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A
B C
D E
F G
H I
J K
L M
N O
P Q
S T
U V
W X
Y Z
|
A |
AIR WAYBILL
|
A nonnegotiable shipping document
evidencing the contract between shipper and air carrier for
transportation and delivery of cargo |
| ALL-RISK INSURANCE |
The broadest form of coverage available,
providing protection against all risk of physical loss or damage
from any external cause. Does not cover loss or damage due to
delay, inherent vice, inadequate packaging, or loss of market. |
|
B |
| BAF (BUNKER ADJUSTMENT FACTOR) |
An adjustment in shipping charges
to offset price fluctuations in the cost of fuel. Also known as
a Bunker Surcharge (B/S). The word Bunker refers to fuel storage
containers on a vessel. |
| BILL OF LADING (B/L) |
A document issued by a common
carrier to a shipper that serves as:
1. A receipt for the goods delivered to the carrier for
shipment.
2. A definition of the contract of carriage of the goods.
3. A Document of Title to the goods described therein.
4. This document is generally not negotiable unless consigned
"to order." (See "Bill of Lading, Order" below.)
|
| BILL OF LADING, ON BOARD |
A bill of lading acknowledging that
the relative goods have been received on board a specified
vessel. |
| BILL OF LADING, ORDER |
A negotiable bill of lading. There
are two types:
1. A bill drawn to the order of a foreign consignee, enabling
him to endorse the bill to a third party.
2. A bill of lading drawn to the order of the shipper and
endorsed by him either "in blank" or to a named consignee. The
purpose of the latter bill is to protect the shipper against the
buyer's obtaining the merchandise before he has paid or accepted
the relative draft.&nbps; |
| BONDED WAREHOUSE |
A warehouse authorized by customs
for storage of goods on which payment of duties is deferred
until the goods are removed.
|
| BREAK-BULK VESSEL |
A vessel designed to handle large
or oversized cargo; generally cargo unsuitable for container
stowage. |
| BULK CARGO |
Loose cargo that is loaded directly
into a ship's hold. |
| BULK CARRIER |
There are two types of bulk
carriers, the dry-bulk carrier and the liquid-bulk carrier,
better known as a tanker. Bulk cargo is a shipment such as oil,
grain, or one which is not packaged, bundled, bottled, or
otherwise packed and is loaded without counting or marking. |
|
C |
| CAD (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 on freight charges by a
carrier to offset foreign currency fluctuations. |
| CARGO INSURANCE |
Insurance to protect the financial
interest of the owner of the cargo in the event of a loss during
transportation. |
| CARNET |
A customs document permitting the
holder to carry or send merchandise temporarily into certain
foreign countries without paying duties or posting bonds. All of
the goods traveling under a Carnet must be returned to the
origin country to avoid penalties. |
| CARRIER |
Any person who, through a contract
of carriage, undertakes to perform or procure the performance of
carriage by rail, road, sea, air, inland waterway, or by a
combination of modes. |
| CERTIFICATE OF MANUFACTURE |
A document used under a letter of
credit containing an affidavit that goods have been manufactured
and are being held for the account and risk of the buyer. |
| CERTIFICATE OF ORIGIN |
A document containing an affidavit
to prove the origin of imported goods. It is used for customs or
foreign exchange purposes or both. Certificates of Origin are
commonly certified by an official organization in the country of
origin such as a consular office or a chamber of commerce. |
| CFS (CONTAINER FREIGHT STATION) |
The term CFS at loading port means
the location designated by carriers for the receiving of cargo
to be loaded into containers by the carrier. At discharge or
destination ports, the term CFS means the bonded location
designated by carriers for devanning of containerized cargo. |
| CFS CHARGE |
(Container Freight Station Charge)
- The charge assessed for services performed at the origin or
destination for loading or unloading of cargo into/from
containers at a CFS. |
| CFS RECEIVING SERVICES |
The service performed at the
loading port in receiving and packing cargo into containers from
CFS to CY or shipside. |
| CFS/CFS (PIER TO PIER) |
The term CFS/CFS refers to cargo
delivered at origin in less-than-containerload quantities to a
container freight station (CFS) to be loaded into containers and
to be unloaded from the container at destination CFS. |
| CHARGEABLE WEIGHT |
Rate for airfreight goods where
dimensional weight factor exceeds the actual weight of the
cargo. |
| CHARTER |
Originally meant a flight where a
shipper contracted hire of an aircraft from an air carrier, but
has usually come to mean any non-scheduled commercial service. |
| CHASSIS |
A rectangular steel frame,
supported by springs and wheeled axles constructed to accept
mounting of containers for over-the-road transport. |
| CIA (CASH IN ADVANCE) |
A method of payment for goods
whereby the buyer pays the seller prior to shipping the goods. |
| CLASSIFICATION |
A term for the determination of the
correct tariff number in a Customs tariff for admissibility and
duty purposes. |
| COMBINATION VESSELS |
A type of ship that accommodates
both container and break-bulk cargo. It can be either
self-sustaining or non-self sustaining. Also known as a
Container/Break-bulk Vessel. |
| COMMERCIAL INVOICE |
Receipt for a transaction and or
goods purchased (invoice) indicating the sender or seller and
the receiver or purchaser. A commercial invoice should contain
an itemized list of the merchandise with the complete
description of goods with their unit value and extended total
value. Depending on the Customs requirements of the destination
country, there may be additional requirements, statement or
clauses that must appear as well. |
| CONFERENCE |
A group of vessel operators joined
together for the purpose of establishing freight rates. |
| CONFIRMED LETTER OF CREDIT |
(See Letter of Credit, Confirmed) |
| CONSIGNEE |
The individual or company to whom a
seller or shipper sends merchandise and who, upon presentation
of necessary documents, is recognized as the merchandise owner
for the purpose of declaring and paying customs duties. |
| 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 |
A method of shipping whereby an
agent (freight forwarder or consolidator) combines individual
consignments from various shippers into one shipment made to a
destination agent, for the benefit of preferential rates. (Also
called "groupage") The consolidation is then de-consolidated by
the destination agent into its original component consignments
and made available to consignees. Consolidation provides
shippers access to better rates than would be otherwise
attainable. |
| CONSOLIDATOR |
Special forms signed by the
consular office of a country to which cargo is destined. |
| CONSULAR INVOICE |
A document required by some
countries describing a shipment of goods and showing information
such as the consignor, consignee, and value of the shipment.
Certified by a consular official, a consular invoice is used by
the country's customs officials to verify the value, quantity,
and nature of the shipment. |
|
D |
| DATE DRAFT |
A draft that matures in a specified
number of days after issuance without regard to date of
acceptance. |
| DDC |
Destination Delivery Charge. |
| DDP (DELIVERED DUTY PAID |
Also known as "free domicile" or
"free house."
|
| DDU (DELIVERED DUTY UNPAID) |
This 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 |
Freight charges paid by the
charterer of a vessel for the contracted space which is left
partially unoccupied. |
| DECK CARGO |
Cargo carried on deck rather than
stowed under deck. On-deck carriage is required for certain
commodities, such as explosives.
|
| 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 |
Weight units per unit of volume |
DIM WEIGHT (DIMENSIONAL WEIGHT)
|
An airfreight term used to describe
the results of computing the chargeable weight from the cubic
measurement of a shipment. |
| DRAFT |
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 on
presentation or on a fixed date. |
| DRAWEE |
The individual or firm on whom a
draft is drawn and who owes the stated amount to the drawer. |
|
E |
| EDI OR EDIFACT |
(Electronic Data Interchange for
Administration, Commerce and Transport) - From the United
Nations-backed electronic data interchange standards body, this
is a set of standards that are used to define data sets in
certain documents to standardize them for electronic
transmission from one format to another. |
| ENDORSEMENT IN BLANK |
1.&nbps; 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.
2.&nbps; 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) |
| EXPORT LICENSE |
A document secured from a
government, authorizing a shipper to export a specific quantity
of a particular commodity to a certain country. An export
license is often required when a government places restrictions
upon exports. |
| EXPORT TRADING COMPANY |
A corporation or other business
entity organized and operated primarily for the purpose of
exporting goods and services, or of providing export-related
services to other companies |
|
F |
| FCL |
Full Container Load, Full Car Load. |
| FEDERAL MARITIME COMMISSION (FMC)
|
The U.S. Federal agency responsible
for overseeing Ocean Carriers, Conferences, NVOCC's and Ocean
Freight Forwarders (now called OTI's - Ocean Transportation
Intermediaries) at ocean ports and inland waterways. |
| FEEDER VESSEL |
A vessel that connects with a line
vessel to service a port not directly served by that line
vessel. |
| FEU |
(Forty foot equivalent) Term
normally used in ocean freight rate negotiations referring to
the equivalent of two twenty foot ocean containers. |
| FIATA |
International Federation of Freight
Forwarders Associations. |
| FLAG CARRIER |
An airline or vessel of one
national registry whose government gives it partial or total
monopoly over international routes.
|
| FLAT BED CHASSIS |
A semi-trailer with a level bed and
no sides or tops. The floor is a standard height from the
ground. |
| FLAT RACK |
A platform designed with the
flexibility to carry oversized cargo on board container vessels.
It can be loaded from the sides and top, usually having
adjustable or removable bulkheads at the front and back. |
| FMC |
(See Federal Maritime Commission)
|
| FORCE MAJEURE |
The title of a standard clause
found in marine contracts exempting the parties for
non-fulfillment of their obligations by reasons of occurrences
beyond their control, such as earthquakes, floods, or war. |
| FOREIGN FREIGHT FORWARDER |
(See Forwarder) |
| FOREIGN TRADE ZONE (FTZ) |
A port designated by the government
for duty-free entry of any non-prohibited goods. Merchandise may
be stored, displayed, and used for manufacturing within the zone
and re-exported without duties being paid. Duties are imposed
only when the original goods or items manufactured from those
goods pass from the zone into an area of the country subject to
customs authority. Also called a Free Trade Zone. |
| FOREIGN TRADE ZONE ENTRY |
A form declaring goods which are
brought duty free into a Foreign Trade Zone for further
processing or storage and subsequent exportation from the zone
into the commerce of another country. |
| 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, including
preparation of documents, booking cargo space, warehousing, pier
delivery, and export clearance. The firm may also handle banking
and insurance services on behalf of a client. |
| FREE OF PARTICULAR AVERAGE (FPA
|
A marine insurance clause relating
to the recoverability of partial and total losses from perils of
the sea. The American and English coverage's vary as follows:
1. American Conditions (FPAAC) - The underwriter does not
assume responsibility for partial losses unless caused by
sinking, stranding, burning, or colliding with another vessel.
2. English Conditions (FPAEC) - The underwriter assumes
responsibility for partial losses if the vessel is sunk,
stranded, burned, on fire, or in collision, even though such an
event did not actually cause the damage suffered by the goods. |
| FREE OUT (FO) |
The 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, or more specifically a
port where merchandise may he stored duty-free pending re-export
or sale within that country. |
| FREE TRADE ZONE |
(See Foreign Trade Zone) |
| FREIGHT FORWARDER |
(See Forwarder) |
|
G |
| GATT |
(General Agreement on Tariffs and
Trade) - A multilateral treaty intended to help reduce trade
barriers and promote tariff concessions. |
| GROSS WEIGHT (GR WT./GW) |
The full weight of a shipment,
including containers and packaging materials |
|
H |
| HARMONIZED CODE |
An internationally accepted and
uniform description system for classifying goods for customs,
statistical, and other purposes. |
| HARMONIZED SYSTEM (HS) |
A key provision of the
international trade bill, effective January 1, 1989, that
established international uniformity for classifying goods
moving in international trade under a single commodity code.
|
| HI (OR HIGH) CUBE |
Any container exceeding 102 inches
in height. |
| HOUSE AIR WAYBILL |
An air waybill issued by an
airfreight consolidator. (See also Air Waybill) |
|
I |
| IATA |
International Air Transport
Association. |
| ICAO |
(International Civil Aviation
Organization) - A specialized agency of the United Nations
headquartered in Montreal. It promotes general development of
civil aviation such as aircraft design and operation, safety
procedures, and contractual agreements. |
| ICC (INTERNATIONAL CHAMBER OF
COMMERCE) |
A non-governmental organization
serving as a policy advocate on world business. |
| IGLOO |
A contoured structural container
designed for use in main-deck carriage on narrow body aircraft. |
| IMPORT LICENSE |
A certificate issued by countries
exercising import controls that permits importation of the
articles stated in the license and often authorizes and/or
releases the funds in payment of the importation.
|
| IN-BOND |
A term use to describe cargo that
has not been cleared by Customs to enter the commerce of a
country. |
| INCOTERMS |
The set of international standards
for the uniform interpretation of common contract clauses in
international trade. INCOTERMS 2000, formulated in concert with
many international entities, comprises the latest revisions and
should now be used exclusively. |
| INDUCEMENT |
When 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 a sufficient amount of profitable cargo available and
booked. |
| INLAND CARRIER |
A transportation line which hauls
export or import cargo between ports and inland points. |
| INSPECTION CERTIFICATE |
A document certifying that
merchandise was in good condition, or in accordance with certain
specifications immediately prior to shipment. |
| INTEGRATED CARRIER |
A forwarder that uses its own
aircraft, whether owned or leased, rather than scheduled
airlines. |
| INTERLINE |
A mutual agreement between airlines
to link their route network |
| INTERMODAL |
This refers to the capacity to go
from ship to train to truck or the like. The term generally
refers to containerized shipping or the capacity to handle
containers across different modes of transport. |
| ISO 9000 |
A series of voluntary international
quality standards. |
|
J |
| JOINT VENTURE |
A term 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 |
| KNOT, NAUTICAL |
The unit of speed equivalent to one
nautical mile: 6,080.20 feet per hour or 1.85 kilometers per
hour. |
|
L |
| L&D |
Loss and Damage. |
| L/C |
(See Letter of Credit) |
| LCL |
Less than Container Load; Less than
Car load. |
| LEGAL WEIGHT |
The weight of the goods plus any
immediate wrappings or packagings that are sold along with the
goods, e.g., the weight of a tin can as well as its contents.
(See also Gross Weight) |
| LESS THAN TRUCKLOAD (LTL) |
Rates applicable when the quantity
of freight is less than the volume or truckload minimum weight. |
| LETTER OF CREDIT (L/C) |
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. |
| LETTER OF CREDIT, CONFIRMED |
A letter of credit containing a
guarantee on the part of both the issuing and advising banks of
payment to the seller, provided the seller's documentation is in
order and the terms of the letter of credit are met. |
| LIGHTER |
An open or covered barge equipped
with a crane and towed by a tugboat. Used mostly in harbors and
inland waterways. |
| 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
usually involves the haulage of general cargo as distinct from
bulk cargo. |
| LO/LO (LIFT-ON/LIFT-OFF) |
Denotes the method by which cargo
is loaded onto and discharged from an ocean vessel, which in
this case is by the use of a crane.
|
| LOAD FACTOR |
Capacity used as against capacity
available and expressed as a percentage. |
| LOGISTICS MANAGEMENT |
The efficient and cost-effective
management of the physical movement of goods from supply points
to final sale and the associated transfer and holding of such
goods at various intermediate storage points.
|
| LTL |
(See Less than Truckload) |
|
M |
| M/T OR METRIC TON |
1000 Kilos |
| MANIFEST |
A list of the goods being
transported by a carrier. |
| 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. Cargo is assessed a certain rate
for every 40 cubic feet or one cubic meter it occupies. |
| MERCOSUR |
A trade alliance between Argentina,
Brazil, Paraguay and Uruguay, with Chile and Bolivia as
associate members. |
|
N |
| NAFTA |
(North American Free Trade
Agreement) - A free trade agreement comprising the U.S.A.,
Canada, and Mexico. |
| NATIONAL CARRIER |
A flag carrier owned or controlled
by the state |
| NET TERMS |
Free of charters' commission. |
| NET WEIGHT (ACTUAL NET WEIGHT)
|
The weight of the goods alone
without any immediate wrappings; e.g., the weight of the
contents of a tin can without the weight of the can. |
| NON-VESSEL OPERATING COMMON CARRIER
|
(NVOCC) - In the United States, a
term for an FMC-Iicensed cargo consolidator of shipments in
ocean trade, generally arranging for or performing consolidation
and containerization functions. In trade lanes that do not
include the U.S.A., NVOCC's operate under different rules and
governmental licensing may not be a requirement. |
| NOS |
Not Otherwise Specified. |
| NT |
Net Tons. |
| NVOCC |
(See Non-Vessel-Operating Common
Carrier |
|
O |
| O/R |
Owner's Risk. |
| OD |
Outside Diameter. |
| OPEN ACCOUNT |
A trade arrangement in which goods
are shipped to a foreign buyer without guarantee of payment such
as a note, L/C, or other formal written evidence of
indebtedness. |
| OPEN POLICY |
A cargo insurance policy that is an
open contract; e.g., it provides protection for all shipments in
transit within a specified geographic trade area for a limited
period of time. It is referred to as "open" because it does not
require reporting of individual shipments. Summary or grouped
reporting requirements vary with different policies.
|
|
P |
| PA |
(See Particular Average) |
| PART CHARTER |
Where part of an airline's
scheduled flight is sold as if it were a charter in its own
right. Often incorrectly 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 in most countries. |
| PARTICULAR AVERAGE (PA) |
Partial loss or damage to goods. |
| PERILS OF THE SEA |
Fortuitous accidents or casualties
peculiar to transportation on navigable water, such as sinking,
collision of vessel, striking a submerged object, or
encountering heavy weather or other unusual forces of nature. |
| PERISHABLES |
Any cargo that loses considerable
value if it is delayed in transportation. This usually refers to
fresh fruit and vegetables. |
| PHYTOSANITARY INSPECTION
CERTIFICATE |
A certificate issued by an
exporting countries' Department of Agriculture indicating that a
shipment has been inspected and is free of harmful pests and
plant diseases. |
| 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. |
| PORT MARKS |
An identifying set of letters,
numbers, or geometric symbols followed by the name of the port
of destination that are placed on export shipments. Foreign
government requirements may be exceedingly strict in the matter
of port marks. |
| PORT OF DISCHARGE |
A port where a vessel is off-loaded
and cargo discharged |
| PORT OF ENTRY |
A port at which foreign goods are
admitted into the receiving country. |
| PORT OF LOADING |
A port where cargo is loaded aboard
the vessel, lashed, and stowed. |
| 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. On shipments
to some countries, however, freight charges must be prepaid
because of foreign exchange regulations of the country of import
or rules of steamship companies or airlines. |
| PRIMA FACIE |
A Latin term frequently encountered
in foreign trade that means "on first appearance." 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. |
| PROOF OF DELIVERY (POD) |
The delivery receipt copy of a
freight bill indicating the name of the person who signed for a
package with the date and time of delivery. |
|
R |
| REEFER |
A refrigerated container, trailer
or railcar for transporting perishables. |
| RO/RO (ROLL-ON/ROLL-OFF) VESSEL
|
A ship designed to accommodate
cargo that is rolled on and rolled off. Many Ro/Ro vessels can
also accommodate containers and/or break-bulk cargo. |
| ROUTE |
An established passage, from the
point of departure to the terminating station. |
|
S |
| SHIP'S MANIFEST |
An instrument in writing containing
a list of the shipments constituting the ship's cargo. |
| SHIPMENT |
Freight tendered to a carrier by
one consignor at one place at one time for delivery to one
consignee at one place on one bill of lading. |
| SHIPPER |
Term used to describe an exporter
(usually the seller). |
| SHORT-SHIPPED |
Cargo manifested but not loaded. |
| SIGHT DRAFT |
A draft payable upon presentation
to the drawee. (Compare with Date Draft and Time Draft.)
|
| STEAMSHIP AGENT |
A duly appointed and authorized
representative in a specified territory acting on behalf of a
steamship line or lines and attending to all matters relating to
the vessels owned by his principals |
| STEAMSHIP LINE |
A company usually having the
following departments: vessel operations, container operations,
tariff department, booking, outbound rates, inward rates, and
sales. The company can maintain its own in-country offices to
handle regional sales, operations, or other matters, or appoint
steamship agents to represent them doing the same. Some lines
have liner offices in several regions and appointed agents in
others |
| STOWAGE |
The lading 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. |
| STRIKES, RIOTS AND CIVIL
COMMOTION'S |
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.
|
| SUE & LABOR CAUSE |
A provision in marine insurance
obligating the assured to do things necessary after a loss to
prevent further loss and to act in the best interests of the
insurer. |
|
T |
| TARE WEIGHT |
The weight of packing and
containers without the goods to be shipped. |
| TARIFF |
A general term for any listing of
rates or charges. The tariffs most frequently encountered in
foreign trade are: tariffs of international transportation
companies operating on sea, land, and in the air; tariffs of
international cable, radio, and telephone companies; and the
customs tariffs of the various countries that list goods that
are duty free and those subject to import duty, giving the rate
of duty in each case. There are various classes of customs
duties. |
| TEMPERATURE CONTROLLED CARGO |
Any cargo requiring carriage under
controlled temperature. |
| TEU |
A twenty-foot equivalent unit
(6.1m). A standard unit for counting containers of various
lengths and for describing container ship or terminal capacity.
A standard 40' container (FEU) equals 2 TEUs. |
| THC (TERMINAL HANDLING CHARGE)
|
A charge for handling services
performed at terminals. |
| TIME DRAFT |
A draft that matures in a certain
number of days, either from acceptance or the date of the draft. |
| 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 a weight ton or a measurement ton. |
| TON-DEADWEIGHT |
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. |
| TRACKING |
A system of recording movement
intervals of shipments from origin to destination. |
| TRANSSHIPMENT |
The transfer of a shipment from one
carrier to another in international trade, most frequently from
one ship to another. Because the unloading and reloading of
delicate merchandise may cause damage, transshipments are
avoided whenever possible. |
|
V |
| VALUATION CHARGES |
Additional transportation charges
assessed shippers who declare a value of goods higher than the
value of carriers' limits of liability. |
| VOLUME WEIGHT |
An international airfreight term
used to describe the results of computing the chargeable weight
from the cubic measurement of a shipment. |
|
W |
| W/M |
Weight and/or Measurement |
| WAR RISK |
The possible aggressive actions
against a ship and its cargo by a belligerent government. This
risk can be insured by a marine policy with a risk clause. |
| WAR RISK INSURANCE |
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 exporters 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 U.S.A., war risk insurance is written in a
separate policy from the ordinary marine insurance; it is
desirable to take out both policies with the same underwriter in
order to avoid the ill effects of a possible dispute between
underwriters as to the cause (marine peril or war peril) of a
given loss. |
| WAREHOUSE RECEIPT |
A receipt of commodities deposited
in a warehouse identifying the commodities deposited. It is
non-negotiable if permitting delivery only to a specified person
or firm, but it is negotiable if made out to the order of a
person or firm or to a bearer. Endorsement (without endorsement
if made out to bearer) and delivery of a negotiable warehouse
receipt serves to transfer the property covered by the receipt.
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. The warehouse-to-warehouse clause was
once extremely important, but marine extension clauses now often
override its provisions. |
| WEIGHT |
• Gross - The weight of the
goods including packing, wrappers, or containers, both 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.
• Weight Ton - Metric measure equals 1000 Kilograms; in
English measure a short ton is 2000 pounds, a long ton is 2240
pounds. |
| WEIGHT LOAD FACTOR |
Payload achieved as against
available capacity, expressed as a percentage. Cargo is
frequently limited by volume rather than weight; load factors of
100 percent are rarely achieved. |
| WITH AVERAGE (WA) |
A marine insurance term meaning
that shipment is protected for partial damage whenever the
damage exceeds a stated percentage. |
| WITH PARTICULAR AVERAGE (WPA) |
An insurance term meaning that
partial loss or damage of goods is insured. The damage generally
must be caused by sea water, and many terms specify a minimum
percentage of damage before payment. It may be extended to cover
loss by theft, pilferage, leakage and breakage, or other perils
depending on the nature of the cargo. |
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