Chartering Terms


Vacuum Packing
A packaging technique that sucks all the air and moisture from a product, packing the goods in a vacuum. This reduces the size of the product, allowing more goods to be packed.

Validation Rule
The validation rules are a subset of the business rules defining constraints on the logical data model. They are expressed in the definitions of entities, domains and attributes.

Valuable Cargo
A consignment which contains one or more valuable articles.

Valuation Charge
Transport charges for certain goods, based on the value declared for the carriage of such goods.

Value Added Tax
Abbreviation: VAT
A form of indirect sales tax paid on products and services at each stage of production or distribution, based on the value added at that stage and included in the cost to the ultimate customer.

Value Chain Management Definition
Maximising total performance and added value across an entire process by reviewing each internal and external operation, and the links between these operations.
The process will be reviewed in a systematic and standard way in order to optimise speed, certainty, and cost effectiveness for the parties involved.

The process review can be achieved through established procedures and existing techniques such as value chain analysis and activity based costing.

See Stuffing



Very Large Crude Carrier
Abbreviation: VLCC
A vessel designed for the carriage of liquid cargo in bulk with a loading capacity from 50.000 till 250.000 DWT.

A floating structure designed for the transport of cargo and/or passengers.
Boiler, drum.

Volatility Allowance
The largest difference in container availability taking into account past peaks in net demand after having removed the trend in container demand during the repositioning trade-off period.

Size or measure of anything in three dimensions.

Volume Charge
A charge for carriage of goods based on their volume (air cargo).

A receipt, entry or another document which establishes the accounts.

A journey by sea from one port or country to another one or, in case of a round trip, to the same port.

Voyage Charter
A contract under which the shipowner agrees to carry an agreed quantity of cargo from a specified port or ports to another port or ports for a remuneration called freight, which is calculated according to the quantity of cargo loaded, or sometimes at a lumpsum freight.

Voyage Number
Reference number assigned by the carrier or his agent to the voyage of the vessel.