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Glossary of shipping terms

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SHIPPING TERMS

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Glossary of shipping terms

  1. 1. GLOSSARY OF SHIPPING TERMS
  2. 2. Shipping Terms Glossary  Bill of Lading (B/L) - Document serving three functions:  (1) receipt for cargo prepared by the shipper and signed by the carrier;  (2) 'document of title' to the cargo i.e. proof of ownership; and  (3) provides evidence of terms and conditions of the contract of carriage of cargo by sea.
  3. 3. Shipping Terms Glossary  Air Waybill -A no-negotiable instrument of domestic and international air transport that functions as a bill of lading, all information described about domestic and international trade.
  4. 4. Shipping Terms Glossary  Charter Party - document containing details of the fixture of the chartered vessel. Standard form charter parties for various trades are normally used, but some charterers use private forms.  Deadfreight - freight payable on cargo space booked but not actually used.
  5. 5. Shipping Terms Glossary  ETA - Estimated Time of Arrival (of vessel).  ETD - Estimated Time of Departure (of vessel).  ETR - Estimated Time of Readiness.  FIO - Free In and Out - confers the responsibility to the charterers (shippers / receivers) to arrange the stevedores and to load / discharge the cargo on their own account ie free of expense to vessel owners, who are still accountable for port charges
  6. 6. Shipping Terms Glossary  Blank Endorsement The method whereby a bill of lading is made into a freely negotiable document of title.  Blanket Bond -A bond that coves a group of people, articles or properties.  Blanket Contracts -A long-term contract in which the supplier promises to re-supply the buyers as needed at agreed-upon prices over the contracting time
  7. 7. Shipping Terms Glossary  SATSHEX - Saturdays, Sundays & Holidays Excluded.  SB - Safe Berth - a berth, which the vessel can reach and depart from without being exposed to danger that is unavoidable by good seamanship. It is the responsibility of the charterrer to provide this.  SF - Stowage Factor - used to determine whether a vessel's holds will be filled before the vessel reaches its maximum draught. The SF for coal, depending on type, is between 37 and 48 cubic feet per long ton.
  8. 8. Shipping Terms Glossary  SHEX - Sundays & Holidays Excluded.  SP - Safe Port - as Safe Berth except relates to port.  WWD - Weather Working Days - working days in which it is possible to load/discharge cargo without the interference of weather.
  9. 9. Shipping Terms Glossary  A.M.I. - Absolute maximum loss  A.M.V.E.R. - Automated Mutual-Assistance Vessel Rescue  A.O. Voy. - Any one voyage  A.O.B. - Any one bottom  A.O.E. - Any one event  A.O.L. - Any one loss  a.o.loc. - Any one location -  A.O.O. - Any one occurrence  A.O.R. - Any one risk  A.O.V. - Any one vessel  A.P. - Additional premium  A.P.L. - As per list  A.R. - All risks
  10. 10. Shipping Terms Glossary  A.T.L. - Actual total loss  A/C - Account current  A/o - Account of  A/P - Additional premium  A/R - All risks. Against all risks  A/S - "After sight, Account sales, Alonside (chartering)"  A/T - American terms (grain trade)  A/v - "Average, ad valorem (according to value)"
  11. 11. Shipping Terms Glossary  Bunkers - term for fuel used by a vessel.  Bunker Clause - Time Charters stipulate that charterer accepts & pays for all fuel on the vessel at port of delivery; on redelivery owner shall pay for any fuel remaining on board.  Bunker Escalation / De-escalation Clause - in a COA it is sometimes usual to link freight rate to market price of bunkers at time of fixing, in order to adjust freight rate in line with bunker price movements at time of each shipment.
  12. 12. Shipping Terms Glossary  Force Majeure - circumstances beyond reasonable control of the party/parties.  Free Pratique - clean bill of health for ship and crew.  Freight - the money paid on a Voyage Charterby the charterer to the owner.  Gearless - a ship without means on board for the loading/unloading of cargo.
  13. 13. Shipping Terms Glossary  Trip Time Charter - fixture whereby charterer hires vessel for single voyage or round trip; terms and conditions similar to Time Charter.  Turn Time (TT) - time allowed in the charter party, after NORtendered and before laytime commences. Usually quoted in hours.  Voyage Charter - fixture whereby the charterer pays a rate per ton loaded or on a lump sum basis.
  14. 14. Shipping Terms Glossary  Aboard -Referring to cargo being put, or laden, onto a means of conveyance.  Ad ValoremA term from Latin meaning, “according to value.” Import duty applied as a percentage of the cargo’s dutiable value.
  15. 15. Shipping Terms Glossary  Anti–Dumping DutyA tariff imposed to discourage sale of foreign goods, subsidized to sell at low prices detrimental to local manufacturers.  Any Quantity (A.Q.)Usually refers to a rating that applies to an article regardless of size or quantity.  Apparent Good OrderWhen freight appears to be free of damage so far as a general survey can determine.
  16. 16. Shipping Terms Glossary  Stale B/L: • A late B/L; in banking, a B/L which has passed the time deadline of the Letter of Credit (L/C) and is void.  Straight (Consignment) B/L: • Indicates the shipper will deliver the goods to the consignee.It does not convey title (non– negotiable).Most often used when the goods have been pre–paid.
  17. 17. Shipping Terms Glossary  Bonded WarehouseA warehouse authorized by Customs authorities for storage of goods on which payment of duties is deferred until the goods are removed
  18. 18. Shipping Terms Glossary  CargoFreight loaded into a ship.  Cargo ManifestA manifest that lists all cargo carried on a specific vessel voyage.  CFSAbbreviation for “Container Freight Station.” A shipping dock where cargo is loaded (“stuffed”) into or unloaded (“stripped”) from containers

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