Open registry. This is a system whereby a country may allow ships to be registered there and fly the country's flag without the real owner having any definite connection with the country. The phrase is similar to "Flag of Convenience" but that phrase is more often used in a critical manner, for example by the ITF.

 

Out of pocket expenses. The out of pocket expenses of a vessel in operation only cover the extra expenses which are incurred in comparison with a vessel lying idle in the home port. Wages, food, etc., as well as depreciation charges in full can be deducted from the running costs of the vessel in operation, in order to arrive at the out of pocket expenses.

 

Owner's broker. The shipbroker whose services are used by a shipowner alone in a negotiation. This contrasts with a charterer's agent or broker, who represents only the charterer.

 

Owners’ agents. If the consignment clause in a charterparty provides for charterers’ agents to be employed at ports of loading or discharge, it is in owners’ interests to appoint their own agents who can assist the matter in any controversy which may arise. Ordinarily charterers’ agents will protect their principals’ interests first and owners’ interests second. Should difficulties arise, the master should be in a position to apply to owners’ agents who are familiar with the custom of the port. Owner’s agents may be called “protecting agents”.

 

Page 2 of 2
share with us