A.T.: American Terms (Marine Insurance) A term used to differentiate between the conditions of American Policies from those of other nations, principally England. ABCC: Association of British Chambers of Commerce 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. ABI: Association of British Insurers 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. Ad Valorem ("according to the value"): A fixed percentage of the value of goods that is used to calculate customs duties and taxes. 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. 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 approvalof the group or individual represented. AF: Advance freight (i.e. prior to shipment) Affiliate: Is a company that controls, or is controlled by another company, or is one of two or more commonly controlled companies. Affreightment: The hiring of a ship in whole or in part 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. 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 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. Airfreightment: 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. 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. AN: Advice Note ANF: Arrival Notification Form AP: Additional Premium 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. 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. Assignment: The transfer of the rights, duties, responsibilities and/or benefits of an agreement, contract, or financial instrument to third party. ATP: Accorde Transports Perissable, (European Agreement on the International Carriage of Perishable Foodstuffs) 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.
B/D: Banker's Draft B/E: Bill of Exchange B/S: Bill of Sale BAA: British Airports Authority BACA: Baltic Air Charter Association BAC: Banker's Automated Clearingwee System BAF: Bunker adjustment factor: A fuel surcharge expressed as a percentage added or subtracted from the freight rate reflecting the movement in the market price for bunkers. Balance of Trade: The difference bet 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 at sea. 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. BCN: Banker's Cover Note BEA: British Exporters Association Beam: The maximum breadth of a ship Belly Cargo: Freight accommodation below the main deck. 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: Place alongside a quay where a ship loads or discharges cargo. 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. Berth: Is the place beside a pier, quay or wharf where a vessel can be loaded or discharged. BIFA: British International Freight Association Bill of Entry: A shipper's detailed statement for Customs purposes of the nature and value of goods in a consignment. Bill of Exchange (B/E): Legally defined as "an unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at a fixed or determinable future time, a sum certain in money to or to the order of a specified person, or to bearer". It is the most general method of obtaining payment for goods shipped abroad. 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. Bolster: This is a piece of equipment equivalent to the bottom of a container without sides. Often used for stacking parcels of sawn timber and bags of cocoa. Otherwise known as a flat or pontoon Bonded Warehouse: A warehouse storage area or manufacturing facility in which imported goods may be stored or processed without payment of customs duties. BOTB: British Overseas Trade Board Bottle screws, container shoes, twist locks, chains and chain tensioners: All pieces of lashing equipment for securing cargo (twist locks and container shoes are used only on containers, pontoons and stackmasters). Boules: A boule is a log that has been sliced through into at least 12 pieces. The bark is left intact. Breakbulk: Another term for general cargo, i.e. non unitised cargoes. 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. BSC: British Shippers Council BSI: British Standards Institution BSS: British Standard Specification Bunkers: Name given for vessel’s fuel and diesel oil supplies (originates from coal bunkers). BV: Bureau Veritas
C & D: Collected and delivered C & E: Customs & Excise 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. C/P: Charter party C/V: Certificate of value C/VO: Certificate of Value and Origin CAA: Is the Civil Aviation Authority. Government body responsible for regulating U.K. airlines. CAAC: Customs and Allied Affairs Committee 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. CAD: Can have two meanings in the industry CAD/CAM: Computer Aided Design/Computer Aided Manufacturing. 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. CAF: Currency adjustment factor: A surcharge expressed as a percentage (or subtracted) from the freight rate compensating the Line (or shipper) for a change in the exchange rates relationship between the currency of freight collected from the shippers and currency of costs incurred by the Line. Cage: The transporting of goods by truck to or from a vessel, aircraft, or bonded warehouse, all under customs custody. CAN: Customs Assigned Number Cargo Receipt: Is a receipt of cargo for shipment by a consolidator (used in ocean freight). Cargo: Is merchandise/commodities/freight carried by means of transportation. Carnet: A customs document permitting the holder to carry or send merchandise temporarily into certain foreign countries (for display, demonstration, or similar purpose) without paying duties or posting bonds. Carrier: Any person who undertakes to perform or precure the performance of carriage by rail, road, sea, air, inland waterway or any combination. 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. Carriers(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. 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): Payment for goods in which a commission house, or other intermediary, transfers title documents to the buyer upon payment in cash. 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. CBI: Confederation of British Industry CC/O: Certificate of consignment/origin CCA: Connecting carrier agreement: A contract between carriers such that line or both operators will transport a said amount of cargo on behalf of the other on the other's Bill of Lading, thus acting as a bridge for crosstraded cargoes needing a first or second leg carrier to compliment the first CCT: Common Customs Tariff (within the EU) CD: Customs declaration CDV: Current domestic value Cell Guides: Upright metal fasteners welded to the ship's deck to secure the containers for the sea journey. Containers aree secured to these sections using twist locks which act as keys bolting the container's four corners to the ship's deck and/or other containers in the stack. 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: Cost and Freight - One of the thirteen Incoterms and one of four 'C' terms. • The seller must clear the goods for export. • A sales term denoting that the seller is responsible for arranging and paying for the carriage of goods to the agreed port of discharge, excluding insurance costs. • CFR is used for goods that are to be carried by sea. 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 • Moving empty containers from CY to CFS • Drayage of loaded containers from CFS to CY and/or ship's tackle • Tallying • Issuing dock receipt/shipping order • Physical movement of cargo into, out of and within CFS • Stuffing, sealing and marking containers • Storage • Ordinary sorting and stacking • 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. CH: Custom House Chargeable Kilo: Rate for goods where volume exceeds six cubic metres to the tonne. Charges forward: Charges to be paid by the buyer on arrival of the goods. 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. 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: 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. Charterer: Person or company who hires a ship from a shipowner for a period of time. Chassis: A wheel assemble including bogies constructed to accept mounting of containers. CIA: The acronym meaning "cash in advance," a method of payment for goods whereby buyer pays seller in advance of shipment of goods. CIF & C: Cost, Insurance, Freight & Commission CIF & E: Cost, Insurance, Freight & Exchange CIF & I: Cost, Insurance, Freight & Interest 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. CIFC & I: Cost, Insurance, Freight, Commission & Interest CIP: Carriage and Insurance Paid To - One of the thirteen Incoterms and one of four 'C' terms. • The seller has the same obligation asunder CPT but is also responsible for contracts for insurance of goods during the carriage. The seller also pays the insurance premium. • Under CIP the seller is only required to obtain minimum insurance cover. CITHA: Confederation of International Trading Houses Associations 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 Draft: Is a draft to which no documents have been attached. CLECAT: European Liaison Committee of Common Market Forwarders cm: Centimeters CNS: Cargo Network Services, an IATA company. See IATA. COD: Cash on delivery, customers own delivery 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. Combo/Combi: Combination vessel: A dry vessel designed to carry either dry bulk (grain, etc,) break bulk or containers. Such vessels are normally equipped with their own cranes. 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 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 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. 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. 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. 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. Consignee: Person or firm to whom goods are shipped under a bill of landing. 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. 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. 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: Metal box used for the carriage of cargo. Usual dimensions 20 x 8 x 8.5ft or 40 x 8 x 8.5ft. Container demurrageL: Money paid by the shipper for the use of containers or other Line owned equipment beyond a specified ‘free time’ period. Container Ship: Ocean going ship designed to carry containers both internally and on deck. Some are self sustaining. Container vessel: Ship specially designed to carry shipping containers. The vessel often has bays into which the containers are lowered and where they are held in place by upright steel sections called cell guides. Containers are frequently carried on deck where they need to be lashed and secured. 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. 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 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. Correspondent Bank: A bank that, in its own country, handles the business of a foreign bank. COU: Clip-on unit 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. CPT: Carriage Paid To - One of the thirteen Incoterms and one of four 'C' terms. • The seller pays the freight for the carriage of the goods to the named destination. Under CPT the seller must clear the goods for export ie obtain the export licence, pay export taxes and fees if required and furnish the buyer with the invoice and relevant documents. • CPT can be used for any mode of transport Cranage: Charge for use of wharf crane when a ship's own appliances for loading or unloading are now used. Credit Risk Insurance: Insurance designed to cover risks of nonpayment for delivered goods. CRF: Clean Report of Findings, details the quality, quantity and state of goods CRN: Customs registered number Curl: Small nugget of dense hardwood which has a high oil content. This is used for bearings and is very rare. Sometimes used in Takaradi. Customhouse Broker: An individual or firm licensed to enter and clear goods through Customs. 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 Court: Is the court to which importers might appeal or protest decisions made by Customs officers. 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. CWE: Cleared without examination 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 D/O: Delivery order DAF: Delivered At Frontier - One of the thirteen Incoterms and one of five 'D' terms. • The seller is obliged to deliver the goods at the frontier before the customs border of the adjoining contry. The goods should be made available and cleared for export. The seller must also provide documents to enable the buyer to take delivery such as the document of transport or warehouse warrant. 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. 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 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. Demurrage: A penalty for exceeding free time allowed for loading or unloading at a pier or freight terminal. Also a charge for undue detention of transportation equipment or carriers in port while loading or unloading. 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. DEQ: Delivered Ex Quay (Duty Paid) - One of the thirteen Incoterms and one of five 'D' terms. • The seller is obliged to deliver the goods on the quay at the port of destination, cleared for importation. The seller must pay unloading costs and provide import clearance such as import licences, pay duties, taxes and fees. The buyer simply takes delivery of the goods. DES: Delivered Ex Ship - One of the thirteen Incoterms and one of five 'D' terms. • The seller is obliged to deliver the goods on board the ship at the port of destination, uncleared for importation. • The seller must provide documents to enable the buyer to take delivery of the goods ie the bill of lading. • The buyer must pay unloading costs and provide import clearance ie duties, taxes & fees. 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. DGN: Dangerous Goods Note DGR: Dangerous Goods Requirement. 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. Disbursement: Sums paid out by a ship’s agent at a port on behalf of the owner. Discharging: Removing goods from a ship. Dock Receipt: When cargo is delivered to a steamship company at the pier, the receiving clerk issues a dock receipt. 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. DOT: Department of Transportation 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: Widely used alternative spelling of draught. Depth to which a ship is immersed in the water. This 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. 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. Drawee: The individual or firm on whom a draft is drawn and who owes the stated amount to the drawer. Dry Lease: The rental of a "clean" aircraft without crew, ground staff or supporting equipment. Dry Van: A basic 20/40ft container. 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. DTI: Department of Trade and Industry 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 a space in which the tynes of a forklift truck may be inserted. DWT: Deadweight: Weight of cargo, stores and water, i.e. the difference between lightship and loaded displacement
"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). E.A.O.N.: Except as otherwise noted. EAR: Export after repair ECE: Economic Commission for Europe ECI: port Consignment Identifier ECOFIN: Economic and Financial Affairs Council (EC) ECPD: Export Cargo Packing Declaration 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. EFTA: European Free Trade Association Empty Leg: Results from an aircraft primarily chartered outbound having cargo capacity inbound or vice versa. A cheap form of airfreight. Endorsee: Person to whom a bill of exchange is transferred by the endorsement of a third party. 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). Endorser: One who endorses a bill, and thereby accepts liability for it. ERP: Economic Recovery Programme for the cocoa industry in Ghana launched in 1983 ETA: Estimated Time of Arrival. ETD: Estimated Time of Departure. ETS: Estimated Time of Sailing EU: European Union 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. B.L.: Exchange bill of lading. 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: • 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); • 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 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 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 - One of the thirteen Incoterms. • This represents the seller's minimum obligation. • The seller fulfils his obligation to deliver when he has made the goods available at his premises to the buyer. • He is not responsible for loading the goods on the vehicle provided by the buyer or for the clearing of the goods for export, unless otherwise agreed. • The buyer bears all the costs and risks in taking the goods frrom the seller's premises to the deired destination.
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.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 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.). 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. 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. FBY: Free buyers yard: As FOT but also includes delivery to buyer’s premises. FCA: Free Carrier - One of the thirteen Incoterms and one of three 'F' terms. • This is the main term for handing over goods for carriage and can be used irrespective of the mode of transport. • The seller fulfills his obligation to deliver when he has handed over the goods, cleared for export, into the charge of the carrier named by the buyer at the named point. If no point has been indicated the seller may choose within the range stipulated where the carrier should take charge of the goods. FEU: Forty foot equivalent 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 which the shipper pays load costs and the carrier pays discharge costs. FIO: Free in and out: Freight booked FIO includes the seafreight, but not loading and discharging costs. FIOS: Free in and out and stowed: As FIO but includes stowage costs. FIOT: Free in and out and trimmed: As above but includes trimming, e.g. the levelling out of bulk cargoes. First of Exchange: First or principal copy of a bill of exchange to be presented and honoured the other copies then being automatically cancelled. FIT: Federation of International Traders Flag Carrier: An airline of one national registry whose government gives it partial or total monopoly over international routes. Flat: This is a piece of equipment equivalent to the bottom of a container without sides. Often used for stacking parcels of sawn timber and bags of cocoa. Otherwise known as a pontoon or bolster. 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. Folded: An article folded in such a manner as to reduce its bulk 33 1/3% from its normal shipping cubage when not folded. 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. Foreign Bill: A bill of exchange drawn on an acceptor overseas. 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. 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. 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: Includes all loading, discharging and seafreight costs. Also includes costs of placing goods onto trucks at the quay. Foul Bill of Landing: A receipt for goods issued by a carrier with an indication that the goods were damaged when received. FRA: Forward Rate Agreement Free Alongside: Quoted price includes the cost of delivering the goods alongside a designated vessel. Free discharge: Free out: Includes loading costs and seafreight only. 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 (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 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 Account: The debit note received from the shipowner for freight due on goods shipped. Freight Collect Forward: Payable by consignee. 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 Release: Shipowner's authorisation to captain to give delivery of goods, freight having been paid on them. FTA: Freight Transport Association or Free Trade Agreements FTL: Full Trailer Load
G.R.Wt./G.W.: Gross Weight. 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. GATT: General Agreement on Tariffs and Trade, a multilateral treaty intended to help reduce trade barriers and promote tariff concessions. GCBS: General Council of British Shipping 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 Cargo: Any cargo that is not carried in a container or vehicle/machinery that can be loaded/discharged using its own power, e.g. palletised, bagged, bales, bundles, crates, etc. 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. GNP: Gross national product Gooseneck: Devise for connecting a tugmaster to a mafi trailer. It is attached to the tugmasters 'fifth wheel' Gross Weight: Entire weight of goods, packing, and container, ready for shipment. Groupage: A container with cargoes from/for different shippers/receivers, i.e. containing more than one shipper’s cargo. Otherwise known as LCL (Less than a container load) GRT: Gross registered tonnage GSA: General Sales Agent acting on behalf of an airline. Usually Broker or Forwarder.
Harmonized Code: An internationally accepted and uniform description system for classifying goods for customs, statistical and other purposes./br> /br> 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./br> /br> Hatch: The cover of - or opening- in the deck of a vessel, through which cargo is loaded./br> /br> Heavy Lift Vessel: Specifically designed to be self sustaining with heavy lift cranes, to handle unusually heavy and/or out-sized cargoes./br> /br> Heavy Lifts: Freight too heavy to be handled by regular ship's tackle./br> /br> HMC&E: Her Majesty's Customs and Excise/br> /br> HMC: Her Majesty's Customs/br> /br> HMSO: Her Majesty's Stationery Office/br> /br> House Air Waybill: An air waybill issued by a freight consolidator. See Air Waybill./br> /br> Hub: A central location to which traffic from many cities is directed and from which traffic is fed to other areas./br> /br> Hundredweight (cwt.): A short ton hundredweight = 100 pounds. Long ton hundredweight = 112 pounds./br> /br> 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./br> /br> HVR: Hague-Visby Rules
I.C.T.F.: Intermodal Container Transfer Facility, an on-dock facility for moving containers from ship to rail or truck. 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). ICB: International Container Bureau ICC: International Chamber of Commerce ICCH: International Commodities Clearing House ICCO: International Cocoa Council ICD: Inland Clearance Depot ICHCA: International Cargo Handling Co-ordination Association ICS: International Chamber of Shipping or Institute of Chartered Shipbrokers ID: Import Duty IDR: Import Duty Report, stipulates the value of an imported good and the amount to be paid as duty. Nigeria only. IFF: Institute of Freight Forwarders. Igloo: Container designed to occupy full main deck width of carrying aircraft. IMDG: International Maritime Dangerous Goods code IMF: International Monetary Fund IMO: International Maritime Organisation 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. 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. 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. Inland Carrier: A transportation line which hauls export or import traffic between ports and inland points. INSA: International Shipowners' Association Inspection Certificate: A document certifying that merchandise (such as perishable goods) was in goods condition immediately prior to shipment. 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. IOE: Institute of Export IRN: Import Release Note 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. ISF: International Shipping Federation ISO: International Standards Organization also referred to as the International Organizational for Standardization.
J.&W.O.: Jettison and washing overboard JETSAM: 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. Keelage: Toll on vessels entering a port. 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.
L. & D.: Loss and damage 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. Lane metre: A method of measuring the space capacity of Ro Ro ships whereby each unit of space (linear metre) is represented by an area of deck 1m in length by 2.5m in width. 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. LASH: Lighter aboard ship: This technique for sea transport of cargoes uses barges floated into specially designed vessels. One of our competitors, Baco Line employs such vessels on the Europe/Africa trade. This technique enables low drafted barges to access shallow ports ie some of those in the Niger delta including Onne and Warri. Lashing: To hold goods in position by the use of, for example, wires, ropes, chains, or straps. Laycan: Abbreviation for laydays cancelling periods during which a shipowner must tender notice that a ship has arrived at the port of loading and is ready to load cargo. Laytime/Laydays: Time given by the shipowner to allow a chartered vessel to load and/or discharge cargo. LCL: Less than a container load: A container with cargoes from/for different shippers/receivers, i.e. containing more than one shipper’s cargo. 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. 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: A document issued by a bank at a buyer's request honoring debt obligations to the seller upon receipt of the document. LI: Letter of Indemnity LIC: Local import control LIFFE: London International Financial Futures Exchange 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. LILO: Liner in, liner out or full liner terms: Qualification to a freight rate which signifies that it consists of the ocean carriage and the cost of cargo handling at the loading and discharging ports (to ship’s rail) according to the custom of a particular set of ports. Linear metre: Method of measuring volume of cargo on Ro Ro vessels, in which the measurement is an estimate of the length of the cargo laid end to end. (See lane metre.) 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 argo is loaded onto and discharged from an ocean vessel, which in this case is by the use of a crane. LOA: Length over all: Vessel length. Load Factor: Capacity sold as against capacity available, expressed as a percentage. Ltge.: Lighterage LTL: Less than truckload
M.M.: Mercantile marine M/R: Mate's Receipt M/T: Metric Ton (2204 lbs.) M/V or M.V.: Motor vessel Mafi: A generic term for a wheeled trailer used for carrying cargo, also properly known as a roll trailer. It may remain on board throughout ocean passage or be used as a ‘slave’ trailer to transport cargo to and from the vessel once on quay. 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. 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). 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. Megacarrier: One of the predatory massive shipping lines that compete on the largely saturated east/west trades. 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 mt.: Empty 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 National Carrier: A flag carrier owned or controlled by the state. 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. 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. 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. NMB: National Maritime Board 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-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 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. NPC: National Ports Council / Nigerian Ports Charge (Carriers surcharge given extra costs imposed by ports authority) NRT: Net registered tonnage NVOCC: Non vessel owning common carrier
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 OBO: Oil bulk ore: A vessel capable of carrying both dry and liquid bulk cargoes. 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. 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. OECD: Organisation for Economic Co-operation & Development OEEC: Organisation for European Economic Co-operation 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. OFT: Office of Fair Trading OOG - Out of gauge/profile: When cargo loaded is not within the dimensions of an ISO pontoon/stackmaster on which it is placed and protrudes from the sides or is too high. Open Account: A high-risk trade arrangement in which goods are shipped to a foreign buyer without guarantee of payment. 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: Container with a removable fabric roof which enables heavy/bulk cargo to be loaded into the container by crane/elevator. Original Equipment Manufacturers (OEM accounts): Customers who incorporate the exporter's product into their own merchandise for resale under their own brand names. Overlanded: Cargo discharged but not on the manifest, generally by accident.
P.A.: Particular average P.W.: Packed weight P/L: Partial loss 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 Extender: Fashionable metal or cardboard device to increase pallet capacity. Pallet: Load carrying platform to which loose cargo is secured before placing aboard the aircraft. 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. PBC: Produce Buying Company Limited, Ghana. Buys cocoa beans from farmers at village level and sells direct to the government at guaranteed prices. PD: Port dues PE: Period entry 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). 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 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. 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. Point: A particular city, town, village or other community or area which is treated as a unit for the application of rates. Pontoon: This is a piece of equipment equivalent to the bottom of a container without sides. Often used for stacking parcels of sawn timber and bags of cocoa. Otherwise known as a flat or bolster 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 Captain: The person who plans stowage and supervises loading and discharging of vessels. Also know as a Supercargo. 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 Loading: Port where cargo is loaded aboard the vessel lashed and stowed. Port: Harbour having facilities for ships to moor, load and discharge. The left hand side of a ship when facing forwards. 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 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. Primage: Percentage added to freight and usually returned as a deferred rebate. Prime Entry: Statement of goods based on details included in the bill of lading. 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. 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. PSD: Pre-shipment document PSI: Pre-shipment Inspection
R. & C.: Rail and Canal r. & c.c.: Riots and civil commotions r.c.c. & s.: Riots, civil commotions and strikes R/C: Reconsigned Reach Stacker: A special container handling truck that can stack containers and reach behind two rows of containers. 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. 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. REDS: Registered Excise Shippers and Dealers Reefer: Refrigerated container that is fitted with a refrigerated unit for the carriage of cargoes that have to be frozen or chilled. REFG.: Refrigerating; Refrigeration Regs.: Registered Tonnage 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. RN: Removal Note Rolltrailer: A generic term for a wheeled trailer used for carrying cargo, also known as a mafi. It may remain on board throughout ocean passage or be used as a ‘slave’ trailer to transport cargo to and from the vessel once on quay.It has an underlayer with a steel chassis and equipped with solid rubber tyres. It is attached to a tugmaster with a gooseneck. 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. & C.C.: Strikes, riots, and civil commotions. S.R: Shipping Receipt S.tn.: Short ton S.W.: Shipper's weights S/N: Shipping Note SAD: Single Administrative Document 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. 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. Seafreight: Charges for transporting cargo by sea. This does not cover any haulage or loading / discharging costs, sea transport only. Sector: Distance between two ground points within a route. 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 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. Service: The defined, regular pattern of calls made by a carrier in the pick-up and discharge of cargo. 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'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. 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. Shortlanded: Cargo manifested for port but not discharged, either by accident or design. Short-Shipped: Cargo manifested but not loaded. Sight Draft: A draft payable upon presentation to the drawee. Compare date draft and time draft. Single Entry Charter: A non-scheduled flight carrying the cargo of one shipper. SITC: Standard International Trade Classification Site: A particular platform or location for loading or unloading at a place. SO: Seller's option SOB: Shipped on board 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. SSL: Steamship; steam powered ship (Steam driven turbines) SSN: Standard Shipping Note Stability: It is of paramount importance that a vessel is stable in all respects at all times. When cargo is loaded/discharged the stability is monitored by the navigating officer/Port Captain usually by computer, which takes into account the weight and position of the cargo within the vessel. Stackmaster: A pontoon with two collapsible ends. Standard International Trade Classification (SITC): A standard numerical code system developed by the United Nations to classify commodities used in international trade. Starboard: Right side of a ship when facing the front or forward end. 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. Stern: The aftermost part of the ship. Stevedore: Port manual worker involved with the physical loading and discharging of vessels. Stowage Order: Before certain classes of goods, such as valuables, fragile or dangerous, are sent to the docks for shipment, a special stowage order must be obtained from the shipowner. It is the shipowner's authority to the ship-worker to accept the goods and stow them where indicated. It must accompany the goods to the docks. 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. Stowaway: A person who illegally hides on a vessel to get free passage to another country (usually from a poor country to a more affluent one). 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.
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. Tank container: A container suitable for carrying liquids or powder. Tare Weight: The weight of the container and/or packing materials only - excluding the weight of the goods inside the container. Tare: The actual weight of the container only, without the goods. 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. TDC: Total distribution costs TDW: Tons deadweight Temperature Controlled Cargo: Any cargo requiring carriage under controlled temperature. Terminal: A receiving point ie a freight station or a container yard. TEU: Twenty foot equivalent. Third Freedom Right: Where cargo is carried by an airline, from the country in which it is based, to a foreign country. Time charter: The hiring of a ship from a shipowner for a period of time. Time Draft: A draft that matures in a certain number of days, either from acceptance or date of the draft. 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. Toplashing: Rolltrailers and cassettes are secured with webbing. One end is attached to the ceiling, the other to the underlayer 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. Transport Index: The number expressing the maximum radiation level in a package of ULD. 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. TTC: Tariff trade code Tugmaster: A tractor - often a four wheel drive - with a hydraulic trailer connection known as a ‘fifth wheel’ used to tow cargo on and off the vessels. TURN: Trader unique reference number Turnbuckle: A screw threaded device for tightening rods and chains and wire lashings 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"). Twistlock: Device for locking a container to the deck or to another container above or below. The locking var is fitted to the corner casting of the container and twisted with a handle. Tynes: Another term for the forks of a forklift truck.
U/D: Under deck UDEAC: Central African Customs and Economic Union UDEAO: Union Douance et Economique d'Afrique Occidentale UN: United Nations UNCITRAL: The United Nations Commission on International Trade Law UNCTAD: The United Nations Conference on Trade & Development
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.P.A.: With Particular Average W.R.: War Risk W/M: Weight and/or measurement W/R: Warehouse receipt 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. 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. 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. Web Lashing: Webbing made of artificial fibre which is tightened and locked with a winch. 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. Weight • Gross - The weight of the goods including packing, wrappers, or containers, internal and external. The total weight as shipped. • Net - The weight of the goods themselves without the inclusion of any wrapper. • Tare - The weight of the packaging or container. • 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. • 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. 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 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. World Bank: International bank for reconstruction and development
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.