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What is a transit in navigation?

Short answer

Two charted objects observed in line, giving an exact position line without a compass

A transit (called a 'range' in North America) occurs when two identifiable charted objects are observed in line. This provides a highly accurate position line that requires no compass and is unaffected by deviation or variation. Transits are invaluable for checking compass accuracy and for pilotage.

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What is a transit in navigation?