| Aframax | Medium-sized oil tankers capable of flexible trading patterns, considered the workhorse of the industry. Tanker size ranges between 80,000 and 119,999 deadweight tonnes with an average cargo carrying capacity of 0.6 million barrels.
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| Aft | At or toward the rear-most area of a ship. |
| Ballast | A heavy weight that gives a ship stability and improve handling when the vessel is not carrying cargo. |
| Bareboat | The chartering of a bare ship without crew, bunkers or supplies, leaving the charterer to pay all operating costs and assume most of the responsibilities of an owner. |
| Barrel | Common unit of measurement of liquids in the petroleum industry that equals 42 U.S. standard gallons or 35 imperial gallons. |
| BCM | Bow to Center Manifold Length - Distance from bow of a ship to center of the manifold piping. |
| Berth | Area of a port where a ship can be moored. |
| BHP | Brake Horse Power - Power delivered directly by an engine. BHP is a measurement of the true power of the engine rather than a calculated power. |
| Bow | Forward most point of a ship. |
| BTU | British Thermal Unit - Unit measure of energy. One BTU is sufficient energy to heat one pound of water by one degree Fahrenheit. |
| Bunker | Refers to a vessel''s fuel, as well as the area of the ship where it is stored. |
| Buoy | Floating marker, secured to bottom of the sea, which is used as a navigational aid to mariners. |
| Cadet | A student who is training to be a marine officer. |
| Call Sign | Unique sequence of letters and numbers assigned to a ship for identification and communication purposes. |
| CALM Buoy | Catenary Anchor Leg Mooring Buoy - Simple system to which a tanker moors and then either loads or discharges its cargo. Buoy is moored by chains anchored to the seabed.
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| Chartering | Commercial leasing of a vessel or space on a vessel.
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| Chemical Tanker | Specialized variation of a product tanker which can carry several cargo tanks, each with its own pumps and pipelines to ensure cargo segregation and prevent contamination.
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| Class | Classification society which has inspected and certified the vessel from construction, launch and periodically throughout a vessel''s trading life, including re-classification after any incident of grounding, stranding or collision. |
| CNG | Compressed Natural Gas - Natural gas compressed for shipping. |
| CoA | Contract of Affreightment - Contract whereby owner or operator
of a ship agrees to transport a specific quantity of a particular cargo over
a given period of time at agreed intervals or sizes. This arrangement saves
both parties the task of renegotiating a fixture for each cargo movement. |
| Combination Carriers | Ships designed to carry either a liquid cargo or a dry cargo on different voyages. This concept was developed to shorten ballast voyages. |
| Commercial Management | Service where a hired agent operates a ship and receives a fee in return. |
| Conventional Tanker | Crude tankers used for deep sea transportation of unrefined oil from producing countries to refineries, ranging in size from 55,000 to 500,000 deadweight tonnes. |
| Crew | The body of people manning a ship, excluding the master, officers and any passengers. |
| Crude Oil | Crude oil is the naturally occurring rock oil which accumulates in underground fields. It is a fossil fuel consisting of a complex mixture of various hydrocarbons. |
| Deck Officer | Officer responsible for the safe navigation of a ship, as well as communications and safe loading, carriage and discharging of cargo and ship stability. |
| Distillation | Process in oil refining where heat is used to separate the various components of crude oil. Because each component has a different boiling point, gradual heating allows them to be separated through evaporation and collection of the vapors. |
| DP | Dynamic Positioning - DP allows a vessel to remain in the same location, even in harsh weather, through the combined use of rudders, thrusters, propellers, a position reference system and a computer. |
| Draft | Depth to which lowest part of a vessel rests below the water. This determines the minimum depth of water a vessel needs in order to float. |
| Drilling | Process of boring a hole into the earth to remove oil and gas. |
| Drydock | Dock area that is drained of water so a ship can be repaired or serviced below the waterline. Ships are also built in drydocks. |
| DSL | Direct Shuttle Loading - Use of two submerged turret loading systems for direct loading of oil, eliminating the need for a storage vessel. |
| DWT | Deadweight Tonnage - A ship''s total weight (in metric tons) when fully loaded with cargo plus crew, fuel and provisions. |
| Engine Officer | Officers responsible for operation and maintenance of complex electric and mechanical plant and associated control systems throughout the vessel including the main engine, boilers, pumps, electrical generators, refrigeration plant and fresh water generators. |
| Extended Well Test | When oil is discovered the well must be tested to determine flow rates, reservoir performance and fluid/gas composition. In some complex reservoirs, it may be necessary to flow the well for a long time to determine whether a full field development can be economically justified. |
| FFA | Freight Futures Agreement - Agreement where a future freight voyage is agreed upon and paid for today. |
| Fixture | Process of selecting and securing a vessel for use. |
| Flag | Flag of the country where a ship is registered. |
| Fore | Toward or at forward most area of a ship. |
| FPSO | Floating Production, Storage and Offloading - Vessels equipped with processing facilities for separating gas and oil, moored to a single location for an extended period. Oil and gas from offshore wells are transferred to FPSOs through pipes. Once oil has been processed and stored in the hull, shuttle tankers periodically offload it to other locations. |
| FSO | Floating Storage and Offtake - Oil tankers modified to store and transfer oil from a permanently moored location. |
| Futures | A type of contract established to pay today for something that will be delivered at a fixed future date. |
| GRT | Gross Registered Tonnage - The total internal capacity of a ship. |
| Handysize Tanker | A product tanker that ranges in size between 27,000 and 39,999 deadweight tonnes. |
| Heavy Crude | Crude oil that is more difficult to pump and process due to a higher viscosity. |
| Hull | Shell or body of a vessel not including other components such as deck, mast, cabin, keel or rigging. |
| Hydrocarbons | Compounds composed of hydrogen and carbon atoms that release chemical energy when burned, providing an excellent and sought after fuel source. |
| IMO | International Maritime Organization - A United Nations organization that seeks to improve the safety of international marine transportation and prevent marine pollution. |
| ISM Code | Provides an international standard for the safe management and operation of ships and for pollution prevention. This is a regulatory requirement for shipping companies. |
| ISO | International Standards Organization. |
| ISO 14001 | Provides standards on how to manage a company''s activities in a way that minimizes harm to the environment. |
| ISO 9001 | Provides standards any company can use to deliver good quality products or services. |
| Keel | Longitudinal girder at lowest point of a ship, from which the framework is built up. The keel provides ship with stability and structural integrity. |
| KTM | Keel to Top of Mast - Distance measured from bottom of keel to uppermost fixed point of a vessel. |
| Lifting | Process of loading cargo for transport. |
| Light Crude | Crude oil that is easier to pump and process due to a lower viscosity. |
| Lightering | Unloading of cargo from deep draft vessels into smaller vessels that are able to enter shallower ports. |
| Liquefaction | Process that takes clean natural gas and condenses it using a refrigeration process. Temperature of the gas is reduced to a very frigid - 260°F (-163°C), reducing its volume by more than 600 times. At this temperature LNG can be stored and transported as a liquid without having to be pressurized. |
| Liquefied Natural Gas | LNG - Natural gas that has been cooled to - 260°F ( - 163°C), which liquefies it for safer, easier transport. |
| LNG | Liquefied Natural Gas is natural gas that has been cooled to - 260°F ( - 163°C), which liquefies it for safer, easier transport. |
| LNG Carriers | Liquefied Natural Gas Carriers - Specialized ships that carry super-cooled liquefied natural gas. |
| LOA | Length Overall - The distance between most forward point of a vessel''s hull to its most aft. |
| LPG | Liquefied Petroleum Gas Substances, produced in the oil refining process or in conjunction with natural gas processing, and containing butane and propane, liquefied for transport. |
| LR1 Tanker | Long/Large Range 1 Tanker - Product tanker ranging in size between 55,000 and 79,999 deadweight tonnes. Main trade routes are Middle East Gulf to the Far East and Europe, or from northwest Europe to the United States. |
| LR2 Tanker | Long/Large Range 2 Tanker - Product tanker ranging in size from 80,000 to 119,999 deadweight tonnes. Main trade routes are Middle East Gulf to the Far East and Europe, or from northwest Europe to the United States. |
| LTI | Lost Time Injury - Key performance indicator measuring the loss of productive time due to injury. |
| Manifold | Area of a tanker featuring pipes and valves for intake and offloading of cargo. |
| MARPOL | Marine Pollution Act - An international convention concerning the prevention of pollution from ships. MARPOL is administered by the International Maritime Organization. |
| Master | An officer qualified to command a ship. Usually refers to the Captain. |
| MCR | Maximum Continuous Rating - Maximum warranted power an engine can sustain under continuous operation. |
| MR | Medium Range Tanker - Product tanker ranging in size from 40,000 to 54,999 deadweight tonnes. Main trade routes are from the Singapore region to Japan, Caribbean to the US, cross Mediterranean and U.K. Continent, and Northwest Europe to the United States. |
| Natural Gas | Fossil fuel derived from organic materials, such as dead plants and animals, deposited and buried in the earth millions of years ago. When cooled to approximately - 256°F ( - 161°C), it becomes liquefied, or LNG. |
| Newbuilding | New ship under construction. |
| NRT | Net Registered Tonnage - Amount of space on a ship available for cargo. |
| Offshore | Segment of industry that deals with exploration and extraction of oil from undersea deposits. |
| OHSAS 18001 | Occupational Health and Safety Assessment Series - Provides standards to help a company control occupational health and safety hazards for staff. |
| OPA 90 | Oil Pollution Act of 1990 - A U.S. federal law created after the Exxon Valdez disaster that strengthened penalties for pollution of U.S. waters. |
| OPEC | Organization of Petroleum Exporting Countries - A group of 11 oil producing nations, that currently account for approximately 40 percent of global oil production and hold a considerable amount of the world''s existing reserves. |
| Panamax | This tanker ranges in size from 55,000 to 79,999 deadweight tonnes, so named because it is the largest tanker that can transit the Panama Canal fully loaded. Has an average cargo carrying capacity of 0.5 million barrels. |
| PBL | Parallel Body Length - Measure of a hull at its most vertical. This varies with vessel''s draft. |
| Petroleum | Generic term for all forms of oil and oil products, including crude oil, natural gas liquids and unfinished oils. |
| Pilotage | Process of piloting a ship. |
| Port | Left side of a ship as perceived when facing toward the front (bow). Also refers to a shore facility where ships dock to be loaded and unloaded. |
| Post-Fixture Operations | Voyage planning operations that take place after a voyage has been contracted, or "fixed". |
| Product | Refined petroleum product such as gasoline, kerosene or fuel oil. |
| Product Tanker | Highly versatile ships that can carry several different refined petroleum products from refineries to distribution centers without risk of contamination by one another. The interiors of cargo tanks are coated to protect against corrosion, ensure cargo purity and facilitate tank cleaning. |
| Production | Stage in the industry where oil and gas are extracted and prepared for transport. |
| Refining | Processing and manufacturing of petroleum products out of crude oil and other hydrocarbons. Refining begins with simple distillation, and then additional processes are done to minimize the production of heavier/lower value products, such as residual fuel oil, in favor of lighter/higher value products such as gasoline. |
| Regasification | Process that occurs after LNG has been shipped and transferred to a storage tank. It is then warmed to convert it back into natural gas for distribution via pressurized pipeline to residential, commercial and industrial users. |
| Reserves | Reservoirs of oil and gas considered to be economically and operationally feasible to extract and refine. |
| Safety Case | Some countries such as Canada, Australia, Norway and the UK require a Safety Case to be developed before permission is given to develop and operate an oil field. Various safety studies are conducted and reviewed. If approved, the oil company is allowed to operate the oil or gas field providing all conditions of the Safety Case are and continue to be met. |
| SAL | Single Anchor Loading - Consists of a single or double mooring line attached to a suction anchor or pile on the seabed. A swivel stands on top of anchor. The oil flow is carried through a flexible hose up to the ship, which "weathervanes" freely around the anchor point. |
| SAP | Single Anchor Production - Involves placing a multi-path production swivel on a seabed anchor. Can be used in most water depths and is expected to have a large potential in combination with subsea production equipment. |
| SCOS | Submerged Crude Oil Storage - This Teekay-designed system stores crude oil underwater in an inflatable balloon-type structure made of a flexible polyester fabric, with a coating impervious to seawater and oil. |
| Ship-to-Ship Transfer | The unloading of cargo from large vessels into smaller vessels that are able to enter smaller ports. |
| Shuttle Tanker | Shuttle tankers are specially equipped for shipping oil from offshore production facilities to onshore oil terminals, especially in harsh weather conditions. |
| SOLAS | Safety Of Life At Sea - Passed in 1914 after sinking of the Titanic, SOLAS is an international convention that sets out rules and regulations to ensure ships are safe. |
| Sour Crude | Crude oil with a high sulphur content. |
| Spot Charter | A type of arrangement when a charterer fixes a vessel for a single laden voyage from one or more load ports to one or more discharge ports. The owner receives freight either on a dollar per ton basis or on a lump sum basis. |
| Starboard | Right side of a ship as perceived when facing toward the front. |
| Stern | The rear-most part of a ship. |
| STL | Submerged Turret Loading - System consisting of a submerged and moored buoy which can be pulled into the bottom of a tanker. The loading hose runs through the buoy to a rotating connector, which allows ship to "weathervane" freely around the anchor point, remaining "bows-on" to wind and waves. |
| Suez Net Tonnage Volume | 100 cubic feet = 1 ton of cargo carrying capacity assigned to a vessel by the Suez Canal Authority, issued on vessel''s first transit of canal. The tonnage is used to calculate fees and tolls. |
| Suezmax | Tankers that are slightly larger than Aframaxes, named for their status as the largest size oil tanker able to travel fully laden through the Suez Canal. Tanker ranges between 120,000 and 199,999 deadweight tonnes, with an average cargo carrying capacity of 1.0 million barrels. |
| Superintendency | Practice of overseeing a project or ship as the authorized representative of a customer. |
| Sweet Crude | Crude oil that has a low sulphur content. Typically refined into gasoline and is in high demand. |
| SWL | Safe Working Load - Safety factor assigned to a load-bearing tool (wire, rope, crane, etc.) below its breaking strain to ensure safety of operation. |
| Technical Management | Service where a hired agent operates a ship and receives a fee in return. |
| Terminal | An area where a ship''s cargo is loaded or unloaded. |
| Time Charter | Enables a charterer to cover shipping requirements at a fixed price other than bunker and port costs. Ship owner receives a fixed rate of hire (per day) which provides a stable cash flow over the agreed period of time. |
| Ton | Equivalent to 2,240 pounds. |
| Ton Mile | Equivalent to transporting one ton of cargo over a distance of one mile. |
| Tonnage | Cubic capacity of a ship. |
| Tonne | Metric ton equivalent to 1,000 kilograms. |
| Towage | Act of towing a ship. |
| TPC | Tons per centimeter - Number of metric tons that must be added to or deducted from a ship to change its draft by one centimeter. |
| Turret | An attachment for a Floating Storage and Offtake vessel or Floating Production, Storage and Offloading vessel that allows vessel to rotate around its mooring according to direction of wind and current. |
| ULCC | Ultra Large Crude Carrier - A conventional tanker of 320,000 deadweight tonnes or more. The average cargo carrying capacity is above 2 million barrels. |
| VECS | Vapor Emission Control System - During ship / shore transfer operations, the VECS collects the vapors released and conveys them to emission control plant. |
| Vessel Questionnaire | Form used to collect vessel information for the purpose of determining its suitability for a customer''s specific transport needs. |
| Vetting | Process whereby a ship is assessed for acceptance or accreditation by a customer or other interested parties to ensure that the ship meets their safety, quality and environmental requirements. |
| VLCC | Very Large Crude Carrier - The size range of this conventional tanker is between 200,000 and 319,999 deadweight tonnes. The average cargo carrying capacity is 2.0 million barrels. |
| VOC | Volatile Organic Compounds - A mixture of light-end components of crude oil - methane, ethane, propane, butane, etc. that are released from crude oil during crude oil transfers or transportation. Teekay has planned and built several VOC recovery plants, and is now operating these units on shuttle tankers for oil companies. |
| World Scale | First introduced during World War II, and subsequently developed and refined, world scale is a system whereby a tanker can obtain the same net return per day at the same world scale percentage regardless of the voyage actually undertaken. |
| Yard | Shipyard at which vessels are built. |