Blue Certificate. This is a document that may be carried by a ship; it indicates that the shipowner has entered into an agreement with the ITF (the International Transport Workers' Federation) that the crew are being paid wages and salaries, which are specified by the ITF.

Basis of calculation: All rate calculations, which are made in U.S. dollars, are per tonne for a full cargo for the standard vessel based upon a round voyage from loading port or ports to discharging port or ports and return to first loading port using the under-mentioned factors.

Back haul. This may be a diversion for a tanker to move cargo on the return leg of a voyage in order to minimise the ballast mileage.

Baltic Exchange. 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.

 

Berth rates or liner rates. These expressions relate the freight rates applying to shipments by regular lines engaged in the trade in question. These freight rates become "standard" for a particular liner route and particular cargo.

 

Bill of health. The Bill of Health is the certificate that used to be issued by the local authorities indicating the general health conditions in the port of departure or ports of call.

BB. This abbreviation can be and is used for a variety of different terms such as: "Ballast Bonus", "Below bridges", "Breaking bulk" and "Bulbous bow".

Booking office. Conference lines, operating in certain trades, may decide to establish a booking office to take bookings and also ensure that each line carries its agreed share. Shippers may not be permitted to insist on carriage by a specific line although the booking office may try to meet shippers’ wishes in this respect as much as possible.

 

Box rates. This is the freight rate for the carriage of a container, usually irrespective of the cargo in the container although some conferences and liner operators may offer their services on a box commodity rate.

 

Bona fide. "Good faith”. This is a legal term that comes from the Latin language and suggests honesty or sincerity. For example, in negotiations for a charter fixture one side must give bona fide information about the ship or the cargo to the other side.

 

Breach of contract. A contract contains obligations of each of the parties to the agreement. If these obligations are not carried out or not performed or, if performed badly, a breach of contract occurs.

Broker. In the context of chartering, the most common "broker" is a "shipbroker". In general, in shipping, a broker is a person who acts as a "middleman" between two parties and negotiates the terms of a contract into which the two parties enter. The broker acts as an agent and usually represents only one of the parties, negotiating with the other party directly or with another broker representing the other side. In addition to a shipbrokerwho can be an owner's broker or a charterer's agent negotiating a charter.

Bonding. This is an operation that was performed (and can still be used in some ports) on oil tankers to prevent electrical discharges caused by a difference of discharged.

Bulkheads. These are steel divisions across the vessel either transversely or fore and aft. The functions of bulkheads are:

Brokerage (or Commission). It is customary to express the remuneration for the broker's time and efforts in negotiating and arranging the contract as a certain percentage of the money earned by the shipowner. (In marine insurance, the broker is generally paid a commission by the underwriter although the assured is the broker's client and the services are for the client.) In shipbroking, the term "brokerage" is generally preferable instead of "commission" because the latter term is usually related to the charterer's reward as "address commission".

share with us