The disposal of old or damaged vessel tonnage by way of sale as scrap metal.
Vessels of the same type and specification.
The International Convention for the Safety of Life at Sea 1974, as amended, adopted under the auspices of the IMO.
An extensive inspection of a vessel by classification society surveyors that must be completed within five years. Special surveys require a vessel to be drydocked.
A spot charter is an industry term referring to both voyage and trip time charters. These charters are referred to as spot charters or spot market charters due to their short term duration, consisting mostly of a single voyage between one load port and one discharge port.
The market for the immediate chartering of a vessel, usually for single voyages.
Liability that is imposed without regard to fault.
Tanker ranging in size from 120,000 dwt to 200,000 dwt. The term is derived from the maximum length, breadth and draft capable of passing fully loaded through the Suez Canal.