CHARTERING TERMS

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

Ocean Waybill - See liner waybill.

Off Hire - Said of a ship on time charter for which hire money has temporarily ceased to be paid by the charterer, for example because of breakdown of the ship or her equipment.

Off Hire Survey - Inspection carried out at the time a ship is redelivered by a time charterer to a shipowner at the end of the period of the charter. The inspection is carried out to determine whether the ship is in the same condition, wear and tear excepted. as on delivery. The quantity of bunkers is ascertained for comparison with the amounts specified in the Charter-Party. By agreement, the ship is inspected by one surveyor for each of the two parties. Which party pays for the survey and whether the time taken counts for the purpose of calculating hire money are matters agreed in the Charter-Party.

OO - In Owner's Option - Term in a Charter-Party, which stipulates that the shipowner has a choice in specific circumstances. For example, in a voyage charter, the owner may have the option of specifying the exact quantity of cargo to be loaded.

Open - Said of a ship that is available as from a specified date at a particular place to steam to another port. if necessary. to load her next cargo. having discharged the last one.

Open Conference - Liner conference that does not require its member lines to vote on the admission of a new member.

Open Rate - Freight rate negotiated by a shipper or freight forwarder with a shipping line or liner conference for shipping in excess of a minimum agreed quantity of cargo on any one ship. It is lower than the published tariff rate and generally applies to the shipments of one commodity from one pod of loading to one port of discharging.

Orders - Set of instructions given by the shipowner or ship operator to the master of a ship concerning the next voyage. These instructions include the names of the intended ports of loading, bunkering and discharging together with the names, addresses, telephone numbers and cable addresses of the ship's agents at each port, details of the cargo, a schedule of bunkers needed for the voyage is not known. A ship is said to be awaiting orders and the master may be instructed to anchor where he is or to steam in the direction of the area where the shipowner expects to find a cargo.

Original Bill of Lading - Bill of Lading which bears the original signature of the master of a ship or his agent. It is exchanged for the goods at the place of destination of the contract of carriage.

OSB - One Safe Berth - See safe berth.

OSP - One Safe Port - See safe port.

OS&D - Over, Short and Damage Report - See outturn report.

OT - Overtime.

Outsider - See independent line.

Outturn Report - Written statement by a stevedoring company in which the condition of cargo discharged from a ship is noted along with any discrepancies in the quantity compared with the ship's manifest. Also referred to as an over, short and damage report.

Ourturn Weight - Weight of cargo ascertained when it is discharged from a ship. Freight on bulk cargoes is sometimes payable on the basis of this weight.

Overlap - The period of time during which a charterer retains a vessel beyond the stated period of the time charter.

Overage - Cargo discharged in excess of the quantity on the ship's manifest.

Overtonnaging - Situation where there are too many ships generally or in a particular trade, for the level of available cargoes.

Owners Agents - Ship's agent nominated by, and paid by: the shipowner in accordance with the Charter-Party.

Owners Broker - Shipbroker who acts on behalf of a shipowner in the negotiations leading to the chartering out of the owner's ship.

Owners Market - Strong market in favor of Ship Owner's.