Breakbulk (cargo) (BB). Packages of cargo or "parcels" (small quantities) known as "general cargo" and individually carried in the cargo compartments of a ship. Such cargo is not in "bulk cargo" form and not in unitised or containerised form. If the term is used as a verb "to break bulk", it indicates "to open hatches and commence discharge".

Barratry. Under the U.K. Marine Insurance Act 1906 the term barratry includes every wrongful act willfully committed by the master or crew to the detriment of the owners or charterers, as the case may be.

Bonding. This is an operation that was performed (and can still be used in some ports) on oil tankers to prevent electrical discharges caused by a difference of discharged.

Baltic Freight Index (BFI). Twelve frequently fixed routes were chosen and daily reports of actual fixtures (or estimates from a broker panel) on these routes calculated, using a weighted average system, into a statistical index. The weighting indicates the frequency of fixtures on that route.

Breadth moulded. This expression relates to the maximum breadth of a ship measured amidships between the outside (heels) of the frames, i.e. to the inside of shell plating.

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.

BALTIME. A Uniform standard form time charter published by BIMCO. In 1974 another edition included a box type format for main details and descriptive text for the clauses. BALTIME generally favours the shipowners' side and contrasts the NYPE, the New York Produce Exchange Form of time charter, which tends to favour the charterer's side.

Bagging of cargo. A charterparty may contain a clause, which stipulates that if the charterers load grain in bulk, they must supply to the master on his request sufficient empty bags to be used to collect any grain, which was spilled, and any grain that remained in the cargo space after discharge.

Bill of lading (B/L). This is a document used in carriage of goods by sea. It possesses three characteristics or "functions":

Baltic International Freight Futures Index (BIFFEX). The dry cargo tramp charter market is usually volatile. Both shipowners and cargo interests may be uncertain about movements in the freight rates.

Bill of lading identifier. In the United States the Customs authorities require that all shipping documents covering cargo imported into the U.S. be marked with an identity code, identifying the issuer of tile bill of lading.

Blank indorsed bills of lading. This covers contract of carriage under bills of lading containing the details of shipment and of carriage but not containing the name of a consignee or endorsee.

Beneficial owner. This is the real owner of a ship, one who obtains the ultimate, real benefit that comes from owning it.

Boycott clause. A charterer may insist that a charterparty contains a clause, which causes the shipowner to take the risks if the vessel is delayed by a "boycott" by labour.

Bulbous bow (BB). The shape of the foremost portion of the ship, the bow, in the form of a rounded bulb instead of the traditional V shape, in order to reduce hull resistance and its effect on speed in the water.