Oil tankers transport crude oil and refined products worldwide. Crude tankers move unrefined oil from extraction to refineries. Product tankers carry refined products from refineries to markets. Tankers range from 10,000 to 550,000 DWT
Hanseatic League emerged in late 12th century as merchant guilds in Northern Europe. Initially focused on Baltic trade, later expanded to eight modern countries. Lübeck became central trading hub, gaining imperial privileges in 1226. League established trading posts in London, Bruges, Bergen, and Novgorod
Port size is measured in TEUs, calculated by dividing container length by 20. Larger ports use 1000 TEU as annual throughput
Charter Party replaces 1922, 1976 and 1994 forms for general maritime trade. Parties agree to perform under Part I and Part II conditions. Part I provisions prevail over Part II in case of conflicts
Demurrage is charged for equipment use beyond free time. Detention is charged for equipment outside port/terminal beyond free time. Combined D&D combines demurrage and detention into single period. Free time covers both demurrage and detention periods
Shipping industry has transformed world economy through mechanized transport and containerization. Second edition provides comprehensive introduction to global shipping industry. Book combines historical analysis with practical industry information. Contains over 100 illustrations and tables