | Merchant Marine Personnel Advisory Committee |
| MF | Meter Factor |
| MFO | Marine Fuel Oil |
| MHWN | Mean High Water Neaps |
| MHWS | Mean High Water Springs |
| MIN | Minimum |
| MIN/MAX | Minimum/Maximum: Refers to fixed cargo size - e.g.: "10,000 tonnes min./max.". |
| MIO | Marine Inspections Office |
| MITS | Maritim information technology. |
| MMC | Merchant Mariners’ Credentials |
| MMPD | Maximum Most Probable Discharge |
| MMPD | Maximum Most Probable Discharge (U.S., related to oil spill) |
| MMS | Minerals Management Service (U.S.) |
| MODU | Mobile Offshore Drilling Unit |
| MOL | More Or Less: Refers to a cargo size option - say, "10,000 tonnes, 5 per cent more or less" - usually clarifying whose option to select the final cargo size |
| MOLCHOP | More Or Less Charterer's Option |
| MOLCO | More Or Less Charterer's Option |
| MOLOO | More or less owner's option - a margin which the shipowner has for the amount of cargo a vessel should carry. I.e. "30,000 tons 5 per cent moloo" means that the vessel can load between 28,500 and 31,500 tons. |
| MOLOO | More Or Less Owner's Option |
| MOU | Memorandum Of Understanding |
| MPA | Marine Preservation Association (supports MSRC) |
| MPMS | Manual of Petroleum Measurement Standards (API) |
| MR | Mate’s Receipt |
| MRR | Maritime Regulatory Reform |
| MS | Motor Ship |
| MSC | Maritime Safety Committee (IMO, London) |
| MSC | Maritime Safety Committee |
| MSDS | Material Safety Data Sheet |
| MSIS | Marine Safety Information System |
| MSO | Marine Safety Office (USCG) |
| MSRC | Marine Spill Response Corp., The. (OSRO) |
| MT (M/T) | Metric Tonne: A tonne of 2,204 pounds or 1,000 kilograms, equivalent to 0.9842 long tons. |
| MTC | Maritime Transport Committee (OECD) |
| MUI | Maritime Union of Indian Officers |
| Multipurpose ship | General cargo ship which can also carry containers. |
| N/B | New Building |
| NAABSA | Not Always Afloat But Safe Aground: Most owners will agree only that their vessel (especially deep-sea vessels) proceed only to ports where there is sufficient water to remain always afloat, so as to avoid the risk of hull damage. There are areas and ports, however, where water depth is restricted but, the bottom being soft mud, it is customary for ships to safely lie on the bottom at certain states of the tide - e.g.: River Plate. In such a case, owners will probably agree to proceed NAABSA. |
| NARCO | National Response Corporation (OSRO) |
| NASCO | Norwegian Asian Seafarers' Conference |
| NATO | North-Atlantic Treaty Organization - Western defence alliance. |
| NAVSAC | Navigation Safety Advisory Council |
| NCB | National Cargo Bureau |
| NCP | National Oil and Hazardous Substances Pollution Contingency Plan (U.S.) |
| NDFCAPMQS | No Deadfreight For Charterer's Account Provided Minimum Quantity Supplied. |
| Neap Tides | The opposite of Spring Tides (which see). Neap Tides occur when the tidal range is at its lowest - in other words during periods of relatively low high tides, and of relatively high low tides. A vessel that is prevented from berthing or from sailing with a full cargo or, indeed, is trapped in a berth by the onset of neap tides, is said to have been "neaped". |
| NEOBIG | Not East Of But Including Greece. |
| NEOBIG | Not East Of But Including Greece |
| NET CAP | Net Capacity |
| NET OBQ | OBQ less free water in cargo, slop tanks and lines, and water in suspension in slop tanks. |
| Net Tonnage NT | (0.2+0.02·log10(Vc))·Vc·(4d/3D)2, for passenger ships the following formula is added: 1.25·(GT+10000)/10000·(N1+(N2/10)), where Vc is the volume of the cargo holds, D is the distance between the ship's bottom and the uppermost deck, d is the draught, N1 is the number of cabin passengers, and N2 is the number of deck passengers. |
| NETAC | The National Environmental Technology Applications Center (Pittsburgh, PA) |
| Nett Terms | Opposite to Gross Terms. Cargo-handling is the responsibility and for the account of the charterer or the cargo seller. |
| NEWCI | Not East of West Coast of Italy |
| NFD | Norwegian Friendship Development - Norwegian recruiting office in Manila. |
| NH | North of (Cape) Hatteras |
| NIDDESC | Navy/Industry Digital Data Exchange Standards Committee |
| NIOSH | National Institute for Occupational Safety and Health |
| NIS | Norsk Internasjonalt Skipsregister (Bergen) - Norwegian International Ship Register. |
| NIST | National Institute of Standards & Technology |
| NK | Nippon Kaiji Kyokai - Japanese classification society. |
| NK / NKK | Nippon Kaiji Kyokai 4-7 Kioi-Cho, Chiyoda-Ku Tokyo 102 Japan Phone +81 3 3230 1201 Fax +81 3 3230 3524 Telex J22975 CLASSNK Japanese Ship Classification Society |
| NMB | Norsk Maritimt Befalskartell - (see FENSO) |
| NMU | National Maritime Union (USA) |
| NOAA | National Oceanic and Atmospheric Administration (A U.S. agency incorporating the National Weather Service) |
| NOE | Not Otherwise Enumerated |
| NOKUS-company (NOrsk-Kontrollert Utenlandsk Selska | Company established in a country where corporate taxes are less than two thirds of Norwegian corporate tax, and Norwegian interests own or control minimum 50 per cent of the shares. Norwegian participants in such companies are taxed in Norway for their share of profits (§7 in Norwegian Tax Law). |
| NOLA | New Orleans, Louisiana |
| NOP | Notice Of Protest: A letter issued by any participant in a voyage citing any condition with which issue is taken. This serves as a written record that the particular action or finding was questioned at the time of occurrence. For example a declaration made by the Master before a notary public or consular official when through stress of weather, there has been or the master fears that there might have been, damage to the vessel or cargo, or occurrences that exceeded or breached the warranties in the Charter Party. Copies are frequently demanded by insurance underwriters in the event of a claim. |
| NOPEF | Norsk Olje- og Petrokjemisk Fagforbund, Stavanger - Norwegian trade union for oil industry workers. |
| NOR | Skipsregisteret, Bergen. Often termed Norsk Ordin'rt Register - the Norwegian Ordinary Ship Register. |
| NOR | Notice Of Readiness: Notice served by the Master to inform the terminal/charterer that the vessel is ready in all respects to load or discharge cargo. |
| NORDKOMPASS | Nordisk Komit‚ for Passasjerskip - Nordic forum for passengership and ferry companies and shipowners' associations. |
| NOS | Not Otherwise Specified |
| NOV | Net Observed Volume: The total volume of all petroleum liquids, excluding S&W, and free water at observed temperature and pressure. |
| NPA | National Petroleum Association: Usually with reference to ASTM D-155 color scale, for instance "undarker than 2.5 NPA", which can be described as "extra lemon pale" |
| NPDES | National Pollutant Discharge Elimination System (U.S.) |
| NPFC | National Pollution Funds Center |
| NPRA | National Petroleum Refiners' Association |
| NPRM | Notice of Proposed Rulemaking (U.S.) |
| NR | Norges Rederiforbund (Oslo) - Norwegian Shipowners' Association (NSA). |
| NRC | National Response Center (USCG) |
| NRDA | National Resource Damage Assessment (pronounced: NERDA) |
| NRDAM/GLE | Natural Resource Damage Assessment Model for Great Lakes Environments |
| NRDC | Natural Resources Defense Council |
| NRDC | The National Resources Defense Council (U.S.) |
| NRT | National Response Team (U.S.) or Net Registered or Register Tonnage |
| NS | Norsk Styrmandsforening - the former Norwegian association for ships' mates. |
| NSA | see NR |
| NSF | Norsk Sjomannsforbund - Norwegian Seafarers' Union, (also Norsk Skibsforerforbund - Norwegian Association of Master Mariners) |
| NSF | National Strike Force (U.S.) |
| NSFCC | National Strike Force Coordination Center |
| NSFCC | National Strike Force Coordination Center (U.S.) |
| NSOAF | North Sea Offshore Authority Forum. |
| NSRP | National Shipbuilding Research Program |
| NSU | National Seafarers' Union (Sri Lanka) |
| NSV | Net Standard Volume: The total volume of all petroleum liquids, excluding S&W and free water, corrected by the appropriate temperature correction factor (Ct1) for the observed temperature and API gravity, relative density or density to a standard temperature such as 60ºF or 15ºC and also corrected by the applicable pressure correction factor (Cp1) and meter factor. |
| NT | Net Tonnage: The volumetric cargo capacity of a ship expressed on the basis of 100 cubic feet tot he ton. On passenger vessels it also includes space used by passengers. |
| NTC | Norwegian Training Center (Manila) |
| NTIS | National Technical Information Service (U.S.) |
| NTSB | National Transportation Safety Board |
| NUMAST | British trade union for officers and crew. |
| NUS | National Union of Seamen - British seamen's union. |
| NUSI | National Union of Seamen of India |
| NVIC | Navigation and Vessel Inspection Circular |
| NVOC | Non Vessel Owning Company |
| NVOCC | Non Vessel Owning Common Carrier |
| NWS | National Weather Center |
| NYNNGWB | New York Not North of George Washington Bridge |
| NYPE C/P | New York Produce Exchange Time Charter Party Form |
| O/C | Ore Carrier or Open Charter |
| OAL | Overall Length |
| OAPEC | Organization of Arab Petroleum Exporting Countries |
| OBO | Ore Bulk Oil: A vessel constructed in such a way that it may carry various bulk cargoes of ore, oil, grains and other bulk products. |
| OBO-carrier | Vessel built for the carriage of diversified bulkcargoes (i.e. Oil/Bulk/Ore). |
| OBQ | On Board Quantity: Refers to cargo, bunkers or fresh water on board the ship prior to commencement of a charter, a voyage or loading operation. Also cargo tank quantities of any material aboard a ship after deballasting, immediately prior to loading. Can include oil, oil/water emulsion, water, non-liquid hydrocarbons and slops. NET OBQ:OBQ less free water in cargo, slop tanks and lines, and water in suspension in slop tanks. |
| OCIMF | Oil Companies' International Marine Forum (London) |
| OCIMF | Oil Companies International Marine Forum |
| OECD | Organization for Economic Co-operation and Development - 25 member countries. |
| OECD | Organization for Economic Cooperation and Development |
| Offshore activities | For shipowning companies, O.A. include activities connected with the exploration for, development of and operation of oil and gas fields at sea. Most important are: Collecting seismic data, test drilling, field development, towing and anchor handling, the supply service, transportation of equipment and modules, heavylifts, diving operations and underwater work, the use of ROVs, pipelaying, operation of floatels and construction jobs. Salvage and rescue operations are also important aspects of this. The loading of oil tankers offshore by means of buoys or fixtures on the seabed, is still another feature of Norwegian offshore activities. |
| Offshore service vessels | Common term for specialized vessels used during the exploration, development and production phases of oil and gas at sea. |
| OFS | Oljearbeidernes Fellessammenslutning (Stavanger) - Norwegian federation of trade unions in the oil industry. |
| OFU | Offshoren'ringens Forhandlingsutvalg - negotiating committee for the offshore industry. |
| OGLA | Offshore Galveston Lightering Area |
| OIC | Officer In Charge |
| Oil spill compensation | Compensation for oil spills is internationally regulated by two conventions - The Civil Liability Convention - CLC - (i.e. International Convention on Civil Liability for Oil Pollution Damage - 1969) regulating the shipowners' liability, and The Fund Convention (i.e. International Convention on the Establishment of an International Fund for Oil Pollution Damage, 1971), with a fund financed by the cargo owners (oil companies) paying compensation if the shipowner cannot be held responsible, or if compensation paid is not adequate, with a maximum limitation clause. |
| Oil-tanker | Ship carrying crude oil or refined products. If a ship is equipped to carry several types of cargo simultaneously, the ship type is called Parcel tanker. A shuttle tanker is a tanker carrying oil from offshore oil fields to terminals. An oil tanker especially built for the transportation of refined oilproducts, often with tanks painted or coated on the inside, is called a product carrier. |
| OLF | Oljeindustriens Landsforening (Stavanger) - Federation of oil industry employers. |
| OMB | Office of Management and Budget (U.S.) |
| OMS | Office of Marine Safety (U.S.) |
| On Stream | The phase where the oil/gas production is started through the main pipe. |
| OPA | Oil Pollution Act (USA) |
| OPEC | Organization of Petroleum Exporting Countries (Vienna) |
| Ore/oil carrier | Ship with separate cargo holds for ore cargoes. When the ship is carrying oil, the ore holds may also be filled with oil, in order to utilize the deadweight capacity to the fullest. |
| OSSL | Oljeserviceselskapenes Landsforening - The Association of Norwegian Oil Industry Service Companies. |
| OSV | Offshore Support Vessel |
| P&I | Protection and Indemnity Insurance |
| Panmax or Panamax | The largest bulk carrier which can pass through the Panama Canal fully loaded (approximately 80 ,000 dwt.). |
| Parcel tanker | see Oil-tanker. |
| Pax | Abbreviation for passenger(s). Used in cruiseshipping and on passenger ferries. |
| Pay zone | The part of the reservoir which may be exploited economically. |
| PBOS | NATO Planning Board for Ocean Shipping (Brussels) |
| Penetration Rate | The drill bit's speed through the sediments. |
| Permeability | The sediment's ability to let hydrocarbons pass through. |
| Pipe-Laying Barge or Lay Barge | Vessel constructed for the laying of pipes on the sea bed. |
| POEA | Philippine Overseas Employment Administration (Manila) |
| Pooling | Cargo or profit sharing by cooperating companies in lines or liner conferences. |
| PR | Polish classification society. |
| Primary Recovery | The initial extraction phase when the oil/gas is emitted naturally from the reservoir. |
| Production Ship | Specialized ship pumping oil through flexible pipelines from the seabed. |
| Production Unit | Platform equipped for the production of oil and gas. |
| Protectionism | Flag state protection of own shipping by the elimination of certain competitive elements (see also Flag discrimination). |
| PSU | Polish Seafarers' Union (formerly S-FUF or MR). |
| PSV | Platform Supply Vessel. |
| Rate | The offered/agreed price for the transportation of goods. |
| Ratio between Gross Tonnage/Net Tonnage/Deadweight | Approximate conversion figures: 1 NT = 1.7 GT 1 GT = 1.5 dwt. These figures are applicable for tankers and dry cargo vessels up to approximately 25,000 dwt., but not for reefers, ro-ro-ships, passenger ships, etc. For large tank- and bulkships (approximately 100,000 dwt. and above) 1GT is approximately 2 dwt. |
| Reefer Vessel | Vessel with refrigerated cargo hold(s). |
| Register ton | Old term for the measuring of ships, not to be used anymore. (One register ton is 100 cubic feet or 2.93 cubic metres). |
| RI | Registro Italiano - Italian classification society. |
| RLF | Rederienes Landsforening - Association of Norwegian short-sea shipowners. |
| Ro-ro-ship (Roll on - Roll off) | The cargo is driven on board and ashore, either by means of own engine (cars/trailers), or by means of special trucks. There are three main areas: -Ro-ro-ship operating in lines carries containers, pallets, flats or general cargo, and any type of cargo that can be driven on board. -Ro-ro-ship for the transportation of new automobiles (specialised: Pure Car Carrier - PCC), may also carry other rolling cargo. -Ro-ro-ferries carrying a combination of rolling cargo (cars/lorries/trailers) and passengers. |
| Roughneck | Worker in the oil and gas industry. |
| ROV | Remote Operated Vehicle |
| RS | The former Soviet classification society. |
| SBT | Segregated Ballast Tanks - tanks in a tanker solely used for ballast. |
| SEATO | South-East Asian Treaty Organization - defence alliance. |
| Seismic ship | Vessel mapping gelogical structures in the seabed by firing air guns transmitting sound waves into the bottom of the sea. The ecco of the shot is captured by listening devices/hydrophones being towed behind the vessel. A seismic ship provides data which is an intrinsic part of the material determining if and when a test drilling should be initiated. |
| Semisubmersible | Movable installation consisting of a deck on stilts, fastened to two or more pontoons. When in operation, the pontoons are filled with water and lowered beneath the surface. The installation is normally kept in position by a number of anchors, but may also be fitted with dynamic positioning equipment (DPE). Usually fitted with own propulsion machinery (max. water depths 600 - 800 metres). |
| SFT | Statens Forurensningstilsyn - Norwegian Pollution Authority. |
| Shipbroker | Person who - on behalf of shipowner/shipper - negotiates a deal for the transportation of cargo at an agreed price. Shipbrokers are also active when shipping companies negotiate the purchasing and selling of ships, both secondhand tonnage and newbuilding contracts. |
| Short Sea Shipping | Short distance international trade. Commonly used for trading between countries in the European Union. |
| Shuttle tanker | Buoy-loader - see Oil tanker. |
| SIGGTO | Society of International Gas Tankers and Terminal Operators |
| SIØS | Senter for Internasjonal Økonomi og Skipsfart ved Norges Handelshoyskole i Bergen - Norwegian center for maritime economics (Bergen). |
| SIRE | Ship Inspection Report Programme |
| SIU | Seafarers' International Union (USA) |
| SOLAS | Convention on Safety of Life at Sea (IMO, London) |
| Spotrate | Rate for single voyage based on the market situation on the day. |
| SRF | Sveriges Redareforening, Gothenburg - Swedish Shipowners' Association. |
| Stand-by Vessel | Ship permanently stationed in the vicinity of an installation with the task of evacuating the rig-crew in an emergency. Also carrying out guard duty keeping other ships away from the installation. |
| STCW | International Convention on Standards of Training, Certification and Watchkeeping (IMO, London) |
| STUFT | Ships Taken Up From Trade - merchant vessels chartered by the military. |
| Submersible | Movable installation constructed for drilling operations in shallow waters, where it is lowered until it rests on the seabed (max. water depth 30 - 40 metres). |
| Subsidiarity principle | EU-rule that decisions should be taken on the lowest possible level, e.g. that any case should be decided nationally. |
| Suezmax | The largest tank vessel which can pass through the Suez Canal fully loaded (120,000 -165,000 dwt.). |
| SUNAMAM | Brazilian shipping organization representing the authorities. |
| Supply ship | Vessel transporting stores and equipment to drilling rigs or installations being built or in the production phase. Often called Straight Supply, or Platform Supply Vessel (PSV). |
| SUR | Seafarers' Union of Russia, Moscow |
| SWATH | Small Waterplane Area Twin Hull - fast and economical hull design, primarily used for highspeed ferries, etc. |
| T/C-trip | The ship is hired for one voyage, but under T/C terms. |
| TA | -Trans Atlantic |
| TA Round | - Trans Atlantic Round Voyage |
| TACKLE | Any combination of ropes and blocks the multiply power. The equipment on a vessel used to perform working tasks on the vessel. |
| Tanker | Ship carrying liquid bulk cargoes. |
| TAPA | - Trans-Alaska Pipeline Act |
| TAPS | - Trans Alaska Pipeline System |
| TARV - Trans Atlantic Round Voyage | - Trans Atlantic Round Voyage |
| TAT | - EPA Technical Assist Team |
| TAT | - EPA Technical Assist Team |
| Tension Leg Platform | Floating platform or loading buoy fastened to the seabed with vertical chains or stays etc. , kept in position by its own buoyancy. |
| TEU | Twenty-foot Equivalent Unit. The container carrying capacity of a vessel, expressed in the number of TEUs it can load (standard containers of 20x8x8 feet). |
| Time-Charter (T/C) | The hiring of a vessel for a specified period of time. |
| TIR | Transport Internationale Routier - International customs' convention. |
| Tonkilometre | The transportation of one ton cargo over a distance of one kilometre. |
| Toolpusher | Foreman on a drilling rig. |
| TOVALOP | Tanker Owners' Voluntary Agreement Concerning Liabililty for Oil Pollution (London) |
| Tramp shipping | Ships trading where they can get cargo. |
| Trunk Line | The main oil pipeline. |
| TUAC | Trade Union Advisory Committee - advisory committee representing employees in the OECD. |
| UGT | Union General de Trabajadores - Spanish TUC. |
| UK/CONT B/H | United Kingdom/Continent Bordeaux/Hamburg range |
| ULCC | Ultra Large Crude Carrier - oil tanker of 300,000+ dwt. |
| Umbilical | Actually the "umbilical cord" - lifeline with air, hot water and other necessities connecting diver/diving bell with the mother ship or rig. |
| UNCLOS | United Nations Conference on the Law of the Sea |
| UNCTAD | United Nations Conference on Trade and Development (Geneva) |
| UNIDO | United Nations Industrial Development Organization |
| USAC | United States Atlantic Coast |
| USCG | U.S. Coast Guard |
| USG | United States Gulf (of Mexico) |
| USMC | US Maritime Commission |
| USNH | United States North of Hatteras |
| USWC | United States West Coast |
| VDR | Verband Deutscher Reeder - German Shipowners' Association. |
| VLCC | Very Large Crude Carrier - oil tanker between 200,000 and 300,000 dwt. |
| Voyage-Charter | Contract of carriage where the charterer pays for the use of the vessel's cargo spaces for one or more voyages. Payment is calculated per ton goods carried. The owner pays all operating costs. |
| VTS | Vessel Traffic System |
| Water Drive | An important task to maintain pressure in the reservoir. |
| Water Separation Plant | see Dehydration Plant. |
| Wax | Paraffin wax which may cause production problems if condensed in production pipelines or in the valves. |
| WCSA | West Coast South America |
| Well-Head | Heavy and strong construction installed on the surface string or conductor pipe as foundation for further pressure regulating equipment. |
| WFTU | World Federation of Trade Unions |
| Wildcatting | Speculative well drilling. |
| Workover | Programme for actions to increase/stimulate production from a well. |
| Worldscale | In the tanker segment of shipping, nearly all trip-chartering is done on the basis of the freight-rate system Worldscale (W), which is a method of calculation of payment for the transport of oil by ships, for a single or several consecutive voyages. Worldscale is a table giving the amount of dollars per ton oil for each of a number of standard routes. The rates listed in the table - the socalled flat rates - are termed Worldscale 100 (W100). Large tankers need a lower W than smaller vessels to make a profit. The flat rate is the rate per ton which gives a standard vessel (at present a 75,000 dwt. tanker) earnings of USD 12,000 per day on a T/C-basis for the stipulated voyage. If the flat rate is USD 10.- per metric ton, the rate level at W50 will be 50 per cent of the base rate at W100, i.e. USD 5.00 per ton. The flat rate W100 should make a profit for the "standard vessel", regardless of the voyage for which the ship is chartered. Worldscale is revised annually, and the calculations include both fixed and variable expenses. The purpose of the Worldscale is to enable both owner and charterer to compare easily the returns on alternative voyages. |
| WPC | World Petroleum Congress |
| WTO | World Trade Organization |