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.

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.

 

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

Back Letter. Back letters may be drawn up to complement a contract in order to lay down rights and/or obligations between both contracting parties, which, for some reason or other, cannot be included in the original contract. This expression is also used for “letters of indemnity”.

 

BARECON "B". A financial-type of standard-form bareboat charterparty used particularly for new building ships financed by mortgage.

 

Blockade. Belligerent powers have the right of blockade, i.e., the right to blockade enemy ports or coastal territory for ocean shipping by military measures.

The blockade must be respected by neutral states. Running a blockade, if unsuccessful, may entail boarding and searching for contraband and confiscation of ship and cargo.

 

Barrel (Bbl). A unit of measurement of liquid cargoes, usually oil. One bbl contains 34.97261 Imperial gallons or 42 U.S. gallons, or 1 cubic metre of oil measures 6.29 bbls. If the specific gravity of the oil is 0.8, one tonne of oil will be approximately 7.9 bbls

 

Black list. Because oil tankers frequently load oil from Islamic countries these countries may place certain ports on a "black list" such as Israeli or South African ports, and if tankers are known to have called at ports in those countries, the tankers' names are on this black list and the ship can be boycotted and refused entry or cargo.

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.

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.

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