Welcome to the Braemar Shipping Services Glossary. This contains terminology used in the shipping industry.

Ship Management

The technical administration of a ship, including services like technical operation, maintenance, repair, crewing and insurance.


A person/company who on behalf of shipowner/shipper negotiates a deal for the transportation of cargo at an agreed price. Shipbrokers are also active when shipping companies negotiate the purchasing and selling of ships, both second-hand tonnage and newbuilding contracts.

Shuttle tanker

Tanker carrying oil from offshore fields to terminals.

Spot market

Short term contracts for voyage, trip or short term time charters, normally no longer than three months in duration.


A general term applying to the largest size of tanker that may transit the Suez Canal fully laden. Also called a million barrel vessel. Our definition being a tanker of between 125,000 and 199,999 dwt (inclusive).

To search the glossary please click A-Z to browse by initial, or click 'ALL'. Initials that have no glossary entries are greyed out.

AMEG: Middle East Gulf
USAC: US Atlantic Coast
USG: US Gulf
WAF: West Africa
TCE: Time Charter Equivalent
WS: Worldscale
TEU: Twenty Foot Equivalent Units