Back
Voyage expenses
Expenses incurred due to a ship's traveling from a loading port to a discharging port, such as fuel (bunkers) cost, port expenses, agents' fees, canal dues, extra war risk insurance and commissions.
Voyage charter
A charter under which a ship owner hires out a ship for a specific voyage between the loading port and the discharging port. The ship owner is responsible for paying both ship operating expenses and voyage expenses. Typically, the charterer is responsible for any delay at the loading or discharging ports. The ship owner is paid freight on the basis of the cargo movement between ports.
VO
MTO
VLCC
Very large crude carrier
VL
Variable Levy
vessel
Ship or boat.
Vertical Export Trading Company
An export trading company that integrates a range of functions taking products from suppliers to consumers.
VER
Voluntary Export Restriction
Vd.
Valued
VAT
Value
Variable Levy
A tariff subject to alterations as world market prices change, the alterations are designed to assure that the import price after payment of the duty will equal a predetermined "gate" price.
Value Date
The date on which payment must be made by the named bank. This date is determined by the payee, the payer or the bank.
Value Added Tax (VAT)
A tax which is assessed at each stage of production on the amount of value contributed at each stage to the final product.
V.T.S.
Vessel Traffic Systems
v.o.p.
Value as in original policy
V.L.C.C.
very large crude carrier
V.C.
Valuation clause