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.

 

Bulbous bow (BB). The shape of the foremost portion of the ship, the bow, in the form of a rounded bulb instead of the traditional V shape, in order to reduce hull resistance and its effect on speed in the water.

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.

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.

Both ends (Bends). This expression is frequently used when negotiating for the chartering of a ship, as regards rate of loading and discharge; loading and discharging expenses; appointment of charterers' or owners' agents at port of loading/discharge, etc. This term implies that the arrangements agreed upon apply both at the loading and discharging port(s).

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.

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.

Break bulk cargo. This is cargo carried on board traditional, conventional general cargo ships. The cargo is loaded and discharged one piece at a time (heavy cargoes) or a few pieces at a time, such as a number of bales or drums or a bundle of steel sheets.

 

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.

 

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

 

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.

 

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".

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.