Mate's receipt. This is a document originally issued by the first mate of the ship. He was the officer responsible for cargo. The document would be issued by him after the cargo was tallied into the ship by tally clerks.

Mini Land Bridge (MLB). This term is used when the movement of cargo in containers is on an intermodal basis and the cargo is taken in charge by the carrier at a point inland and/or delivered to an inland point.

Misrepresentation. This word is closely related to the law governing contracts, including charters. The word means a statement that gives a wrong or false impression or that contains wrong or false information and one party is induced into entering into the contract.

MOLOO (More or less in Owner's option). This term relates to the quantity of cargo which the ship is chartered to carry on a voyage charter.

Maritime perils. The Marine Insurance Act 1906 states:

Management agreement. This expression may be connected with the chartering of tankers by the major oil companies on long-term demise charters, combined with a so-called “Management Agreement”.

Maritime Declaration of Health. When a vessel arrives at a port to which health regulations apply, the master may be required to make a report about the health conditions on board his vessel and also about any circumstances on board which are likely to cause the spread of infectious disease. He needs to make a report if his ship is not a “healthy ship”.

Min/Max. Minimum and maximum cargo; a fixed quantity. No option is given to the shipowner or the Charterer to increase or decrease the cargo quantity.

Mixed policy. A contract for both voyage and time, e.g., cargo, may be insured from London to Hong Kong and for 60 days thereafter, or a ship insured from a discharge port to a demolition port for two months.

Metacentric height. This expression may be explained best by the following figures:

Marine loss. A loss may be total or partial. Any loss other than a total loss is a partial loss. “Partial loss” covers “particular average” and “general average”.

MUTUAL ASSOCIATIONS

Marine insurance is built around commercial, business concepts where the buyer of the insurance protection (the assured) enters into a contract with the seller of the protection (the insurer or underwriter).

Modified tonnage. Sometimes a shipowner may find that the cargoes his ship carries rarely submerge the ship’s normal load lines.

Misdescription of the goods. The nature and value of the goods can be misdescribed by the shipper for a number of reasons.

Marine insurance markets. A market is an environment in which the buying and selling of goods or services is carried out.