TAKING INWARD PILOT

A point of delivery on to a time charter. The vessel’s delivery commences with the pilot boarding the ship. If weather is bad pilot may not be able to board the vessel. Hence the ship cannot be considered to be delivered. This term therefore favours the charterer, whereas “arrival pilot station” is favourable to the shipowner.

TARE WEIGHT

The weight of a container and packing materials without the weight of the goods it contains.

TEN PERCENT BAGS FOR SAFE STOWAGE

Some C/Ps stipulate that if a charterer loads in bulk, e.g., grain, 10% of the cargo must be laoded in bags to bring the ship down to her marks.

TENOR

The term fixed for payment of a draft.

TERMS OF SALE

The invoice is the sales contract between buyer and seller and indicates the Terms of Sale.

THROUGH BILL OF LADING

A single bill of lading converting both the domestic and international carriage of an export shipment. An air waybill is essentially a through bill of lading used for air shipments. However, ocean shipments usually require two separate documents -- an inland B/L for domestic carriage and an ocean B/L for international carriage. Through bills of lading are insufficient for ocean shipments.

TIME CHARTER

Employment of a vessel for a specific period of time, say, 2 months. The charterer has no possession or control of the ship. The shipowner receives “hire” payments from the charterer, usually so-much per day or pro-rata paid semi-monthly or monthly in advance. Also called “period charter”.

TIME LOST WAITING FOR BERTH TO COUNT AS LOADING / DISCHARDING TIME or AS LAYTIME

If the main reason why NOR can not be given is that there is no loading/discharging berth available to the ship the laytime will commence to run when the ship starts to wait for a berth and will continue to run, unless previously exhausted, until the ship stops waiting. The laytime exceptions apply to the waiting time as if the ship were at the loading/discharging berth provided the ship is not already on demurrage. When the waiting time ends time commences to count and restarts when the ship reaches the loading/discharging berth subject to say notice time if provided for in the C/P, unless the ship is by then on demurrage.

TIME SHEET

In order to calculate the time used for loading or discharging a time sheet is drawn up from the statement of facts to determine if any demurrage/dispatch in payable.

TON PER INCH / CENTIMETRE

The weight which must be added to, or taken from, a ship in order to change its mean draft by one inch or one centimeter.

TONNAGE

Gross Tonnage - Total internal carrying capacity of a vessel expressed in measurement tons (one measurement ton = 100 cu. ft.).

TOTAL COMMISSION

Total of (a) address commission [adcom] to charterer plus (b) brokerage to shipbroker.

TRADING LIMITS

Limits or restrictions imposed by the shipowner on a time charterer’s freedom to nominate ports to ensure that a list of places considered unsafe is excluded. Usually followed by the words “within Institute Warranty Limits”.

TRANSIT SHIPMENT

A term designating a shipment destined for an interior point or a place best reached by reshipment from another port.

TRANSSHIPMENT

To transfer from one ship or conveyance to another for further transit.

TRIMMING

The operation of shoveling grain, coal and other bulk cargoes to the wings or ends of the holds when loading.

TRIP-TIME CHARTER

A vessel chartered on time charter terms but for a specific voyage and expected duration. The charterer pays hire instead of freight and the contract is that of a time charter.

TURN ROUND TIME

Time taken to discharge and/or load a ship at a terminal.

ULLAGE

Historically quantity a cask or drum lacks of being full. Nowdays the term is used for tankers or oil storing tanks representing empty spaces.

ULTRA LARGE CRUDE CARRIERS

Tankers above 320,000 tonnes dwt.

UNLESS SOONER COMMENCED

Time actually used before commencement of laytime shall count.

UNLESS USED

This refers to the counting of laytime and exceptions to laytime such as Sundays and holidays. If work is carried out during the expected days the actual hours of work only to count as laytime.

VALUATION CLAUSE

The clause in the Marine Policy that contains a fixed basis of valuation agreed upon by the Assured and the Underwriter and which establishes the insured value of the merchandise. The Clause determines the amount payable under any recoverable loss or General Average contribution.

VERY LARGE CRUDE CARRIERS

Tankers in the range of 160,000 to 319,000 dwt.

VESSEL

Every description of watercraft or other artificial contrivance used, or capable of being used, as a means of transportation on water.

VOYAGE CHARTER

Employment of a vessel for a specific and certain voyage to load at one or more named ports to be carried to a named discharging port or ports. The owner’s remuneration is known as freight calculated on the amount of cargo carried. Voyage C/P contains laytime and demurrage/dispatch clauses.

WAR RISKS

Those risks related to two (or more) belligerents engaging in hostilities, whether or not there has been a formal declaration of war. Such risks are excluded by the F.C.&S. (Free of Capture and Seizure) Warranty, but may be covered by a separate War Risk Policy, at an additional premium.

WAREHOUSE RECEIPT

A receipt supplied by a warehouseman for goods he has placed in storage.

WAREHOUSE-TO-WAREHOUSE CLAUSE

The clause in the Cargo Policy that defines when coverage commences and terminates. It is the intent of the policy to attach at the time the goods leave the warehouse of origin named in the Policy, and to continue while the goods are in due course of transit until delivered to the warehouse of destination named in the Policy, where it terminates.

WEATHER PERMITTING

That time during which weather prevents working shall not count as lay time.

WEATHER WORKING DAY

A working day or part of a working day during which it is possible (if the vessel is loading / discharging) to load of discharge the cargo without interference due to weather. If such interference occurs (or would have occurred if work had been in progress) there shall be excluded from laytime a period calculated by reference to the ratio which the duration of the interference bears to the time which would have or could have been worked but for the interference.

WHARFAGE

A charge assessed by a pier or dock owner for handling incoming or outgoing cargo.

WHETHER IN BERTH OR NOT or BERTH NO BERTH

If the location named for loading/discharging is a berth and if the berth is not immediately accessible to the ship NOR can be given when the ship has arrived at the port in which the berth is situated.

WHETHER IN FREE PRATIQUE OR NOT

With the insertion of this phrase, NOR can be tendered even if the health clearance formalities are not completed.

WHETHER IN PORT OR NOT

The vessel need not exactly be within the port limits for NOR to be tendered. If is possible to do this if the vessel has arrived at the usual waiting place for the vessel to become an arrived ship.

WITH OUT GUARANTEE

By the use of this phrase the shipowner is not bound by the veracity of the statement. The phrase is commonly used during negotiations in order to guard all parties involved in the transactions.

WORKING DAY

Day or parts of a day which are not expressly excluded from laytime by the C/P and which are not holidays.

WORLDSCALE

Scale by which tanker freight rates are quoted.