Glossary
a.a.
"Always afloat, after arrival"
A.A.D.
Annual aggregate deductible
A.H.F.
American hull form (insurance policy)
A.M.I.
Absolute maximum loss
A.O. Voy.
Any one voyage
A.P.L.
As per list
A/o
Account of
A/R
All risks. Against all risks
A/v
"Average, ad valorem (according to value)"
Abdnt.
Abandonment
Abt.
About
Acct
Account
Ad Valorem
Literally: according to value. Any charge, tax, or duty that is applied as a percentage of value. "
Ad Valorem Equivalent
"AVE is the rate of duty which would have been required on dutiable imports under that item, if the United States customs value of such imports were based on the United States port of entry value. "
AD Valorem Tariff
"A tariff assessed as a percentage of the value of the goods cleared through customs. For example, 10 percent Ad Valorem means the tariff is 10 percent of the value of the goods."
Ad. val.
Ad valorem
Affiliate
An affiliate is a business enterprise located in one country which is directly or indirectly owned or controlled by a person of another country to the extent of 10 percent or more of its voting securities for an incorporated business enterprise or equity.
African Export
Import Bank
Agent/Distributor Service
"The Agent/Distributor Service, ADS, is an International Trade Administration (ITA) fee
Agreement
Agreement by one government to accept the accreditation of an ambassador from another government.
Air Cargo Agent
A type of freight forwarder who specializes in air cargo and acts for airlines that pay him a fee (usually 5%). The Air Cargo Agent is registered with the International Air Transport Association (IATA).
Air Freight Forwarder
"A type of freight forwarder who specializes in air cargo. The Air Freight Forwarder 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 "
Air Waybill
"An AWB is a bill of lading which covers both domestic and international flights transporting goods to a specified destination. Technically, it is a non
All
Risk Clause
All Risks Coverage
"All Risks Coverage, a type of marine insurance, is the broadest kind of standard coverage, but excludes damage caused by war, strikes, and riots."
B.D.I.
Both days inclusive
b.d.i.
Both dates inclusive
B.S.T.
British Summer Time
b.t.
Berth terms
B/D
"Bank Draft, bar draft (grain trade)"
B/E
"Bill of Exchange, Bill of Entry"
B/G
Bondage goods
B/L
Bill of Landing
B/O
Brought over
B/P
Bills payable
B/R
Bills receivable. Builders' risks. Bordeaux or Rouen (grain trade)
B/s
"Bags, Bales"
BAGGAGE
General License
Bal.
Balance
Balance of Payments Consultations
The coordination between the GATT and the IMF to ensure
ballast
"A heavy weight, usually sea water, necessary for the stability and safety of a ship at sea that is not carrying cargo."
Ballast
A voyage during which the ship is not laden with cargo.
Bank Guarantee
"An assurance, obtained from a bank by a foreign purchaser; that the bank will pay an exporter up to a given amount for goods shipped if the foreign purchaser defaults. (see: Letter of Credit.)"
Bank Holding Company
"Any company which directly or indirectly owns or controls, with power to
Banker's Acceptance
"A banker's acceptance is a draft drawn on and accepted by a bank. Depending on the bank's creditworthiness, the acceptance becomes a financial instrument which can be discounted."
Bar.
Barrel
Bareboat Charter
A charter of a ship under which the ship owner is usually paid a fixed amount of charter hire for a certain period of time during which the charterer is responsible for the ship operating expenses and voyage expenses of the ship and for the management of the ship, including crewing. A bareboat charter is also known as a "demise charter" or a "time charter by demise."
base cargo
Relatively heavy cargo stowed at the bottom of a hold to provide a ship with stability when at sea or a minimum quantity of cargo required by a shipping line for calling at a port for loading.
bbls
Barrels
C
Consulate
C&F
Cost and Freight
C&F Named Port
Cost and freight. All costs of goods and transportation to the named port are included in the price quoted. Buyer pays insurance while aboard ship up to overseas inland destination.
C.
Collected, Currency, Coupon, Coast
C. & D.
Collected and delivered
c. & f.
Cost and freight
c. & i.
Cost and insurance
C.&I.
Cost and insurance
c.f.
Cubic feet. Carried forward
c.f.i.
Cost, freight and insurance
c.i.f.c.i.
Cost, insurance, freight, commission and interest
C.O.B.
Cargo on board
C.O.D.
Cash on delivery
C.P.A.
Claims payable abroad
c.p.d.
Charterers' pay dues
C.W.
Commercial weight
c/i
Certificate of insurance
C/P
Charter Party, Custom of Port (grain trade)
c/s
Cases
CAD
Cash Against Documents
CAD/CAM
Computer Aided Design/Computer Aided Manufacturing
Canc.
Cancelled
cancl.
Canceling
cap
Capacity
CAR
Commercial Activity Report
D
RAM
d
Draught
D
District Office
D.
Delivery, Delivered
D.A.A.
Documents against acceptance
d.b.
Deals and battens (timber)
D.B.
Day Book, Deals and battens (timber trade)
d.b.b.
Deals, battens and boards
D.D.
Damage done
D.D.C.
Damage done in collision
D.D.E.
Direct data entry
d.d.o.
Despatch discharging only
D.F.
Direction finder
d.f.
Dead freight
d.l.o.
Dispatch loading only
d.p.
Direct port
D.R.C.
Damaged received in collision
D.T.B.A.
Days to be agreed, date to be advised
D.T.I.
Department of Trade and Industry
d.w.
Deadweight
D.W.A.T.
Deadweight all told
d.w.c.
Deadweight capacity
e. & e.a.
Each and every accident
e. & e.l.
Each and every loss
e. & e.o.
Each and every occurrence
E. & O.E.
Errors and omissions excepted
E.C.A.
Economic Commission for Africa
E.C.C.P.
East coast coal port
E.C.E.
Economic Commission for Europe
E.C.G.B.
East coast of Great Britain
E.C.G.D.
Export Credit Guarantee Department
E.C.I.
East coast of Ireland
E.C.L.A.
Economic Commission for Latin America
E.C.M.E.
Economic Commission for the Middle East
E.C.U.K.
East Coast of United Kingdom
E.C.V.
Each cargo voyage
E.E.
Errors excepted
E.E.C.
European Economic Community
E.F.T.A.
European Free Trade Association
E.I.
Each incident
E.L.
Employer's liability
E.M.L.
Estimated maximum loss
E.M.P.L.
Estimated maximum probable loss
E.M.S.
European Monetary System
e.o.h.p.
Excepted otherwise herein provided
E.P.I.
Earned premium income
E.P.I.R.B.
Emergency position indicator radio beacon
F.C.L.
Full container loads
f.d.
Free discharge. Free delivery. Free despatch. Free docks
f.i.o.
Free
f.i.o.s.
Free in and out stowed
f.o.b.
free on board
F.O.C.
Flag of convenience, Free ofcommission, Free of charge, Free of claims
f.o.c.
Free on car, Free of charge
f.o.d.
Free of damage
f.o.q.
Free on quay
f.o.r.
Free on rail
f.o.t.
Free on truck
F/R
Freight release
F/X
Foreign Exchange
FAK
Freight All Kinds
FCA
Free Carrier
FCL
Full container load
Federal Maritime Commission
The FMC is an independent agencys which regulates oceanborne transportation in the foreign commerce and in the domestic offshore trade of the United States.
FEU
Forty
FI
Free In and Out
FI
Free In
Fines, Penalties, and Forfeitures System
The Fines, Penalties, and Forfeitures System, FPFS, a part of Customs' Automated Commercial System, is used to assess, control, and process penalties resulting from violations of law or Customs regulations. FPFS provides retrieval of case information for monitoring case status.
Flag
Nationality of a ship or the country where the ship is registered.
Flag of Convenience
A ship registered under the flag of a nation which offers conveniences in the areas of taxes, crew, and safety requirements.
FLASH
Feeder
FMC
Federal Maritime Commission
GM
General Manager
gr.
Grain, Gross
Gr.t.
Gross ton
Gross ton
A unit of measurement for the total enclosed space within a ship equal to 100 cubic feet or 2.831 cubic meters.
Gross Weight
The full weight of a shipment, including goods and packaging. Compare Tare Weight.
Group of Eleven
The G
grt
Gross registered tons
h
Hour
H. & M.
Hull and machinery
h. & o.
Hook and oil damage
H.P.N.
Horse
H.S.S.C.
Heating, sweating and spontaneous combustion
H.T.
Half
H.W.D.
Heavy weather damage
h/c
Held covered (insurance)
ha
Hectares
Hbr.
Harbour
hold
Space below the deck of a ship that is used to carry cargo. The holds of a ship are numbered for purposes of cargo identification and location.
hold cleaning
Cleaning a hold after cargo has been discharged.
hp
Horsepower
HS
Harmonized Commodity Description and Coding System
HS
Harmonized System
HSC
Harmonized System Committee
HTS
Harmonized Tariff Schedule
Hull
Shell or body of a ship.
i. and/or o.
In and/or overdeck
I.A.T.A.
International Air Transport Association
I.B.
Invoice book. In bond
I.C. & C.
Invoice coast and charges
I.C.S.
Institute of Chartered Shipbrokers, International Chamber of Shipping
i.f.
In full
I.F.C.
Institute Freight Clauses, International Finance Corporation
I.F.F.
Institute of Freight Forwarders
I.H.P.
Indicated Horse
I.I.L.
Insurance Institute of London
I.L.U.
Institute of London Underwriters
I.M.I.F.
International Maritime Industry Forum
I.M.O.
Intrnational Maritime Organization
I.R.
Inland Revenue
i.r.o.
In respect of
i.v.
Invoice value. Increased value
i/o
In and/or overdeck
IATA
International Air Transport Association
IAU
International Accounting Unit
IC
Import Certificate, Integrated Circuit
ICC
International Chamber of Commerce
ICD
Inland clearance depot
ICTF
Intermodal Container Transfer Facility
IDA
International Development Association
IE
Infrequent Exporter
J/A
Joint Account
Joint Venture
A business undertaking in which more than one firm share ownership and control of production and/or marketing.
jumboising
Conversion of a ship to increase its cargo area capacity by dividing the ship and adding a new section.
K.D.
Knocked down
keel
Longitudinal girder at the lowest point of a ship.
kg
kilogram
kHz
kilohertz
kl
kiloliter
km
kilometer
knot
One nautical mile (6,080 feet or 1,852 meters) per hour.
Kreditanstalt fur Wiederaufbau
The KfW (English: Reconstruction Loan Corporation) provides
l
liter
L.A.S.H.
Lighter aboard ship
L.C.L.
Less than full container load
L.d.d.
Loss during discharge
L.d.l.
Loss during loading
L.I.P.
Life Insurance Policy
L.N.G.
Liquified natural gas carrier
L.P.G.
Liquified petroleum gas carrier
L.R.
Lloyd's Register of Shipping
l.s.
Lump sum
L.S. Cls.
Livestock clauses
L.S.T.
Local standard time
L.T.A.
Long term agreement
L.U.A.
Lloyd's Underwriters' Association
L.W.
Low water
L/A
Letter of authority. Landing account. Lloyd's agent
L/C
Letter of Credit
L/U
Leading Underwriter
l/u
Laid up, Letter of undertaking
LASH
Lighter aboard ship
latitude
Distance north or south of the equator.
LCB
Local Competitive Bidding
LCL
Less than full container load
ldg.
Loading
Ldg. & Dly.
Landing and delivery
m
meter
M. & W.
Marine and war risks
m. pack
Missing package
M.H.
Main Hatch
M.I.P.
Marine Insurance Policy
M.O.H.
Medical Officer of Health
M.P.L.
Maximum probable loss
M.R.
Mate's receipt
M.S.
Motor ship, Machinery survey
M.T.
Mean Time
M/D
Memorandum of deposit
M/d
Malicious damage
Machy
Machinery
main port
Port that handles a significant proportion of a country's seaborne trade. It normally can accommodate many ships and has a wide range of facilities.
Mal.d.
Malicious damage
manifest
Document containing a full list of a ship's cargo that is extracted from the bill of lading. A copy, known as the outward manifest is kept with the Customs authorities at the port of loading. Another copy, known as the inward manifest is kept at the discharge port.
Marine Cargo Insurance
Broadly, insurance covering loss of, or damage to, goods at sea. Marine insurance typically compensates the owner of merchandise for losses in excess of those which can be legally recovered from the carrier that are sustained from fire, shipwreck, piracy, and various other causes. Three of the most common types of marine insurance coverage are "free of particular average" (f.p.a.), "with average" (w.a.), and "All Risks Coverage."
Market Access
The ability of a domestic industry to penetrate a related market in a foreign country. The extent to which the foreign market is accessible generally depends upon the existence and extent of trade barriers.
Market Access
Market access refers to the openness of a national market to foreign products. Market access reflects a government's willingness to permit imports to compete relatively unimpeded with similar domestically produced goods.
Market Disruption
Market disruption refers to the situation which is created when a surge of imports in a given product line causes sales of domestically produced goods in a particular country to decline to an extent that the domestic producers and their employees suffer major economic hardship.
Marks of Origin
The physical markings on a product that indicate the country of origin where the article was produced. Customs rules require marks of origin of most countries.
Mdse.
Merchandise
Memoranda of Understanding
See: International Agreements.
merchant
Term often used in liner bills of lading to describe the shipper, receiver or consignee, bill of lading holder or the agent of any of these.
merchant marine
All the ships of a country carrying goods.
n.a.
Information not available. Net absolutely
N.C.A.R.
No claim for accident reported
N.C.V.
No commercial value
n.d.w.
Net dead weight
n.e.
Not exceeding
n.e.p.
Not elsewhere provided
n.e.s.
Not elsewhere specified
N.H.P.
Nominal horse
N.K.O.R.L.
No known or reported loss
N.O.C.
Notice of cancellation
N.V.
Norske Veritas
N.V.O.C.C.
Non vessel operating common carrier
N/C
New charter, New crop
N/f
No funds
N/m
No mark
n/s
Not sufficient
net weight
Weight of the goods only which does not include their packing.
Newbuilding
A new ship under construction or just completed.
NG
Non
nom. std.
Nominal standard
non.d.
Non delivery
notify party
Group, whose name and address appear in a bill of lading, who is to be notified by the shipping company of the arrival of goods at the discharge port. There is normally a box on the bill of lading where the details of the notify party are inserted.
NPV
Net present value
nrt
Net registered tonnage
NTMs
NTBs
o.a.
Over all
O.A.L.
Overall length
O.B.O.
Oil/bulk/ore carrier
O.N.R.
Original net rate
O.R.
Owner's risk, Original rate
o/a
On account of
O/b
On board
o/c
Overcharge, open cover
O/D
Overdeck
o/d
On demand
O/o
Order of
O/t
On truck
OBL
Ocean Bill of Lading
obo
Oil/bulk/ore carrier
Oc.B/L
Ocean bill of landing
Occ.
Occurrence
Ocean Freight Forwarder
See: Freight Forwarder.
OEM
Original Equipment Manufacture
OFD
Ocean Freight Differential
Offshore Manufacturing
Offshore manufacturing is the foreign manufacture of goods by a domestic firm primarily for import into its home country.
oil port
Port whose main or only type of cargo handled is oil. This port is often characterized with deep water jetties to accommodate large oil tankers and with storage tanks and refineries.
OPEC
Organization of Petroleum Exporting Countries
Open Insurance Policy
A marine insurance policy that applies to all shipments made by an exporter over a period of time rather than to a single shipment.
open rate
Freight rate negotiated by a shipper with a shipping line for shipping in excess of a minimum agreed quantity of cargo on any one ship.
open side container
Shipping container with side doors that drop down to give unrestricted access to the sides of the container for loading or discharging.
P
Principal Officer
P
Package
P. & I.
Protection and indemnity
P. & L.
Profit and Loss
P. O. D.
Paid on delivery
P.A.
Particular average
P.A.N.
Premium advice note
P.B.
Permanent Bunkers
P.D.
Port dues
P.L.
Public liability
p.o.c.
Port of call
P.O.D.
Pay on delivery, Port of distress
p.p.
Picked ports, Per procurationem (on behalf of)
P.R.
Polski Rejestr. Port Risks, prorata
P.S.T.
Pacific Standard Time
p.t.
Private terms
P.T.
Premium transfer
P/A
Particular average. Power of attorney. Private account
P/C
Price Current, Petty Cash, Percent, Particular charges, profit commission
P/L
Partial loss
P/S
Public sale
Pac.
Pacific coast ports
Pass
Through
pd.
Passed. Paid
Pers. Acc.
Personal Accident
Q.S.
Quota share
Qlty
Quality
qn.
Quotation
QRs
Quantitative Restrictions
r.d.
Running days
r.o.b.
Remain,
R.P.
Return premium
Rds.
Roads
Reexports
For export control purposes: the shipment of U.S. origin products from one foreign
Ref.
Refrigerating machinery
register tonnage
Volume of a ship expressed in tons.
Reinst.
Reinstatement
Request/Offer
A negotiating approach whereby requests are submitted by a country to a trading partner identifying the concessions another seeks through negotiations. Compensating offers are similarly tabled and negotiated by delegates of the countries involved.
res.
Residue, reserve
Revocable Letter of Credit
A letter of credit which can be cancelled or altered by the drawee (buyer) after it has been issued by the drawee's bank.
ro
ro, roll
ro/ro
Roll
rolling cargo
Cargo on wheels that can be driven or towed on to a ship.
Rotn. no.
Rotation number
RWA
Returned Without Action
S&D
Special and Differential Treatment
S. & A.
Signing and accounting (procedure)
S. & F.A.
Shipping and Forwarding Agent
S. & H/exct.
Sundays and holidays excepted in lay days
S. & L.
Sue & Labor (charges)
S. B.
Short Bill
S. to S.
Station to station
S.A.
Salvage Association
s.a.n.r.
Subject to approval no risk
S.B.M.
Single buoy mooring
s.b.s.
survey before shipment
s.c.
Salvage charges
S.C.A.
Settlement of claims abroad
S.d.
Short delivery
S.D.
Sea damage
S.D.A.
Single administrative document
S.D.H.F.
Standard Dutch Hull Form
S.E.P.
Subject to endorsement on the policy
S.H.P.
Shaft horse
S.O.L.
Ship owner's liability
S.R.L.
Ship repairers' liability
S.S. & C.
Same sea and country or coast
S.S.N.
Standard shipping notice
s.v.
Sailing vessel
S.W.
Shipper's weights
T.B.
Trial Balance
T.B.A.
To be advised, To be agreed
T.C.I.
Time charterer's interest
T.D.W.
Tonnage deadweight
T.E.
Trade expenses
T.I.B.
Trimmed in bunkers
T.I.V.
Total insured value
T.L.
Total loss
T.L.O.
Total loss only
T.L.V.O.
Total loss of vessel only
T.O.R.
Time on Risk
T.O.T.
Terms of trade
T.O.V.A.L.O.P.
Tanker Owners' Voluntary Agreement Concerning Liability for Oil Pollution
T.P.I.
Tons per inch
T.P.Liab.
Third party liability
T.P.N.D.
Theft, pilferage and non
T.Q.
Tale quale (as found)
T.S.I.
Total sum insured
T.T.
Telegraphic transfer
t/h
Tones per hour
T/L
Total loss
T/O
Transfer order
T/S
Transshipment
Tare Weight
The weight of a container and/or packing materials without the weight of the goods it contains.
TARIC
Integrated Tariff of the European Community
u.c.b.
Unless caused by
U.L.C.C.
Ultra large crude carrier
U.N.
United Nations
U.N.L.
Ultimate net loss
u.p.
Under proof
U.T.
Unlimited transshipment
U/A
Underwriting account
U/C
Under construction
U/D
Under deck
u/o
Use and occupancy
U/R
Under repair
UCP
Uniform Customs and Practices
ULCC
Ultra large crude carrier
Ultimate Consignee
The ultimate consignee is the person located abroad who is the true party in interest, receiving the export for the designated end
UMR
Ultimate Consignee
UN
United Nations
UNHCR
United Nations High Commissioner for Refugees
UNICEF
United Nations Children's Fund
V.C.
Valuation clause
V.L.C.C.
very large crude carrier
v.o.p.
Value as in original policy
V.T.S.
Vessel Traffic Systems
Value Added Tax (VAT)
A tax which is assessed at each stage of production on the amount of value contributed at each stage to the final product.
Value Date
The date on which payment must be made by the named bank. This date is determined by the payee, the payer or the bank.
Variable Levy
A tariff subject to alterations as world market prices change, the alterations are designed to assure that the import price after payment of the duty will equal a predetermined "gate" price.
VAT
Value
Vd.
Valued
VER
Voluntary Export Restriction
Vertical Export Trading Company
An export trading company that integrates a range of functions taking products from suppliers to consumers.
vessel
Ship or boat.
VL
Variable Levy
VLCC
Very large crude carrier
VO
MTO
Voyage charter
A charter under which a ship owner hires out a ship for a specific voyage between the loading port and the discharging port. The ship owner is responsible for paying both ship operating expenses and voyage expenses. Typically, the charterer is responsible for any delay at the loading or discharging ports. The ship owner is paid freight on the basis of the cargo movement between ports.
Voyage expenses
Expenses incurred due to a ship's traveling from a loading port to a discharging port, such as fuel (bunkers) cost, port expenses, agents' fees, canal dues, extra war risk insurance and commissions.
W.A.
With Average
W.B.
Water ballast, Warehouse Book, Way Bill
W.C.
West Coast
w.g.
Weight guaranteed
W.H.O.
World Health Organization
w.o.b.
Washed overboard
W.O.L.
Wharfowners' liability
w.p.
Without prejudice, Weather permitting
W.P.A.
With particular average
w.p.p.
Waterproof paper packing
W.R.
w.p.p.
w.r.o.
War risk only
W/d
Warranted
W/M
Weight and /or Measurement
W/W
Warehouse warrant
waybill
Document used as a receipt for goods. Unlike a bill of lading it is not a document of title. This document is also synonymous with liner waybill, ocean waybill, or sea waybill.
Wdg
Wording
Wf.
Wharf
WH
World Health Organization
wharf
Structure built alongside the water where ships berth for loading or unloading goods.
Wharfage
A charge assessed by a pier or dock owner for handling incoming or outgoing cargo.
white products
Refined products.
Without Reserve
A term indicating that a shipper's agent or representative is empowered to make definitive decisions and adjustments abroad without approval of the group or individual represented.
WM
World Meteorological Organization
x.c.
Ex coupon
x.d.
Ex dividend
x.in
Ex interest
XS Loss
Excess loss reinsurance
XS pt.
Excess point
Yard
Fenced off, outdoor storage and repair area
yaw (to)
Failure of a ship to steer a straight course.
Yt
Yacht
ZIP
Zone Improvement Plan
Zone
Area, belt or district extending about a certain point defined for transport and/or charge purpose.
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