Learn: shipping explainers

Short explainers for readers new to shipping shares: the terms our company pages use, and how a ship's earnings become a dividend.

What is TCE (time-charter equivalent)?

A ship's daily earnings after voyage costs, and how our pages turn fleet TCE into a dividend estimate.

What are tonne-miles?

Cargo times distance: why a longer route needs more ships for the same cargo.

What are NAV and P/NAV?

The fleet's secondhand value net of debt, and where the site shows it.

Which shipping segments does the site cover?

What tankers, bulkers, gas carriers, rigs and the rest carry, and their main classes.

The full list of terms is in the glossary.

An explainer, not investment advice (disclaimer). How the site's own estimates are built is on the methodology page.