| Term |
Meaning |
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Ocean Waybill
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A document, issued by a shipping line to a shipper which serves as a receipt for the goods and evidence of the contract carriage.
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Off-hire Clause
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In a time charter, the owner is entitled to a limited time for his vessel to be off hire until such time as the vessel may be repaired or dry-docked.
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Off-load
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Discharge of cargo from a ship.
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Open Rates
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Pricing systems that are flexible and not subject to conference approval. Usually applied to products in which tramps are substituted for liners.
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Open Registry
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A term used in place of "flag of convenience" or "flag of necessity" to denote registry in a country which offers favorable tax, regulatory, and other incentives to ship owners from other nations.
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Open Top Container
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A container fitted with a solid removable roof, or with a tarpaulin roof so the container can be loaded or unloaded from the top.
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Overtonnaging
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A situation where there are too many ships generally or in a particular trade for the level of available cargoes.
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