OBQ (On Board
Quantity) - The material
remaining in vessel tanks, void spaces, and/or pipelines
prior to loading. On-board quantity includes water,
oil, slops, oil residue, oil/water emulsions, sludge,
and sediment.
OCIMF
- The oil companies' international marine forum is an
organization of oil companies that own or operate ships.
Off-Specification
Product/Cargo - Refined
products or other cargo that does not meet normal quality
requirements and therefore require special handling
and restraints to assure separation from specification
products/cargo.
Off-Hire Day
- Each day, or part thereof, during which a tanker is
not earning revenue from the charterer.
OPA 90
- The U.S Oil Pollution Act of 1990.
OPEC
- Organization of Petroleum Exporting Countries. Members
include Algeria, Gabon, Indonesia, Iran, Iraq, Kuwait,
Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates
and Venezuela.
Operating Costs
- The costs incurred by the shipowner during a voyage
or time charter, and by the charterer in a bareboat
charter. Comprised mainly of: crew wages and associated
costs; insurance (hull and machinery, and protection
and indemnity premiums); cost of lubricants and spare
parts; repair and maintenance (routine maintenance,
dry-dockings and classification fees).
Outage (Ullage)
- The depth of the space in a tank not occupied by oil.
Same as ullage. It is measured from the flange of the
ullage hole to the surface of the oil. Also the space
left in a petroleum product container to allow for expansion
as a result of temperature changes during shipment and
use.
Out-Turn Certificate
- A document issued by the receivers of cargo indicating
the amount of cargo discharged.
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