Worldscale (WS)
Annual flat-rate freight benchmark; freight = WS × Flat Rate. Used for crude (TD3C, TD20) and clean products (TC2, TC5, TC17). The WS100 'flat' is reset every January by the Worldscale Association.
Baltic Indices
Daily LPG (BLPG1/3), tanker (BDTI/BCTI) and LNG (BLNG1g/2g/3g) routes published by the Baltic Exchange. Used as freight benchmarks and as settlement for FFAs.
Q88 / RightShip / SIRE 2.0
Mandatory pre-fixture vessel screening. Oil majors require SIRE 2.0 (tankers); dry bulk shippers require RightShip ≥ 3. Vetting failures = no fixture.
Three-Prior-Cargo Rule (Jet A-1)
Vessels carrying Jet A-1 must show three previous cargoes from the JIG-approved acceptable list, with appropriate cleaning and wall-wash test between.
Demurrage & Laytime
Time-bar for loading/discharging is set in the Charter Party. Once exceeded, demurrage is charged daily — typically USD 25–40k for Aframax, USD 35–55k for VLCC, USD 90–110k for modern LNG carriers.
Documentation Pack
Standard pack: 3/3 original B/Ls, COQ, COO, MSDS, ATDN/NOR, Master's receipt, ullage report, SGS or Intertek inspection certificates, owner's class & insurance certificates, ISPS, Q88.
Incoterms 2020
FOB transfers risk at the loading-port manifold; CIF/CFR moves freight to the seller but keeps risk at load; DES/DAP delivers at discharge port. LNG still uses 'DES' by industry convention despite its retirement from Incoterms 2020.
Marine Insurance
Cargo insured under Institute Cargo Clauses (A) for tankers — All Risks. War-risk premium (LMA / Joint War Committee) applies through 'listed areas' such as the Strait of Hormuz, Bab el-Mandeb and the Black Sea.
Sanctions & Compliance
OFAC, EU and UK regimes require KYC on all counterparties, vessel screening (IMO number, flag, P&I), AIS-gap analysis and price-cap attestation for Russian-origin barrels (USD 60/bbl crude cap, two product caps).
Lay/Can & NOR
The Laycan window defines the date range a vessel may tender Notice of Readiness (NOR). Tender outside laycan = cancellation right for charterer. Standard NOR tendering is 24/7 SHINC at most ports.
Ship-to-Ship (STS)
Used for cargo transfer between vessels at sea (e.g. VLCC → Suezmax) or in designated STS zones (Fujairah, Kalamata, Ceuta). Governed by OCIMF STS Transfer Guide; mandatory POAC, fenders and risk assessment.
Tank Cleaning
Between cargoes, tankers must clean to spec: water-wash, butter-worth, steaming, drying, wall-wash, miscibility test. Cleaning costs USD 15–60k and 1–4 days off-hire — recovered via the freight.
Helium — Crude vs Grade-A
Crude helium (50–80% purity) is recovered from natural-gas or nitrogen-rich streams, then trucked to a liquefier for purification to Grade-A 5.0 (99.999%) or 6.0 (99.9999%) for semiconductor / fibre-optic / MRI buyers.
Helium — ISO Containers
Liquid helium ships in 11k / 20k / 40k-litre vacuum-jacketed ISO dewars at −269 °C. Boil-off is ~1.5–3.0% per day, so transit beyond ~30 days requires re-liquefaction. Gaseous helium ships in tube trailers / 40' tube modules at 2,400–2,640 psi.
Helium — Origins & Routes
Global production is concentrated in Qatar (Ras Laffan I/II, ~30%), United States (Cliffside, Hugoton, La Barge, ~45%), Algeria (Skikda, Arzew) and emerging Canadian fields (Saskatchewan — Royal Helium, North American Helium). Tanzania is a future frontier.
Helium — Pricing
Long-term offtake contracts price crude helium FOB plant-gate (USD/Mcf) with annual escalators; Grade-A is sold ex-liquefier with a purification + transport adder. Spot Grade-A 5.0 USD 500–800 / Mcf depending on region; semiconductor 6N attracts a further premium.
