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All main topics / Naval Architecture / Marine Transport and Economics

16 Shipping Abbreviations (16 Cards)

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Contract Of Affreightment
Contract of Affreightment is the expression usually employed to describe the contract between a ship-owner and another person called the charterer, by which the ship-owner 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 agrees to pay a specified price, called freight, for the carriage of the goods or the use of the ship.

A ship may be let like a house to a person who takes possession and control of it for a specified term. The person who hires a ship in this way occupies during the specified time the position of ship-owner. The contract by which a ship is so let may be called a charter-party; but it is not, properly speaking, a contract of affreightment, and is mentioned here only because it is necessary to remember the distinction between a charter-party of this kind, which is sometimes called a demise of the ship, and a charter-party which is a form of contract of affreightment.
Compensated Gross Tonnage
Compensated Gross Tonnage is an indicator of the amount of work that is necessary to build a given ship and is calculated by multiplying the tonnage of a ship by a coefficient, which is determined according to type and size of a particular ship.

The standard CGT system was developed in 1977 by the OECD so that inter-country shipbuilding output could be reasonably compared, as different types of ships require a greater or lesser degree of work relative to their gross tonnage. For example, passenger ferry of a given size would require substantially more work to build than a bulk carrier of the same size due to the differing design requirements, internal structure, and required level of detail, but simply comparing the gross tonnage or deadweight of each ship would incorrectly show that they took the same amount of work. When expanded on a national scale, this difference could greatly mislead people as to the actual maritime production capacity of a given country.

The formula to calculate CGT was revised by the OECD in 2007.
Deadweight tonnage
Deadweight tonnage (also known as deadweight, abbreviated to DWT, D.W.T., d.w.t., or dwt) is a measure of how much weight a ship is carrying or can safely carry.[1][2][3] It is the sum of the weights of cargo, fuel, fresh water, ballast water, provisions, passengers and crew.[1] The term is often used to specify a ship's maximum permissible deadweight, the DWT when the ship is fully loaded so that its Plimsoll line is at the point of submersion, although it may also denote the actual DWT of a ship not loaded to capacity.

Deadweight tonnage was historically expressed in long tons but is now usually given internationally in tonnes.[4] Deadweight tonnage is not a measure of the ship's displacement and should not be confused with gross register or net tonnage.
General Agreement on Tariffs and Trade
General Agreement on Tariffs and Trade (GATT) är ett multilateralt handelsavtal som reglerar handel med varor över landgränser. Avtalet kom till med avsikten att öka internationell handel genom minskade tullavgifter, handelskvoter och andra handelshinder. Avtalet skrevs 1947 i Genève (Schweiz) och kom från och med 1995 att ingå som ett huvudavtal inom Världshandelsorganisationen (WTO).

Genom avtalet förbinder sig parterna huvudsakligen att inte tillämpa högre tullar än en viss nivå och att inte tillgripa kvantitativa restriktioner mot import från andra medlemsländer. Avtalet specificerar även under vilka förutsättningar undantag från dessa regler kan användas.

Tullfriheten gäller dock inte jordbruksprodukter och textilier, som är de största exportvarorna från länder i tredje världen. Enligt strukturanpassningsprogram som står som villkor för att länder ska få mottaga lån av IMF och Världsbanken (IBRD) ska länderna utnyttja sina komparativa fördelar och producera det man har bäst förutsättningar för, och exportera dessa produkter. De produkter man har störst komparativ fördel av att producera är just textilier och jordbruksprodukter. Att exportera dessa blir svårt, då tullfriheten alltså inte gäller dessa.

GATT var en mindre slagkraftig kompromiss som godtogs först efter att förslaget om bildandet av International Trade Office (ITO) hade röstats ner under Brettons Woodskonferensen.
International Association of Classification Societies
The International Association of Classification Societies (IACS) is a gathering of ten classification socities, headquartered in London. It was founded on September 11, 1968 in the city of Hamburg .

Dedicated to safe ships and clean seas, IACS makes a unique contribution to maritime safety and regulation through technical support, compliance verification and research and development. More than 90% of the world's cargo carrying tonnage is covered by the classification design, construction and through-life compliance Rules and standards set by the ten Member Societies and one Associate of IACS.

IACS is a non-governmental organisation who is allowed to develop guidances for the International Maritime Organization(IMO). In other words, the IACS was given consultative status with IMO, and remains the only non-governmental organisation with observer status which is able to develop and apply rules. The quality of the rules is written in the International Convention for the Safety of Life at Sea (SOLAS).

The members of IACS are:

    * ABS American Bureau of Shipping
    * BV Bureau Veritas
    * CCS China Classification Society
    * DNV Det Norske Veritas
    * GL Germanischer Lloyd
    * KR Korean Register of Shipping
    * LR Lloyd's Register
    * NK Nippon Kaiji Kyokai (ClassNK)
    * RINA Registro Italiano Navale
    * RS Russian Maritime Register of Shipping

IRS Indian Register of Shipping is currently an Associate but this status will expire.
The International Maritime Organization
The International Maritime Organization (IMO), formerly known as the Inter-Governmental Maritime Consultative Organization (IMCO), was established in Geneva in 1948,[1] and came into force ten years later, meeting for the first time in 1959. The IMCO name was changed to IMO in 1982.[2]

Headquartered in London, United Kingdom, the IMO is a specialized agency of the United Nations with 168 Member States and three Associate Members.[2] The IMO's primary purpose is to develop and maintain a comprehensive regulatory framework for shipping and its remit today includes safety, environmental concerns, legal matters, technical co-operation, maritime security and the efficiency of shipping. IMO is governed by an Assembly of members and is financially administered by a Council of members elected from the Assembly. The work of IMO is conducted through five committees and these are supported by technical subcommittees. Member organizations of the UN organizational family may observe the proceedings of the IMO. Observer status is granted to qualified non-governmental organizations.

The IMO is supported by a permanent secretariat of employees who are representative of its members. The secretariat is composed of a Secretary-General who is periodically elected by the Assembly, and various divisions such as those for marine safety, environmental protection, and a conference section.
The Organisation for Economic Co-operation and Development
The Organisation for Economic Co-operation and Development (OECD) (in French: Organisation de coopération et de développement économiques, OCDE) is an international organisation of 30 countries that accept the principles of representative democracy and free-market economy. Most OECD members are high-income economies with a high HDI and are regarded as developed countries.

It originated in 1948 as the Organisation for European Economic Co-operation (OEEC), led by Robert Marjolin of France, to help administer the Marshall Plan for the reconstruction of Europe after World War II. Later, its membership was extended to non-European states. In 1961, it was reformed into the Organisation for Economic Co-operation and Development by the Convention on the Organisation for Economic Co-operation and Development.

The OECD's headquarters are at the Château de la Muette in Paris.
The Organization of the Petroleum Exporting Countries
The Organization of the Petroleum Exporting Countries (OPEC; pronounced /oʊ.pɛk/, oh-pek) is a cartel of twelve countries made up of Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. OPEC has maintained its headquarters in Vienna since 1965,[2] and hosts regular meetings among the oil ministers of its Member Countries. Indonesia withdrew its membership in OPEC in 2008 after it became a net importer of oil, but stated it would likely return if it became a net exporter in the world again.[3]

According to its statutes, one of the principal goals is the determination of the best means for safeguarding the cartel's interests, individually and collectively. It also pursues ways and means of ensuring the stabilization of prices in international oil markets with a view to eliminating harmful and unnecessary fluctuations; giving due regard at all times to the interests of the producing nations and to the necessity of securing a steady income to the producing countries; an efficient and regular supply of petroleum to consuming nations, and a fair return on their capital to those investing in the petroleum industry.[4]

OPEC's influence on the market has been widely criticized, since it became effective in determining production and prices. Arab members of OPEC alarmed the developed world when they used the “oil weapon” during the Yom Kippur War by implementing oil embargoes and initiating the 1973 oil crisis. Although largely political explanations for the timing and extent of the OPEC price increases are also valid, from OPEC’s point of view, these changes were triggered largely by previous unilateral changes in the world financial system and the ensuing period of high inflation in both the developed and developing world. This explanation encompasses OPEC actions both before and after the outbreak of hostilities in October 1973, and concludes that “OPEC countries were only “staying even” by dramatically raising the dollar price of oil.”[5]

OPEC's ability to control the price of oil has diminished somewhat since then, due to the subsequent discovery and development of large oil reserves in Alaska, the North Sea, Canada, the Gulf of Mexico, the opening up of Russia, and market modernization. OPEC nations still account for two-thirds of the world's oil reserves, and, as of April 2009, 33.3% of the world's oil production, affording them considerable control over the global market. The next largest group of producers, members of the OECD and the Post-Soviet states produced only 23.8% and 14.8%, respectively, of the world's total oil production.[6] As early as 2003, concerns that OPEC members had little excess pumping capacity sparked speculation that their influence on crude oil prices would begin to slip.[7][8]
Protection and Indemnity
Protection and indemnity insurance, commonly known as P&I, is marine insurance against third party liabilities and expenses arising from owning ships or operating ships as principals. It is distinct from other forms of marine insurance purchased by shipowners such as hull insurance and war risk insurance.

More than 90% of oceangoing ships today are insured by the mutual P&I Clubs that are members of the International Group of P&I Clubs[2]. These organizations are the successors of the associations founded in the 19th and early 20th centuries. The 13 P&I clubs are mainly situated in the U.K. but also in USA, Japan, Sweden and Norway. The Clubs vary considerably in size and currently the largest club is the Norwegian based Gard[3]. P&I Club coverage is generally as broad as the liabilities faced by a shipowner qua shipowner
Parcel Size Distribution function
A 'parcel' is an individual consignment of cargo for shipment, for example 60,000 tonnes of grain that a trader has bought; 15,000 tonnes of raw sugar for a sugar refinery, 100 cases of wine for a wholesaler in the UK; or a consignment of auto parts. The list is endless. For a particular commodity trade, the PSD function describes the range of parcel sizes in which that commodity is transported. If, for example, we take the case of coal, individual shipments range in size from under 20,000 tons to over 160,000 tons, with clusters around 60,000 tons and a second cluster around 25,00 tons. There are hundreds of commodities shipped by sea and each has its own PSD function, the shape of which is determined by its economic characteristic.
Source: Maritime Economics, 3rd edition, p58-60
Return On Investment
In finance, rate of return (ROR), also known as return on investment (ROI), rate of profit or sometimes just return, is the ratio of money gained or lost (whether realized or unrealized) on an investment relative to the amount of money invested. The amount of money gained or lost may be referred to as interest, profit/loss, gain/loss, or net income/loss. The money invested may be referred to as the asset, capital, principal, or the cost basis of the investment. ROI is usually expressed as a percentage rather than a fraction.
Twenty-foot Equivalent Unit
The twenty-foot equivalent unit (often TEU or teu) is an inexact unit of cargo capacity often used to describe the capacity of container ships and container terminals.[1] It is based on the volume of a 20-foot long intermodal container, a standard-sized metal box which can be easily transferred between different modes of transportation, such as ships, trains and trucks.[1] A related unit, the forty-foot equivalent unit (often FEU or feu) is defined as two TEU.

One TEU represents the cargo capacity of a standard intermodal container, 20 feet (6.1 m) long and 8 feet (2.4 m) wide.[1] There is a lack of standardisation in regards to height, ranging between 4.25 and 9.5 feet (1.30 and 2.90 m), with the most common height being 8.5 feet (2.6 m).[2] Also, it is common to designate 45-foot (14 m) containers as 2 TEU, rather than 2.25 TEU.[3]
Ultra Large Crude Carrier
ULCC (Ultra Large Crude Carrier) over 320 000 dwt.
Source: google...
United Nations Conference on Trade and Development
The United Nations Conference on Trade and Development (UNCTAD) was established in 1964 as a permanent intergovernmental body. It is the principal organ of the United Nations General Assembly dealing with trade, investment, and development issues.

The organization's goals are to "maximize the trade, investment and development opportunities of developing countries and assist them in their efforts to integrate into the world economy on an equitable basis." (from official website). The creation of the conference was based on concerns of developing countries over the international market, multi-national corporations, and great disparity between developed nations and developing nations.

In the 1970s and 1980s, UNCTAD was closely associated with the idea of a New International Economic Order (NIEO).

The United Nations Conference on Trade and Development was established in 1964 in order to provide a forum where the developing countries could discuss the problems relating to their economic development. This was set up essentially because it was felt that the then existing institution like GATT and IMF were not properly organised to handle the peculiar problems of developing countries. With more than 170 193 members, UNCTAD presently is the only body where developed as well as the erstwhile centrally planned countries are members.

The primary objective of the UNTCAD is to formulate policies relating to all aspects of development including trade, aid, transport, finance and technology. The Conference ordinarily meets once in four years. The first conference took place in Geneva in 1964, second in New Delhi in 1968, the third in Santiago in 1972, fourth in Nairobi in 1976, the fifth in Manila in 1979, the sixth in Belgrade in 1983, the seventh in Geneva in 1987, the eighth in Cartagena(Colombia) in 1992 and the ninth at Johannesburg (South Africa)in 1996. The Conference has its permanent secretariat in Geneva.

One of the principal achievements of UNCTAD has been to conceive and implement the Generalised System of Preferences(GSP). It was argued in UNCTAD fora that in order to promote exports of manufacturers from developing countries, it would be necessary to offer special tariff concessions to such exports. Accepting this arguement, the developed countries formulated the GSP Scheme under which exports of manufacturers and semi-manufacturers and some agricultural items from the developing countries enter duty-free or at reduced rates in the developed countries. Since imports of such items from other developed countries are subject to the normal rates of duties, exports from the developing countries would be more competitive.

Currently, UNCTAD has 193 member States and is headquartered in Geneva, Switzerland. UNCTAD has 400 staff members and an annual regular budget of approximately US$50 million and US$25 million of extrabudgetary technical assistance funds.
Very Large Crude Carrier
200,000 - 320,000 dwt.
WORLDSCALE is a schedule of nominal freight rates intended to be used as a standard of reference to compare rates for all voyages and market levels. The oil maritime transportation industry uses the WORLDSCALE rates to express the market level in terms of percentage of the WORLDSCALE nominal freight rate. As an example WORLDSCALE 100 (or WORLDSCALE FLAT as some times is referred) means the rate as calculated and published by the WORLDSCALE Associations. WORLDSCALE 175, or WS 175 as most often is used, means 175 per cent of the published rate, and WS 75 means 75 percent of that rate.
Flashcard set info:
Author: andersson.j
Main topic: Naval Architecture
Topic: Marine Transport and Economics
School / Univ.: Chalmers
City: Gothenburg
Published: 15.10.2009
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