Chartering abbreviations and Shipping terms: 'O'
|Ocean Waybill||A document, issued by a shipping line to a shipper which serves as a receipt for the goods and evidence of the contract carriage.|
|Off-hire Clause||In a time charter, the owner is entitled to a limited time for his vessel to be off hire until such time as the vessel may be repaired or dry-docked.|
|Off-load||Discharge of cargo from a ship.|
|Open Rates||Pricing systems that are flexible and not subject to conference approval. Usually applied to products in which tramps are substituted for liners.|
|Open Registry||A term used in place of "flag of convenience" or "flag of necessity" to denote registry in a country which offers favorable tax, regulatory, and other incentives to ship owners from other nations.|
|Open Top Container||A container fitted with a solid removable roof, or with a tarpaulin roof so the container can be loaded or unloaded from the top.|
|Overtonnaging||A situation where there are too many ships generally or in a particular trade for the level of available cargoes.|