CHARTERING TERMS

A| B| C| D| E| F | G | H| I| J| K| L| M| N| O | P| R | S| T| U | V| W

Economic Speed - This is the speed of a vessel producing the best possible financial results for the owners, giving proper consideration to the following:

  1. The prices of bunkers in the ports en route.
  2. Fuel consumption of the vessel at various speeds.
  3. Daily operating costs.
  4. The net freight per ton of cargo.
  5. Operating profit per day.
  6. Subsequent available employment of vesseland anticipated freight.

EIU - Even if Used - Term used in a voyage Charter-Party which provides that time used to load or discharge, as the case may be, during excepted periods is not deducted from the time allowed. A Charter-Party might stipulate that the time does not count from 1700 hours Friday to 0800 hours Monday, even if used. In this case, even if charterers choose to load or discharge in between these hours, the time spent working would not count as laytime.

Endorse a Bill of Lading - To sign over a Bill of Lading to another, thus transferring title to the goods described in the Bill of Lading to that party.

Enrollment (U.S.) - The document issued by the U.S. Government to vessels under  U.S. flag engaged solely in domestic or coastwise trade, as distinguished from the register, which is confined to vessels engaging in foreign trade.

ETA - Estimated Time of Arrival.

ETC - Estimated Time of Completion.

ETD - Estimated Time of Departure.

ETR - Estimated Time of Readiness.

ETS - Estimated Time of Sailing.

EXW - ex. Works - Sales term denoting that the seller is responsible for making the goods available at his works or factory. The buyer bears the cost of loading the goods onto the vehicle(s) and delivering them to the destination. The risk of loss and damage to the goods generally passes from the seller to the buyer at the time that they are made available.

Excepted Period - Period during which any time used to load or discharge does not count for the purpose of calculating demurrage or despatch, other than by prior agreement (see Unless used). Such periods must be expressly stated in the Charter-Party and may include weekends; public holidays and time used shifting from anchorage to berth. It should be noted that, once laytime has expired, time counts during excepted periods in the calculation of demurrage.

Exceptions Clause - Clause in a Charter-Party or Bill of Lading that exonerates the carrying ship from responsibility for damage to cargo from certain named causes such as an act of God or negligence of the master.

Expiry of Laytime - Moment when the time allowed in the Charter-Party for loading and / or discharging, as the case may be, has been used up. If loading or discharging, as the case may be, has been used up. If loading or discharging has not been completed, demurrage or damages for detention become payable.

Extension of a Charter - Prolonging of the period during which a ship is on time charter. An option to extend the charter may be incorporated into the Charter-Party, very often on the same terms but possibly at a different rate of hire.

Extension to the Canceling Date - Agreement by the charterer to a later date than that agreed in the Charter-Party by which a ship must tender notice of readiness to the charterer that she has arrived and is ready to load. If a ship is likely to be delayed in reaching the load port, the shipowner may ask the charterer to extend the canceling date. If the charterer agrees, the contract is amended accordingly. If not, the charterer may have the option to cancel the charter either before the canceling date by mutual consent or after the canceling date within a time specified in the Charter-Party. Alternatively, the shipowner may be obliged to present his ship at the load port, however late.

Extension to Suit Time - An extension by the carrier of the period within which cargo interests must bring a lawsuit for any claim which they may have under the contract of carriage. This extension may be granted at the request of cargo interests when the claim has not been fully quantified and provides the parties with further time to settle the claim out of court.

Extra-length Surcharge - Extra charge set by liner conferences on behalf of their members or applied by shipping lines on cargo exceeding a length specified in their tariff often 40 feet or 12 meters. This extra charge is normally expressed as an amount of money per each ton for each unit of length, for example each foot or part of a foot in excess of the specified length.