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.