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Flashcards in Oil Industry Deck (10):

What is DWT?

Deadweight tonnage, or the maximum load of cargo, fuel, provisions and ballast a ship can carry.


What are LR1/LR2 (Large Range 1 and Large Range 2) tankers?

Tankers that have a DWT between 45,000 and 159,999 metric tons (49,604 and 176,369 tons).


What are VLCC (Very Large Crude Carriers)?

Carriers that weigh between 160,000 and 319,999 DWT (176,370 and 352,739 tons). Oil carriers of this size and above are known as supertankers.


What are ULCC (Ultra Large Crude Carriers)?

They are the largest oceangoing vessels -- with DWTs of 320,000 metric tons (352,740 tons) and above -- and are comparable in length to the height of some of the world's tallest buildings.


What was the Valdez spill?

On March 24, 1989, an Exxon tanker ran aground just after midnight on Alaska's Prince Williams sound's Bligh Reef and gushed out nearly 11 million gallons (41.6 million liters) of oil.


What is Double Hull?

A mandatory design feature on newly built oil tankers; double-hull construction means the ship has two hulls, one inside the other. This offers an extra layer of protection against damage that might otherwise result in catastrophic oil spills.


What is a charter?

A highly detailed agreement entered by the company that owns the ship


What is a bareboat charter?

A charter in which a company that wants to use a ship agrees to pay all of the boat's operating expenses for a set amount of time, usually measured in years.


What is a spot charter?

A charter in which the ship is contracted to deliver a specific amount of cargo between one port and another within an agreed time frame


What is a time charter?

A charter in which a party pays the ship's owner to use the ship for a specified amount of time.