Types of Vessel Abbreviations

ATS – Salvage Tug
AHTS – Anchor Handling Tug Supply Vessels
AHTV – Anchor Handling Tug Vessel
AT – Ocean Tug
ATA – Auxiliary Ocean Tug
ATR – Rescue Tug
AK – Cargo Ship
AO – Oiler or Fuel Oil Tanker
AOG – Gasoline Tanker
BAK – British Cargo Ship
Bg – Barge
CS- Cable Ship
dd – Dry dock
FPSO – Floating Production Storage and Offloading
FSO – Floating Storage and Offloading Unit
FSRU – Floating Storage Regasification Unit
GTS – Gas Turbine Ship
HLV – Heavy Lift Vessels
LNG – Liquefied Natural Gas
LPG – Liquefied Petroleum Gas
LGC – Liquefied Gas Carriers
Lo-Lo – Lift on Load off
LAS – Lighter Aboard Ship Vessels
MT – Motor Tanker
MV- Motor Vessel
OSV – Offshore Vessel
PSV – Platform Supply Vessel
Ro-Ro – Roll-on Roll-off
ROV – Remotely Operated Vehicles
RRFV – Ready Reserve Force Vessel
ULCC – Ultra Large Crude Carriers
ULOC – Ultra Large Ore Carrier
VLCC – Very Large Crude Carriers
VLOC – Very Large Ore Carrier
VLBC – Very Large Bulk Carrier
YT – Harbour Tug
YTB – Large Harbour Tug
YTL – Small Harbour Tug
YTM – Medium Harbour Tug
YCD – Fuelling Barge

Dry Bulk Vessels

Dry bulk carriers are designed to transport non-liquid bulk cargo. They are responsible for transporting raw materials around the world. They have open cargo holds and are usually equipped with specialist cargo handling equipment.

Tanker Vessels

Tanker ships are designed to transport liquid cargo. They have multiple compartments to carry different liquids simultaneously and are constructed so they don’t cross-contaminate. They are responsible for delivering necessary supplies of essential products globally including oil and chemicals.

Container Vessels

Container ships are designed to transport standardised cargo containers. The containers are stacked onto the ships and carried to ports worldwide. These ships are categorised by their capacity which can range up to 20,000 TEUs (twenty-foot equivalent units). These ships have revolutionised the way goods are transported by sea and are easily transported to trucks or trains.

Breakbulk Vessels

Breakbulk vessels are vessels in which transport cargo or goods that cannot fit inside regular cargo bins. They are usually transported in bags, boxes, crates, barrels or palettes. These vessels are usually Ro-Ro vessels or Lo-Lo vessels.

Heavy Life/Project Cargo Vessels

Heavy Life vessels transport goods or equipment that are tedious to break down or are oversized. The vessels are equipped with the cranes and necessary equipment to load and unload these goods. Best vessels to transport these goods are Multi-Purpose or Heavy-Life vessels.

Offshore Vessels

Offshore vessels are specifically designed for serving operational purposes such as oil exploration and construction. These vessels can also provide necessary supplies to the evacuation and construction units that are located at sea as well as the movement of crewing personnel to and from the operational areas.

P&I and Insurance Abbreviations

B/L – Bill of Lading
C/P – Charterparty
COFR – Certificate of Financial Responsibility
FD&D – Freight, Demurrage and Defence
H&M – Hull and Machinery
IWL – Institute Warranty Limits
K&R – Kidnap and Ransom
LOU – Letter of Undertaking
P&I – Protection and Indemnity
PI – Personal Injury

Types of Insurance

P&I – This type of insurance provides liability coverage for clients and their third-party liabilities arising from the operation of the vessel. Claims can include bodily injury, property damage, wreck removal and more.

H&M – Hull insurance covers physical damage to the vessel including, hull, machinery, equipment and fittings. This can be from situations arising from collisions, sinking, fire and natural disasters.

K&R – Kidnap and Ransom insurance is a specialised type of insurance that covers companies and individuals against financial losses and liability associated with kidnapping, extortion and related threats.

FD&D – This type of insurance, often simply referred to as ‘Defence’ provides financial protection against the legal expenses of pursuing claims and defending claims which are not otherwise insured under the P&I category. FD&D cover is discretionary and isn’t always taken out by shipowners with their P&I cover.

War Risks – This type of insurance covers damage or loss caused during warlike actions. This can include acts of terrorism, civil unrest, armed conflict, piracy and more. This type of insurance is also not part of standard marine insurance and is purchased separately.

Cargo – This type of insurance protects all goods when being transported against loss or damage whilst in transit. It covers theft, damage, sinking, fire and environmental hazards.

Freight – This type of insurance can also be known as freight forwarder’s liability insurance and this covers the liability of the freight forwarder against loss and damage to goods while they are in their care. It’s a lot like P&I cover for shipowners.

Personal Injury – This type of insurance covers bodily injuries suffered during maritime activities. This can be crew members or passengers and other personnel involved.

Marine Liability – This type of insurance covers a broad range of liabilities associated with liabilities arising from collisions, pollution, salvage, towage and more. P&I cover is marine liability insurance.

Charterers Liability – This type of insurance covers and protects charterers from liabilities arising out of their operations and contractual obligations from their activities. It offers protection against unforeseen circumstances and potential legal disputes.

Cyber Risk – This insurance comes from the increasing risk of the digitization of maritime operations. This provides coverage for losses resulting from cyberattacks, data breaches and any other cyber-related incidents.

Fixed Premium – This refers to the type of insurance policy where the amount paid by the insured remains constant or fixed for a specified period of time, just as with your own home or car insurance. This differs from the variable cost insurance typically offered by P&I clubs where the amount of premium, known as calls, is estimated at the beginning of the year and topped up with ‘supplementary calls’ if the P&I club has a shortfall.

Roles within the Industry

Claims – Responsible for handling and managing insurance claims, ensuring the policyholders receive fair and timely settlements whilst also protecting the financial interests of the insurance company. Claims handlers will investigate the incidents which may involve gathering evidence and collaborating with others.

Underwriting – Underwriters assess and evaluate risks associated with insuring vessels, cargo and the marine liabilities. They will analyse insurance applications, determine the terms and conditions and then set appropriate premium rates. They will decide whether to approve or decline an application as well as suggest modifications of insurance risks.

Adjuster – Responsible for investigating and evaluating insurance claims relating to marine incidents, determining the extent of the loss and negotiating the settlements. Adjusters analyse the insurance policy and determine the scope of coverage and then negotiate with claimants / policyholders and other parties to reach an equitable settlement.

Broker – Brokers act as intermediaries between insurance companies and clients seeking insurance coverage. They represent clients in the search for the most suitable insurance coverage as the market can be very complex. They will conduct research and analyse the products and policies to meet their client’s needs best.