Terms & Glossaries of Shipping and Trading

Draft or Draught

1. The depth of a ship's keel below the waterline. The number of feet that the hull of a ship is beneath the surface of the water.

2. An unconditional order in writing, addressed by one party (drawer) to another party (drawee), requiring the drawee to pay at a fixed or determinable future date, a specified sum in lawful currency to the order of a specified person.