A voyage with no cargo on board to get a ship in position for the next loading port or docking. A ballast tank is a tank that is filled with seawater when a vessel is in ballast, in order to ensure stability
A unit of gas measurement approximately equal to one trillion (1,000,000,000,000) Btu's.
The “boiling point” is the temperature at which a liquid boil or at which it converts rapidly from a liquid to a vapour or gas at atmospheric pressure. The boiling point of pure water at atmospheric pressure is 100°C (212 °F). The boiling point of LNG varies with its basic composition, but typically is -162°C (-259 °F).
The amount of LNG which evaporates from the tank during transportation or storage.
The ship's fuel
Cargo owner or another person / company who hires a ship
Transport contract between shipowner and shipper of goods
Contract of affreightment – quantity contract. An agreement between shipowner and shipper concerning the freight of a defined amount of cargo. The shipowner chooses the ship.
natural gas in its gaseous state that has been compressed
The costs of a vessel's technical operation, crewing and insurance (excluding costs of financing)
Money paid to shipowner by charterer, shipper or receiver for failing to complete loading / discharging within the time allowed according to charter-party
Dual-Fuel Diesel Electric
To put a vessel into a dry dock for inspection, repair and maintenance. Normally done on a regular basis every 5 years for LNG carriers
Daewoo Shipbuilding & Marine Engineering
Facility that has the capability to liquefy and store natural gas so it can be loaded on to ships and sent overseas.
Front-end engineering and design study
Federal Energy Regulatory Commission
Final investment decision
Floating liquefied natural gas vessel
An LNG sales and purchase contract term that says the buyer acquires the gas at the LNG plant and is responsible for shipping.
Floating storage and regasification unit
Henry Hub (reference hub used for gas pricing in the United States)
Hyundai Heavy Industries
Facility that has the capability of accepting and storing LNG from overseas
The tying of the contract price for a commodity, such as LNG, to the published price of another commodity or index. For LNG, the price often is linked to a certain percentage of the prevailing crude oil price, such as the Japan customs-cleared crude or the price of an oil product
Japan Crude Cocktail (price used as a reference for LNG pricing in Asia)
Kawasaki Heavy Industries
Kawasaki Kisen Kaisha
A measure of the speed of the vessel. 1 knot = 1 nautical mile per hour, that is 1,85 km/h.
In order to obtain maximum volume reduction, the gas has to be liquefied through the application of refrigeration technology which makes it possible to cool the gas down to approximately -162 °C (-256°F) when it becomes a liquid. It is called the liquefaction process.
Cubic Meters
M-type, Electronically Controlled, Gas-Injection
Mitsubishi Heavy Industries
Malaysia International Shipping Corp.
One million British Thermal Units. The Btu is the standard unit of measurement for heat. A Btu is defined as the amount of energy needed to raise the temperature of one pound of water one-degree Fahrenheit from 58.5 to 59.5 degrees under standard pressure of 30 inches of mercury
Million Tons Per Year
Million tonnes per annum - one tonne (or metric ton) is approximately 2.47 cubic meter of LNG.
Mitsui O.S.K. Lines
National Balancing Point
Nippon Yusen Kaisha
It is the process of warming LNG until liquid gas returns to a gaseous state.
Marine or waterfront facilities in which LNG carriers deliver the LNG. LNG is then stored before undergoing regasification, which converts the LNG back into its gaseous form.
Sovcomflot
Shipping Corp. of India
Samsung Heavy Industries
The technical and operational administration of a ship, including services such as technical operation, maintenance, repair, crewing and insurance
A person / company who on behalf of a shipowner / shipper negotiates a deal for the transportation of cargo at an agreed price. Shipbrokers are also active when shipping companies negotiate the purchasing and selling of ships, both second-hand tonnage and newbuilding contracts
Short-term contracts, normally not longer than three months in duration
Slow Speed Diesel
Steam Turbine
Trillion cubic feet
Tri-fuel diesel electric
An arrangement whereby a ship-owner places a crewed ship at a charterer's disposal for a certain period. Hire is customarily paid in advance. The charterer also pays for bunker charges, canal fees, port duties etc.
The transportation of cargo from port(s) of loading to port(s) of discharge. Payment is normally per day, and the ship-charterer pays for bunker, port and canal charges etc.
Costs of chartering in third party vessels together with canal, port, fuel and other expenses incurred predominantly for vessels that are not on charter.
Low-Speed Two-Stroke