The disposal of old or damaged vessel tonnage by way of sale as scrap metal.

Sister ship

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.

Special survey

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.

Spot charter

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.

Spot market

The market for the immediate chartering of a vessel, usually for single voyages.

Strict liability

Liability that is imposed without regard to fault.

Suezmax tanker

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.