|
2H |
Second Half |
|
A.T. |
American Terms (Marine Insurance) A term used to differentiate between
the conditions of American Policies from those of other nations,
principally England. |
|
A/S |
Alongside |
|
AA |
Always Afloat |
|
AAAA |
Always Accessible Always Afloat |
|
AAR |
Abbreviation for Against All Risks (insurance clause). |
|
AARA |
Amsterdam-Antwerp-Rotterdam Area |
|
Abandon |
A proceeding wherein a shipper/consignee seeks authority to abandon all
or parts of their cargo. |
|
ABI |
Automated Brokerage Interface Is a system available to U.S. Customs
Brokers with the computer capabilities and customs certification to
transmit and exchange customs entries and other information,
facilitating prompt release of imported cargo. |
|
ABT |
About |
|
Acceptance |
A time draft (or bill of exchange) which the drawee has accepted and is
unconditionally obligated to pay at maturity. Drawee's act in receiving
a draft and thus entering into the obligation to pay its value at
maturity. An agreement to purchase goods under specified terms. |
|
Act of God |
An act beyond human control, such as lightning, flood or earthquake. |
|
Ad Valorem |
A fixed percentage of the value of goods that is used to calculate
customs duties and taxes. |
|
ADCOM |
Address Commission |
|
Add Hoc Charter |
A one-off charter operated at the necessity of an airline or charterer. |
|
Admirality Court |
Is a court having jurisdiction over maritime questions pertaining to
ocean transport, including contracts, charters, collisions, and cargo
damages. |
|
Advance Against Documents |
Load made on the security of the documents covering the shipment. |
|
Advice of Shipment |
A notice sent to a local or foreign buyer advising that shipment has
gone forward and containing details of packing, routing, etc. A copy of
the invoice is often enclosed and, if desired, a copy of the bill of
lading. |
|
Advising Bank |
A bank that receives a letter of credit from an issuing bank, verifies
its authenticity, and forwards the original letter of credit to the
exporter without obligation to pay |
|
Advisory Capacity |
A term indicating that a shipper's agent or representative is not
empowered to make definite decisions or adjustment without the approval
of the group or individual represented. |
|
Affiliate |
Is a company that controls, or is controlled by another company, or is
one of two or more commonly controlled companies. |
|
Affreightment |
Contract of an agreement by an ocean carrier to provide cargo space on a
vessel at a specified time and for a specified price to accommodate an
exporter or importer. |
|
AFSPS |
Arrival First Sea Pilot Station (Norway) |
|
AFT |
At or towards the stern or rear of a ship. |
|
Agency Agreement |
The steamship line appoints the steamship agent and defines the specific
duties and areas of responsibility of that agent. |
|
Agent (Agt) |
A person authorized to transact business for and in the name of another
person or company. Types of agent are: (1) brokers, (2) commission
merchants, (3) resident buyers, (4) sales agents, (5) manufacturer's
representatives. |
|
AGW |
All Going Well |
|
AHL |
Australian Hold Ladders |
|
Air Cargo Agent |
Is a type of freight forwarder who specializes in air cargo and acts
for airlines that pay him a fee (usually 5%). He is registered with the
International Air Transport Association, IATA (See also Air Freight
Forwarder; Forwarder, Freight Forwarder, Foreign Freight Forwarder). |
|
Air Freight Forwarder |
Is a type of freight forwarder who specializes in air cargo. He usually
consolidates the air shipments of various exporters, charging them for
actual weight and deriving his profit by paying the airline the lower
consolidated rate. He issues his own air waybills to the exporters, is
licensed by the CAB (Civil Aeronautics Board) and has the status of an
indirect air carrier (See also Air Cargo Agent, Forwarder, Freight
Forwarder, Foreign Freight Forwarder.) |
|
Air Freightment |
An agreement by a steamship line to provide cargo space on a vessel at a
specified time and for a specified price to accommodate an exporter or
importer, who then becomes liable for payment even though he is later
unable to make the shipment. |
|
Air Waybill |
A bill of landing that covers both international and domestic flights
transporting goods to a specified destination. This is a non-negotiable
documents of air transport that serves as a receipt for the shipper,
indicating that the carrier has accepted the goods listed and obligates
itself to carry the consignment to the airport of destination according
to specified conditions. |
|
AITA |
International Air Transport Association, IATA, (French, German). |
|
All Risk Insurance |
Is a clause included in marine insurance policies to cover loss and
damage from external causes, such as fire, collision, pilferage, etc.
but not against innate flaws in the goods, such as decay, germination,
nor against faulty packaging, improper packing/ loading or loss of
market, nor against war, strikes, riots and civil commotions (See Marine
Insurance) |
|
All-Risk Clause |
Is an insurance provision that all loss or damage to goods is insured
except that of inherent vice (self caused). (See All Risk Insurance). |
|
Alongside |
A phrase referring to the side of a ship. Goods to be delivered
"alongside" are to be placed on the dock or barge within reach of the
transport ship's tackle so that they can be loaded abroad the ship. |
|
Ambient Temperature |
The temperature of a surrounding body. The ambient temperature of a
container is the atmospheric temperature to which it is exposed. |
|
AMS |
The U.S. Customs' "Automated Manifest System." |
|
ANTHAM |
Antwerp-Hamburg Range |
|
Anti-Dumping Duty |
A tariff imposed to discourage sale of foreign goods, subsidized to
sell at low prices detrimental to local manufacturers. |
|
APS |
Arrival Pilot Station |
|
ARAG |
Amsterdam-Rotterdam-- Antwerp-Ghent Range |
|
Arbitration Clause |
Is a standard clause to be included in the contracts of exporters and
importers, as suggested by the American Arbitration Association. It
states that any controversy or claim will be settled by arbitration in
accordance with the rules of the American Arbitration Association. |
|
Arrival Notice |
A notification by carrier of ship's arrival to the consignee, the
"Notify Party," and - when applicable - the "Also Notify Party." These
parties in interest are listed in blocks 3, 4 and 10, respectively, of
the Bill of Lading. |
|
Assignment |
The transfer of the rights, duties, responsibilities and/or benefits of
an agreement, contract, or financial instrument to third party. |
|
Assignment of Proceeds |
A stipulation within a letter of credit in which some or all of the
proceeds are assigned from the original beneficiary to one or more
additional beneficiaries. |
|
ATDNSHINC |
Any Time Day or Night Sundays and Holidays Included |
|
ATUTC |
Actual Times Used to Count |
|
Automated Brokerage Interface (ABI) |
An electronic system allowing customhouse brokers and importers to
interface via computer with the US Customs Service for transmitting
entry and entry summary data on imported merchandise. |
|
Automated Commercial System (ACS) |
The electronic system of the US Customs Service, encompassing a variety
of industry sectors, that permits on-line access to information in
selected areas. |
|
Automated Manifest System (AMS) |
The electronic system allowing a manifest inventory to be transmitted to
the US Customs Service data center by carrier, port authority or service
center computers. |
|
Average |
See insurance. |
|
B/B |
Break-Bulk Cargo |
|
B/L |
Abbreviation for "Bill of Lading." |
|
B/L - "Onboard" B/L |
B/L validated at the time of loading to transport. Onboard Air, Boxcar,
Container, Rail, Truck and Vessel are the most common types. |
|
B/L - "Order" B/L |
See Negotiable B/L. |
|
B/L - "To Order" B/L |
See Negotiable B/L. |
|
B/L - Amended B/L |
B/L requiring updates that do not change financial status; this is
slightly different from corrected B/L. |
|
B/L - B/L Numbers |
U.S. Customs' standardized B/L numbering format to facilitate
electronic communications and to make each B/L number unique. |
|
B/L - B/L Terms & Conditions |
the fine print on B/L; defines what the carrier can and cannot do,
including the carrier's liabilities and contractual agreements. |
|
B/L - B/L's Status |
represents whether the bill of lading has been input, rated, reconciled,
printed, or released to the customer. |
|
B/L - B/L's Type |
refers to the type of B/L being issued. Some examples are: a Memo (ME),
Original (OBL), Non negotiable, Corrected (CBL) or Amended (AM) B/L. |
|
B/L - Canceled B/L |
B/L status; used to cancel a processed B/L; usually per shipper's
request; different from voided B/L. |
|
B/L - Clean B/L |
A B/L which bears no superimposed clause or notation which declares a
defective condition of the goods and/or the packaging. |
|
B/L - Combined B/L |
B/L that covers cargo moving over various transports. |
|
B/L - Consolidated B/L |
B/L combined or consolidated from two or more B/L's. |
|
B/L - Corrected B/L |
B/L requiring any update which results in money or other financially
related changes. |
|
B/L - Domestic B/L |
Non-negotiable B/L primarily containing routing details; usually used by
truckers and freight forwarders. |
|
B/L - Duplicate B/L |
Another original Bill of Lading set if first set is lost. also known as
reissued B/L. |
|
B/L - Express B/L |
Non-negotiable B/L where there are no hard copies of originals printed. |
|
B/L - Freight B/L |
A contract of carriage between a shipper and forwarder (who is usually a
NVOCC); a non-negotiable document. |
|
B/L - House B/L |
B/L issued by a freight forwarder or consolidator covering a single
shipment containing the names, addresses and specific description of the
goods shipped. |
|
B/L - Intermodal B/L |
B/L covering cargo moving via multimodal means. Also known as Combined
Transport B/L, or Multimodal B/L. |
|
B/L - Long Form B/L |
B/L form with all Terms & Conditions written on it. Most B/L's are short
form which incorporate the long form clauses by reference. |
|
B/L - Memo B/L |
Unfreighted B/L with no charges listed. |
|
B/L - Negotiable B/L |
The B/L is a title document to the goods, issued "to the order of" a
party, usually the shipper, whose endorsement is required to effect is
negotiation. Thus, a shipper's order (negotiable) B/L can be bought,
sold, or traded while goods are in transit and is commonly used for
letter-of-credit transactions. The buyer must submit the original B/L to
the carrier in order to take possession of the goods. |
|
B/L - Non-Negotiable B/L |
See Straight B/L. Sometimes means a file copy of a B/L. |
|
B/L - Optional Discharge B/L |
B/L covering cargo with more than one discharge point option
possibility. |
|
B/L - Original B/L |
The part of the B/L set that has value, especially when negotiable; rest
of set are only informational file copies. Abbreviated as OBL. |
|
B/L - Received for Shipment B/L |
Validated at time cargo is received by ocean carrier to commence
movement but before being validated as "Onboard". |
|
B/L - Reconciled B/L |
B/L set which has completed a prescribed number of edits between the
shippers instructions and the actual shipment received. This produces a
very accurate B/L. |
|
B/L - Short Term B/L |
Opposite of Long Form B/L, a B/L without the Terms & Conditions written
on it. Also known as a Short Form B/L. The terms are incorporated by
reference to the long form B/L. |
|
B/L - Split B/L |
One of two or more B/L's which have been split from a single B/L. |
|
B/L - Stale B/L |
A late B/L; in banking, a B/L which has passed the time deadline of the
L/C and is void. |
|
B/L - Straight (Consignment) B/L |
Indicates the shipper will deliver the goods to the consignee. It does
not convey title (non-negotiable). Most often used when the goods have
been pre-paid. |
|
B/L - Unique B/L Identifier |
U.S. Customs' standardization: four-alpha code unique to each carrier
placed in front of nine digit B/L number; APL's unique B/L Identifier is
"APLU". Sea-land uses "SEAU". These prefixes are also used as the
container identification. |
|
B/L - Voided B/L |
Related to Consolidated B/L; those B/L's absorbed in the combining
process. Different from Canceled B/L. |
|
BAA |
British Airports Authority |
|
BACA |
Baltic Air Charter Association |
|
Back-to-Back |
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. |
|
BAF |
Bunker Adjustment Factor. A Fuel Surcharge expressed as a percentage
added or subtracted from the freight amount reflecting the movement in
the market place price for bunkers. |
|
BAF - |
Abbreviation for "Bunker Adjustment Factor." Used to compensate
steamship lines for fluctuating fuel costs. Sometimes called "Fuel
Adjustment Factor" or FAF. |
|
Balance of Trade |
The difference between a country's total imports and exports; if exports
exceed imports, favorable balance of trade exists, if not, a trade
deficit is said to exist. |
|
BALLAST |
Heavy weight, often sea water, necessary for the stability and safety of
a ship which is not carrying cargo. |
|
Bank Guarantee |
Guarantee issued by a bank to a carrier to be used in lieu of lost or
misplaced original negotiable bill of lading. |
|
BAREBOAT CHTR |
Bareboat Charter Owners lease a specific ship and control its technical
management and commercial operations only. |
|
Barratry |
An act committed by the master or mariners of a vessel, for some
unlawful or fraudulent purpose, contrary to their duty to the owners,
whereby the latter sustain injury. It may include negligence, if so
gross as to evidence fraud. |
|
Barter |
Trade in which merchandise is exchanged directly for other merchandise
without use of money. Barter is an important means of trade with
countries using currency that is not readily convertible. |
|
Base Rate |
A tariff term referring to ocean rate less accessorial charges, or
simply the base tariff rate. |
|
BBB |
Before Breaking Bulk |
|
BDI |
Both Dates Inclusive |
|
BEAM |
The maximum breadth of a ship |
|
Belly Cargo |
Freight accommodation below the main deck. |
|
BENDS |
Both Ends (Load & Discharge Ports) |
|
Beneficiary |
A firm or person on whom a letter of credit has been drawn. The
beneficiary is usually the seller or exporter. |
|
Bermuda Agreement |
An agreement concluded in 1946 between the U.K. and the U.S., designed
to regulate future international air traffic. Most governments accept
its principles and follow it inter alia by limiting traffic rights on
international routes to one or two carriers. |
|
Berth |
Is the place beside a pier, quay or wharf where a vessel can be loaded
or discharged |
|
Berth Liner Service |
Is a regular scheduled steamship line with regular published schedules
(port of call ) from and to defined trade areas |
|
Berth or Liner Terms |
Is an expression covering assessment of ocean freight rates generally
implying that loading and discharging expenses will be for ship owner's
account, and usually apply from the end of ship's tackle in port of
loading to the end of ship's tackle in port of discharge. |
|
BI |
Both Inclusive |
|
Bilateral |
A contract term meaning both parties agree to provide something for the
other. |
|
Bill of Exchange |
In the United States, commonly known as a "Draft." However, bill of
exchange is the correct term. |
|
Bill of Lading |
A document that establishes the terms of a contract between a shipper
and a transportation company under which freight is to be moved between
specified points for a specified charge. Usually prepared by the
shipper on forms issued by the carrier, it serves as a document of
title, contract of carriage, and a receipt for goods. Also see Air
Waybill and Ocean Bill of Lading. |
|
Bill of Lading Port of Discharge |
Port where cargo is discharged from means of transport. |
|
Bill of Sale |
Confirms the transfer of ownership of certain goods to another person in
return for money paid or loaned. |
|
BIMCO |
The Baltic and International Maritime Council |
|
BL (1) |
Bale |
|
BL (2) |
(Bill of Lading) A document signed by the carrier which acts as a
receipt and evidence of title to the cargo. |
|
Blocking or Bracing |
Wood or metal supports (Dunnage) to keep shipments in place to prevent
cargo shifting. |
|
BM |
Beam |
|
Board |
To gain access to a vessel. |
|
BOB |
Bunker on Board |
|
BOFFER |
Best Offer |
|
Bonded Freight |
Freight moving under a bond and to be delivered only under stated
conditions. |
|
Bonded Warehouse |
A warehouse storage area or manufacturing facility in which imported
goods may be stored or processed without payment of customs duties. |
|
Break Bulk |
To unload and distribute a portion or all of the contents of a rail car,
container, or trailer. |
|
Bridge Point |
An inland location where cargo is received by the ocean carrier and then
moved to a coastal port for loading. |
|
Bridge Port |
A port where cargo is received by the ocean carrier and stuffed into
containers but then moved to another coastal port to be loaded on a
vessel. |
|
BROB |
Bunkers Remaining on Board |
|
Brussels Tariff Nomenclature Number (BTN) |
The customs tariff number used by most European nations. The United
States does not use the BTN, but a similar system known as the Harmonize
Tariff Schedule. |
|
BSS |
Basis |
|
BSS 1/1 |
Basis 1 Port to 1 Port |
|
BT |
Berth Terms |
|
Bulk Cargo |
Not in packages or containers; shipped loose in the hold of a ship
without mark and count." Grain, coal and sulfur are usually bulk
freight. |
|
Bulk-Freight Container |
A container with a discharge hatch in the front wall; allows bulk
commodities to be carried. |
|
BUNDLING |
This is the assembly of pieces of cargo, secured into one manageable
unit. This is a very flexible description; a rule of thumb is to present
cargo at a size easily handled by a large (20 ton) fork lift truck. |
|
Bunker Charge |
An extra charge sometimes added to steamship freight rates; justified by
higher fuel costs. (Also known as Fuel Adjustment Factor or FAF.) |
|
BUNKERS |
Name given for vessels Fuel and Diesel Oil supplies (Originates from
coal bunkers) |
|
Bunkers |
A Maritime term referring to Fuel used aboard the ship. Coal stowage
areas aboard a vessel in the past were in bins or bunkers. |
|
BWAD |
Brackish Water Arrival Draft |
|
C & I |
Is a quoted price includes cost of goods and insurance. |
|
C&F |
Is a quoted price includes cost of goods and freight. |
|
C.C.E.F. |
Is a Customs Centralized Examination Facility. |
|
C.I.F. |
Is a quoted price includes cost of goods, insurance and freight. |
|
C.I.T.E.S. |
Committee on International Trade of Endangered Species. |
|
CAA |
Is the Civil Aviation Authority. Government body responsible for
regulating U.K. airlines. |
|
Cabotage |
Is where cargo is carried on what is essentially a domestic flight and
therefore not subject to international agreements that fix set rates.
Cabotage rates are negotiable between shipper and airline and apply on
flights within a country and to its overseas territories. |
|
Cabotage |
Water transportation term applicable to shipments between ports of a
nation; commonly refers to coast-wise or inter-coastal navigation or
trade. Many nations, including the United States, have cabotage laws
which require national flag vessels to provide domestic interport
service. |
|
CAD |
The acronym meaning "cash against documents," a method of payment for
goods in which documents transferring title are given to the buyer upon
payment of cash to an intermediary acting for the seller. |
|
CAD/CAM |
Computer Aided Design/Computer Aided Manufacturing. |
|
CAF |
Abbreviation for "Currency Adjustment Factor." A charge, expressed as a
percentage of a base rate, that is applied to compensate ocean carriers
of currency fluctuations. |
|
Cage |
The transporting of goods by truck to or from a vessel, aircraft, or
bonded warehouse, all under customs custody. |
|
Cargo |
Is merchandise/commodities/freight carried by means of transportation. |
|
Cargo Manifest |
A manifest that lists all cargo carried on a specific vessel voyage. |
|
Cargo Receipt |
Is a receipt of cargo for shipment by a consolidator (used in ocean
freight). |
|
Carnet |
A Customs document permitting the holder to temporarily carry or send
merchandise into certain foreign countries (for display, demonstration
or similar purposes) without paying duties or posting bonds. Any of
various Customs documents required for crossing some international
borders. |
|
Carrier |
Any person or entity who, in a contract of carriage, undertakes to
perform or to procure the performance of carriage by rail, road, sea,
air, inland waterway or by a combination of such modes. |
|
Carrier(s) Containers or Shipper(s) Containers |
The term Carrier(s) Container(s) or Shipper(s) Container(s) means
containers over which the carrier or the shipper has control either by
ownership or by the acquisition thereof under lease or rental from
container companies or container suppliers or from similar sources.
Carriers are prohibited from purchasing, leasing or renting shipper
owned containers. |
|
Carrier, Common |
A public or privately owned firm or corporation that transports the
goods of others over land, sea, or through the air, for a stated freight
rate. By government regulation, a common carrier is required to carry
all goods offered if accommodations are available and the established
rate is paid. |
|
Carrier's Certificate |
A certificate required by U.S. Customs to release cargo properly to the
correct party. |
|
Cartage |
Usually refers to intra city hauling on drays or trucks. |
|
Cartel |
Is an association of several independent national or international
business organizations that regulates competition by controlling the
prices, the production, or the marketing of a product or an industry. |
|
Cash Against Documents (CAD) |
Method of payment for goods in which documents transferring title are
given the buyer upon payment of cash to an intermediary acting for the
seller, usually a commission house. |
|
Cash in Advance (C.I.A.) |
Payment for goods in which the price is paid in full before shipment is
made. This method is usually used only for small purchases or when the
goods are built to order. |
|
CBFT (or CFT) |
Cubic Feet |
|
CBM |
Cubic Meter |
|
Certificate of Analysis |
Is a certificate required by some countries as proof of the quality and
composition of food products or pharmaceuticals. The required analysis
may be made by a private or government health agency. The certificate
must be legalized by a foreign consul of the country concerned, as is
the case with such similar certificates as the phytosanitary
certificate. |
|
Certificate of Inspection |
A document certifying that the goods were in apparent good condition
immediately prior to shipment. |
|
Certificate of Manufacture |
A statement in which a producer specifies where his goods were
manufactured, certifies that manufacturing has been completed, and
confirms that the goods are at the buyer's disposal. |
|
Certificate of Origin |
A statement signed by the exporter, or his agent, and attested to by a
local Chamber of Commerce, indicating that the goods being shipped, or a
major percentage of them, originated and were produced in the exporter's
country. |
|
CES |
Is a Customs Examination Station |
|
CFR (or C&F) |
Cost and Freight |
|
CFS |
Abbreviation for "Container Freight Station." A shipping dock where
cargo is loaded ("stuffed") into or unloaded ("stripped") from
containers. Generally, this involves less than containerload shipments,
although small shipments destined to same consignee are often
consolidated. Container reloading from/to rail or motor carrier
equipment is a typical activity. |
|
CFS (Container Freight Station) |
The term CFS at loading port means the location designated by carriers
for the receiving of cargo to be packed into containers by the carrier.
At discharge ports, the term CFS means the bonded location designated by
carriers in the port area for unpacking and delivery of cargo. |
|
CFS CHARGE (Container Freight Charge) |
The term CFS Charge means the charge assessed for services performed at
the loading or discharging port in packing or unpacking of cargo
into/from containers at CFS. |
|
CFS Receiving Service |
The term "CFS Receiving Services" means the service performed at loading
port in receiving and packing cargo into containers from CFS to CY or
shipside. "CFS Receiving Services" referred herein are restricted to the
following 1. Moving empty containers from CY to CFS 2. Drayage of loaded
containers from CFS to CY and/or ship's tackle 3. Tallying 4. Issuing
dock receipt/shipping order 5. Physical movement of cargo into, out of
and within CFS 6. Stuffing, sealing and marking containers 7. Storage 8.
Ordinary sorting and stacking 9. Preparing carrier's internal container
load plan |
|
CFS/CFS (Pier to Pier) |
The term CFS/CFS means cargo delivered by break-bulk to Carrier's CFS to
be packed by Carrier into containers and to be unpacked by Carrier from
the container at Carrier's destination port CFS. |
|
CFS/CY (Pier to House) |
The term CFS/CY means cargo delivered break-bulk to Carrier's CFS to be
packed by Carrier into containers and accepted by consignee at Carrier's
CY and unpacked by the consignee off Carrier's premises, all at
consignee's risk and expense. |
|
Chargeable Kilo |
Rate for goods where volume exceeds six cubic metres to the tonne. |
|
Charter |
Originally meant a flight where a shipper contracted hire of an aircraft
from an airline. Has usually come to mean any non-scheduled commercial
service. |
|
Charter Party |
The contract between the owner of a ship and the individual or company
chartering it. Among other specifications, the contract usually
stipulates the exact obligations of the ship-owner (loading the goods,
carrying the goods to a certain point, returning to the charterer with
other goods, etc.); or it provides for an outright leasing of the vessel
to the charterer, who then is responsible for his own loading and
delivery. In either case, the charter party sets forth the exact
conditions and requirements agreed upon by both sides. |
|
Charter party Bill of Lading |
A bill of lading issued under a charter party. It is not acceptable by
banks under letters of credit unless so authorized in the credit. |
|
Chassis |
A wheel assemble including bogies constructed to accept mounting of
containers. |
|
CHOPT |
Charterers Option |
|
CHTRS |
Charterers |
|
CIA |
The acronym meaning "cash in advance," a method of payment for goods
whereby buyer pays seller in advance of shipment of goods. |
|
CIF |
Cost, Insurance & Freight. Seller pays all these costs to a nominated
port or place of discharge. |
|
CIF (cost, insurance and freight) |
Seller is responsible for inland freight, ocean/air freight, and
marine/air insurance to the port of final entry in the buyer's country.
The buyer is responsible for inland transportation to his or her
location. |
|
Claim |
A demand made upon a transportation line for payment on account of a
loss sustained through its alleged negligence. |
|
Class Rates |
A class of goods or commodities is a large grouping of various items
under one general heading. All items in the group make up a class. The
freight rates that apply to all items in the class are called class
rates. |
|
Classification |
Is a customs term. The placement of an item under the correct number in
the customs tariff for duty purposes. At times this procedure becomes
highly complicated; it is not uncommon for importers to resort to
litigation over the correct duty to be assessed by the customs on a
given item. |
|
Claused Bill of Lading |
Is a bill of lading which has exemptions to the receipt of merchandise
in "apparent good order" noted. |
|
Clean Bill of Lading |
Is a bill of lading which covers goods received in "apparent good order
and condition" and without qualification. |
|
Clean Bill of Lading |
A receipt for goods issued by a carrier with an indication that the
goods were received in "apparent good order and condition," without
damage or other irregularities. If no notation or exception is made, the
B/L is assumed to be "cleaned." |
|
Clean Draft |
Is a draft to which no documents have been attached. |
|
Clean: |
A letter of credit that requires the beneficiary to present only a draft
or a receipt for specified funds before receiving payment. |
|
cm |
Centimeters |
|
CNS |
Cargo Network Services, an IATA company. See IATA. |
|
COA |
Contract of Affreightment Owners agree to accept a cost per revenue ton
for cargo carried on a specific number of voyages. |
|
COACP |
Contract of Affreightment Charter Party |
|
COB |
Close of Business |
|
COD |
Cash On Delivery |
|
COGSA |
Carriage of Goods by Sea Act |
|
COGSA |
Carriage of Goods by Sea Act. U.S. federal codification passed in 1936
which standardizes carrier's liability under carrier's bill of lading.
U.S. enactment of The Hague Rules. |
|
Collective Paper |
All documents (commercial invoices, bills of lading, etc.) submitted to
a buyer for the purpose of receiving payment for a shipment. |
|
Combi |
Is an aircraft with pallet or container capacity on its main deck as
well as in its belly holds |
|
Combination Vessels |
Container/Break-bulk vessel - this type of ship accommodates both
container and break-bulk cargo. It can be either self sustaining or
non-self sustaining. |
|
Commercial Code |
A published code designed to reduce the total number of words required
in a cablegram. |
|
Commercial Invoice |
An itemized list of goods shipped, usually included among an exporter's
collection papers. |
|
Commercial Invoice |
Represents a complete record of the transaction between exporter and
importer with regard to the goods sold. Also reports the content of the
shipment and serves as the basis for all other documents about the
shipment. |
|
Commercial Risk |
Risk carried by the exporter (unless insurance is secured) that the
foreign buyer may not be able to pay for goods delivered on an open
account basis. |
|
Commodity |
Article shipped. For dangerous and hazardous cargo, the correct
commodity identification is critical. |
|
Commodity Specialist |
An official authorized by the U.S. Treasury to determine proper tariff
and value of imported goods. |
|
Common Carrier |
A firm or individual that transports persons or goods for compensation. |
|
Common Law |
Law that derives its force and authority from precedent, custom and
usage rather than from statutes, particularly with reference to the laws
of England and the United States. |
|
Conference |
A group of vessel operators joined together for the purpose of
establishing freight rates. RoRo/Container Vessel - Ship designed to
accommodate containers and roll-on roll-off cargo. It can be self
sustaining. RoRo/Container/Break-bulk Vessel - Designated to accommodate
three types of cargo, usually self sustaining. |
|
Confirmed Letter of Credit |
A letter of credit, issued by a foreign bank, with validity confirmed
by a U.S. bank. An exporter who requires a confirmed letter of credit
from the buyer is assured of payment by the U.S. bank even if the
foreign buyer or the foreign bank defaults. |
|
Confirmed |
An L/C guaranteed by both the issuing and advising banks of payment so
long as seller's documents are in order, and the L/C terms are met. Only
applied to irrevocable L/C's. The confirming bank assumes the credit
risk of the issuing bank. |
|
Confirming Bank |
The bank that adds its confirmation to another bank's (the issuing
bank's) letter of credit and promises to pay the beneficiary upon
presentation of documents specified in the letter of credit. |
|
Confiscation |
The taking and holding of private property by a government or an agency
acting for a government. Compensation may or may not be given to the
owner of the property. |
|
CONS |
Consumption |
|
Consignee |
The individual or company to whom a seller or sipper sends merchandise
and who, upon presentation of necessary documents, is recognized as
merchandise owner for the purpose of declaring and paying customs
duties. |
|
Consignee Marks |
A symbol laced on packages for identification purposes; generally
consisting of a triangle, square, circle, diamond, cross, with letters
and/or numbers as well as port of discharge. |
|
Consignment |
Is the physical transfer of goods from a seller (consignor) with whom
the title remains, to another legal entity (consignee) who acts as a
selling agent, selling the goods and remitting the new proceeds to the
consignor. |
|
Consignor |
A term used to describe any person who consigns goods to himself or to
another party in a bill of lading or equivalent document. A consignor
might be the owner of the goods, or a freight forwarder who consigns
goods on behalf of his principal. |
|
Consolidated Shipment |
An arrangement whereby various shippers pool their boxed goods on the
same shipment, sharing the total weight charge for the shipment. |
|
Consolidation |
Cargo containing shipments of two or more shippers or suppliers.
Containerload shipments may be consolidated for one or more consignees. |
|
Consolidator |
An agent which brings together a number of shipments for one destination
to qualify for preferential airline rates. |
|
Consortium |
The name for an agreement under which several nations or nationals
(usually corporations) of more than one nation, join together for a
common purpose. It could be for management or exploitation of a natural
resource, as in the case of some international petroleum consortiums. |
|
Consul |
A government official residing in a foreign country, charged with
representing the interests of his or her country and its nationals. |
|
Consular Declaration |
A formal statement, made to the consul of a foreign country, describing
goods to be shipped. |
|
Consular Documents |
Special forms signed by the consul of a country to which cargo is
destined. |
|
Consular Invoice |
A document, required by some foreign countries, describing a shipment of
goods and showing information such as the consignor, consignee, and
value of the shipment. Certified by a consular official of the foreign
country, it is used by the country's customs officials to verify the
value, quantity and nature of the shipment. |
|
Consular Invoice |
A document, required by some foreign countries, describing a shipment of
goods and showing information such as the consignor, consignee, and
value of the shipment. Certified by consular official of the foreign, it
is used by the country's customs official to verify the value, quantity,
and nature of the shipment. |
|
Container |
The term container means a single rigid, non-disposable dry cargo,
insulated, temperature controlled flatrack, vehicle rack portable liquid
tank, or open top container without wheels or bogies attached, having
not less than 350 cubic feet capacity, having a closure or permanently
hinged door that allows ready access to the cargo (closure or
permanently hinged door not applicable to flatrack vehicle rack or
portable liquid tank). All types of containers will have constructions,
fittings and fastenings able to withstand without permanent distortion,
all the stresses that may be applied in normal service use of continuous
transportation. All containers must bear manufacturer's specifications. |
|
Container Freight Station |
See CFS. |
|
Container Manifest |
Document showing contents and loading sequence of a container. |
|
Container Ship |
Ocean going ship designed to carry containers both internally and on
deck. Some are self sustaining. |
|
Containerization |
Is a concept for the ultimate unitizing of cargo used by both steamship
lines and air cargo lines. Containers allow a greater amount of cargo
protection from weather, damage, and theft. |
|
Containers (Air Cargo) |
Many types of air cargo containers are offered The containers are
designed in various sizes and irregular shapes to conform to the inside
dimensions of a specific aircraft. |
|
Containers (Ocean) |
Are designed to be moved inland on its own chassis and can be loaded at
the shippers plant for shipment overseas. Basic types of containers are;
dry van, open top, half high, hi cube, flat rock, tank container,
refrigerated container, insulated container, tilting container. Average
outside dimensions are generally 20, 35, and 40 feet in length, 8 feet
wide and 8 feet high standard. |
|
Continuous Bond |
Is an annual customs bond insuring compliance with all regulations and
requirements. |
|
Contract |
A legally binding agreement between two or more persons/organizations to
carry out reciprocal obligations or value. |
|
Contract Rate |
Is a charge levied by carriers selling capacity forward over a given
route to a shipper of forwarder; the client is therefore assured of
capacity, which must be paid for regardless of load carried. |
|
Coordinating Committee for Export Controls (COCOM) |
An informal group of 15 western countries established to prevent the
export of certain strategic products to potentially hostile nations. |
|
COP |
Custom Of Port |
|
Correspondent Bank |
A bank that, in its own country, handles the business of a foreign bank. |
|
Correspondent Bank |
A bank that, in its own country, handles the business of a foreign bank. |
|
Countertrade |
Is a reciprocal trading arrangement, which includes a variety of
transactions involving two or more parties. |
|
Countervailing Duties |
Is a special duties imposed on imports to offset the benefits of
subsidies to producers or exporters of the exporting country. |
|
CP (or C/P) |
Charter Party |
|
CPD |
Charterers Pay Dues |
|
CPT |
Carriage Paid To |
|
CQD |
Customary Quick Dispatch |
|
Credit Risk Insurance |
Insurance designed to cover risks of nonpayment for delivered goods. |
|
CRN |
Crane |
|
CROB |
Cargo Remaining on Board |
|
CST |
Centistoke |
|
CTR |
Container Fitted |
|
Cubic Foot |
1,728 cubic inches. A volume contained in a space measuring one foot
high, one foot wide and one foot long. |
|
Customhouse Broker |
An individual or firm licensed to enter and clear goods through Customs. |
|
Customs |
Government agency charged with enforcing the rules passed to protect the
country's import and export revenues. |
|
Customs Bonded Warehouse |
Is a warehouse where imported goods may be stored for a total of three
years without the payment of duty or taxes. |
|
Customs Bonded Warehouse |
A warehouse authorized by Customs to receive duty-free merchandise. |
|
Customs Court |
Is the court to which importers might appeal or protest decisions made
by Customs officers. |
|
Customs Entry |
All countries require that the importer make a declaration on incoming
foreign goods. The importer then normally pays a duty on the imported
merchandise. The importer's statement is compared against the carrier's
vessel manifest to ensure that all foreign goods are properly declared. |
|
Customs Invoice |
A form requiring all data in a commercial invoice along with a
certificate of value and/or a certificate of origin. Required in a few
countries (usually former British territories) and usually serves as a
seller's commercial invoice. |
|
Customs Tariff |
Is a schedule of charges assessed by the federal government on imported
goods. |
|
Customs Union |
Is an agreement between two or more countries in which they arrange to
abolish tariffs and other import restrictions on each other's goods and
establish a common tariff for the imports of all other countries. |
|
CWO |
The acronym meaning "cash with order," a method of payment for goods
where cash is paid at the time of order and the transaction becomes
binding on both buyer and seller. |
|
CY ( Container Yard) |
The term CY means the location designated by Carrier in the port
terminal area for receiving, assembling, holding, storing and delivering
containers, and where containers may be picked up by shippers or
re-delivered by consignees. No container yard (CY) shall be a shipper's,
consignee's, NVOCC's, or a forwarder's place of business, unless
otherwise provided. |
|
CY/CFS (House to Pier) |
The term CY/CFS means containers packed by shipper of carrier's premises
and delivered by shipper to Carrier's CY, all at shipper's risk and
expense and unpacked by Carrier at the destination port CFS. |
|
CY/CY (House to House) |
The term CY/CY means containers packed by shipper off Carrier's premises
and delivered by shipper to Carrier's CY and accepted by consignee a t
Carrier's CY and unpacked by consignee off Carrier's premises, all at
the risk and expense of cargo. |
|
D.F. |
Dead Freight |
|
D.W. |
Deadweight (tons of 2,240 lbs.) |
|
D.W.C. |
Deadweight for cargo |
|
Dangerous Goods |
Articles or substance capable of posing a significant risk to health,
safety or property, and that ordinarily require special attention when
being transported. |
|
DAPS |
Days all Purposes (Total days for loading & discharging) |
|
DAT |
Dangerous articles tariff. |
|
Date Draft |
Draft that matures in a specified number of days after the date it is
issued, without regard to the date of Acceptance. See Draft. |
|
DCA |
Department of Civil Aviation. Commonly used term to denote the
government department of any foreign country that is responsible for
aviation regulation and granting traffic rights. |
|
DDP |
Delivered duty paid. Also known as "free domicile." |
|
DDU |
Delivered duty unpaid. Reflects the emergence of "door-to-door"
intermodal or courier contracts or carriage where only the destination
customs duty and taxes (if any) are paid by consignee. |
|
Dead Freight |
Is freight charges paid by the charterer of vessel for the contracted
space, which is left partially unoccupied. |
|
Dead Leg |
Is a sector flown without payload |
|
Deck Cargo |
Is cargo carried on deck rather than stowed under deck. On deck carriage
is required for certain commodities, such as explosives. |
|
Deferred Payment Credit |
Type of letter of credit providing for payment some time after
presentation of shipping documents by exporter. |
|
Deferred Payment |
Deferred Payment: A letter of credit issued for the purchase and
financing of merchandise, similar to acceptance-type letter of credit,
except that it requires presentation of sight drafts payable on an
installment basis. |
|
Deferred Rebate |
The return of a portion of the freight charges by a carrier or a
conference shipper in exchange for the shipper giving all or most of his
shipments to the carrier or conference over a specified period of time
(usually 6 months). Payment of the rate is deferred for a further
similar period, during which the shipper must continue to give all or
most of his shipments to the rebating carrier or conference. The shipper
thus earns a further rebate which will not, however, be paid without an
additional period of exclusive or almost exclusive patronage with the
carrier of conference. In this way, the shipper becomes tied to the
rebating carrier or conference. Although, the deferred rebate system is
illegal in U.S. foreign commerce, it generally is accepted in the ocean
trade between foreign countries. |
|
DEM |
Demurrage |
|
Demurrage |
A penalty charge against shippers or consignees for delaying the
carrier's equipment beyond the allowed free time. The free time and
demurrage charges are set forth in the charter party or freight tariff.
See also Detention and Per Diem. |
|
Density |
Density means pounds per cubic foot. The cubage of loose articles or
pieces, or packaged articles of a rectangular, elliptical or square
shape on one plane shall be determined by multiplying the greatest
straight line dimensions of length, width and depth in inches, including
all projections, and dividing the total by 1728 (to obtain cubic feet).
The density is the weight of the article divided by the cubic feet thus
obtained. |
|
Density |
The weight of cargo per cubic foot or other unit. |
|
DEQ |
Delivered ex quay/duty paid. |
|
DESP |
Dispatch |
|
Destination Control Statement |
Any of various statements that the U.S. government requires to be
displayed on export shipments and that specify the destination for which
export of the shipment has been authorized. |
|
DET |
Detention |
|
Detention |
A penalty charge against shippers or consignees for delaying carrier's
equipment beyond allowed time. Demurrage applies to cargo; detention
applies to equipment. See Per Diem. |
|
Devanning |
The unloading of a container or cargo van. |
|
DGR |
Dangerous Goods Requirement. |
|
DHDATSBE |
Dispatch Half Demurrage on Actual Time Saved Both Ends DHDWTSBEDispatch
Half Demurrage on Working Time Saved Both Ends |
|
Dim Weight |
(Dimensionalized Weight) Determined by calculating length x width x
height and dividing by 166. Charged when actual weight is less than the
dim. weight. |
|
DISCH |
Discharge |
|
Discrepancy Letter of Credit |
When documents presented do not conform to the requirements of the
letter of credit (L/C), it is referred to as a "discrepancy." Banks will
not process L/C's which have discrepancies. They will refer the
situation back to the buyer and/or seller and await further
instructions. |
|
DK |
Deck |
|
DLOSP |
Dropping Last Outwards Sea Pilot ( Norway) |
|
DNRSAOCLONL |
Discountless and Non-Returnable Ship and/or Cargo Lost or Not Lost |
|
DO |
Diesel Oil |
|
Dock Receipt |
When cargo is delivered to a steamship company at the pier, the
receiving clerk issues a dock receipt. |
|
Dock Receipt |
A form used to acknowledge receipt of cargo and often serves as basis
for preparation of the ocean bill of lading. |
|
Documents Against Acceptance (D/A) |
Instructions given by a shipper to a bank indicating that documents
transferring title goods should be delivered to the buyer (or drawee)
only upon the buyer's acceptance of the attached draft. |
|
Documents Against Payment (D/P) |
An indication on a draft that the documents attached are to be released
to the drawee only on payment. |
|
DOLSP |
Dropping Off Last Sea Pilot ( Norway) |
|
Door-to-Door |
Through transportation of a container and its contents from consignor to
consignee. Also known as House to House. Not necessarily a through rate. |
|
DOP |
Dropping Outward Pilot |
|
DOT |
Department of Transportation |
|
DRAFT |
Depth to which a ship is immersed in water. The depth varies according
to the design of the ship and will be greater or lesser depending not
only on the weight of the ship and everything on board, but also on the
density of the water in which the ship is lying. |
|
Draft (or Bill of Exchange) |
An unconditional order in writing from one person (the drawer) to
another (the drawee), directing the Drawee to pay a specified amount to
a named Drawer at a fixed or determinable future date. |
|
Draft, Bank |
An order issued by a seller against a purchaser; directs payment,
usually through an intermediary bank. Typical bank drafts are negotiable
instruments and are similar in many ways to checks on checking accounts
in a bank. |
|
Draft, Clean |
A draft to which no documents are attached. |
|
Draft, Date |
A draft that matures on a fixed date, regardless of the time of
acceptance. |
|
Draft, Discounted |
A time draft under a letter of credit that has been accepted and
purchased by a bank at a discount. |
|
Draft, Sight |
A draft payable on demand upon presentation. |
|
Draft, Time |
A draft that matures at a fixed or determinable time after presentation
or acceptance. |
|
Drawback |
A U.S. customs law that permits an American exporter to recover duties
paid on imported foreign raw materials or components included in
products that are subsequently exported out of the United States. |
|
Drawback |
A partial refund of an import fee. Refund usually results because goods
are re-exported from the country that collected the fee. |
|
Drawee |
The individual or firm on whom a draft is drawn and who owes the stated
amount to the drawer. |
|
Drawee |
The individual or firm that issues a draft and thus stands to receive
payment. |
|
Drayage |
Charge made for local hauling by dray or truck. Same as Cartage. |
|
DRK |
Derrick |
|
Dry Lease |
The rental of a "clean" aircraft without crew, ground staff or
supporting equipment. |
|
DST |
The acronym meaning "double stack train" service, which is the transport
rail between two points of a trainload of containers with two
containers, one on top of the other, per chassis. |
|
DUNNAGE |
Materials of various types, often timber or matting, placed among the
cargo for separation, and hence protection from damage, for ventilation
and, in the case of certain cargoes, to provide space in which the forks
of a lift truck may be inserted. |
|
DWAT (or DWT) |
Deadweight. Weight of cargo, stores and water, i.e. the difference
between lightship and loaded displacement. |
|
E.A.O.N. |
Except as otherwise noted |
|
EC |
East Coast |
|
EDI |
Abbreviation for "Electronic Data Interface." Generic term for
transmission of transactional data between computer systems. EDI is
typically via a batched transmission, usually conforming to consistent
standards. |
|
EDI or EDIFACT |
Electronic Data Interchange for Administration, Commerce and Transport,
from the UN-backed electronic data interchange standards body, to create
electronic versions of common business documents that will work on a
global scale. One digital document under consideration, the
International Forwarding and Transport Message will do the jobs of six
different electronic messages currently in use. |
|
EIU |
Even if Used |
|
ELVENT |
Electric Ventilation |
|
Empty Leg |
Results from an aircraft primarily chartered outbound having cargo
capacity inbound or vice versa. A cheap form of airfreight. |
|
Endorsement in Blank |
Commonly used on a bank check, an endorsement in blank is an endorsement
to the bearer. It contains only the name of the endorser and specifies
no particular payee. Also, a common means of endorsing bills of lading
dawn to the order of the shipper. The bills are endorsed "For..." (see
Bill of Lading, Order). |
|
Entry |
Customs documents required to clear an import shipment for entry into
the general commerce of a country. |
|
ETA |
Estimated Time of Arrival |
|
ETC |
Estimated Time of Completion |
|
ETD |
Estimated Time of Departure |
|
ETS |
Estimated Time of Sailing |
|
Eurodollars |
U.S. dollars on deposit outside of the United States to include dollars
on deposit at foreign branches of U.S. banks, and dollars on deposit
with foreign banks. |
|
Ex |
Signifies that the quoted price applies only at the indicated point of
origin (e.g. "price ex factory" means that the quoted price is for the
goods available at the factory gate of the seller). |
|
Ex - "From" |
When used in pricing terms such as "Ex Factory" or "Ex Dock," it
signifies that the price quoted applies only at the point of origin
indicated. |
|
Ex. B.L. |
Exchange bill of lading |
|
Exception |
Notations made when the cargo is received at the carrier's terminal or
loaded aboard a vessel. They show any irregularities in packaging or
actual or suspected damage to the cargo. Exceptions are then noted on
the bill of lading. |
|
Expiry Date |
Issued in connection with documents such as letters of credit, tariffs
etc. to advise that stated provisions will expire at a certain time. |
|
Export Broker |
The individual who brings together buyer and seller for a fee,
eventually withdrawing from any transaction. |
|
Export Declaration |
A form to be completed by the exporter or their authorized agent and
filed in triplicate by a carrier with the United State Collector of
customs at the point of exit. It serves a twofold purpose 1. Primarily,
it is used by the U.S. Bureau of Census for the compilation of export
statistics on United States foreign trade (for this reason an export
declaration is required for practically all shipments from the United
States to foreign countries and the United States possessions, except
for mail shipments of small value, or for those of a non commercial
character); 2. The declaration also serves as an export control document
because it must be presented, together with the export license, to the
United States Customs at the port of export. If the goods may be
exported under general export license, this fact must be stated on the
export declaration. |
|
Export Declaration |
A government document declaring designated goods to be shipped out of
the country. To be completed by the exporter and filed with the U.S.
Government. |
|
Export License |
A document secured from a government, authorizing an exporter to export
a specific quantity of a particular commodity to a certain country. An
export license is often required if a government has place embargoes or
other restrictions upon exports. See General Export License. |
|
Export License |
A government document which permits the "Licensee" to engage in the
export of designated goods to certain destinations. |
|
Export Trading Company |
A corporation or other business unit organized and operated primarily
for the purpose of exporting goods and services, or of providing export
related services to other companies. |
|
Express |
Premium-rated service for urgent deliveries. |
|
EXW |
Ex Works |
|
EXW |
Ex works. Same as the former "Ex Works."FAK Freight All Kinds - uniform
airline charging scale applying to a number of commodities; as opposed
to SCR (Specific Commodity Rate) applying to one commodity only. |
|
F. P.A.A.C. F. p.a. (A.C.) |
Free of Particular Average, American Conditions-(Marine Insurance Term).
The American form of clause commonly used, as distinguished from that
used by the English underwriters. Under the American clause the
underwriter does not assume responsibility for partial losses unless
caused by stranding, sinking, burning or collision with another vessel
whereas under the English clause, the underwriter assumes responsibility
for partial losses if the vessel be stranded, sunk, burnt or in
collision even though such an event did not actually cause the damage
suffered by the goods. Conditions (See F.P.A.A.C.). |
|
F.&.D. |
Freight and demurrage |
|
F.C.L. |
Full container load, full car load |
|
F.c.s. |
Free of capture and seizure |
|
f.c.s.r.c.c. |
Free of capture, seizure, riots and civil commotions |
|
F.D.A. |
Food and Drug Administration. |
|
F.i.b. |
Free in bunkers; free into barge |
|
F.o.d. |
Free of damage |
|
F.P.A. |
Free of Particular Average (Marine Insurance Term). A term used in
marine insurance policies to indicate that while the underwriter is
unwilling to assume liability for ordinary partial losses due to the
peculiar qualities of the particular article or to its form of package,
he is willing to bear partial losses, the direct result of stranding,
sinking, burning, collision, or other named peril |
|
FAS |
Free Alongside Ship. Seller delivers goods to appropriate dock or
terminal at port of embarkation and buyer covers costs and risks of
loading. |
|
FAS (free alongside ship) |
Seller is responsible for inland freight costs until goods are located
alongside the vessel/aircraft for loading. Buyer is responsible for
loading costs, ocean /air freight and marine/air insurance. |
|
Fathom |
(Nautical) Conversion equivalents 6 feet; 1.83 meters |
|
FCL |
Abbreviation for "Full Container Load." |
|
FD |
Free of Dispatch |
|
FDD |
Freight Demurrage Deadfreight |
|
FDIS |
Free Discharge |
|
Feeder Service |
Cargo to/from regional ports are transferred to/from a central hub port
for a long-haul ocean voyage. |
|
Feeder Vessel |
A short-sea vessel which transfers cargo between a central "hub" port
and smaller "spoke" ports. |
|
FEU |
Forty foot container equivalency unit Standard 40' Container |
|
FEU |
Forty foot equivalent |
|
FEU |
Abbreviation for "Forty-Foot Equivalent Units." Refers to container size
standard of forty feet. Two twenty-foot containers or TEU's equal one
FEU. |
|
FHEX |
Fridays/Holidays Excluded |
|
FHINC |
Fridays/Holidays Included |
|
FIATA |
International Federation of Freight Forwarders Associations. |
|
Fifth Freedom Flight |
Where cargo is carried by an airline between two countries in neither of
which it is based. |
|
FILO |
Free In/Liner Out. Seafreight with which the shipper pays load costs and
thecarrier pays for discharge costs. |
|
FIO |
Free In/Out. Freight booked FIO includes the sea freight, but no
loading/discharging costs, i.e. the charterer pays for cost of loading
and discharging cargo. |
|
FIOS |
Free In/Out Stowed. As per FIO, but includes stowage costs. |
|
FIOSLSD |
Free In/Out Stowed, Lashed, Secured and Dunnaged. As per FIO, but
includes cost of lashing securing and dunnaging cargo to Masters
satisfaction. |
|
FIOST |
Free In/Out and Trimmed. Charterer pays for cost of loading/discharging
cargo, including stowage and trimming. |
|
FIOT |
Free In/Out and Trimmed. As per FIOS but includes trimming the leveling
of bulk cargoes |
|
FIT |
Free In Trimmed |
|
FIW |
Free In Wagon |
|
FIXING |
Chartering a Vessel |
|
Flag Carrier |
An airline of one national registry whose government gives it partial or
total monopoly over international routes. |
|
FLT |
Full Liner Terms Shipowner pays to load and discharge the cargo |
|
FMC |
Federal Maritime Commission US government agency |
|
FMS |
Fathoms6 feet |
|
FO (IFO) |
Fuel Oil/Intermediate FO |
|
FOB |
Free on Board. Seller sees the goods "over the ship's rail" on to the
ship which is arranged and paid for by the buyer |
|
FOB (free on board) |
Seller is responsible for inland freight and all other costs until the
cargo has been loaded on the vessel/aircraft. Buyer is responsible for
ocean/air freight and marine/air insurance. |
|
FOFFER |
Firm Offer |
|
FOG |
For Our Guidance |
|
Folded |
An article folded in such a manner as to reduce its bulk 33 1/3% from
its normal shipping cubage when not folded. |
|
FOQ |
Free On Quay |
|
FOR |
Free On Rail |
|
FORCE MAJEURE |
Clause limiting responsibilities of the charterers, shippers and
receivers due to events beyond their control. |
|
Force Majeure |
The title of a standard clause found in marine contracts exempting the
parties for nonfulfillment of their obligations by reasons of
occurrences beyond their control, such as earthquakes, floods or war. |
|
Force Majeure |
The title of a common clause in contracts, exempting the parties for
non-fulfillment of their obligations as a result of conditions beyond
their control, such as earthquakes, floods or war. |
|
Foreign Trade Zone |
A free port in the United Stated divorced from Customs authority but
under Federal control. Merchandise, except that which is prohibited, may
be stored in the zone without being subjected to the United States
tariff regulation. Also called Free Trade Zone. |
|
Foreign Trade Zone Entry |
A form declaring goods which are brought duty free into a Foreign Trade
Zone for further processing or storage and subsequent exportation. |
|
Forwarder, Freight Forwarder, Foreign Freight Forwarder |
An independent business that dispatches shipments for exporters for a
fee. The firm may ship by land, air, or sea, or it may specialize.
Usually it handles all the services connected with an export shipment;
preparation of documents, booking cargo space, warehouse, pier delivery
and export clearance. The firm may also handle banking and insurance
services on behalf of a client. The U.S. forwarder is licensed by the
Federal Maritime Commission for ocean shipments. |
|
FOT |
Free On Truck |
|
Foul Bill of Lading |
A receipt for goods issued by a carrier with an indication that the
goods were damaged when received. Compare Clean Bill of Lading. |
|
Foul Bill of Landing |
A receipt for goods issued by a carrier with an indication that the
goods were damaged when received. |
|
FOW (1) |
First Open Water |
|
FOW (2) |
Free On Wharf |
|
Free Alongside |
Quoted price includes the cost of delivering the goods alongside a
designated vessel. |
|
Free Astray |
An astray shipment (a lost shipment that is found) sent to its proper
destination without additional charge. |
|
Free In (F.I.) |
Cost of loading a vessel is borne by the charterer |
|
Free In and Out (F.I.O.) |
Cost of loading and unloading a vessel is borne by the charterer. |
|
Free of Capture and Seizure (F.C.& S.) |
An insurance clause providing that loss is not insured if due to
capture, seizure, confiscation and like actions, whether legal or not ,
or from such acts as piracy, civil war, rebellion and civil strife. |
|
Free of Particular Average (F.P.A.) |
A marine insurance clause providing that partial loss or damage is not
insured American conditions (F.P.A.A.C.). Partial loss is not insured
unless caused by the vessel being sunk, stranded, burned, on fire, or in
collision. English conditions (F.P. A.E.C.). Partial loss not insured
unless a result of the vessel being sunk, stranded, burned, on fire, or
in collision. |
|
FREE OUT |
Free of discharge costs to Owners |
|
Free Out (F.O.) |
Cost of unloading a vessel is borne by the charterer. |
|
Free Port |
A port which is a foreign trade zone, open to all traders on equal
terms; more specifically a port where merchandise may be stored
duty-free, pending re-export or sale within that country. |
|
Free Time |
That amount of time that a carrier's equipment may be used without
incurring additional charges. (See Storage, Demurrage or Per Diem.) |
|
Free Trade Zone |
A port designated by the government of a country for duty-free entry of
any non-prohibited goods. Merchandise may be stored, displayed, used for
manufacturing, within the zone and re-exported without duties being
paid. Duties are imposed on the merchandise (or items manufactured from
the merchandise) only when the goods pass from the zone into an area of
the country subject to the Customs Authority. |
|
Freight Bill |
A document issued by the carrier based on the bill of lading and other
information; used to account for a shipment operationally,
statistically, and financially. An Invoice. |
|
Freight Forwarder |
An individual or company , acting on the behalf of a shipper, who
arranges all necessary details of shipping and documentation for a
manufacturer or exporter, which includes employing the services of a
carrier of carriers. |
|
Freight Forwarder |
A person whose business is to act as an agent on behalf of the shipper.
A freight forwarder frequently makes the booking reservation. |
|
FWAD |
Fresh Water Arrival Draft |
|
FWDD |
Fresh Water Departure Draft |
|
FYG |
For Your Guidance |
|
FYI |
For Your Information |
|
G.R.Wt./G.W. |
Gross Weight |
|
GA |
General Average |
|
Gang |
Group of stevedores usually 4 to 5 members with supervisor assigned to a
hold or portion of the vessel being loaded or unloaded. |
|
Gateway |
Port of entry into a country or region. |
|
Gateway |
Industry-related: A point at which freight moving from one territory to
another is interchanged between transportation lines. |
|
GATT |
General Agreement on Tariffs and Trade, a multilateral treaty intended
to help reduce trade barriers and promote tariff concessions. |
|
GCR |
General Cargo Rate. The basic tariff category which was introduced to
cover most air cargo now covers only a minority, the remainder being
under SCR or class rates. |
|
General Average |
When damage to cargo on board a vessel exceeds carrier's insurance,
carrier will release cargo only with an acceptance agreement to claim
only a general percentage of all the damage sustained. |
|
General Export License |
Any of various export licenses covering export commodities for which
validated export licenses are not required. No formal application or
written authorization is needed to ship exports under a general export
license. |
|
General Order |
Government contract warehouse for the storage of cargoes left unclaimed
for ten working days after availability. Unclaimed cargoes are auctioned
publicly after one year. |
|
GLS |
Gearless |
|
GN (or GR) |
Grain (capacity) |
|
GNCN |
Gencon a standard BIMCO charter party form |
|
GO |
Gas Oil |
|
GRD |
Geared |
|
GRI |
Abbreviation for "General Rate Increase." Used to describe an
across-the-board tariff rate increase implemented by conference members
and applied to base rates. |
|
Gross Weigh |
Entire weight of goods, packing, and container,, ready for shipment. |
|
Groupage |
A consolidation service, putting small shipments into containers for
shipment. |
|
GRT |
Gross Registered Tonnage |
|
GSA |
General Sales Agent acting on behalf of an airline. Usually Broker or
Forwarder. |
|
GSB |
Good Safe Berth |
|
GSP |
Good Safe Port |
|
GTEE |
Guarantee |
|
HA |
Hatch |
|
Harmonized Code |
An internationally accepted and uniform description system for
classifying goods for customs, statistical and other purposes. |
|
Harmonized System of Codes (HS) |
An international goods classification system for describing cargo in
international trade under a single commodity-coding scheme. Developed
under the auspices of the Customs Cooperations Council (CCC), an
international Customs organization in Brussels, this code is a
hierarchically structured product nomenclature containing approximately
5,000 headings and subheadings. It is organized into 99 chapters
arranged in 22 sections. Sections encompass an industry (e.g., Section
XI, Textiles and Textile Articles); chapters encompass the various
materials and products of the industry (e.g., Chapter 50, Silk; Chapter
55, Manmade Staple Fibers; Chapter 57, Carpets). The basic code contains
four-digit headings and six-digit subheadings. Many countries add digits
for Customs tariff and statistical purposes. In the United States, duty
rates will be the eight-digit level; statistical suffixes will be at the
ten-digit level. The Harmonized System (HS) is the current U.S. tariff
schedule (TSUSA) for imports and is the basis for the ten-digit Schedule
B export code. |
|
Harmonized Systems |
A key provision of the recently signed trade bill, effective Jan. 1,
1989, that establishes international uniformity for product
classifications. Most U.S. Trading partners adopted it a year earlier,
and it was drafted in Brussels a decade ago with U.S. representatives'
input. In essence, it is a new tariff schedule in that it changes
methods of rating some items. |
|
Hatch |
The cover of - or opening- in the deck of a vessel, through which cargo
is loaded. |
|
HDWTS |
Half Dispatch Working Time Saved |
|
Heavy Lift Vessel |
Specifically designed to be self sustaining with heavy lift cranes, to
handle unusually heavy and/or out-sized cargoes. |
|
Heavy Lifts |
Freight too heavy to be handled by regular ship's tackle |
|
HMS |
Heavy Metal Scrap |
|
HO |
Hold |
|
House Air Waybill |
An air waybill issued by a freight consolidator. See Air Waybill |
|
House-to-House |
See Door-to-Door. |
|
House-to-Pier |
Cargo loaded into a container by the shipper under shipper's
supervision. When the cargo is exported, it is unloaded at the foreign
pier destination. |
|
Hub |
A central location to which traffic from many cities is directed and
from which traffic is fed to other areas. |
|
Hundredweight (cwt.) |
A short ton hundredweight = 100 pounds. Long ton hundredweight = 112
pounds. |
|
Husbanding |
Term used by steamship lines, agents, or port captains who are appointed
to handle all matters in assisting the master of the vessel while in
port to obtain bunkering, fresh water, food and supplies, payroll for
the crew, doctors appointments, ship repair, etc. |
|
HW |
High Water |
|
I.C.T.F. |
Intermodal Container Transfer Facility, an on-dock facility for moving
containers from ship to rail or truck. |
|
I.M.C.O. |
International Maritime Consultative Organization. A forum in which most
major maritime nations participate and through which recommendations for
the carriage of dangerous goods, bulk commodities, and maritime
regulations become internationally acceptable. |
|
I.M.D.G. Code |
International Maritime Dangerous Goods Code. The regulations published
by the IMO for transporting hazardous materials internationally. |
|
I.p.a. |
Including particular average |
|
IATA |
International Air Transport Association. |
|
ICAO |
International Civil Aviation Organization. A specialized agency of the
United Nations, with headquarters in Montreal. Its task is to promote
general development of civil aviation (e.g. aircraft design and
operation, safety procedures, contractual agreements). |
|
ICC |
International Chamber of Commerce |
|
ICC |
Abbreviation for (1) International Chamber of Commerce. |
|
IFF |
Institute of Freight Forwarders |
|
Igloo |
Container designed to occupy full main deck width of carrying aircraft. |
|
IMDG |
International Maritime Dangerous Goods Code |
|
IMO |
International Maritime Organization |
|
Import |
To receive goods from a foreign country. |
|
Import License |
A certificate, issued by countries exercising import controls, that
permits importation of the articles stated in the license. The issuance
of such a permit frequently is connected with the release of foreign
exchange needed to pay for the shipment for which the import license has
been requested. |
|
Import License |
A document required and issued by some national governments authorizing
the importation of goods. |
|
In Bond |
Cargo moving under Customs control where duty has not yet been paid. |
|
In-Bond |
A customs program for inland ports that provide for cargo arriving at a
seaport to be shipped under a Customs bond to a more conveniently
located inland port where the entry documents have been filed. Customs
clears the shipment there, and the cargo is trucked to its destination,
which normally is close to the inland port. |
|
Incoterms |
A codification of terms used in foreign trade contracts that is
maintained by the International Chamber of Commerce. |
|
Incremental Cost to Export |
The additional costs incurred while manufacturing and preparing a
product for export ( e.g., product modifications, special export
packaging and export administration costs.) This does not include the
costs to manufacture a standard domestic product, export crating and
transportation to the foreign market. |
|
IND |
Indication |
|
Indemnity Bond |
An agreement to hold a carrier harmless with regard to a liability. |
|
Independent Action |
A move by whereby a member of a shipping conference elect to depart from
the specific service rates set forth by the conference, giving ten
calendar days notice of such action. The conference member's new
schedule of rate, or rates, officially takes effect no later than ten
days after receipt of notice by the conference. |
|
Inducement |
Some steamship lines publish in their schedules the name of a port and
the words by inducement in parentheses. This means the vessel will call
at the port if there is sufficient amount of profitable cargo available
and booked. |
|
Inherent Vice |
An insurance term referring to any defect or other characteristic of a
product that could result in damage to the product without external
cause (for example, instability in a chemical that could cause it to
explode spontaneously). Insurance policies may exclude inherent vice
losses. |
|
Inland Carrier |
A transportation line which hauls export or import traffic between ports
and inland points. |
|
Inspection Certificate |
A document certifying that merchandise (such as perishable goods) was in
goods condition immediately prior to shipment. |
|
Inspection Certificate |
A certificate issued by an independent agent or firm attesting to the
quality and/or quantity of the merchandise being shipped. Such a
certificate is usually required in a letter of credit for commodity
shipments. |
|
Insurance with Average-clause |
This type of clause covers merchandise if the damage amounts to three
percent or more of the insured value of the package or cargo. If the
vessel burns, sinks, collides, or sinks, all losses are fully covered.
In marine insurance, the word average describes partial damage or
partial loss. |
|
Insurance, All-risk |
This type of insurance offers the shipper the broadest coverage
available, covering against all losses that may occur in transit. |
|
Insurance, General-Average |
In water transportation, the deliberate sacrifice of cargo to make the
vessel safe for the remaining cargo. Those sharing in the spared cargo
proportionately cover the loss. |
|
Insurance, Particular Average |
A Marine insurance term to refer to partial loss on an individual
shipment from one of the perils insured against, regardless of the
balance of the cargo. Particular average insurance can usually be
obtained, but the loss must be in excess of a certain percentage of the
insured value of the shipment, usually three to five percent, before a
claim will be allowed by the company. |
|
Integrated Carrier |
Forwarder which uses own aircraft, whether owned or leased, rather than
scheduled airlines. |
|
Intellectual Property |
Ownership of the legal rights to possess, use or dispose of products
created by human ingenuity, including patents, trademarks and
copyrights. |
|
Interline |
Mutual agreement between airlines to link their route network. |
|
Intermeddle |
Referring to the capacity to go from ship to train to truck, or the
like, the adjective generally refers to containerized shipping or the
capacity to handle same. |
|
INTERMODAL |
Carriage of a commodity by different modes of transport, i.e. sea, road,
rail and air within a single journey. |
|
Intermodal |
Used to denote movements of cargo containers interchangeably between
transport modes, i.e., motor, water, and air carriers, and where the
equipment is compatible within the multiple systems. |
|
Irrevocable Letter of Credit |
A letter of credit with a fixed expiration date that carries the
irrevocable obligation of the issuing bank to pay the exporter when all
of the terms and conditions of the letter of credit have been met. |
|
Irrevocable Letter of Credit |
Letter of credit in which the specified payment is guaranteed by the
bank if all terms and conditions are met by the drawee and which cannot
be revoked without joint agreement of both the buyer and the seller. |
|
Irrevocable: |
An instrument that, once established, cannot be modified or cancelled
without the agreement of all parties concerned. |
|
ISO |
International Standards Organization also referred to as the
International Organizational for Standardization. |
|
Issuing Bank |
Bank that opens a straight or negotiable letter of credit and assumes
the obligation to pay the bank or beneficiary if the documents presented
are in accordance with the terms of the letter of credit. |
|
Issuing Carrier |
The carrier issuing transportation documents or publishing a tariff. |
|
ITF |
International Transport Federation international body that regulates
crewing of ships |
|
IU |
If Used |
|
IUATUTC |
If Used, Actual Time Used To Count |
|
IUHATUTC |
If Used, Half Actual Time Used To Count |
|
IWL |
Institute Warranty Limits |
|
J.&W.O. |
Jettison and washing overboard |
|
Jettison |
Goods from a ship's cargo, or parts of its equipment, that have been
thrown overboard to lighten the load in time of danger, or to set a
stranded ship adrift. |
|
Joint Venture |
A form of business partnership involving joint management and the
sharing of risks and profits between enterprises sometimes based in
different countries. |
|
Just-In-Time (JIT) |
The principle of production and inventory control in which goods arrive
when needed for production or use. |
|
K.D.C.L. |
Knocked down in carload lots |
|
K.D.L.C.L. |
Knocked down in less than carload lots. |
|
KD Flat |
An article taken apart, folded, or telescoped to reduce its bulk at
least 66 2/3% below its assembled size. |
|
Knock Down (KD) |
An article taken apart, folded or telescoped in such a manner as to
reduce its bulk at least 33 1/3% below its assembled bulk. |
|
Knot (Nautical) |
The unit of speed equivalent to one nautical mile, or 6,080.20 feet per
hour or 1.85 kilometers per hour. |
|
Known Loss |
A loss discovered before or at the time of delivery of a shipment. |
|
L. & D. |
Loss and damage |
|
L.C.L. |
Less than container load; less than car load. |
|
l.t. or l.tn. |
Long ton (2240 lbs.) |
|
L/C - Letter of Credit |
A document issued by a bank per instructions by a buyer of goods,
authorizing the seller to draw a specified sum of money under specified
terms. Issued as revocable or irrevocable. |
|
Lagan |
Cargo or equipment to which an identifying marker or buoy is fastened,
thrown over-board in time of danger to lighten a ship's load. Under
maritime law if the goods are later found they must be returned to the
owner whose marker is attached; the owner must make a salvage payment. |
|
Landbridge |
Movement of cargo by water from one country through the port of another
country, thence, using rail or truck, to an inland point in that country
or to a third country. As example, a through movement of Asian cargo to
Europe across North America. |
|
Landed Cost |
The total cost of a good to a buyer, including the cost of
transportation. |
|
Landing Certificate |
Certificate issued by consular officials of some importing countries at
the point or place of export when the subject goods are exported under
bond. |
|
LANE METER |
A method of measuring the space capacity of Ro/Ro ships whereby each
unit of space (Linear Meter) is represented by an area of deck 1.0 meter
in length x 2.0 meters in width. |
|
Lash |
Lighter Aboard Ship (see Lighter) |
|
LASH (1) |
To hold goods in position by use of Ropes, Wires, Chains or Straps etc. |
|
LASH (2) |
Lighter Aboard Ship a vessel that loads small barges direct from the
water |
|
Lash Vessel |
Designed to load internally, barges specifically designed for the
vessel. The concept is to quickly float the barges to the vessel (using
tugs or ships wenches) load these barges through the rear of the vessel,
then sails. Upon arrival at the foreign port, the reverse happens;
Barges are quickly floated away from the vessel and another set of
waiting barges quickly are loaded. Designed for quick vessel
turn-around. Usually crane-equipped; handles mostly breakbulk cargo. |
|
LAT |
Latitude |
|
Lay Days |
The dates between which a chartered vessel is to be available in a port
for loading of cargo. Days allowed for cargo operation in a
charterparty, i.e. laytime calculated in the number of days |
|
Laycan |
A ship chartering term which stands for laydays commencement and
cancelling; specifies the earliest date on which laytime can commence
and the latest date, after which the charterer can opt to cancel the
charterparty. |
|
LCL |
Abbreviation for "Less than Container Load." The quantity of freight
which is less than that required for the application of a container load
rate. Loose Freight. |
|
Legal Weight |
The weight of the goods plus any immediate wrappings which are sold
along with the goods e.g., the weight of a tin can as well as its
contents. (See Gross Weight). |
|
Less than Truck Load (LTL) |
Rates applicable when the quantity of freight is less than the volume or
truckload minimum weight. |
|
Less Than Truckload |
Also known as LTL or LCL. |
|
Letter of Credit |
A document issued by a bank at a buyer's request honoring debt
obligations to the seller upon receipt of the document. |
|
Letter of Credit - payment by sight draft |
The exporter receives guaranteed payment from the confirming bank in the
U.S. upon presentation of the sight draft and documents required by the
letter of credit. |
|
Letter of Credit (LC) |
A document, issued by a bank per instructions by a buyer of goods,
authorizing the seller to draw a specified sum of money under specified
terms, usually the receipt by the bank of certain documents within a
given time. Some of the specific descriptions are: |
|
Letter of Indemnity |
In order to obtain the clean bill of lading, the shipper signs a letter
of indemnity to the carrier on the basis of which may be obtained the
clean bill of lading, although the dock or mate's receipt showed that
the shipment was damaged or in bad condition. |
|
Licenses |
Some governments require certain commodities to be licensed prior to
exportation or importation. Clauses attesting to compliance are often
required on the B/L. Various types issued for export (general,
validated) and import as mandated by government(s). |
|
Lien |
A legal claim upon goods for the satisfaction of some debt or duty. |
|
Lighter |
An open or covered barge equipped with a crane and towed by a tugboat.
Used mostly in harbors and inland waterways. |
|
Lighterage |
The cost of loading or unloading a vessel by means of barges alongside. |
|
Liner |
The word "liner" is derived from the term "line traffic" which denotes
operation along definite routes on the basis of definite, fixed
schedules; a liner thus is a vessel that engages in this kind of
transportation, which generally involves the haulage of general cargo as
distinct from bulk cargo. |
|
Liquidation |
The finalization of a customs entry. |
|
Livestock |
Common farm animals |
|
Lkg. & Bkg. |
Leakage and breakage. |
|
Lo/Lo |
The acronym meaning "lift-on,lift-off," denoting the method by which
cargo is loaded onto and discharged from an ocean vessel, which in this
case is by the use of a crane. |
|
LOA |
Length Overall of the vessel |
|
Load Factor |
Capacity sold as against capacity available, expressed as a percentage. |
|
Loose cargo |
non-containerized cargo. |
|
LOW |
Last Open Water |
|
LS (or LUMPS) |
Lumpsum |
|
LSD |
Lashed Secured Dunnaged |
|
LT |
Liner Terms |
|
Ltge. |
Lighterage |
|
LTL |
Less than truckload |
|
LW |
Low Water |
|
LYCN |
Laycan (Layday Canceling Date) |
|
M.M |
Mercantile marine |
|
M/R |
Mate's Receipt |
|
M/T |
Metric Ton (2204 lbs.) |
|
M/V |
Motor Vessel |
|
M/V or M.V |
Motor vessel |
|
Manifest |
A list of the goods being transported by a carrier. |
|
Marine Insurance |
An insurance which will compensate the owner of goods transported
overseas in the event of loss which cannot be legally recovered from the
carrier. |
|
Marine Insurance |
Broadly, insurance covering loss or damage of goods at sea. Marine
insurance typically compensates the owner of merchandise for losses
sustained from fire, shipwreck, etc., but excludes losses that can be
recovered from the carrier. |
|
Maritime Administration (MARAD) |
A US government agency, while not actively involved in vessel operation,
administers laws for maintenance of merchant marine for the purposes of
defense and commerce. |
|
Mark |
As used on containers in foreign trade, a symbol or initials shown
together with the port of importation and the final destination, if
different. Example A.G. y Cia., Bogota via Barranquilla. Marks are
registered at appropriate customs houses; they also appear on bills of
lading and invoices. In domestic trade, it is common to mark containers
with the name and address of the recipient, but this is rarely done in
foreign trade. |
|
Marking |
Every article of foreign origin, or its container, imported into the
United States shall be permanently marked in a conspicuous place in a
manner which would indicate to the ultimate purchaser the English name
of the country of origin of the article. |
|
Mate's Receipt |
Receipt of cargo by the vessel, signed by the mate (similar to dock
receipt). |
|
MB |
Merchant Broker |
|
MDO (DO) |
Marine Diesel Oil |
|
Measurement Ton |
The measurement ton (also known as the cargo ton or freight ton) is a
space measurement, usually 40 cubic feet or one cubic meter. The cargo
is assessed a certain rate for every 40 cubic feet or 1 cubic meter it
occupies. |
|
MFN (Most Favored Nation) |
Designation for countries which receive preferential tariff rates. This
is no longer the best tariff structure available. |
|
Min. B/L |
Minimum bill of lading |
|
MIN/MAX |
Minimum/Maximum (cargo quantity) |
|
Mini Landbridge |
An intermodal system for transporting containers by ocean and then by
rail or motor to a port previously served as an all water move (e.g.,
Hong Kong to New York over Seattle). |
|
Minimum Charge |
The lowest charge that can be assessed to transport a shipment. |
|
MOLCHOPT |
More or Less Charterers Option |
|
MOLOO |
More or Less Owners Option |
|
MT |
Metric Ton (i.e. 1,000 kilos / 2204.6lbs) |
|
mt. |
Empty |
|
Multimodal |
Synonymous for all practical purposes with "Intermodal." |
|
MW |
Minimum weight factor |
|
n.e.m. |
Not elsewhere mentioned (English) |
|
n.e.s. |
Not elsewhere specified |
|
N.O.E. |
Not otherwise enumerated |
|
N.O.H.P. |
Not otherwise herein provided |
|
N.O.I. |
Not more specifically described |
|
N.O.I.B.N. |
Not otherwise indicated by number; Not otherwise indicated by name. |
|
N.O.S. |
Not otherwise specified |
|
N.T. |
Net tons |
|
NAABSA |
Not Always Afloat But Safely Aground |
|
National Carrier |
A flag carrier owned or controlled by the state. |
|
NCB |
National Cargo Bureau |
|
Nested |
Three or more different sizes of an article are placed within each other
so that each article will not project above the next lower article by
more than 33 1/3% of its height. |
|
Nested Solid |
Three of more different sizes of an article are placed within each other
so that each article will not project above the next lower article by
more than 1/4 inch. |
|
NESTING |
Implies that cargo is presented stacked in the contour of similarly
shaped cargo, it may be likened to a stack of plates. |
|
Net Terms |
Free of charters' commission |
|
Net Weight |
(Actual Net Weight) Weight of goods alone without any immediate
wrappings; e.g., the weight of the contents of a tin can without the
weight of the can. |
|
NMFC |
National Motor Freight Classification |
|
No Objection Certificate |
Document provided by scheduled or national airlines of many countries
declaring no objection to a proposed charter flight operated by another
airline. Often demanded by government authorities before they grant
permission for a charter flight to take place. |
|
No Objection Fee |
Sum of money paid by a charter airline normally to a scheduled airline
in order that it waives its right of objection to its government, thus
allowing a charter to take place. Tantamount to a bribe. The amount is
usually a fixed percentage of the gross cost of a charter. Common
practice in the Middle East and Africa. |
|
Non cumulative: |
A revolving letter of credit that prohibits the amount not used during
the specific period from being available afterwards. |
|
NON-REVERSIBLE |
(Detention). If loading completed sooner than expected, then saved days
will not be added to discharge time allowed. |
|
Non-Scheduled Flight |
See scheduled flight. |
|
Non-Tariff Barriers (NTB) |
Economic, political, administrative or legal impediments to trade other
than duties, taxes and import quotas |
|
Non-Vessel Operating Common Carrier (NVOCC) |
A cargo consolidator in ocean trades who will buy space from a carrier
and sub sell it to smaller shippers. The NVOCC issues bills of lading,
publishes tariffs and otherwise conducts itself as an ocean common
carrier, except that it will not provide the actual ocean or intermodal
service. |
|
Non-Vessel Operation Common Carrier (NVOCC) |
An F.M.C. registered cargo consolidator of small shipments in ocean
trade, generally soliciting business and arranging for or performing
containerization functions at the port. These carriers issue their own
bill of lading referred to as a house bill of lading. |
|
NOR |
Notice of Readiness |
|
NRT |
Net Registered Tonnage |
|
NYPE |
New York Produce Exchange |
|
O. & R. |
Ocean and Rail |
|
O.D. |
Outside diameter |
|
O.R. Det. |
Owner's risk of deterioration |
|
O.r.b. |
Owner's risk or breakage. |
|
O.R.F. |
Owner's risk of fire or freezing |
|
O.R.L. |
Owner's risk of leakage |
|
O.R.W. |
Owner's risk of becoming wet |
|
O.S. & D. |
Over, short and damage |
|
O/N |
Order notify; own name |
|
O/o |
Order of |
|
O/R |
Owner's risk |
|
Ocean Bill of Lading |
A receipt for cargo in transit, and a contract between the exporter and
an ocean carrier for transportation and delivery of goods to a specified
party at a specified foreign destination. Issued after the vessel has
sailed and the cargo has been entered in the ship's manifest. |
|
Ocean Bill of Lading (Ocean B/L) |
A contract for transportation between a shipper and a carrier. It also
evidences receipt of the cargo by the carrier. A bill of lading shows
ownership of the cargo and, if made negotiable, can be bought, sold or
traded while the goods are in-transit. |
|
ODS |
An acronym commonly used for the term "operating differential subsidy,"
which is a payment to an American-flag carrier by the federal government
to offset the difference in operating costs between US and foreign
vessels. |
|
Off-Line |
Describes an airline that sells in a market to which it does not
operate. An Off-Line carrier will use another operator to link with its
network. |
|
On Board |
A notation on a bill of lading that cargo has been loaded on board a
vessel. Used to satisfy the requirements of a letter of credit, in the
absence of an express requirement to the contrary. |
|
On Deck |
A notation on a bill of lading that the cargo has been stowed on the
open deck of the ship. |
|
OO |
Owners Option |
|
Open Account |
A high-risk trade arrangement in which goods are shipped to a foreign
buyer without guarantee of payment. |
|
Open Insurance Policy |
A marine insurance policy that applies to all shipments made by an
exporter over a period of time rather than to one shipment only. |
|
Open Policy |
A cargo insurance policy that is an open contract; i.e., it provides
protection for all an exporter's shipments afloat or in transit within a
specified geographical trade area for an unlimited period of time, until
the policy is cancelled by the insured or by the insurance company. It
is "open" because the goods that are shipped are also detailed at that
time. This usually is shown in a document called a marine insurance
certificate. |
|
Open Top Container |
A container fitted with a solid removable roof, or with a tarpaulin roof
so the container can be loaded or unloaded from the top. |
|
Order-Notify (O/N) |
A bill of lading term to provide surrender of the original bill of
lading before freight is released; usually associated with a shipment
covered under a letter of credit. |
|
Original Equipment Manufacturers (OEM accounts) |
Customers who incorporate the exporter's product into their own
merchandise for resale under their own brand names. |
|
Original Bill of Lading (OBL) |
A document which requires proper signatures for consummating carriage of
contract. Must be marked as "original" by the issuing carrier. |
|
OSH |
Open Shelter Deck |
|
Overheight Cargo |
Cargo more than eight feet high which thus cannot fit into a standard
container. |
|
OWS |
Owners |
|
P.A. |
Particular average |
|
P.W. |
Packed weight |
|
Paired |
Port of Arrival Immediate Release and Enforcement Determination. A U.S.
Customs program that allows entry documentation for an import shipment
to be filed at one location, usually an inland city, while the
merchandise is cleared by Customs at the port of entry, normally a
seaport. May be ineffective with certain types of high-risk cargoes,
such as quota-regulated textiles or shipments from drug-production
regions. Cities where there is a natural flow of cargo are actually
"paired" in the program; e.g., Atlanta, an inland city, is linked with
Savannah, a seaport. Tested in '87-'88, it became generally available in
mid- '88. |
|
Pallet |
Load carrying platform to which loose cargo is secured before placing
aboard the aircraft. |
|
Pallet Extender |
Fashionable metal or cardboard device to increase pallet capacity. |
|
Paperless Release |
Under ABI, certain commodities from low-risk countries not designated
for examination may be released through an ABI-certified broker without
the actual submission of documentation. |
|
Part Charter |
Where part of an airline's scheduled flight is sold as if it were a
charter in its own right (Often wrongly used as a synonym for split
charter). |
|
Part Load Charter |
Where a part of an aircraft's load is discharged at one destination and
a part of it at another. This is distinct from a split charter where a
number of consignments are carried to the same destination. Inbound,
part loads are treated as single entity charters under the regulations
of most countries. |
|
Particular Average |
Partial loss or damage to goods. |
|
PASTUS |
Past Us |
|
PC |
Period of Charter |
|
PCGO |
Part Cargo |
|
PCT |
Percent |
|
PDPR |
Per Day Pro Rata |
|
PERDIEM |
Per DiemBy the Day |
|
Perils of the Sea |
Those causes of loss for which the carrier is not legally liable. The
elemental risks of ocean transport. |
|
Perils of the Sea |
Most losses covered by a marine insurance policy come within the
comprehensive expression "perils of the sea," which refers to damage
caused by heavy weather, strandings, strikings on rocks or on bottom,
collision with other vessels, contacts with floating objects, etc. |
|
Perishables |
Any cargo that loses considerable value if it is delayed in
transportation (Usually refers to fresh fruit and vegetables). |
|
Phytosanitary Inspection Certificate |
A certificate issued by the U.S. Department of Agriculture indicating
that a shipment has been inspected and is free of harmful pests and
plant diseases. |
|
Pier-to-House |
A shipment loaded into a container at the pier or terminal, thence to
the consignee's facility. |
|
Pier-to-Pier |
Containers loaded at port of loading and discharged at port of
destination. |
|
Pilferage |
As used in marine insurance policies, the term denotes petty thievery,
the taking of small parts of a shipment, as opposed to the theft of a
whole shipment or large unit. Many ordinary marine insurance policies do
not cover against pilferage, and when this coverage is desired, it must
be added to the policy. |
|
Pivot Weight |
That weight of a ULD above which a higher tariff applies; in effect, an
incentive to maximize cargo density. |
|
Place |
A particular street address or other designation of a factory, store,
warehouse, place of business, private residence, construction camp or
the like, at a point. |
|
Place of Delivery |
Place where cargo leaves the care and custody of carrier. |
|
Place of Receipt |
Location where cargo enters the care and custody of carrier. |
|
Place of Rest |
The term "Place of Rest" as used in the Containerized Cargo Rules means
that location on the floor, dock, platform or doorway at the CFS to
which cargo is first delivered by shipper or agent thereof. |
|
POD |
Abbreviation for: Port of Discharge or Port of Destination or Proof of
Delivery. A document required from the carrier or driver for proper
payment. |
|
Point |
A particular city, town, village or other community or area which is
treated as a unit for the application of rates. |
|
Point of Origin |
The place at which a shipment is received by a carrier from the shipper. |
|
POL |
Abbreviation for: Port of Loading or Petroleum, Oil, and Lubricants. |
|
Pomerene Act |
Also known as (U.S.) Federal Bill of Lading Act of 1916 - U.S. federal
law enacting conditions by which a B/L may be issued. Penalties for
issuing B/L's containing false data include monetary fines and/or
imprisonment. |
|
Port Authority |
A government body (city, county or state) which in international
shipping maintains various airports and/or ocean cargo pier facilities,
transit sheds, loading equipment warehouses for air cargo, etc. Has the
power to levy dockage and wharfage charges, landing fees, etc. |
|
Port Marks |
An identifying set of letters numbers and/or geometric symbols followed
by the name of the port of destination, which are placed on export
shipments. Foreign government requirements may be exceedingly strict in
the matter of port marks. |
|
Port of Discharge |
Port where vessel is off loaded and cargo discharges. |
|
Port of Entry |
A port at which foreign goods are re-admitted into the receiving
country. |
|
Port of Entry |
Port where cargo is unloaded and enters a country. |
|
Port of Exit |
Place where cargo is loaded and leaves a country. |
|
Port of Loading |
Port where cargo is loaded aboard the vessel lashed and stowed |
|
Power of Attorney |
A document that authorizes a customs broker to sign all customs
documents on behalf of an importer. |
|
Pre-Advice |
Preliminary advice that a letter of credit has been established in the
form of a brief authenticated wire message. It is not an operative
instrument and is usually followed by the actual letter of credit. |
|
Prepaid (Ppd.) |
Freight charges paid by the consignor (shipper) prior to the release of
the bills of lading by the carrier. |
|
Prepaid Freight |
Generally speaking, freight charges both in ocean and air transport may
be either prepaid in the currency of the country of export or they may
be billed collect for payment by the consignee in his local currency.
However, on shipments to some countries freight charges must be prepaid
because of foreign exchange regulations of the country of import and/or
rules of steamship companies or airlines. |
|
Pre-Slung Cargo |
Cargo shipped already in a cargo sling or net. Usually prepared and
loaded at pier ready for arrival of vessel and subsequent loading (i.e.
coffee in bags, coconut shells, etc). |
|
Price Quotation/ Proforma Invoice |
An invoice prepared by the seller in advance of shipment that documents
the cost of goods sold, freight, insurance, and other related charges.
It is often used by the buyer to secure a letter of credit, an import
license or a foreign currency allocation. |
|
Prima Facie |
Latin, "on first appearance." A term frequently encountered in foreign
trade. When a steamship company issues a clean bill of lading, it
acknowledges that the goods were received "in apparent good order and
condition" and this is said by the courts to constitute prima facie
evidence of the conditions of the containers; that is, if nothing to the
contrary appears, it must be inferred that the cargo was in good
condition when received by the carrier. |
|
Pro Forma |
A Latin term meaning "For the sake of form." |
|
Pro Forma Invoice |
An invoice provided by a supplier prior to the shipment of merchandise,
informing the buyer of the kinds and quantities of goods to be sent,
their value, and specifications (weight, size, etc.). |
|
Pro Number |
A number assigned by the carrier to a single shipment, used in all cases
where the shipment must be referred to. Usually assigned at once. |
|
Pro Rata |
A Latin term meaning "In proportion." |
|
Proforma |
When used with the title of a document, the term refers to an informal
document presented in advance of the arrival, or preparation of the
required document, in order to satisfy a customs requirement. |
|
Proof of Delivery |
Add-on service in express market, delivered either by phone or courier.
Often offered free. |
|
Protest |
Customs form 19 allows for a refund of an overpayment of duty if filed
within 90 days of liquidation. |
|
R. & C. |
Rail and Canal |
|
R. & C.C. |
Riots and civil commotions |
|
R.C.C. & S. |
Riots, civil commotions and strikes |
|
R/C |
Reconsigned |
|
Rebate |
A deduction taken from a set payment or charge. As a rebate is given
after payment of the full amount has been made, it differs from a
discount which is deducted in advance of the payment. In foreign trade,
a full or partial rebate may be given on import duties paid on goods
which are later re-exported. |
|
Reciprocity |
A practice by which governments extend similar concessions to one
another. |
|
Reconsignment |
Changing the consignee or destination on a bill of lading while shipment
is still in transit. Diversion has substantially the same meaning. |
|
Red Clause Letter of Credit |
A letter of credit that allows the exporter to receive a percentage of
the face value of the letter of credit in advance of shipment. This
enables the exporter to purchase inventory and pay other costs
associated with producing and preparing the export order. |
|
Reefer |
Refrigerated container. |
|
REFG. |
Refrigerating; Refrigeration |
|
Regs. |
Registered Tonnage |
|
Restricted: |
A condition within the letter of credit which restricts its negotiation
to a named bank. |
|
Retaliation |
Action taken by a country to restrain its imports from another country
that has increased a tariff or imposed other measures that adversely
affects the firsts country's exports. |
|
Revocable: |
An instrument that can be modified or cancelled at any moment without
notice to and agreement of the beneficiary, but customarily includes a
clause in the credit to the effect that any draft negotiated by a bank
prior to the receipt of a notice of revocation or amendment will be
honored by the issuing bank. Rarely used since there is no protection
for the seller. |
|
Revolving |
An irrevocable letter issued for a specific amount; renews itself for
the same amount over a given period. |
|
Ro/Ro |
A shortening of the term, "Roll On/Roll Off." A method of ocean cargo
service using a vessel with ramps which allows wheeled vehicles to be
loaded and discharged without cranes. |
|
Roll |
To re-book cargo to a later vessel. |
|
RORO (ROLL ON-ROLL OFF) |
Direct drive on/drive off wheeled vehicles on specially-designed
ocean-going vessels. |
|
Route |
an established air passage, from point of departure to terminating
station. |
|
Royalty |
a charge on charter flights levied by some governments before traffic
rights are granted. Sometimes called a "no objection fee." Usually a
fixed proportion of a total charter value. |
|
S. & F.A. |
Shipping and forwarding agent. |
|
S.I.T. |
Stopped in Transit |
|
S.L. & C. |
Shipper's Load and Count |
|
S.L. & T. |
Shipper's Load and Tally |
|
S.O.L. |
Ship Owner' Liability |
|
S.R |
Shipping Receipt |
|
S.R. & C.C. |
Strikes, riots, and civil commotions. |
|
S.tn. |
Short ton |
|
S.W. |
Shipper's weights |
|
S/N |
Shipping Note |
|
Salvage |
Rescue of goods from loss at sea or by fire; also, goods so saved, or
payment made or due for their rescue. |
|
Sanitary and Health Certificate |
A statement signed by a health organization official certifying the
degree of purity, cleanliness, or spoilage of goods, and the health of
live animals. |
|
Schedule B |
Refers to "Schedule B, Statistical Classification of Domestic and
Foreign Commodities Exported from the United States." Being replaced
under the Harmonized System. |
|
Schedule B |
The Statistical Classification of Domestic and Foreign Commodities
Exported from the United States. |
|
Scheduled Flight |
Any service that operates to a set timetable. |
|
SCR |
Specified Commodity Rate. Applied to narrowly specified commodities.
Usually granted on relatively large shipments. Theoretically is of
limited time duration. |
|
Sea Waybill |
Document indicating the goods were loaded onboard when a document of
title (b/L) is not needed. Typically used when a company is shipping
goods to itself. |
|
Sector |
Distance between two ground points within a route. |
|
SED - U.S. |
U.S. Commerce Department document, "Shipper's Export Declaration." |
|
Self-Sustaining |
Vessel has its own cranes and equipment mounted on board for
loading/unloading. Used in ports where shore cranes and equipment are
lacking. |
|
Service |
The defined, regular pattern of calls made by a carrier in the pick-up
and discharge of cargo. |
|
Service Contract |
A contract between a shipper and an ocean carrier of conference, in
which the shipper makes a commitment to provide a minimum quantity of
cargo over a fixed time period. |
|
Set Up |
Articles in their assembled condition. |
|
Shipment |
Freight tendered to a carrier by one consignor at one piece at one time
for delivery to one consignee at one place on one bill of lading. |
|
Shipper |
Term used to describe exporter. Mostly manufacturing companies. |
|
Shipper |
The person or company who is usually the supplier or owner of
commodities shipped. Also called Consignor. |
|
Shipper's Export Declaration |
A form required by the Treasury Department and completed by a shipper
showing the value, weight, consignee, destination, etc., of export
shipments as well as Schedule B identification number.| |
|
Shipper's Export Declaration (SED,"Ex Dec") |
A joint Bureau of the Census' International Trade Administration form
used for compiling U.S. exports. It is completed by a shipper and shows
the value, weight, destination, etc., of export shipments as well as
Schedule B commodity code. |
|
Shipper's Load & Count (SL&C) |
Shipments loaded and sealed by shippers and not checked or verified by
the carriers. |
|
Ship's Manifest |
An instrument in writing containing a list of the shipments comprising
the cargo of the vessel. |
|
Ship's Tackle |
All rigging, etc., utilized on a ship to load or discharge cargo. |
|
Short-Shipped |
Cargo manifested but not loaded. |
|
Sight Draft |
A draft payable upon presentation to the drawee. Compare date draft and
time draft. |
|
Sight Draft |
A draft payable upon presentation to the drawee. |
|
Single Entry Charter |
A non-scheduled flight carrying the cargo of one shipper. |
|
Site |
A particular platform or location for loading or unloading at a place. |
|
SL/W |
Shippers load and count. All three clauses are used as needed on the
bill of lading to exclude the carrier from liability when the cargo is
loaded by the shipper. |
|
Split Charter |
Where a number of consignments from different shippers are carried on
the same non-scheduled aircraft. Under U.K. regulations a non-scheduled
flight chartered by a single forwarder or agent on behalf of a number of
shippers is still classified as a split charter. Under U.S. regulations,
a forwarder chartered flight is classified as a single entity although
it can consolidate. |
|
SS |
Steamship; steam powered ship (Steam driven turbines) |
|
Standard International Trade Classification (SITC) |
A standard numerical code system developed by the United Nations to
classify commodities used in international trade. |
|
Statute Of Limitation |
A law limiting the time in which claims or suits may be instituted. |
|
STC |
STC - Said to contain. |
|
Steamship Agent |
A duly appointed and authorized representative in a specified territory
acting in behalf of a steamship line or lines and attending to all
matters relating to the vessels owned by his principals. |
|
Steamship Line |
Company is usually composed of the following departments; vessel
operations, container operations, tariff department, booking, outbound
rates, inward rates and sales. the company can maintain its own in
country U.S. offices to handle regional sales, operations and/or other
matters or appoint steamship agents to represent them doing same. Some
lines have liner offices in several regions and have appointed agents in
others. |
|
Stowage |
The lacing of cargo in a vessel in such a manner as to provide the
utmost safety and efficiency for the ship and the goods it carries. |
|
Straight: |
A letter of credit that contains a limited engagement clause which
states that the issuing bank promises to pay the beneficiary upon
presentation of the required documents at its counters or the counters
of the named bank. |
|
Strikes, Riots, and Civil Commotions |
An insurance clause referring to loss or damage directly caused by
strikers, locked-out workmen, persons participation in labor
disturbances, and riots of various kinds. The ordinary marine insurance
policy does not cover this risk; coverage against it can be added only
by endorsement. |
|
Subsidy |
An economic benefit granted by a government to producers of goods or
services, often to strengthen their competitive position. |
|
Sue & Labor Clause |
A provision in marine insurance obligating the assured to do things
necessary after a loss to prevent further loss and to act in the best
interests of the insurer. |
|
Supply Chain |
A logistical management system which integrates the sequence of
activities from delivery of raw materials to the manufacturer through to
delivery of the finished product to the customer into measurable
components. "Just in Time" is a typical value-added example of supply
chain management. |
|
Surcharge |
An extra or additional charge. |
|
Surety Bond |
A bond insuring against loss or damage or for the completion of
obligations. |
|
Surety Company |
An insurance company |
|
T.B.L. |
Through bill of lading |
|
T.I.B. |
Temporary Import Entry |
|
Tally Sheet |
List of cargo, incoming and outgoing, checked by Tally clerk on dock. |
|
Tare Weight |
The weight of the container and/or packing materials only - excluding
the weight of the goods inside the container. |
|
Tariff |
A general term for any listing of rates, charges, etc. the tariffs most
frequently encountered in foreign trade are tariffs of the
international transportation companies operating on sea, on land, and in
the air; tariffs of the international cable, radio, and telephone
companies; and the customs tariffs of the various countries, which list
goods that are duty free and those subject to import duty, giving the
rate of duty in each case. There are various classes of customs duties. |
|
Temperature Controlled Cargo |
Any cargo requiring carriage under controlled temperature |
|
Terminal Charge |
A charge made for a service performed in a carrier's terminal area. |
|
TEU |
Twenty foot equivalent. |
|
TEU |
Abbreviation for "Twenty foot Equivalent Unit." |
|
Third Freedom Right |
Where cargo is carried by an airline, from the country in which it is
based, to a foreign country. |
|
Time Draft |
A draft that matures in a certain number of days, either from acceptance
or date of the draft. |
|
TIR |
"Transport International par la Route." Road transport operating
agreement among European governments and the United States for the
international movement of cargo by road. Display of the TIR carnet
allows sealed containerloads to cross national frontiers without
inspection. |
|
Title, Passing |
The passing of title to exported goods is determined in large measure by
the selling terms. For example, if an exporter sells goods c.i.f he may
be presumed to pass ownership and tender of documents. However, he may
ship on a bill of lading drawn to his own order, to prevent the buyer
from gaining possession of the goods until the draft is paid or
accepted. In this case he retains a security title to the goods; that
is, a title for security purposes only, until the financial arrangement
is carried out. Caution depending on the laws of the buyer's country,
you may not be able to force passage of title without payment having
been received or the buyer having accepted delivery of the goods or a
clear understanding by the buyer being understood and accepted. |
|
TL |
Truckload |
|
Ton |
Freight rates for liner cargo generally are quoted on the basis of a
certain rate per ton, depending on the nature of the commodity. This
ton, however, may be weight ton or a measurement ton. |
|
Ton-Deadweight |
Indicates the carrying capacity of the ship in terms of the weight in
tons of the cargo, fuel, provisions and passengers which a vessel can
carry. |
|
Ton-Displacement |
The weight of the volume of water which the fully loaded ship displaces. |
|
Ton-Kilometer |
Measure of airline freight capacity |
|
Ton-Registered |
Indicates the cubical contents or burden of a vessel in tons of 100
cubic feet. The space within a vessel in units of 100 cubic feet. |
|
Tracking |
A carrier's system of recording movement intervals of shipments from
origin to destination. |
|
Trade |
A term used to define a geographic area or specific route served by
carriers. |
|
Traffic Conferences |
Rate-fixing machinery operated by IATA. |
|
Tramp |
A tramp is a vessel that does not operate along a definite route on a
fixed schedule, but calls at any port where cargo is available. |
|
Transferable Letter of Credit |
A letter of credit that allows all or a portion of the proceeds to be
transferred from the original beneficiary to one or more additional
beneficiaries. |
|
Transferable: |
A letter of credit that allows the beneficiary to transfer in whole or
in part to another beneficiary any amount which, in aggregate, of such
transfers does not exceed the amount of the credit. Used by middlemen. |
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Transport Index |
The number expressing the maximum radiation level in a package of ULD |
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Transship |
To transfer goods from one transportation line to another, or from one
ship to another. |
|
Transshipment |
The transfer of a shipment from one carrier to another in international
trade, most frequently from one ship to another. In as much as the
unloading and reloading of delicate merchandise is likely to cause
damage, transshipments are avoided whenever possible. |
|
Truckload |
Truckload rates apply where the tariff shows a truckload minimum weight.
Charges will be at the truckload minimum weight unless weight is higher. |
|
Trust Receipt |
Release of merchandise by a bank to a buyer for manufacturing or sales
purposes in which the bank retains title to the merchandise. |
|
Turnkey Project |
Capital construction projects in which the supplier (contractor) designs
and builds the physical plant, trains the local personnel on how to
manage and operate the facility and presents the buyer with a
self-sustaining project (all the buyer has to do is "turn the Key"). |
|
UCP |
Abbreviation for the "Uniform Customs and Practice for Documentary
Credits," published by the International Chamber of Commerce. This is
the most frequently used standard for making payments in international
trade; e.g., paying on a Letter of Credit. It is most frequently
referred to by its shorthand title: UCP No. 500. This revised
publication reflects recent changes in the transportation and banking
industries, such as electronic transfer of funds. |
|
UKACC |
United Kingdom Air Cargo Club. |
|
ULD |
Unit Load Device. Pallet or Container for freight. |
|
UN/EDIFACT |
United Nations EDI for Administration, Commerce and Transport. EDI
Standards are developed and supported by the UN for electronic message
(data) interchange on an international level. |
|
Unclean Bill of Lading |
A bill containing reservations as to the good order and condition of the
goods, or the packaging, or both. Examples "bags torn;" "drums
leaking;" "one case damaged;" "rolls chafed." |
|
Unconfirmed: |
A letter of credit forwarded to the beneficiary by the advising bank
without engagement on the part of the advising bank. |
|
Uniform Customs and Practices for Documentary Credits (UCP) |
Rules for letters of credit drawn up by the Commission on Banking
Technique and Practices of the International Chamber of Commerce in
consultation with the banking associations of many countries. See Terms
of Payment. |
|
Unitisation |
The packing of single or multiple consignments into ULDs or pallets. |
|
Universal Postal Union |
Organization which negotiates international mail charges. |
|
Valuation Charges |
Transportation charges assessed shippers who declare a value of goods
higher than value of carrier's' limits of liability. |
|
VAT (Value-Added Tax) |
A sales or consumption tax which the end user pays. Typically, this is a
"hidden" tax, added to the list price of the goods in question. |
|
Ves. |
Vessel |
|
Visa |
An invoice properly validated by the Minister of Trade in regard to
quota entries. |
|
Volume Weight |
Used when calculating air freight when the size of the carton is greater
than the average weight, calculated by multiplying the length times the
width times the height and dividing by 166. |
|
W. & I. |
Weighing and Inspection |
|
W.A. |
With Average |
|
W.G. |
Weight guaranteed |
|
W.M. (W/M) |
Abbreviation for "Weight or Measurement;" the basis for assessing
freight charges. Also known as "worm." The rate charged under W/M will
be whichever produces the highest revenue between the weight of the
shipment and the measure of the shipment. |
|
W.P.A. |
With Particular Average |
|
W.R. |
War Risk |
|
W/M |
Weight and/or measurement |
|
W/R |
Warehouse receipt |
|
War Risk |
The possible aggressive actions against a ship and its cargo by a
belligerent government. This risk can be insured by a marine policy with
a risk clause |
|
War Risk |
Insurance coverage for loss of goods resulting from any act of war. |
|
War Risk Insurance |
Insurance issued by marine underwriters against war-like operations
specifically described in the policy. In former times, war risk
insurance was taken out only in times of war, but currently many
exporter cover most of their shipments with war risk insurance as a
protection against losses from derelict torpedoes and floating mines
placed during former wars, and also as a safeguard against unforeseen
warlike developments. In the United states, war risk insurance is
written in a separate policy from the ordinary marine insurance; it is
desirable to take out both policies with the same underwriter in order
to avoid the ill effects of a possible dispute between underwriters as
to the cause (marine peril or war peril) of a given loss. |
|
Warehouse Receipt |
A receipt of commodities deposited in a warehouse, identifying the
commodities deposited. It is non-negotiable if permitting delivery only
to a specified person or firm, but it is negotiable if made out to the
order of a person or firm or to a bearer. Endorsement (without
endorsement if made out to bearer) and delivery of a negotiable
warehouse receipt serves to transfer the property covered by the receipt
serves to transfer the property covered by the receipt. Warehouse
receipts are common documents in international banking. |
|
Warehouse- to-Warehouse |
A clause in marine insurance policy whereby the underwriter agrees to
cover the goods while in transit between the initial point of shipment
and the point of destination, with certain limitations, and also subject
to the law of insurable interest. When it was first introduced, the
warehouse-to-warehouse clause was extremely important, but now its
importance is diminished by the marine extension clauses, which override
its provisions. |
|
Waybill (WB) |
A document prepared by a transportation line at the point of a shipment;
shows the point of the origin, destination, route, consignor, consignee,
description of shipment and amount charged for the transportation
service. It is forwarded with the shipment or sent by mail to the agent
at the transfer point or waybill destination. |
|
Weight |
(a) Gross - The weight of the goods including packing, wrappers, or
containers, internal and external. The total weight as shipped (b) Net -
The weight of the goods themselves without the inclusion of any wrapper
(c) Tare - The weight of the packaging or container (d) Weight /
Measurement Ton - In many cases, a rate is shown per weight/measurement
ton, carrier's option. This means that the rate will be assessed on
either a weight ton or measurement ton basis, whichever will yield the
carrier the greater revenue. As example, the rate may be quoted on the
basis of 2,240 pounds or 40 cubic feet or of 1 metric ton or 1 cubic
meter (e) Weight Ton - There are three types of weight ton; the short
ton, weighing 2,000 pounds; the long ton, weighing 2,240 pounds; and the
metric ton weight 2,204.68 pounds. The last is frequently quoted for
cargo being exported from Europe. |
|
Weight Load Factor |
Payload achieved as against available, expressed as a percentage. Cargo
is frequently limited by volume rather than weight; load factors of 100%
are rarely achieved. |
|
Weight, Legal |
Net weight of goods, plus inside packing. |
|
Wet Lease |
An arrangement for renting an aircraft under which the owner provides
crews, ground support equipment, fuel and so on (of dry lease). |
|
Wharfage |
A charge assessed by a pier or dock owner against the cargo or a
steamship company for use of the pier or dock. |
|
With Average |
A marine insurance term meaning that shipment is protected for partial
damage whenever the damage exceeds a stated percentage. |
|
With Particular Average (W.P.A.) |
An insurance term meaning that partial loss or damage of goods is
insured. Generally must be caused by sea water. Many have a minimum
percentage of damage before payment. May be extended to cover loss by
theft, pilferage, delivery, leakage, and breakage. |
|
Without Recourse |
A phrase preceding the signature of a drawer or endorser of a negotiable
instrument; signifies that the instrument is passed onto subsequent
holders without any liability to the endorser in the event of nonpayment
or nondelivery. |
|
Without Reserve |
A term indicating shipper's agent or representative is empowered to make
definitive decisions and adjustments abroad without approval of the
group or individual represented. See advisory capacity. |
|
X Heavy |
Extra Heavy |
|
X Strong |
Extra strong |
|
XX Heavy |
Double extra heavy |
|
XX Strong |
Double extra strong |
|
Y/A |
York-Antwerp Rules - A code of rules adopted by an international
convention in 1890, amended in 1924 and again in 1950, for the purpose
of establishing a uniform basis for adjusting general average. Certain
nationalities decline to observe certain of the rules adopted. United
States shipping interests generally abide by general rule "F" and
numbered rules 1 to 15 and 17 to 22, inclusive and specifically set this
forth in a Bill Of Lading Clause |
|
Yield |
Revenue, not necessarily profitable, per unit of traffic. |
|
York-Antwerp Rules of 1974 |
Established the standard basis for adjusting general average and stated
the rules for adjusting claims |
|
Zulu Time |
Time based on Greenwich Mean Time. |
