defined by the stress necessary to break a material in tension or compression. The stress factor is usually obtained by testing a sample to destruction. … [Read more...]

"Before breaking bulk", that is, before commencing discharge or opening of the ship's hatches. This indicates a time for some formality to take place, e.g., for the payment of freight, before cargo discharge commences. Customarily freight was payable on delivery at the destination and this term made even more certain that the shipowner was to receive payment before the cargo was discharged. Now, advance freight is common and the BBB term is falling into disuse. … [Read more...]

A financial-type of standard-form bareboat charterparty used particularly for new building ships financed by a mortgage. … [Read more...]

A standard-form bareboat charterparty used for existing ships, with or without an existing mortgage. … [Read more...]

Bareboat charter or demise charter The owners lease ("demise") a ship out for an agreed period to a "demise Charterer". The charterers obtain complete control, possession and management of the ship and operate it, for example appointing the master and the crew, as if they are the owner ("disponent owner"). The actual, registered ownership still remains with the owner. In times when building costs are very high shipowners may prefer to defer ordering new tonnage and in that case may resort to chartering suitable tonnage on a bareboat basis, in order to meet their immediate requirements. … [Read more...]

This expression relates to the maximum draught enabling the ship' to pass over a "bar", for example, the Martin-Garcia bar in the River Plate. A "bar" is a restriction in the depth of water, caused by a build-up of sand or silt on the bottom, in a river or across the entrance to a harbour. The quantity of cargo, which can be loaded in the up-river ports of the River Plate, will depend entirely upon the water level at the time when crossing the bar. In the event the vessel has too great a draught, it will be necessary to discharge part of the cargo into lighters, which cargo will have to be … [Read more...]

A Uniform standard-form time charter published by BIMCO. In 1974 another edition included a box-type format for main details and descriptive text for the clauses. BALTIME generally favours the shipowner's side and contrasts the NYPE, the New York Produce Exchange Form of time charter, which tends to favour the charterer's side. … [Read more...]

Twelve frequently fixed routes were chosen and daily reports of actual fixtures (or estimates from a broker panel) on these routes calculated, using a weighted average system, into a statistical index. The weighting indicates the frequency of fixtures on that route. The BFI provides a measure against which BIFFEX contracts can be bought and sold by both shipowners and charterers. … [Read more...]

Situated in London, England, this is the foremost shipping market-place in the world. Shipbrokers meet in the Exchange daily to charter ships and to exchange information. Trade is also carried out in commodities such as grain. The Baltic also lends its name to an "Index", the Baltic Freight Index (BFI). Since 1985 there has been a development of freight futures (BIFFEX), and these are also transacted on the "floor" of the Exchange. … [Read more...]

The dry cargo tramp charter market is usually volatile. Both shipowners and cargo interests may be uncertain about movements in the freight rates. BIFFEX allows shippers, shipowners and charterers to "hedge" against changes in freight rates by buying or selling "future" contracts at an expected price. If, for example, in March, it is expected that freight rates for a particular route will rise by October, the price per contract unit for settlement in October will be higher than the March BIFFEX. … [Read more...]