O

Term Meaning
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.
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<tr bgcolor=”#b1ddde” style=“text-align: center;”>
<td><strong>Term</strong></td>
<td><strong>Meaning</strong></td>
</tr>
<tr>
<td>Ocean Waybill</td>
<td>A document, issued by a shipping line to a shipper which serves as a  receipt for the goods and evidence of the contract carriage.</td>
</tr>
<tr>
<td>Off-hire Clause</td>
<td>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.</td>
</tr>
<tr>
<td>Off-load</td>
<td>Discharge of cargo from a ship.</td>
</tr>
<tr>
<td>Open Rates</td>
<td>Pricing systems that are flexible and not subject to conference  approval. Usually applied to products in which tramps are substituted  for liners.</td>
</tr>
<tr>
<td>Open Registry</td>
<td>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.</td>
</tr>
<tr>
<td>Open Top Container</td>
<td>A container fitted with a solid removable roof, or with a tarpaulin  roof so the container can be loaded or unloaded from the top.</td>
</tr>
<tr>
<td>Overtonnaging</td>
<td>A situation where there are too many ships generally or in a particular trade for the level of available cargoes.</td>
</tr>
</tbody>
</table>

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