Terminology in Ship Industry

          Deadweight    (DWT) : amount of cargo, fresh water, fuel and stores that the vessel will carry when loaded to vessel’s maximum draft.
          Gross tonnage(GRT): entire internal volume of vessel including superstructure expressed in terms of 100 cu.ft.
          Net tonnage (NRT): Gross tonnage minus space which do not contribute to her earning power.
          Displacement : weight of water displaced by tanker when floating at loaded tonnage.
          Draught (Draft):  Height from keel to the water line.
          LOA (Length overall): total length of the vessel from bow to stern.
          Beam: the width of the vessel at widest portion.
          Laytime:  Time allowed for loading and discharge.  In tanker trade it is common to allow 72 hrs laytime.   However this can be negotiated.
          Demurrage:  The liquidated damages paid by charterer to the shipowner to compensate him for the delay to his vessel over and above allowed laytime.

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