Glossary

What does LT stand for? What does on-carriage mean? What's a time charter?

Shipping jargon and terminology can be confusing. In this section, we explain the meaning of the most commonly used international shipping terms.

If you still need a specific shipping term explained in detail, simply contact your nearest Safmarine office – we’re happy to help.

V
Vendor
A person or company that supplies merchandise or services to another company.
Vessel sharing agreement
A term agreement between two or more carriers, in which a number of container positions (‘slots’) of equal space are reserved on particular vessels for each participant in the agreement. The number of reserved slots can vary between vessels on the same route, according to vessel type and direction. The number of slots can be used to express the capacity used by a participant on a vessel that is employed by more than one carrier.
Vessel ton
A unit representing the interior capacity of a ship, equal in volume to a register ton.
1 vessel ton = 100 ft3 (2.832 m3)
1 register ton = 2.832 m3 (100 ft3)
Volume rate
A rate applied to a specified volume or weight of freight.