Time Charter rate The daily rent the Charterer pays the Shipowner to use the vessel over a specified period of time. It is usually paid every 15th day in advance and includes Capex, Opex (Technical Management) and Crewing. It does not include voyage related items such as Bunkers, Port costs and agents.

FFA Forward Freight Agreement. A derivate contract where the Shipowner or Charterer can hedge against future movements in the freight rate or Time Charter rates. Can be done directly with a counterpart (over-the-counter, OTC) or through a Clearing House/Excange (f.ex. NOS and LCH).

Handymax Dry Bulk vessel type which is geared with cranes, between 40-50,000 dwt and built before 2000.

Handysize Dry Bulk vessel type which is geared with cranes and between 20-40,000 dwt.

Off-hire A period when the vessel is unable to earn hire.

Panamax Dry Bulk vessel type which is not geared and between 65-80,000 dwt. Largest bulk vessel which can pass through the Panama canal, but cannot pass the Suez canal.

Supramax Dry Bulk vessel type which is geared with cranes, between 50-63,000 dwt and built after 2000. Can pass through both the Panama canal and Suez canal.

Technical Management The physical management and daily maintenance of the vessel in operation. Agreements for technical management can be made with and without crewing.