Shipping Terminology

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A

ABCCAssociation of British Chambers of CommerceABIAssociation of British InsurersAd Valorem- accordingto the valueA fixed percentage of the value of goods that is usedto calculate customs duties and taxes.Admirality CourtA court having jurisdiction over maritime questionspertaining to ocean transport, including contracts,charters, collisions, and cargo damages.Advising BankA bank that receives a letter of credit from anissuing bank, verifies its authenticity, and forwardsthe original letter of credit to the exporter withoutobligation to pay.AFAdvance freight (i.e. prior to shipment)AFTAt or towards the stern or rear of a ship.AffreightmentThe hiring of a ship in whole or in part.Air Freight ForwarderA type of freight forwarder who specializes in aircargo. He usually consolidates the air shipments ofvarious exporters, charging them for actual weightand deriving his profit by paying the airline thelower consolidated rate. He issues his own airwaybills to the exporters, is licensed by the CAB(Civil Aeronautics Board) and has the status of anindirect air carrier.Air Waybill (AWB)A bill of landing that covers both international anddomestic flights transporting goods to a specifieddestination. This is a non-negotiable documents ofair transport that serves as a receipt for theshipper, indicating that the carrier has accepted thegoods listed and obligates itself to carry theconsignment to the airport of destination accordingto specified conditions.AITAInternational Air Transport Association, IATA,(French, German).AlongsideA phrase referring to the side of a ship. Goods to bedelivered "alongside" are to be placed on the dock orbarge within reach of the transport ship's tackle sothat they can be loaded abroad the ship.ANAdvice noteANFArrival notification formAPAdditional premiumArbitration ClauseA standard clause to be included in the contracts ofexporters and importers, as suggested by the American

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Arbitration Association. It states that anycontroversy or claim will be settled by arbitrationin accordance with the rules of the AmericanArbitration Association.ATPAccorde Transports Perissable, (European Agreement onthe International Carriage of Perishable Foodstuffs)

B

BACSBanker's Automated Clearing SystemBAFBunker adjustment factor: A fuel surcharge expressedas a percentage added or subtracted from the freightrate reflecting the movement in the market price forbunkers.Balance of TradeThe difference between a country's total imports andexports; if exports exceed imports, favorable balanceof trade exists, if not, a trade deficit is said toexist.BallastHeavy weight, often sea water, necessary for thestability and safety of a ship at sea.BarterTrade in which merchandise is exchanged directly forother merchandise without use of money. Barter is animportant means of trade with countries usingcurrency that is not readily convertible.BCNBanker's Cover NoteB/DBanker's DraftB/EBill of ExchangeBEABritish Exporters AssociationBeamThe maximum breadth of a ship.BerthPlace alongside a quay where a ship loads ordischarges cargo.BIFABritish International Freight AssociationBill of EntryA shipper's detailed statement for Customs purposesof the nature and value of goods in a consignment.Bill of Exchange (B/E)Legally defined as "an unconditional order inwriting, addressed by one person to another, signedby the person giving it, requiring the person to whomit is addressed to pay on demand or at a fixed ordeterminable future time, a sum certain in money toor to the order of a specified person, or to bearer".It is the most general method of obtaining paymentfor goods shipped abroad.Bill of Lading (B/L)Is a document signed by the carrier and acts as acontract of affreightment, a receipt and evidence oftitle to the cargo.BolsterThis is a piece of equipment equivalent to the bottomof a container without sides. Often used for stackingparcels of sawn timber and bags of cocoa. Otherwiseknown as a flat or pontoon

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which imported goods may be stored or processedwithout payment of customs duties.BOTBBritish Overseas Trade BoardBottle screws,container shoes, twistlocks, chains andchain tensioners:All pieces of lashing equipment for securing cargo(twist locks and container shoes are used only oncontainers, pontoons and stackmasters).BoulesA boule is a log that has been sliced through into atleast 12 pieces. The bark is left intact.Breakbulk:Another term for general cargo, i.e. non unitisedcargoes.B/SBill of SaleBSCBritish Shippers CouncilBSIBritish Standards InstitutionBSSBritish Standard SpecificationBunkers:Name given for vessel’s fuel and diesel oil supplies(originates from coal bunkers).BVBureau Veritas

C

CAACCustoms and Allied Affairs CommitteeCADCash against documents - Full shipping documents aresent to a bank or an agent at the port of destinationwith instructions that they are to be handed over tothe consignee only in exchange for the sum due.CAFCurrency adjustment factor: A surcharge expressed asa percentage (or subtracted) from the freight ratecompensating the Line (or shipper) for a change inthe exchange rates relationship between the currencyof freight collected from the shippers and currencyof costs incurred by the Line.CANCustoms Assigned NumberCarnetA customs document permitting the holder to carry orsend merchandise temporarily into certain foreigncountries (for display, demonstration, or similarpurpose) without paying duties or posting bonds.CarrierAny person who undertakes to perform or precure theperformance of carriage by rail, road, sea, air,inland waterway or any combination.CartelIs an association of several independent national orinternational business organizations that regulatescompetition by controlling the prices, theproduction, or the marketing of a product or anindustry.CBIConfederation of British IndustryCCAConnecting carrier agreement: A contract betweencarriers such that line or both operators willtransport a said amount of cargo on behalf of the

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