ISM Code – The International Management Code for the Safe Operation of Ships and for Pollution Prevention, as adopted by the IMO.

Metric Ton – A metric ton of 1,000 kilograms.

Newbuilding – A newly constructed vessel.

OPA – The United States Oil Pollution Act of 1990 (as amended).

Orderbook – A reference to currently placed orders for the construction of vessels (e.g., the Panamax orderbook).

Panamax – A dry bulk carrier of approximately 60,000 to 79,999 dwt of maximum length, depth and draft capable of passing fully loaded through the Panama Canal.

Post-Panamax – A dry bulk carrier having a carrying capacity of 80,000 dwt to 109,999 dwt.

Protection and Indemnity Insurance – Insurance obtained through a mutual association formed by ship-owners to provide liability insurance protection from large financial loss to one member through contributions towards that loss by all members.

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

Short-Term Time Charter – A time charter which lasts less than approximately 12 months.

Sister Ships – Vessels of the same class and specification which were built by the same shipyard.

SOLAS – The International Convention for the Safety of Life at Sea 1974, as amended, adopted under the auspices of the IMO.

Special Survey – The inspection of a vessel by a classification society surveyor which takes place a minimum of every four years and a maximum of every five years.

Spot Market – The market for immediate chartering of a vessel usually for single voyages.

Strict Liability – Liability that is imposed without regard to fault.

Time Charter – Contract for hire of a ship. A charter under which the ship-owner is paid charter hire rate on a per day basis for a certain period of time, the shipowner being responsible for providing the crew and paying operating costs while the charterer is responsible for paying the voyage costs. Any delays at port or during the voyages are the responsibility of the charterer, save for certain specific exceptions such as loss of time arising from vessel breakdown and routine maintenance.

Ton – A metric ton of 1,000 kilograms.

Weighted Average Age – The weighted average age of a fleet is the sum of the age of each vessel in the fleet in each year from its delivery from the builder, weighted by the vessel’s dwt in proportion to the total dwt of the fleet for each respective year.

Very Large Ore Carrier (VLOC) – Very large ore carrier having a carrying capacity of more than 200,000 dwt.

Voyage Charter – Contract for hire of a vessel under which a shipowner is paid freight on the basis of moving cargo from a loading port to a discharge port. The shipowner is responsible for paying both operating costs and voyage costs. The charterer is typically responsible for any delay at the loading or discharging ports.