|
A |
|
|
ABCC |
Association of British
Chambers of Commerce |
|
ABI |
Association of British
Insurers |
|
Ad Valorem- according to
the value |
A fixed percentage of
the value of goods that is used to calculate customs duties and taxes.
|
|
Admirality Court |
A court having
jurisdiction over maritime questions pertaining to ocean transport,
including contracts, charters, collisions, and cargo damages. |
|
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. |
|
AF |
Advance freight (i.e.
prior to shipment) |
|
AFT |
At or towards the stern
or rear of a ship. |
|
Affreightment |
The hiring of a ship in
whole or in part. |
|
Air Freight Forwarder |
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. |
|
Air Waybill (AWB) |
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. |
|
AITA |
International Air
Transport Association, IATA, (French, German). |
|
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 |
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. |
|
ATP |
Accorde Transports
Perissable, (European Agreement on the International Carriage of
Perishable Foodstuffs) |
|
|
B |
|
|
BACS |
Banker's Automated
Clearing 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 between 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 |
|
B/D |
Banker's Draft |
|
B/E |
Bill of Exchange |
|
BEA |
British Exporters
Association |
|
Beam |
The maximum breadth of a
ship. |
|
Berth |
Place alongside a quay
where a ship loads or discharges cargo. |
|
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 (B/L) |
Is a document signed by
the carrier and acts as a contract of affreightment, a receipt and
evidence of title to the cargo. |
|
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. |
|
B/S |
Bill of Sale |
|
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 |
|
|
CAAC |
Customs and Allied
Affairs Committee |
|
CAD |
Cash against documents -
Full shipping documents are sent to a bank or an agent at the port of
destination with instructions that they are to be handed over to the
consignee only in exchange for the sum due. |
|
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. |
|
CAN |
Customs Assigned Number |
|
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. |
|
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. |
|
CBI |
Confederation of British
Industry |
|
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 |
|
CC/O |
Certificate of
consignment/origin |
|
CCT |
Common Customs Tariff
(within the EU) |
|
CD |
Customs declaration |
|
C & D |
Collected and delivered |
|
CDV |
Current domestic value |
|
C & E |
Customs & Excise |
|
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. |
|
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 |
|
CH |
Custom House |
|
Charges forward |
Charges to be paid by
the buyer on arrival of the goods. |
|
Charterer |
Person or company who
hires a ship from a shipowner for a period of time. |
|
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.
|
|
Chassis |
A wheel assemble
including bogies constructed to accept mounting of containers. |
|
CIF |
Cost, Iinsurance and
Freight - One of the thirteen Incoterms and one of four 'C' terms.
Another selling term but includes insurance and handling shipment costs.
The party that has sold CIF has complete control over the shipment of
goods.
The seller has the same obligation under CFR but must also procure marine
insurance. The seller is only required to obtain minimum coverage. |
|
CIF & C |
Cost, Insurance, Freight
& Commission |
|
CIF & E |
Cost, Insurance, Freight
& Exchange |
|
CIF & I |
Cost, Insurance, Freight
& Interest |
|
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 |
|
CLECAT |
European Liaison
Committee of Common Market Forwarders |
|
CO or C/O |
Certificate of origin -
A document to prove the place of growth, production or manufacture of
goods specified thereon. |
|
Cocobod |
Ghana Cocoa Board |
|
COD |
Cash on delivery,
customers own delivery |
|
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. |
|
Conference |
A group of vessel
operators joined together for the purpose of establishing freight rates. |
|
Consignee (C/nee) |
Person to whom goods are
to be delivered by the carrier at the place of destination. Otherwise
known as the receiver. |
|
Consignor |
The sender of the goods. |
|
Consular Invoice |
An invoice, prepared on
a special form and legalised by the Consul of the importing country,
usually required by the Customs of that country to confirm details and
origin. |
|
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 demurrage |
Money paid by the
shipper for the use of containers or other Line owned equipment beyond a
specified ‘free time’ period. |
|
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. |
|
COU |
Clip-on unit |
|
C/P |
Charter party |
|
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. |
|
CRF |
Clean Report of
Findings, details the quality, quantity and state of goods |
|
CRIG |
Cocoa Research Institute
of Ghana |
|
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. |
|
C/V |
Certificate of value |
|
C/VO |
Certificate of Value and
Origin |
|
CWE |
Cleared without
examination |
|
|
D |
|
|
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.
The buyer must pay for on-carriage and cover import clearance ie import
licence, duties, taxes and fees.Note: It is important that the frontier is
clearly defined. |
|
DDP |
Delivered duty paid |
|
DDU |
Delivered Duty Unpaid -
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
but not provide import clearance
The buyer must take delivery of goods at the country of importation and
must cover any duties, such as import licences, pay duties, taxes and
fees. |
|
Demurrage |
Quay rent: Money paid by
the shipper for occupying port space beyond a specified ‘free time’
period. |
|
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. |
|
DGN |
Dangerous Goods Note |
|
DF |
Dead freight (shipper or
charterer pays for space booked but not occupied) |
|
Disbursement |
Sums paid out by a
ship’s agent at a port on behalf of the owner. |
|
Discharging |
Removing goods from a
ship. |
|
D/O |
Delivery order |
|
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. |
|
Dry Van |
A basic 20/40ft
container. |
|
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. |
|
|
E |
|
|
EAR |
Export after repair |
|
ECE |
Economic Commission for
Europe |
|
ECI |
Export Consignment
Identifier |
|
ECOFIN |
Economic and Financial
Affairs Council (EC) |
|
ECPD |
Export Cargo Packing
Declaration |
|
EFTA |
European Free Trade
Association |
|
Endorsee |
Person to whom a bill of
exchange is transferred by the endorsement of a third party. |
|
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 |
|
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 |
|
|
FAS |
Free Alongside Ship -
One of the thirteen Incoterms and one of three 'F' terms.
The seller fulfils his obligation to deliver when the goods have been
placed alongside the vessel/quay.
If cargo is sold/bought FAS it excludes loading, discharging and
seafreight costs. It is to a customer’s distinct advantage to buy goods
FAS, because they then have more control over their shipment. |
|
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. |
|
FCL
|
Full container load: A
container with one shippers cargo only. |
|
F & D |
Freight and demurrage |
|
FEU |
Forty foot equivalant
unit - see TEU. |
|
FIATA |
International Federation
of Freight Forwarders Association |
|
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 |
|
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 Onboard - One of
the thirteen Incoterms and one of three 'F' terms.
Sales term denoting that the seller is responsible for delivering goods to
the port of loading agreed in the contract and for loading them onto the
ship nominated by the buyer. FOB’s usually refer to the loading/terminal
costs.
The seller fulfils his obligationto deliver the goods when the goods have
passed over the ship's rail. |
|
Foreign Bill |
A bill of exchange drawn
on an acceptor overseas. |
|
FOT
|
Free on truck: Includes
all loading, discharging and seafreight costs. Also includes costs of
placing goods onto trucks at the quay. |
|
FRA |
Forward Rate Agreement |
|
Free discharge
|
Free out: Includes
loading costs and seafreight only. |
|
Freight Account |
The debit note received
from the shipowner for freight due on goods shipped. |
|
Freight Collect Forward |
Payable by consignee. |
|
Freight Forwarder |
Company or person who
organises transportation of cargo including one or all of the following:-
sea, air or rail transport, haulage and customs clearance. |
|
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 |
|
|
GCBS |
General Council of
British Shipping |
|
GCCSFA |
Ghana Cocoa, Coffee and
Sheanut Farmers Association |
|
General Average |
A contribution made by
each shipper, according to the value of his goods shipped, |
Shipping Terminology
