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.
Your Previous Searches
Random Picks
- Broaching: Broaching is a dangerous and sudden change in a vessel's course caused by waves hitting the vessel from the side or stern. Broaching can cause a vessel to capsize or roll over, especially if the vessel is not designed to handle such conditi ... Read More >>
- Flow Rate: Flow rate is the volume of fluid that passes through a given cross-sectional area per unit time. In maritime context, flow rate is an important parameter in the design and operation of various systems such as ballast water treatment, fuel o ... Read More >>
- Oily Water Separator: An oily water separator is a piece of equipment used on board ships to separate oil and water mixtures into their separate components. It works by using gravity and coalescence to separate the oil from the water. The oily water mixture is f ... Read More >>
Top News
Captain Cook's Endeavour confirmed to be in Rhode Island waters...
The location of the HMS Endeavour, a lost ship belonging to 18th-century British explorer Captain James Cook, has been confirmed as Rhode Island's Newport Harbor....
News Source: CBS News on 2025-06-17
Mapping Iran’s oil and gas sites and those attacked by Israel...
Iran is a top 10 oil and gas producer, making its energy sites crucial to both regional and global markets....
News Source: Al Jazeera English on 2025-06-17
Ships collide in Hormuz Strait in shadow of Israel-Iran war...
Incident in strategic waterway said to be 'not security related' despite potential effects of conflict....
News Source: Al Jazeera English on 2025-06-17
How else could Iran retaliate over the ongoing Israeli strikes targeting the cou...
As Israel pounds Iran with airstrikes targeting military facilities and its nuclear sites, officials in Tehran have proposed a variety of steps the Islamic Republic could take outside of launching ret...
News Source: ABC News on 2025-06-17
Wall Street isn’t freaking out about Israel and Iran yet. The Strait of Hormuz...
Global markets have remained relatively calm amid the escalating tensions between Israel and Iran. But that sentiment could quickly shift, according to experts, if the conflict affects the Strait of H...
News Source: CNN on 2025-06-17