B

Ballast

A heavy weight that gives a ship stability and improve handling when the vessel is not carrying cargo.

Barrel

Common unit of measurement of liquids in the petroleum industry that equals 42 U.S. standard gallons or 35 imperial gallons.

Bunker

Refers to a vessel''s fuel, as well as the area of the ship where it is stored.

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C

Chartering

Commercial leasing of a vessel or space on a vessel.

CNG

Compressed Natural Gas - Natural gas compressed for shipping.

Commercial Management

Service where a hired agent operates a ship and receives a fee in return.

Conventional Tanker

Crude tankers used for deep sea transportation of unrefined oil from producing countries to refineries, ranging in size from 55,000 to 500,000 deadweight tonnes.

Crude Oil

Crude oil is the naturally occurring rock oil which accumulates in underground fields. It is a fossil fuel consisting of a complex mixture of various hydrocarbons.

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F

Fixture

Process of selecting and securing a vessel for use.

FLNG

Floating liquefied natural gas (LNG) liquefaction units where natural gas is able to be converted into is liquid state.

FSRU

Floating storage and regasification units, stationary platforms where liquefied natural gas can be converted back into its gaseous state.

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H

Heavy Crude

Crude oil that is more difficult to pump and process due to a higher viscosity.

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I

IMO

International Maritime Organization - A United Nations organization that seeks to improve the safety of international marine transportation and prevent marine pollution.

ISM Code

Provides an international standard for the safe management and operation of ships and for pollution prevention. This is a regulatory requirement for shipping companies.

ISO

International Standards Organization.

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L

Light Crude

Crude oil that is easier to pump and process due to a lower viscosity.

Liquefaction

Process that takes clean natural gas and condenses it using a refrigeration process. Temperature of the gas is reduced to a very frigid - 260°F (-163°C), reducing its volume by more than 600 times. At this temperature LNG can be stored and transported as a liquid without having to be pressurized.

Liquefied Natural Gas

LNG - Natural gas that has been cooled to - 260°F ( - 163°C), which liquefies it for safer, easier transport.

LNG Carriers

Liquefied Natural Gas Carriers - Specialized ships that carry super-cooled liquefied natural gas.

LPG

Liquefied Petroleum Gas Substances, produced in the oil refining process or in conjunction with natural gas processing, and containing butane and propane, liquefied for transport.

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M

MARPOL

Marine Pollution Act - An international convention concerning the prevention of pollution from ships. MARPOL is administered by the International Maritime Organization.

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N

Natural Gas

Fossil fuel derived from organic materials, such as dead plants and animals, deposited and buried in the earth millions of years ago. When cooled to approximately - 256°F ( - 161°C), it becomes liquefied, or LNG.

Newbuilding

New ship under construction.

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O

Offshore

Segment of industry that deals with exploration and extraction of oil from undersea deposits.

OHSAS 18001

Occupational Health and Safety Assessment Series - Provides standards to help a company control occupational health and safety hazards for staff.

OPA 90

Oil Pollution Act of 1990 - A U.S. federal law created after the Exxon Valdez disaster that strengthened penalties for pollution of U.S. waters.

OPEC

Organization of Petroleum Exporting Countries - A group of 11 oil producing nations, that currently account for approximately 40 percent of global oil production and hold a considerable amount of the world''s existing reserves.

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P

Petroleum

Generic term for all forms of oil and oil products, including crude oil, natural gas liquids and unfinished oils.

Production

Stage in the industry where oil and gas are extracted and prepared for transport.

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R

Refining

Processing and manufacturing of petroleum products out of crude oil and other hydrocarbons. Refining begins with simple distillation, and then additional processes are done to minimize the production of heavier/lower value products, such as residual fuel oil, in favor of lighter/higher value products such as gasoline.

Regasification

Process that occurs after LNG has been shipped and transferred to a storage tank. It is then warmed to convert it back into natural gas for distribution via pressurized pipeline to residential, commercial and industrial users.

Reserves

Reservoirs of oil and gas considered to be economically and operationally feasible to extract and refine.

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S

Ship-to-Ship Transfer

The unloading of cargo from large vessels into smaller vessels that are able to enter smaller ports.

SOLAS

Safety Of Life At Sea - Passed in 1914 after sinking of the Titanic, SOLAS is an international convention that sets out rules and regulations to ensure ships are safe.

Suezmax

Tankers that are slightly larger than Aframaxes, named for their status as the largest size oil tanker able to travel fully laden through the Suez Canal. Tanker ranges between 120,000 and 199,999 deadweight tonnes, with an average cargo carrying capacity of 1.0 million barrels.

Sweet crude

Crude oil that has a low sulphur content. Typically refined into gasoline and is in high demand.

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T

Technical Management

Service where a hired agent operates a ship and receives a fee in return.

Time Charter

Enables a charterer to cover shipping requirements at a fixed price other than bunker and port costs. Ship owner receives a fixed rate of hire (per day) which provides a stable cash flow over the agreed period of time.

Ton

Equivalent to 2,240 pounds.

Ton Mile

Equivalent to transporting one ton of cargo over a distance of one mile.

Tonnage

Cubic capacity of a ship.

Tonne

Metric ton equivalent to 1,000 kilograms.

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