Ballast - (a) the material (usually water in ballast tanks) used to stabilise a vessel when partially loaded or empty, (b) In Ballast - term to describe vessel sailing empty to next loading port. BENDS - Abbreviation for 'both ends'. Used when any loading and discharging term for a vessel is the same for both loading and discharging operations. BFI - Baltic Freight Index - an index reflecting a composite number of routes, issued on a daily basis. BIFFEX - Baltic International Freight Futures Exchange -exchange on which freight future contracts are traded and the BFI is published. Bill of Lading (B/L) - Document serving three functions: (1) receipt for cargo prepared by the shipper and signed by the carrier; (2) 'document of title' to the cargo i.e. proof of ownership; and (3) provides evidence of terms and conditions of the contract of carriage of cargo by sea. Brokerage - the remuneration for brokers' time and effort in negotiating the Charter Party (qv); expressed as a % of freight or hire payment received by shipowner. Brokerage - the remuneration for brokers' time and effort in negotiating the Charter Party (qv); expressed as a % of freight or hire payment received by shipowner. Bunkers - term for fuel used by a vessel.
Bunker Clause - Time Charters stipulate that charterer accepts & pays for all fuel on the vessel at port of delivery; on redelivery owner shall pay for any fuel remaining on board. Bunker Escalation / De-escalation Clause - in a COA it is sometimes usual to link freight rate to market price of bunkers at time of fixing, in order to adjust freight rate in line with bunker price movements at time of each shipment. C & F / CFR - Cost and Freight - method of selling cargo where seller pays for loading costs and ocean freight. Capesize - a ship of about 80,000 DWT. (A vessel which is too large to transit the Panama Canal and thus has to sail via Cape of Good Hope from Pacific to Atlantic and vice versa.) Charter Party - document containing details...
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