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The following are some of the terms and definitions, which may prove helpful in the daily dealings with oil tankers. This list is compiled from various industry sources. While extensive, it should not be considered a complete list of all vessel and charter party related terms and definitions.
U  

Ullage - See Outage

Ullages - Measurements taken with a steel tape from the lip of the ullage hole to the to the surface of the liquid; usually read to the nearest 1/8 inch.

Underwriter - In marine insurance one who subscribes his name to the policy indicating his acceptance of the liability mentioned therein consideration for which he receives a premium.

Unseaworthiness - The states or condition of a vessel when it is not in a proper state of maintenance, or if the loading equipment or crew, or in any other respect is not ready to encounter the ordinary perils of sea.

U.S. Calls - Letter begin with "K". Liberian begin with numbers "A" or "E" or a numeral. Call letter must be used in cables after a vessel's name.

US Gulf - The Gulf of Mexico.

Used Laytime - The amount of lay time that was taken by the vessel for loading and discharging on a voyage.

ULCC - Ultra Large Crude Carriers of above 320,000 DWT. See also Vessel Sizes.