Peak tanks. Distinction is made between the forepeak tank and aft peak tank.

Per hatch per day. This expression may be used to calculate laytime with reference to the number of cargo hatches serving cargo compartments on the vessel.

Per workable hatch per day or Per working hatch per day. This expression is more in the charterers' favour than the preceding expression.

Pro rata freight. Without express or implied agreement, full freight is payable only on delivery of the cargo. If the ship and/or the cargo is lost freight does not become payable. However, a clause in a charterparty may provide for part (or all) of the freight to be prepaid. This is one use of the phrase "prorata freight".

Protective clause. In any contract, the parties to the contract have obligations to perform.

P.P.I. clause. Contracts of marine insurance, which contain certain words that indicate that the parties dispense with all proof of interest, are still used despite being void and unenforceable.

Prompt ship (Ppt). This expression means a vessel can be ready to load at short notice, say, within a few days.

Pro rata. "According to the rate" or "proportional".

Professional shipbroking ethics. BIMCO publishes "Recommended Principles for the Use of Parties Engaged in Chartering and Ship's Agency Procedures" and the Baltic Exchange also publishes a "Code of Ethics".

Port formalities and laytime. When a ship "arrives" at the contractual destination before it can be actually ready and before the Notice of Readiness is given and accepted, thus triggering the commencement of the laytime, it must be physically and legally ready. One aspect of legal readiness is related to compliance with all port formalities.

Port of refuge. A port of refuge is a port at which general average repairs and expenses are incurred and are not restricted to a port to which a ship may call for stress of weather.

Plimsoll mark. This name for the load line is derived from Mr. Samuel Plimsoll, a British politician, who strongly advocated measures to cease the practice of overloading vessels and placing the lives of the seamen on board in grave danger.

Proximate cause. This may not be a “principle” of marine insurance but section 55 (1) of the U.K. Marine Insurance Act 1906 elevates it to a condition which must be fulfilled before the underwriter becomes liable to pay a claim.

Peage dues. These dues were payable by shipowners in North African ports when loading full cargoes of phosphate in bulk. The port authorities would, charge peage dues in order to defray the expenses for upkeep and improvement of the port and its installations.

Present position. The line in the charterparty stating the vessel's present position (and possibly the "Expected ready to load" date) is of importance to the charterer in order that he can assess the vessel's future readiness to receive the cargo. Accordingly, he will be able to make the necessary arrangements for handling the cargo.