Neptune Atlas
Chartering terms and abbreviations, A to Z
A circular (a list of ships looking for cargo) arrives as fifty words of short forms, and a broker must understand it at a glance. This page lists 177 of the terms and abbreviations used in chartering, in alphabetical order. Each has a plain definition of one or two sentences, and a link to a fuller guide where this site has one.
How to use this glossary
Every term has its own link. Jump to a letter from the list on this page, or search the page for the letters in front of you. A few terms that decide who pays are worth reading in full on their own pages: SHINC and SHEX, weather working day, reversible laytime and despatch.
No official list of chartering abbreviations exists, and no organisation issues them. They began as a way to save money on telex messages. They vary by trade, region and desk, and the same letters can mean different things to different people. SPOT can mean a ship that is ready now, or a single voyage at the market rate. GA means general average to a chartering broker and the general arrangement plan to a ship's superintendent.
The closest thing to an authority is the Laytime Definitions for Charter Parties 2013 from BIMCO, CMI, FONASBA and the Baltic Exchange. Even that document avoids abbreviations for the most part. Its own commentary says that in many cases "there is no generally accepted meaning". The definitions apply only if the charterparty (the charter contract) brings them in. The expansions on this page follow the Baltic Exchange's shipping glossary where it lists the term, and the laytime meanings follow the 2013 definitions.
half
The share of AIS destinations that match a real port: 47,399 of 94,337 position reports. 86% of them have an ETA, so the problem is not that data is missing. The crew types the destination as free text. It can be shortened, out of date or wrong. An ETA on a circular is at least a person’s estimate, given to a broker who will hold that person to it.
A
| Term | Meaning |
|---|---|
| AA | Always afloat. The ship must have water under it at the berth at every state of the tide. |
| AAAA | Always afloat, always accessible. The charterer promises a berth the ship can reach without delay, lie at without touching the bottom, and leave without delay. See safe port and safe berth. |
| ABT | About. A margin on a stated figure such as speed, fuel consumption or quantity. The size of the margin is often argued, so give a number where it matters. |
| Address commission | A percentage of the freight or hire that the charterer keeps. It is a discount to the charterer, not a payment to a broker. Also written adcom. See how ship broker commission works. |
| Aframax | A crude oil tanker of roughly 80,000 to 120,000 deadweight tonnes. The name comes from a freight rate scale, not a place. See Aframax vs Suezmax. |
| AFSPS | Arrival first sea pilot station. A delivery point for a time charter: hire starts when the ship reaches the first sea pilot station for the port. |
| AGW | All going well. Added to an ETA to show that it depends on nothing going wrong. It is not a guarantee. |
| APS | Arrival pilot station. Delivery of the ship on time charter at the pilot station of the first load port. The owner pays for the empty voyage to get there. |
| ARA | Amsterdam-Rotterdam-Antwerp. A range of ports quoted as one area. ARAG adds Ghent. |
| Arbitration | The usual way a charter dispute is decided: by arbitrators chosen under the charterparty, not by a court. See maritime arbitration. |
| ATDNSHINC | Any time, day or night, Sundays and holidays included. Laytime counts without a break from the moment it starts. |
| ATS | All time saved. A basis for despatch that pays for every hour between completion and the time laytime would have expired, including excepted periods. See despatch vs demurrage. |
| ATUTC | Actual time used to count. Where cargo is worked in a period that would not otherwise count, only the time really used counts as laytime. |
| AWIWL | Always within Institute Warranty Limits. A trading limit taken from the hull insurer's navigation conditions. See navigating limits and IWL. |
| AWRI | Additional war risk insurance. The extra premium for entering a listed area. The charterparty says who pays it. See war risk areas. |
B
| Term | Meaning |
|---|---|
| BAF | Bunker adjustment factor. A surcharge that moves the freight up or down with the price of fuel, used mainly in liner and contract trades. |
| Bale capacity | The cubic space in the holds that bagged, baled or palletised cargo can use. It is smaller than the grain capacity of the same ship. See stowage factor. |
| Ballast | Sailing without cargo. A ballast leg earns no freight and still burns fuel, so it belongs in the voyage estimate. See time charter equivalent. |
| Ballast bonus | A lump sum paid to the owner for sailing the ship empty to the place where a time charter begins. Written BB. |
| Bareboat charter | A charter where the charterer takes the ship without crew and runs it as if it were the owner. Also called a demise charter. |
| BBB | Before breaking bulk. Before discharge starts. Often the point by which freight must be paid. |
| BENDS | Both ends. The term applies at the load port and at the discharge port. |
| Berth | The specific place where the ship loads or discharges. Under a berth charter the ship has arrived only when it is there. See notice of readiness. |
| BIMCO | The international shipping association that publishes most standard charterparty forms, including GENCON. See charterparty forms. |
| B/L | Bill of lading. The carrier's receipt for the cargo, evidence of the contract of carriage and a document of title. See bills of lading. |
| BOB | Bunkers on board. The fuel in the ship's tanks at a stated moment, such as delivery. |
| Brokerage | The ship broker's commission, a percentage of freight or hire paid by the owner. Usually 1.25 per cent for each broker. See how ship broker commission works. |
| BSS | Basis. "Bss 1/1" means the offer assumes one load port and one discharge port. |
| Bunkers | The ship's fuel. See bunkers and fuel grades. |
| BWAD | Brackish water arrival draught. The draught the ship may have on arrival in brackish water, which is less dense than sea water, so the ship floats deeper. |
C
| Term | Meaning |
|---|---|
| Cancelling date | The last day of the laycan. If the ship is not ready by then, the charterer may cancel. See laycan. |
| Capesize | A gearless bulk carrier too large for the old Panama Canal locks. The Baltic Exchange describes the class as about 120,000 to 200,000 deadweight tonnes. See dry bulk vessel sizes. |
| CBM | Cubic metres. Used for hold capacity and for cargo volume. |
| CFR | Cost and freight. The seller pays the freight to the named discharge port, so the seller is the charterer. Also written C&F. |
| CHABE | Charterer's agents both ends. The charterer names the port agent at the load port and the discharge port. The owner normally still appoints and pays that agent. |
| Charterparty | The contract between owner and charterer. Written CP or C/P. See charterparty forms. |
| CHOPT | Charterer's option. Any choice the charterer may make, such as the cargo, the grade or a discharge port from a range. Write down when it must be declared. |
| CIF | Cost, insurance and freight. CFR plus cargo insurance. The seller is still the charterer. |
| Clean | Refined oil products such as gasoline, gasoil and jet fuel, and the coated tankers that carry them. The opposite of dirty. See tanker sizes. |
| COA | Contract of affreightment. An agreement to carry a number of cargoes over a period, with a ship named for each one as it comes up. |
| COB | Close of business. A deadline for a reply. It means nothing without a place or a time zone. |
| CONS | Consumption. The fuel the ship burns per day at a stated speed. |
| COP | Custom of the port. The local practice for working cargo, which can set the pace where the charterparty does not. |
| CQD | Customary quick despatch. The charterer must work the cargo as fast as is usual at the port. No fixed laytime is set. See laytime and demurrage. |
D
| Term | Meaning |
|---|---|
| DA | Disbursement account. The port agent's account of what the port call cost. See port agency and disbursements. |
| Deadfreight | Freight paid on cargo that was booked and not shipped. See liens, cesser and deadfreight. |
| Demurrage | An agreed daily amount the charterer pays the owner for delay after laytime has run out. See how to calculate laytime and demurrage. |
| Despatch | An agreed amount the owner pays the charterer when cargo work finishes before laytime runs out. By custom half the demurrage rate. See despatch vs demurrage. |
| Detention | Damages for delay to the ship that demurrage does not cover. Unlike demurrage, the loss must be proved. See demurrage vs detention. |
| DHD | Demurrage, half despatch. Despatch is paid at half the demurrage rate. Add the basis: DHDATSBE is on all time saved both ends, DHDWTSBE on working time saved both ends. |
| Dirty | Crude oil, fuel oil and other black oils, and the tankers that carry them. A dirty ship must be cleaned before it can carry clean cargo. |
| Disponent owner | A company that has the ship on charter and lets it out again. On that fixture it acts as the owner. See who is who on a fixture. |
| DLOSP | Dropping last outward sea pilot. A point where a time charter starts or ends: when the pilot leaves the ship on its way out. |
| DOP | Dropping outward pilot. The same idea as DLOSP, without saying which pilot is the last. |
| Draft survey | A measurement of cargo weight from the ship's draught before and after loading. See draft survey. |
| Draught | The depth of the ship below the waterline. Also spelled draft. Draught, not deadweight, is the limit that most often keeps a ship out of a port. |
| Dunnage | Timber or matting placed around cargo to separate it, secure it or protect the ship. |
| DWT | Deadweight tonnage. The total weight a ship can carry: cargo, fuel, water and stores. Also DWAT. See how a ship is measured. |
E
| Term | Meaning |
|---|---|
| EIU | Even if used. With SHEX, the excepted time stays out of the laytime count even if cargo was worked in it. See SHINC vs SHEX. |
| ETA | Estimated time of arrival. An estimate, not a promise. Only the laycan gives a right to cancel. |
| ETB | Estimated time of berthing. |
| ETC | Estimated time of completion of loading or discharging. |
| ETD | Estimated time of departure. A position list is built on it: when the ship is next free. |
| ETS | Estimated time of sailing. Used in the same way as ETD. |
| Excepted | Excepted or excluded days do not count as laytime. Under the Laytime Definitions 2013 they do not count even if cargo is worked on them, unless the fixture says unless used. |
F
| Term | Meaning |
|---|---|
| FAC | Fast as can. The ship loads or discharges as fast as it can receive or deliver. No tonnage rate is fixed. |
| FD | Free despatch. No despatch is payable if the ship finishes early. Also FDES. |
| FHEX | Fridays and holidays excepted. SHEX for ports where the weekly day of rest is Friday. |
| FHINC | Fridays and holidays included. Laytime counts through them. |
| FILO | Free in, liner out. The charterer pays to load. The owner pays to discharge. |
| FIO | Free in and out. The charterer pays for loading and discharging. The freight covers the sea voyage only. |
| FIOS | Free in and out, stowed. FIO, and the charterer also pays for stowing. |
| FIOST | Free in and out, stowed and trimmed. The charterer pays for loading, discharging, stowing and trimming. It can also be read as spout trimmed, so spell it out. |
| FIOT | Free in and out, trimmed. FIO, and the charterer also pays for trimming. |
| Firm offer | An offer that binds the party making it if accepted in time. See firm offers and subjects. |
| Fixture | An agreed charter deal. Written FIXT. In a market report it means a ship someone else has fixed. See the fixture recap. |
| FLT | Full liner terms. The owner pays for loading and discharging, and the cost is in the freight. |
| FOB | Free on board. The seller's job ends when the cargo is on the ship. The buyer hires the ship, so the buyer is the charterer. |
| Free pratique | Clearance by the port health authority. Written FP. The ship is in free pratique when it complies with port health requirements. |
| Freight | The price paid to carry a cargo on a voyage charter, per tonne or as a lump sum. Written FRT. |
| FWAD | Fresh water arrival draught. The draught the ship may have on arrival in fresh water. |
G
| Term | Meaning |
|---|---|
| GA | General average. A loss or expense made on purpose to save ship and cargo is shared by all of them. To a ship's superintendent GA means the general arrangement plan. See general average. |
| Geared | Fitted with the ship's own cranes or derricks. A geared ship can work cargo at a berth with no shore cranes. |
| Gearless | With no cranes of its own. Written GLS or GLESS. A gearless ship needs shore equipment at both ends. |
| GENCON | BIMCO's standard voyage charterparty form. Say which edition: GENCON 1994 and GENCON 2022 differ. See charterparty forms. |
| Grain capacity | The cubic space in the holds that a bulk cargo can fill, measured to the plating. Written GR or GN. |
| GSB | Good and safe berth. The charterer's promise about the berth. See safe port and safe berth. |
| GT | Gross tonnage. A measure of the ship's enclosed volume, not its weight. Older records say GRT. See how a ship is measured. |
H
| Term | Meaning |
|---|---|
| HA | Hatch. The opening in the deck over a hold. "5 HO/HA" means five holds and five hatches. |
| Handymax | A geared bulk carrier of about 36,000 to 49,000 deadweight tonnes in the Baltic Exchange's guide. See Handysize vs Handymax vs Supramax vs Ultramax. |
| Handysize | A geared bulk carrier of about 20,000 to 35,000 deadweight tonnes in the Baltic Exchange's guide. See Handysize vs Handymax vs Supramax vs Ultramax. |
| Hire | The daily price paid for a ship on time charter. Usually paid in advance, every fifteen days or every month. |
| H&M | Hull and machinery. The insurance on the ship itself. See P&I clubs and marine insurance. |
| HO | Hold. A cargo compartment below deck. |
| Holiday | A day, other than the normal weekly day of rest, when work is not normally done at the port by local law or practice. |
I
| Term | Meaning |
|---|---|
| ILOHC | In lieu of hold cleaning. A lump sum the time charterer pays so that the ship can be redelivered with holds as they are. |
| IMO number | The seven digit number that identifies a ship for life. See the IMO number. |
| INDIC | Indication. A rate or term given for guidance. It is not an offer and binds nobody. |
| INL | International Navigating Limits. The current name for the insurer's trading limits once called IWL. See navigating limits and IWL. |
| ISM | The International Safety Management Code. The company that holds the ship's Document of Compliance under it is the ship's ISM manager. See the ISM Code. |
| IWL | Institute Warranty Limits. The older name for the areas a hull insurer allows the ship to trade in without extra premium. |
K
| Term | Meaning |
|---|---|
| Kamsarmax | A Panamax-beam bulk carrier 229 metres long and about 82,000 deadweight tonnes, named after Port Kamsar in Guinea. See Kamsarmax vs Panamax. |
L
| Term | Meaning |
|---|---|
| Laycan | Laydays and cancelling. The window of dates in which the ship must be ready to load. See laycan. |
| Laytime | The time the charterer is allowed for loading and discharging without paying more than the freight. See how to calculate laytime and demurrage. |
| LIFO | Liner in, free out. The owner pays to load. The charterer pays to discharge. It differs from FILO by the order of two words, so read it carefully. |
| LMAA | London Maritime Arbitrators Association. Its terms govern most London charterparty arbitrations. |
| LOA | Length overall. The ship's full length. Berths and locks set limits on it. |
| LOI | Letter of indemnity. A promise to cover the results of an act, most often delivering cargo without the original bills of lading. It is worth only as much as the party giving it. |
| LS | Lumpsum. Freight agreed as one amount for the voyage, whatever quantity is loaded. Also LSUM. |
| LT | Liner terms. It can also mean a long ton of 2,240 pounds, so check which. |
| LTS | Laytime saved. A basis for despatch that counts only time which would have been laytime. The same as working time saved. |
M
| Term | Meaning |
|---|---|
| MIN/MAX | Minimum and maximum. A fixed quantity or period with no tolerance either way. |
| MOA | Memorandum of agreement. The contract for the sale of a ship. See sale and purchase. |
| MOLCHOPT | More or less in charterer's option. A quantity tolerance, such as 10 per cent, that the charterer chooses. |
| MOLOO | More or less in owner's option. The same tolerance, chosen by the owner. 30,000 tonnes 10 per cent MOLOO is anything from 27,000 to 33,000. |
| MT | Metric ton, or tonne. 1,000 kilograms. |
| MV | Motor vessel. Written before a ship's name. |
N
| Term | Meaning |
|---|---|
| NAABSA | Not always afloat but safely aground. The ship may rest on the bottom at low tide. Only for berths with a soft bottom, and only if the owner agrees. |
| Non-reversible | Laytime for loading and laytime for discharging are counted separately and cannot be added together. |
| NOR | Notice of readiness. The ship's notice that it has arrived and is ready to load or discharge. Laytime starts from it. See notice of readiness. |
| NYPE | The New York Produce Exchange time charter form. The 1946, 1993 and 2015 editions differ, so say which. |
O
| Term | Meaning |
|---|---|
| Off-hire | A period when hire is not payable because the charterer has lost the use of the ship, for example through breakdown. The charterparty lists the causes. |
| OO | Owner's option. A choice that belongs to the owner. |
| Open | Free of cargo and looking for the next one. A ship is "open Singapore 18 to 21" when it expects to be free there on those dates. See the tonnage circular. |
P
| Term | Meaning |
|---|---|
| Panamax | A ship built to the beam of the original Panama Canal locks, 32.31 metres. In dry bulk, about 65,000 to 82,500 deadweight tonnes. See Kamsarmax vs Panamax. |
| PDPR | Per day pro rata. A daily rate, with part days paid in proportion. Also PDOPR. |
| PHPD | Per hatch per day. A loading or discharging rate multiplied by the number of hatches. |
| P&I | Protection and indemnity. The owner's liability insurance, provided by mutual clubs. See P&I clubs and marine insurance. |
| PICO | Port in charterer's option. The charterer chooses the port from a named range. |
| Position list | A list of ships and where and when each is next free. See position list vs AIS vs port line-up. |
| Prompt | Ready now or within a few days. It has no fixed meaning, so ask for a date. |
| PWWD | Per weather working day. The unit for a loading or discharging rate, such as 6,000 tonnes PWWD. |
R
| Term | Meaning |
|---|---|
| Recap | The written summary of everything agreed, sent when a deal is fixed. See the fixture recap. |
| Redelivery | The point and time at which a time charter ends and the ship goes back to the owner. |
| Reversible laytime | The charterer's option to add loading time and discharging time together into one allowance. See reversible laytime. |
| ROB | Remaining on board. Usually said of fuel. |
| Running days | Days that follow one another without a break, including Sundays and holidays. Also consecutive days. |
S
| Term | Meaning |
|---|---|
| SB | Safe berth. "1 SB 1 SP" means one safe berth at one safe port. See safe port and safe berth. |
| SF | Stowage factor. The space one tonne of cargo takes up. See stowage factor and broken stowage. |
| SHEX | Sundays and holidays excepted. Those days do not count as laytime. See SHINC vs SHEX. |
| SHINC | Sundays and holidays included. Laytime counts through them. See SHINC vs SHEX. |
| SOF | Statement of facts. The port agent's timed record of the port call. See the statement of facts. |
| SP | Safe port. The charterer's promise that the ship can reach, use and leave the port without danger that good seamanship could not avoid. |
| Spot | Ready to load at once. When people discuss rates, it means a single voyage at today's market. |
| SSHEX | Saturdays, Sundays and holidays excepted. Also SATSHEX. SSHINC includes them. |
| SSW | Summer salt water. The standard condition for quoting a ship's deadweight and draught. |
| Stem | The cargo being available to load on the dates agreed. "Sub stem" means subject to the shipper confirming that. |
| Subjects | Conditions that must be lifted before a deal is binding, such as sub stem or sub receivers' approval. Written SUB. See firm offers and subjects. |
| Suezmax | A crude oil tanker of roughly 120,000 to 160,000 deadweight tonnes. See Aframax vs Suezmax. |
| Supramax | A geared bulk carrier of roughly 50,000 to 60,000 deadweight tonnes. See Handysize vs Handymax vs Supramax vs Ultramax. |
| SWAD | Salt water arrival draught. The draught the ship may have when it arrives in salt water. |
| SWL | Safe working load. The most a crane or other lifting gear may lift. |
T
| Term | Meaning |
|---|---|
| TBN | To be nominated. The ship has no name yet. The owner must provide one that matches the description. |
| TC | Time charter. The charterer hires the ship by the day and directs its voyages. See voyage charter vs time charter. |
| TCE | Time charter equivalent. Voyage freight less voyage costs, divided by voyage days. See time charter equivalent. |
| TCT | Time charter trip. Hire by the day for one voyage, with the ship handed back in a named area. |
| Time bar | A deadline in the charterparty after which a claim fails. Demurrage claims usually have one. |
| TIP | Taking inward pilot. A delivery point for a time charter: when the pilot boards on the way in. |
| TPC | Tonnes per centimetre. The weight that sinks the ship one centimetre deeper. See loadable quantity. |
| TT | Turn time. The notice time between a valid notice of readiness and the start of laytime, often 6 or 12 hours. |
U
| Term | Meaning |
|---|---|
| Ultramax | A geared bulk carrier above the Supramax, up to about 66,000 deadweight tonnes. See Handysize vs Handymax vs Supramax vs Ultramax. |
| USC | Unless sooner commenced. If cargo work starts before laytime is due to start, laytime starts then. |
| UU | Unless used. If cargo is worked in an excepted period, the time actually used counts as laytime. See SHINC vs SHEX. |
| UUIWCATUTC | Unless used, in which case actual time used to count. UU written out in full. |
V
| Term | Meaning |
|---|---|
| VLCC | Very large crude carrier. The Baltic Exchange describes the class as about 240,000 to 320,000 deadweight tonnes. See tanker sizes. |
| Voyage charter | The owner carries a cargo between named ports for freight and pays the voyage costs. See voyage charter vs time charter. |
W
| Term | Meaning |
|---|---|
| WCCON | Whether customs cleared or not. The ship may give notice of readiness before customs clearance. |
| WIBON | Whether in berth or not. If the berth is not free on arrival, the ship may give notice of readiness from the usual waiting place. |
| WIFPON | Whether in free pratique or not. The ship may give notice of readiness before health clearance. |
| WIPON | Whether in port or not. If the usual waiting place is not available either, the ship may give notice from a recognised waiting place off the port. |
| WOG | Without guarantee. Given in good faith and not promised. It removes the claim you would otherwise have on that figure. |
| Worldscale | The published scale of nominal tanker freight rates. Market rates are quoted as a percentage of it, written WS. See Worldscale explained. |
| WP | Weather permitting. Laytime does not count while weather stops, or would stop, cargo work. |
| WTS | Working time saved. A basis for despatch that leaves excepted periods out of the time saved. See despatch vs demurrage. |
| WWD | Weather working day. A working day on which weather allows cargo work. See weather working day. |
| WWR | When and where ready. Used for delivery of a ship: at the time and place it becomes ready. |
| WWWW | WIBON, WCCON, WIFPON and WIPON together. All four permissions to give notice early. |
Where a dispute starts
Short forms are safe when they describe a ship. They are dangerous when they describe a duty. A
circular that reads 85,000 dwt open Singapore 18-21 spot costs nobody anything if it is
read loosely. But a recap that reads SHEX with no EIU or UU leaves a question open. That
question can be worth a day of demurrage (the daily charge for delay). Months later, people answer it by
reading the words, not by remembering the call.
Three habits prevent most disputes. Write out in full anything that decides who pays, such as cargo handling terms, laytime exceptions, and delivery and redelivery points. Name the edition of any standard form you use. And when the other side uses a term you have not seen, ask what they mean by it. Often the honest answer is that their desk uses it differently from yours.
The definitions on this page are short on purpose. They say how a term is normally read. They are not legal advice, and the charterparty in front of you decides what a term means in your fixture.
References
- BIMCO, CMI, FONASBA and the Baltic Exchange, Laytime Definitions for Charter Parties 2013, 2013. fonasba.com
- Baltic Exchange, Shipping Glossary, read 12 October 2026. balticexchange.com
- Baltic Exchange, Guide to Modern Shipping: Main Types of Vessels, read 12 October 2026. balticexchange.com
- FONASBA (Federation of National Associations of Ship Brokers and Agents), Documentation. fonasba.com
- BIMCO, GENCON 2022 voyage charter party, 2022. bimco.org
- IMO, International Convention on Load Lines, 1966. imo.org
Related
How to read a tonnage circularThe open-tonnage e-mail: its fields, the short forms added to each line, and why the ship's name is the hard part.
How to read a cargo enquiryThe e-mail that says a charterer needs something moved, read field by field, and why an enquiry is not an offer.
Laycan: laydays and cancellingTwo dates with opposite jobs: the earliest date a charterer must accept the ship, and the latest date after which they may refuse it.
The fixture recapThe e-mail that says what was agreed. Written in minutes, read by a tribunal years later, and the contract until the charterparty is drawn up.
SHINC vs SHEX in laytimeWhether Sundays and holidays count against the charterer, what UU and EIU do to a worked weekend, and one timeline run under each term.
What a ship broker doesThe job itself: two lists nobody publishes, a market with no price screen, and a commission paid only when a deal is done.
Navigating limits and AWIWLFour letters on a recap that point to a hull insurer’s list of sea areas. Most are excluded only in winter, and none is forbidden outright.
Neptune Atlas
Neptune Atlas keeps a pasted circular in two forms: the text as it arrived, and the fields read out of it. So the short forms a broker really received sit next to the structured position. They are not replaced. Nothing is accepted automatically: a person checks every parsed line before it goes on the position list. Fixtures and laytime calculations then keep the terms as fields, not as letters in a free-text note. Every paid plan starts with 7 free days. A card is needed to start them, and cancelling before they end costs nothing.
Try 7 days free Ship chartering software for brokers What each plan includes