Currency
Currency refers to any form of money that is in circulation as a medium of exchange. In the maritime context, currency is used for various transactions such as payment for goods and services, wages for seafarers, and port fees. The most commonly used currencies in the maritime industry are the US dollar, Euro, and Japanese yen. Due to the global nature of the industry, currency exchange rates play a crucial role in determining the cost of goods and services, as well as the profitability of shipping companies. Currency fluctuations can have a significant impact on the industry, and companies often use hedging strategies to manage their exposure to currency risk.
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- Navigational Tools: Navigational tools are instruments or devices used by sailors to determine their position and plot their course while at sea. These tools include compasses, sextants, charts, maps, GPS, and radar. Compasses are used to determine direction, ... Read More >>
- Athwartships: Athwartships refers to the direction perpendicular to the centerline of a ship. It is used to describe the location or movement of objects or structures on a ship that are oriented perpendicular to the centerline. For example, a bulkhead th ... Read More >>
- Ballast Water Discharge: Ballast water discharge refers to the process of releasing water from a ship's ballast tanks into the surrounding environment. Ballast water is used to stabilize a ship's balance and trim during a voyage, and is taken on in one location and ... Read More >>
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