Maritime finance glossary
Short, verified definitions of terms common in the sector. New entries added regularly.
Defined terms
13 terms · alphabetical
Mortgage (Vessel)
A security interest registered over a vessel in favour of a financing partner under flag-state law.
Hull & Machinery (H&M)
The core maritime hull insurance that covers the vessel itself (hull, machinery, equipment) against damage and loss.
Protection & Indemnity (P&I)
Membership-based maritime insurance covering third-party liability, crew injury, environmental damage and similar risks.
Bareboat Charter
A charter structure where the charterer takes full responsibility for crewing, insurance and maintenance.
Class Society
Independent technical body that surveys a vessel's structural, mechanical and systems standards.
Flag of Registry
The state where the vessel is registered — sets the legal, tax, crewing and mortgage regime.
Ship Registry
The official record where a vessel is registered — formal proof of ownership and mortgage.
MOA (Memorandum of Agreement)
The international standard name for vessel sale contract — built on Saleform, NSF, SAJ templates.
Refit
A comprehensive vessel renewal — interior, systems, engine and hull renewal.
Sea Trial
Vessel performance testing at sea — speed, manoeuvring, systems verification.
DWT (Deadweight Tonnage)
A vessel's cargo-carrying capacity in metric tons — commercial ship standard.
Lien
Legal claim against a vessel — travels with ownership; a critical check at acquisition.
IMO (International Maritime Organization)
UN agency developing maritime safety + environmental regulation; SOLAS, MARPOL, IMO 2030/2050.
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