IMOS On-Prem - Glossary

ADCOMM

See Address Commission.

A fee paid by the owner to the charterer or the charterer's designee. It may be a rebate on the freight for hire or a discount for frequent business or for not using an agent.

Agent

A business entity handling details, such as paperwork and port expenses, for another shipping business entity.

API Gravity

A measure, from the American Petroleum Institute, of the relative density of petroleum liquids. A liquid with an API gravity greater than 10 floats on water. A liquid with a greater API gravity is less dense than and floats on one with a lesser API gravity.

See IMOS - Glossary#At-the-Money.

American Tanker Rate Schedule; a publication of tanker Freight Rates from the Association of Ship Brokers and Agents. Each route has a flat rate based on a prototype vessel; counterparties agree on a percentage of the rate. Similar to World Scale.

The situation in which an option's strike price equals the price of the IMOS - Glossary#underlying security.

Average method; the default Bunker Calculation Method. The weighted average bunker cost multiplied by the amount consumed in the voyage.

B/L

See Bill of Lading.

Back-To-Back Charter

A charter in which a disponent owner charters out a vessel on terms that are the same (except for rate and similar variables that he controls) as the terms under which the vessel was chartered to him.

Material such as seawater placed in a vessel that is empty of cargo, for stability. The vessel is then in

Ballast Bonus

A lump sum payment for a vessel traveling in ballast to reach a loading port or a delivery port under a charter.

A daily measure of shipping costs for different routes and vessels of different sizes, used for trading and settling contracts. It is issued by the Baltic Exchange, and Trading clients can subscribe to a feed into Market Data.

In IMOS, barges are represented as vessels with Type Code Barge.

BBL

Abbreviation for barrel.

Beam

The width of a vessel at its widest point.

Beaufort Scale

A scale expressing wind force at sea. Good weather is typically defined as below 4 or 5; above that point, the data is ignored for calculating performance.

Berth

The specific place in a port where a vessel is to load and/or discharge.

A written receipt issued by a vessel's Master or a Shipping department that states that cargo has been placed on board. It includes the type of cargo, the amount, and the terms for shipping.

Black (1976)

A modified version of the Black-Scholes model that enables option pricing on future contracts. It is available on the Trading Profile.

A model typically used to price European options.

A synonym for an inland tug. In IMOS, boats are represented as vessels with Type Code Boat.

Broker

A business entity working between an owner and a charterer to arrange for a vessel to charter and/or cargo to ship.

Brokerage

See IMOS - Glossary#Commission.

Bulk Cargo

A homogenous cargo, such as coal or grain, that is stowed loose, not in a container.

(Noun) The fuel used on a vessel, or the tank or compartment for storing fuel.
(Verb) To acquire fuel or load fuel into a vessel's bunkers for its own use (not as cargo). Also known as stem.

A method of valuing the fuel onboard a vessel, so that its cost can be allocated to the voyage in which it is used. It is selected on the Voyage Manager. See IMOS - Glossary#AVE, IMOS - Glossary#FIFO, IMOS - Glossary#LIFO, and IMOS - Glossary#TBM.

Bunker Surcharge

An Extra Freight Term; a way for an owner to make up for an increase in bunker prices.

C/P or CP

See Charter Party.

Cargo

The goods being carried on a vessel.

A long-term sale contract on a Voyage Charter basis; the other side of a VC In COA.

A contract between a vessel owner and a charterer that lists all the terms of their agreement.

Charterer

A business entity getting control of a vessel from another party.

A business entity that clears and settles financial accounts.

COA

See Contract of Affreightment.

Combination Carrier

See Ore-Bulk-Oil Carrier.

A fee for services performed by a broker, also known as brokerage. It is paid by the owner because it is always assumed that business is being brought to the ship. Broker commission is usually 1.25%:

• For a Voyage Charter, of the freight and, in most cases, of deadfreight and demurrage.

• For a Time Charter, of the hire.

A contract for a grouping of cargoes. A long-term agreement or grouping mechanism for a series of cargo liftings in what might be different vessels. See Cargo COA and VC In COA.

CTMS

Custody-transfer measurement system.

Cubic Capacity

Each vessel has two cubic capacities:

• Grain cubic capacity: The maximum space available for bulk cargo, measured in cubic feet or cubic meters. Bulk cargo flows in between the frames and beams.

• Bale cubic capacity: The space available for bagged cargoes, or a general cargo of mixed commodities, measured in cubic feet. Hand-stowed cargo goes to the inside of the frames or to the underside of the beams, not to the skin of the ship.
  
  An example from an actual 25,650 TDW bulk carrier:
  Grain cubic: 1,135,900 in holds
  138,537in wing tanks
  1,274,432total
  Bale cubic:1,090,500 total

Cabling, victualling, and entertainment; see IMOS - Glossary#Gratuities.

Payment for a Time Charter: an amount per day, as opposed to a Freight Rate. It covers crew and maintenance, but not fuel.

Daughter Ship or Vessel

See Lightering Service Vessel.

Daughter Voyage

The voyage of a Lightering Service Vessel.

IMOS - Glossary#Freight payable by a charterer to cover cargo loaded below the amount agreed upon in the contract. Also, an Extra Freight Term: A specific (usually full value) rate for cargo loaded below that agreed-upon amount.

The amount of mass or weight in tons that a ship can carry, including cargo, fuel, stores, fresh water, and crew.

Deadweight Cargo Capacity

The weight-carrying capacity of a vessel, expressed in long tons or metric tons, for a particular voyage, after allowance for fuel, water, stores, and crew, at a particular draft and water density.

Deadweight Scale

A scale on which are plotted the deadweight capacities corresponding to the various drafts of water between light and loaded displacements. This scale is usually included with the vessel's Capacity plan. Also known as Displacement Scale.

DEL

See IMOS - Glossary#Delivery.

The delivery of a vessel to a charterer at the beginning of a Time Charter.

A ratio comparing the change in price of an option to the change in price of its underlying asset, typically a value between -1 and 1. It is available on the Trade Details List.

The sensitivity in days of an option's theoretical value to a change in the price of the underlying asset, calculated using the value of IMOS - Glossary#Delta. It is available on the Trade Details List.

Adjusted days show the impact of the IMOS - Glossary#Delta on the exposure days, where Delta Days show the days that the exposure is reduced.

DEL/REDEL

IMOS - Glossary#Delivery and redelivery.

See IMOS - Glossary#Demurrage.

The money a voyage charterer must pay to the owner for a delay in loading and/or discharging cargo after laytime has expired.

A financial instrument, such as an FFA, whose value changes based on the value of IMOS - Glossary#underlying assets.

DES

See IMOS - Glossary#Despatch.

The money an owner must pay to a voyage charterer if the ship completes loading or discharging before the laytime has expired. Tankers do not do despatch.

Displacement

The weight of a ship and everything it contains, which is the same as the weight of the water it displaces.

A business entity that has control of a vessel's operation through charter or agreement, without owning the vessel.

The distance between the waterline and the bottom of a vessel. It is measured vertically to the lowest part of the hull, propellers, or other projecting point.

DWT

See IMOS - Glossary#Deadweight.

Equipment

In IMOS, Equipment can refer to boats, barges, or a combination of both. See IMOS - Glossary#Tow.

Estimate

See Voyage Estimate.

ETA

Estimated time of arrival.

ETC

Estimated time of completion.

ETD

Estimated time of departure.

ETR

Estimated time of readiness.

Extra charges related to freight, such as those for IMOS - Glossary#Deadfreight or IMOS - Glossary#Overage/Additional Cargo charges.

FFA

See Freight Forward Agreement.

FHEX

A Laytime Term: Fridays and Holidays are Excepted (Excluded) from laytime.

FD

See Free Discharge.

First In First Out; a Bunker Calculation Method that treats bunkers as an asset and depletes the first asset before going on to the next. This is the most accurate method.

FIO

See Free In and Out.

FIOS

See Free In and Out Stowed.

FIOT

See Free In and Out Trimmed.

Fixture

The representation of the full contract that fixes a voyage and a cargo (Voyage Fixture for a Voyage Charter, or Time Charter In or Out Fixture); the completed negotiation that results in a charter party.

FOB