The current market price for chartering a vessel or shipping cargo for immediate or near-term loading, as opposed to long-term contract rates. Spot rates are highly volatile and reflect real-time supply and demand conditions in the freight market.
Category: Cargo & Trade
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LaytimeThe period of time agreed in the charter party during which the shipowner makes the vessel available for loading or discharging cargo without additional charge.Letter of CreditA financial instrument issued by a bank on behalf of a buyer guaranteeing payment to the seller upon presentation of specified shipping documents, including the bill of lading.ManifestA comprehensive document listing all cargo carried on a vessel for a particular voyage, including descriptions, quantities, weights, shippers, and consignees.Stowage FactorThe volume in cubic metres or cubic feet occupied by one metric tonne of a particular cargo when stowed in a vessel's hold.SupercargoA person employed by the cargo owner or charterer to travel on a vessel and oversee the loading, stowage, care, and discharge of the cargo.TEUTwenty-foot Equivalent Unit, a standard measure of container ship capacity based on the dimensions of a standard 20-foot intermodal container (approximately 6.1 metres long, 2.44 metres wide, and 2.59 metres high).
Back to DictionaryEntry updated May 2026