Time charter, The ship is hired for a period of time. It can do many voyages during this time., MOA (Memorandum of Agreement), A contract for buying and selling a ship., Delivery of the vessel, The moment when the ship is handed over to the charterer and the time charter takes its legal effect., Redelivery of the vessel, The moment when the ship is returned to the owner after the time charter ends., On-hire survey, Inspection of the ship at the start of the charter to check its condition., Off-hire survey, Inspection of the ship at the end of the charter to compare its condition., Hire rate, The money paid for using the ship, usually per day., IMO number, A unique ship identification number that never changes., Idle vessel, A ship that is not working or trading., Good vessel, A ship that is technically fit and ready to operate., Load line, A mark showing how deeply the ship can be safely loaded., Ballast voyage, The ship sails without cargo, usually to pick up cargo., Laden vessel, The ship is carrying cargo., Ratings, Crew members who are not officers (sailors, engine crew)., DOP (Dropping Outward Pilot), The pilot leaves the ship when it is leaving the port., DLOSP (Dropping Last Outward Sea Pilot), The last pilot leaves the ship when the vessel is fully out at sea, Trade limits, Areas where the ship is allowed to operate under the contract., Hull and Machinery insurance, Insurance that covers damage to the ship’s structure and equipment.

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