CHARTERING TERMS

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TA Round - Transatlantic round voyage.

Tariff - Schedule of charges. such as the freight tariff of a shipping line or conference, in which are published freight rates, generally for a wide variety of commodities.

TBA - To be advised.

TBN - To Be Nominated - Said in respect of a voyage for which a specific ship has yet to be designated by the shipowner or shipping line.

Tender Notice of Readiness (to) - As master of a ship to present cargo interests or their agent with written notice that the ship has arrived and is ready to load or discharge, as the case may be. some charter parties provide that this notice may be offered at certain times only, for example during office hours.

TEU - Twenty Foot Equivalent Unit - Unit of measurement equivalent to one 20 foot shipping container. Thus a 40-foot container is equal to two t.e. u.s. This measurement is used to quantify for example, the container capacity of a ship, the number of containers on a particular voyage or over a period of time, or it may be the unit on which freight is payable.

Through Bill of Lading - Bill of Lading issued by a shipping line for a voyage requiring on-carriage, thus involving at least one transshipment. According to the particular contract, the issuer of the Bill of Lading may be responsible for the goods throughout the voyage or only for one leg, acting as agent for the on-carriage. Often referred to simply as a through bill.

Time - Frequently used term to mean laytime.

Time Charter - The hiring of a ship from a shipowner for a period of time. Under this type of contract, the shipowner places his ship, with crew and equipment, at the disposal of the charterer, for which the charterer pays hire money. Subject to any restrictions in the contract, the charterer decides the type and quantity of cargo to be carried and the ports of loading and discharging. He is responsible for supplying the ship with bunkers and for the payment of cargo handling operations, pod charges, pilotage, towage and ship's agency. The technical operation and navigation of the ship remain the responsibility of the shipowner. A ship hired in this way is said to be on time charter.

Time Charterer - A person or company who hires a ship for a period of time.

Time Charter-Party - A document containing the terms and conditions of a contract between a charterer and a shipowner for the hire of a ship for a period of time.

Time Lost Waiting for Berth to Count - A Charter-Party expression which denotes that the laytime are to start from the time the Notice of readiness is presented by the master to the charterer's agent, ever, though vessel is held up because no berth is available.

Time reversible - Overall calculations of laydays, in loading and discharging in a voyage Charter-Party. Time saved in loading can be made up fro time lost, if any, in discharging or vice versa.

Time Sheet - Statement, drawn up by the ship's agent at the loading and discharging ports, which details the time worked in loading or discharging the cargo together with the amount of laytime used. This latter figure, when compared with the time allowed in the voyage Charter-Party, is used by the shipowner and charterer to calculate demurrage or despatch, as the case may be.

Time to Begin on Arrival - A Charter-Party clause referring to the laytime in the strict sense that time is to count immediately on rival at the port of loading or discharging irrespective whether a berth is available or not.

Ton Mile - Unit cargo ton/distance carried and covered. This is arrived at as follows. if two tons of merchandise are carried for 25 miles, then the "ton mile" will be 2 x 25 or 50 ton miles.

TPC - Tons per Centimeter - A quantity, for example of cargo or fuel, needed to immerse a ship one further centimeter. This quantity varies not only ship by ship but also according to the quantity already on board.

TPD - Tons per Day - The quantity of cargo loaded or discharged each day. The time allowed by a shipowner to a charterer for loading or discharging, known as laytime, is often expressed as a number of tons per day.

TPI - Tons per Inch  - A quantity, for example of cargo or fuel, needed to immerse a ship one further inch. This quantity varies not only ship by ship but also according to the quantity already on board.

Turn Round Time or Turnround or Turnaround Time - Time between a ship arriving in port and sailing.

Turn Time - Time during which a ship waits for a berth.