Glossary of Commercial Shipping Terms | More Than a List of Crew

Glossary

Bill of Lading: One of the two documents required for a freight contract made between ship owner and merchant (for the other, see: Charter Party). Specified the agreement upon which the cargo is carried (either as a whole or in parts).
Charter Party: One of the two documents required for a freight contract made between ship owner and merchant (for the other, see: Bill of Lading). Specified the agreement upon which the vessel is hired.
Freight Rate: Price paid by the charterer of a vessel for cargo space.
Sixty-fourth share system: The traditional system of sharing the risk of making an investment in a single merchant vessel involved a division of ownership into sixty-fourths, 64 being a prime number and thus easily divisible. The system preceded by centuries the introduction of limited liability and of corporate business financing, but it continued as a way of raising shipping capital into the twentieth century