NAMED PERILS POLICY

Any marine policy limiting coverage to perils specifically listed in the policy; opposed to All Risks policy. See "All Risks."

NESTING

Implies that cargo is presented stacked in the contour of similarly shaped cargo, it may be likened to a stack of plates. This is particularly relevant in the presentation  of tankage strakes for transport.

NET CHARTER

After delivery of the vessel in the first port of loading, the charterer pays all additional port charges, cost of loading and discharging in the first and any additional port of loading and in the port of discharge. After completion of discharge the vessel is re-delivered to the owner and the outward port charges from the port of redelivery is for the owner’s account. (Not a popular form of chartering nowadays).

NET TONNAGE

The figure represents the total revenue earning space (volume) within a ship available for the cargo. This is gross tonnage less “deductions” and less “allowances for propelling machinery space” and is calculated in units of 100 cu.ft. (Net tonnage is also referred as “register” tonnage).

NON-DEMISE CHARTERS

Time and voyage charters fall under this category as opposed to demise and bareboat charters.

NON-REVERSIBLE / NORMAL LAYTIME

Means notice by the master or his agent to the charterer, shipper, receiver or any other persons as required by the charterer, that the ship has arrived at the port or berth as the case may be and is ready to load/discharge in all respects. Laytime begins to count from the moment when NOR has been tendered by charterers/consignees.

OCEAN BILL OF LADING

Bill of lading indicating that the exporter consigns a shipment to an international carrier for transportation to a specified foreign market. Unlike an inland B/L, the ocean B/L also serves as a collection. If it is a straight B/L, the foreign buyer can obtain the shipment from the carrier by simply showing proof of identity. If a negotiable B/L is used, the buyer must first pay for the goods, post a bond, or meet other conditions agreeable to the seller.

OFF-HIRE CLAUSE

In a time C/P it specifies the circumstances under which hire is suspended or reduced.

ON DEMURRAGE

Means that the laytime has expired. Unless the C/P expressly provides to the contrary the time on demurrage will not be subject to the laytime exceptions.

ONCE ON DEMURRAGE ALWAYS ON DEMURRAGE

Time on demurrage is continuous unless exceptions to demurrage are contained in the C/P.

OPEN

Said of a ship, which is available at a particular place to load her next cargo, having discharged the last one.

OPEN CHARTER

A C/P in which neither the ports of destination nor the nature of the cargoes are specified and the vessel may fix for any cargo and for any ports.

OPEN POLICY

A cargo policy with no expiration date that provides automatic coverage of cargo to or from an Assured in a specified trade at agreed rates, terms, and conditions. Usually consists of separate Marine and War policies.

OPEN PORT

A port that is free of ice.

P & I BUNKERING CLAUSE

The ship is permitted to deviate without breaking the contract for lifting bunkers at ports where it may be cheaper.

PALLET

A low portable platform, usually wooden, on which cargo is stacked for storage or transportation; a skid.

PANAMAX

A bulk carrier of about 65,000 tonnes deadweight whose dimensions enable her to transit the Panama Canal where due to locks draft, beam and length are limiting factors.

PER HATCH PER DAY

The expressionis used to calculate laytime with reference to the number of cargo hatches serving cargo compartments on the vessel. Laytime is to be calculated by multiplying the agreed rate per hatch of loading/discharging the cargo by the number of ship’s hatches and dividing the quantity of cargo by the resulting sum. Thus, Laytime= Quantity of Cargo/Daily Rate x Number of Hatches = Days; A hatch that is capable of beign worked by two gangs simultaneously shall be counted as two hatches.

PER WORKING HATCH PER DAY or PER WORKABLE HATCH PER DAY

This expression is more in charterer’s favour than “per hatch per day”. The word “working” or “workable” hatch means that hatch can be worked because there is cargo in the hold below it. Workability refers to the cargo and not cranes/derricks that serve the hatch in question. Largest quantity in one hold/Daily rate per hatch x Number of hatches serving that hold =Days; A hatch that is capable of being worked by two gangs simultaneously shall be counted as two hatches.

PERILS OF THE SEA

Fortuitous accidents or casualties, peculiar to transportation on a navigable water, such as stranding, sinking, collision of the vessel, striking a submerged object, or encountering heavy weather or other unusual forces of nature.

PHYTOSANITARY INSPECTION CERTIFICATE

A certificate, issued by the US Department of Agriculture to satisfy import regulations for foreign countries, indicating that a US shipment has been inspected and is free from harmful pests and plant diseases.

PILFERAGE

The theft of part of the contents of a shipping package.

POLITICAL RISK

In export financing the risk of loss due to such causes as currency inconvertibility, government action preventing entry of goods, expropriation or confiscation, war, etc.

PORT

Means an area within which ships are loaded with or discharged of cargo, and includes the usual place where ships wait for their turn or are ordered or obliged to wait for their turn, no matter the distance from that area.

PORT / PORTSIDE

The left side of a vessel when viewed forward. (The right side is called starboard).

PRATIQUE

License or permission to use a port

PRO FORMA INVOICE

An invoice provided by a supplier prior to the shipment of merchandise, informing the buyer of the kinds and quantities of goods to be sent, their value, and important specifications (weight, size, etc.)

PROMPT SHIP

Vessel that can be ready to load at short notice, say within a few delay.