Glossary

Crew agency fee, crew change, crew travelling costs, visas and work permits, crew medical costs, crew life insurance, establishment costs, holds cleaning, housekeeping, laundry, manning, representation, social contributions, training, union fees, watchman, working clothes.

Payroll, including basic wages, overtime, bonuses, leave pay and all other crew allowances.

These survey costs include the class renewal (also called special survey), intermediate survey, annual survey, and bottom/docking surveys of the hull. They also include tail shaft survey, boiler survey, machinery surveys and, where applicable, surveys of items associated with the maintenance of additional class notations.

The fiscal year is the one year period used for accounting purposes to prepare financial statements.

Hull and machinery, increased value, war risks and all other marine insurances except for insurance claims, insurance deductible, insurance irrecoverable, off hire, voyage extra insurance and franchise

Oils for the main and auxiliary engines as well as for steering gears, compressors, shaft bearings, greases and other equipment and on board systems.

Fees for both in-house management services and management contracted out to a third party are included. Management fees for chartering management, technical management, crew management and insurance arrangements are included. Management fees for Sales and Purchases are excluded from the operating costs.

Protection and indemnity club calls, freight, demurrage and defence calls (FDD).

Victualing.

Initial registration fees, annual tonnage tax, issuance of transcripts, inspection of the registry, other annual ship registration fees and national authorities fees

Repairs and maintenance for deck machinery, electrical equipment, propulsion and rudder systems, auxiliary machinery, diesel engine, communication and navigation equipment, ship chandler, fire-fighting and life-saving equipment, deck / accommodation, cargo hold hatch cover, HVAC, valve, filter/strainer, pipe fittings and other equipment.

Main and auxiliary engine spares, charts and nautical, deck machinery, freight and forwarding, other spares.

Chemicals/gases, consumables, engine stores, cabin stores, deck stores, fresh water, sea stock paints, ship stores, steward stores, medicine, printing and stationary, radio traffic, supplies.

Administration, agency fee, communications, general costs, legal and professional expenses, miscellaneous non-voyage expenses, OPA90 expenses,. Disbursements and owners estimated disbursement account suspense are excluded from the operating costs reported.

In assessing time charter equivalent yields, the annual operating income less the direct voyage cost is divided by the total voyage duration, where: a) operating income equals annual hire/freight/pool income plus any ballast bonus, if any; b) direct voyage cost is the cost of bunkers consumed plus any other relevant expenses, including commissions, port expenses, canal dues, etc. and c) total voyage\ duration is the ballast time plus days on hire/freight/pool.

Average refers to the arithmetic mean of the data set, which is calculated as the sum of all observations in the data set divided by the number of observations of the data set.

Coefficient of Variation (CV) indicates the relative variability of the data set. It is a measure of relative variability and it is particularly useful when comparing results from samples with different sizes. The higher the value the higher the variability. Example: when CV=0.24 it means that there is 24% variability around the mean value of the data set. The closer the value of CV to zero less the variability.

Higher Bound is the value above which the 15% of the observations fall. In order to calculate the Higher Bound, data values are arranged in an order from lowest to highest, then the highest 15% data are excluded from the dataset and the Higher Bound is the new maximum value after excluding the aforesaid high values.

Lower Bound is the value below which the 15% of the observations fall. In order to calculate the Lower Bound, data values are arranged in an order from lowest to highest, then the lowest 15% data are excluded from the dataset and the Lower Bound is the new minimum value after excluding the aforesaid low values.

Median is calculated as follows: Data values are arranged in an order from lowest to highest and the median is the "middle" data point that separates the higher half from the lower half of the data set. It represents the value up to which 50% of the total number of observations lies

Observations show the total number of data points which are available. For example, if the column TCE has 500 observations, it means that the results for the Time Charter Equivalent have been obtained from 500 independent vessel submissions.

Standard Deviation (StDev) indicates the deviation from the average value of the data set. It is calculated as the square root of variance by determining the variation between each data point relative to the average of the data set. A low standard deviation indicates that the values tend to be close to the average of the set, while a high standard deviation indicates that the values are spread out over a wider range.

Vessel's age is calculated by subtracting the year of built from the fiscal year.