Shipment Terminology

knot

The term “knot”, in reference to currents, is defined as one nautical mile per hour and is used to measure speed. A nautical mile is slightly more than a standard mile.

1 nautical mile = 1.15 miles = 1.85 kilometers
1 knot = 1.15 miles per hour = 1.85 kilometers per hour

reference: know more about knot

Marine Gas Oil (MGO):

MGO is a distillate fuel that naturally has a low sulfur content, often below 0.1%

Very Low Sulphur fuel Oil (VLSO):

It is a type of fuel the Sulphur content not exceeding 0.50%

Laden:

A vessel that is carrying cargo or is fully loaded with cargo

Ballast:

Ballast is extra weight added to a ship when it unloads its cargo – without it, the ship would pop out of the water like a cork and could become unstable

Tanker:

It is any vehicle that carries liquids or gases in bulk

INTERTANKO:

International Association of Independent Tanker Owners it is an association

Questionnaire 88 (Q88):

Q88 is an industry standard for chartering questionnaires for tanker information used for commercial vetting purposes

International Maritime Organization (IMO):

It is the United Nations specialized agency with responsibility for the safety and security of shipping and the prevention of marine and atmospheric pollution by ships

IMO Number:

It is the unique number (7 digit) assigned to ship by IMO to help prevent maritime fraud.

Statement of Facts (SOF):

The Excel master of the ship's activity with its timing and fuel readings

Charter party:

A charterparty (sometimes charter-party) is a maritime contract between a shipowner and a "charterer" for the hire of either a ship for the carriage of passengers or cargo, or a yacht for leisure

Time Charter Party (TCP):

it is a contract between a ship owner and a charterer. In a TCP, the ship owner is responsible for the ship's crew members

Bareboat Charter Party:

By this type of charter, the shipowner leases his entire vessel and the charterer has the responsibility of operating it as though it were his own vessel
Know more about charter party

End Of Sea Passage (EOSP):

It refers to the time when a vessel records that it has arrived after a voyage.

Commencement of Sea Passage (COSP):

If refers to the initiation of a vessel's journey at sea