A new letter of credit issued to another beneficiary on the strength of a primary credit. The second L/C uses the first L/C as collateral for the bank. Used in a three-party transaction.

Customs form permitting in bond cargo to be moved from one location to another under Customs control, within the same Customs district. Usually in motor carrier's possession while draying cargo.

Sailing beyond a racing mark or buoy whereby you sail a greater distance

Direction from which the wind is blowing; an unsailable sector between close hauled headings.

Gossip, usually about other people or events. The term scuttlebutt evolved from the name of a keg containing water and alcohol that sailors used to gather about before meals.

The distance the bow of a boat is forward of another's stern

Cotton yarn used for cleaning purposes.

A float with a flag at the top of a pole. Used to mark a position such as for a mooring, a race or a man overboard.

A cap for the top of the mast.

An additional keel secured outside the main keel, usually as protection in the event of grounding.

Filled with water but afloat.

Magnetic variation. The difference, east or west, between magnetic north and true north, measured as an angle. Magnetic variation varies in different geographic locations.

Compressors of 20 HP or less, generally combined with all the components required to put the into operation.

When the wind shifts toward the bow. Opposite of lifted.

To haul in.

Incapable of being mixed without separation phases. Water and petroleum oil are immiscible under most conditions, although they can be made miscible with the addition of an emulsifier.

The last buoy as a boat heads to sea.

Machines in which air or gas is compressed by the mechanical action of rotating vanes or impellers imparting velocity and pressure to the flowing medium. (Raise the pressure of the air by converting the energy from the velocity of the air to pressure.)

Abbreviation for "Not Otherwise Indexed By Name."

The top point of the line about which the earth rotates.