BIC-Code. In order to identify all containers manufactured and used especially in shipping, each container is marked with special alpha-numeric codes that appear on the sides or plates of the containers.
Breakdown clause. Time charterparties contain a clause providing that if the ship is unavailable for the charterer's use because there is loss of time as a result of "...breakdown or damages to hull, machinery or equipment..." (among other causes) payment of the hire money to the shipowner ceases for all or some of the time lost.
Ballast. In order to increase the stability of ships, which have to be dispatched without cargo and to ensure that the propeller will be immersed sufficiently, say about two-thirds of its diameter, a sufficient quantity of ballast will be loaded before sailing. The quantity of ballast depends on the type of vessel, quantity of water which can be taken in the ballast tanks and also the voyage to be made. Seasonal weather conditions which may be expected on the voyage must also be considered.
Broker. In the context of chartering, the most common "broker" is a "shipbroker". In general, in shipping, a broker is a person who acts as a "middleman" between two parties and negotiates the terms of a contract into which the two parties enter. The broker acts as an agent and usually represents only one of the parties, negotiating with the other party directly or with another broker representing the other side. In addition to a shipbrokerwho can be an owner's broker or a charterer's agent negotiating a charter.