GLOSSARY OF TERMS USED IN THIS WEBSITE
Alphabetical list of terms
ballast
A voyage with no cargo on board to get a ship in position for the next loading port or docking. A ballast tank is a tank that is filled with seawater when a vessel is in ballast, in order to ensure stability.
bareboat (b/b)
The hiring or leasing of a vessel from one company to another (the charterer), which in turn provides crew, bunkers, stores etc. and pays all operating costs.
bunkers
The ship's fuel.
CAP
Condition Assessment Programme. Det Norske Veritas' (DNV) voluntary rating system for vessels describing and quantifying the standards of a vessel.
charterer
Cargo owner or another person / company who hires a ship.
charter-party
Transport contract between ship-owner and shipper of goods.
COA
Contract of affreightment – quantity contract. An agreement between ship-owner and shipper concerning the freight of a defined amount of cargo. The ship-owner chooses the ship.
COFR
Certificate of Financial Responsibility. Certificate required by the US Coast Guard for tonnage transporting oil products in the US economic zone (due to OPA90), to confirm the owner's financial responsibility up to a specified amount for pollution caused in US waters.
crude (oil)
Unrefined oil directly from the reservoir.
daily operating costs
The costs of a vessel's technical operation, crewing and insurance (excluding costs of financing).
demurrage
Money paid to ship-owner by charterer, shipper or receiver for failing to complete loading / discharging within the time allowed according to charter-party.
dry docking
To put a vessel into a dry dock for inspection, repair and maintenance. Normally done on a regular basis every 3 or 5 years.
dwt (deadweight ton)
A measure expressed in metric tons (1,000 kg) or long tons (1,016 kg) of a ship's carrying capacity, including bunker oil, fresh water, crew and provisions. This is the most important commercial measure of the capacity.
FEED
Front-end engineering and design study.
FID
Final investment decision.
FLNG
Floating LNG.
FLNGV
Floating liquefied natural gas vessel.
FSRU
Floating storage and regasification unit.
knot
A measure of the speed of the vessel. 1 knot = 1 nautical mile per hour, that is 1,85 km/h.
LNG
Liquefied natural gas.
MLP
Master limited partnership.
MMBTU
Million British thermal units.
net revenue / time charter (t/c) equivalent
Gross charter income less voyage costs (bunker costs, port, canal duties etc.).
OPA-90
The US Oil Pollution Act of 1990. Federal law imposing regulations on ship-owners trading in US waters.
shipbroker
A person / company who on behalf of a ship-owner / shipper negotiates a deal for the transportation of cargo at an agreed price. Shipbrokers are also active when shipping companies negotiate the purchasing and selling of ships, both second-hand tonnage and newbuilding contracts.
ship management
The technical administration of a ship, including services such as technical operation, maintenance, repair, crewing and insurance.
spot market
Short-term contracts, normally not longer than three months in duration.
Tcf
Trillion cubic feet.
TFDE
Tri-fuel diesel electric.
time charter (t/c)
An arrangement whereby a ship-owner places a crewed ship at a charterer's disposal for a certain period. Hire is customarily paid in advance. The charterer also pays for bunker charges, canal fees, port duties etc.
ton
1,000 kilos (metric ton = 2,204 lb)
voyage charter
The transportation of cargo from port(s) of loading to port(s) of discharge. Payment is normally per day, and the ship-charterer pays for bunker, port and canal charges etc.
voyage costs
Costs of chartering in third party vessels together with canal, port, fuel and other expenses incurred predominantly for vessels that are not on charter.
Units used for natural gas and LNG
| Unit |
Symbol |
Explanation |
| cubic metres |
m3 |
Measure of volume |
| cubic feet |
ft3 |
Measure of volume |
| barrels of oil equivalent |
BOE |
BOE is a unit of energy based on the approximate energy released by burning one barrel (42 US gallons or 158.9873 litres) of crude oil. |
| tonnes of oil equivalent |
TOE |
TOE is a unit of energy defined as the amount of energy released by burning one tonne of crude oil. |
| million British thermal units |
MMBTU |
A BTU is a measure of the energy content in fuel. One BTU is equivalent to 1.06 joules. |
| litres |
l |
Measure of volume |
| tonnes |
t |
Measure of mass |
Conversion factors
|
|
|
← Multiply by → |
|
Tonnes LNG |
cm LNG |
cm gas |
cf gas |
MMBTU |
boe |
| Tonnes LNG |
|
2.222 |
1,300 |
45,909 |
53.38 |
9.203 |
| cm LNG |
0.450 |
|
585 |
20,649 |
24.02 |
4.141 |
| cm gas |
7.692 x 10-4 |
0.0017 |
|
35.31 |
0.0411 |
0.0071 |
| cf gas |
2.178 x 10-5 |
4.8 x 10-5 |
0.0283 |
|
0.0012 |
2.005 x 10-4 |
| MMBTU |
0.0187 |
0.416 |
24.36 |
860.1 |
|
0.1724 |
| boe |
0.1087 |
0.2415 |
141.3 |
4,989 |
5.8 |
|
