Glossary

An inexact term, but normally taken to mean a bulk carrier of about 43,000-55,000 DWT. A super Handymax is about 50,000-60,000 DWT.

An inexact term, but normally taken to mean a bulk carrier of about 20,000 to 35,000 DWT.

International Association of Classification Societies (IACS) is an association of 11 classification societies. These Societies establish and apply technical requirements for the design, construction and survey of marine-related facilities, principally ships and offshore structures. These requirements are published as classification rules. Classification rules are developed to contribute to the structural strength and integrity of essential parts of the ship’s hull, and its appendages, and the reliability and the function of the propulsion and steering systems, power generation and those other features and auxiliary systems which have been built into the ship in order to maintain essential services on board for the purpose of safe operation of the ship. Classification surveys are carried out by qualified surveyors using mainly visual inspection and sampling techniques. Classification societies may also act as Recognised Organisations for Flag States, verifying the same vessel’s compliance with international and/or national statutory regulations.

The International Council of Cruise Lines (ICCL) is a trade organisation whose mission is to participate in the global regulatory and policy development process to ensure a safe, secure and healthy cruise ship environment.

The International Chamber of Shipping (ICS) is the international trade association for merchant ship operators and represents the collective views of the industry from different nations, sectors and trades.

The International Labour Organisation is the United Nation’s specialised agency which formulates international labour standards in the form of Conventions and Recommendations setting minimum standards of basic labour rights.

The International Maritime Organization (IMO) is the United Nation’s specialised agency that is responsible for prescribing international standards for safety of life at sea, marine security and protection of the marine environment.

The International Maritime Satellite (INMARSAT) organisation operates a constellation of geostationary satellites that extend mobile phone, fax and data communications to every part of the world, except the poles. INMARSAT provides telephony and data services to users world-wide, via special digital radios called "terminals". An INMARSAT terminal contacts the satellite and communicates to a ground station through the satellite. Ship-owners and managers, connected to an INMARSAT satellite, can dial into the international telephone network and send data over the internet.

The International Association of Dry Cargo Ship-owners (INTERCARGO) represents the interests of owners, operators and managers of dry cargo shipping and works closely with the other international associations to promote a safe, high quality, efficient and profitable industry.

Issued where there exists a “transfer of ownership” request with Cayman for a vessel that is not on its Register and negotiations and/or paperwork and the like are not yet concluded between the buyer and seller but the buyer (expected owner) is eligible to qualify and intends to register the vessel in Cayman.

The International Association of Independent Tanker Owners (INTERTANKO) is a forum where the industry meets, policies are discussed and statements are created to represent the interests of independent tanker owners and operators of oil and chemical tankers.

International Oil Pollution Prevention 

The International Shipping Federation (ISF) is an international employers' organisation dedicated to maritime manpower issues, providing advice and guidance to members on industrial relations issues.

International Safety Management 

The International Safety Management Code requires development and implementation of a safety management system which addresses all of a company’s activities onshore and on board its ships. The Code places the responsibility for the safety of ships and the prevention of pollution where it truly lies, within the company management structure. This means that the whole organisation is responsible for safety, not just the ship’s master or shore-based manager. This code is mandatory and falls under SOLAS Chapter IX.

International Ship and Port Security

The International Ship and Port Facility Security Code is a comprehensive set of measures designed to enhance the security of ships and port facilities, developed in response to the perceived threats to ships and port facilities in the wake of the 9/11 attacks. The ISPS Code is given force through Chapter XI-2 of SOLAS. The Code has two parts, one mandatory and one recommended. In essence, the Code takes the approach that ensuring the security of ships and port facilities is a risk management activity and that, to determine what security measures are appropriate, an assessment of the risks must be made in each particular case. The purpose of the Code is to provide a standardised, consistent framework for evaluating risk, enabling governments to offset changes in threat with changes in vulnerability for ships and port facilities through determination and implementation of appropriate security levels and corresponding security measures.

International Ship Security Certificate 

International Tonnage Certificate 

The International Transport Workers' Federation (ITF) represents transport workers worldwide and promotes their main interests (working conditions, remuneration and benefits) through global campaigning and solidarity. The ITF is one of the world's oldest and largest labour unions. Created in 1896, the federation now represents more than 5 million workers in 137 countries. For 50 years, it has campaigned against the so-labeled “flags of convenience” system.

Limitation of Liability for Marine Claims 

A physical marking on a ship’s hull indicating the maximum depth to which a ship is entitled to be loaded in a particular circumstance. The international standard for determining load lines is set by the Load Line Convention 1966, as amended. This ensures a minimum of buoyancy above the water line.

Lloyds Register of Shipping 

Life saving Appliances 

Maritime Administration of the Cayman Islands (MACI), is a statutory corporation formed as a separate legal entity under the Maritime Authority of the Cayman Islands Law (2005) which came into effect on July 1, 2005. MACI is wholly-owned by the Government of the Cayman Islands but governed by a Board of Directors

Typically a third party that provides a complete range of integrated marine services on behalf of an owner or operator.

The International Convention for the Prevention of Pollution of Ships (MARPOL), 1973 as modified by the 1978 Protocol is the main international convention covering prevention of pollution of the marine environment by ships from operational or accidental causes and governs the design and equipment of ships; establishes system of certificates and inspections; requires states to provide reception facilities for the disposal of oily waste and chemicals. It combines two treaties adopted in 1973 and 1978 respectively and updated by amendments through the years. MARPOL currently includes 6 technical Annexes dealing with oil, noxious liquid substances, harmful substances, sewage, garbage, and air pollution, respectively.

Marine and Coastguard Agency, (UK)

These are the governing documents of a company and must be filed on incorporation with the Companies Registry. They set out in detail the rights of the members, objectives of the company, share capital of the company, voting rights, classes of shares, procedures at directors and members meetings and various other issues regards the running of the company.

Marine Investigation and International Participation 

Maritime Mobile Service Identity (MMSI) is a unique 9 digit number that is assigned to a ship’s radio station. This radio technology allows enhanced distress radio messages to be sent digitally. It primarily registers the ship’s information in national distress databases worldwide for use in emergency situations. See also EPIRB.

A party that lends money.

A party that borrows money.

Memorandum of Understanding 

The Organisation for Economic Co-operation and Development (OECD) is a forum where the governments of 30 market democracies work together to address the economic, social and governance challenges of globalisation as well as to exploit its opportunities. The Organisation provides a setting where governments can compare policy experiences, seek answers to common problems, and identify good practice andco-ordinate domestic and international policies. It is a forum where peer pressure can act as a powerful incentive to improve policy and implement “soft law” – non-binding instruments such as the OECD Corporate Governance Principle– and on occasion leads to formal agreements for treaties. The various exchanges among OECD governments come from information and analysis provided by a Secretariat that is located in Paris, France. The Secretariat collects data, monitors trends, and analyses and forecasts economic developments. It also researches social changes or evolving patterns in trade, environment, agriculture, technology, taxation and more.

An owner or operator of ships that enters into a contract with a shipper for the transportation of goods.