FO is the international shipping term in ocean freight that indicates that the consignee (recipient) is responsible for the cost of unloading cargo from the vessel at the destination. There is normally an intermediary involved, ie a bank or an agent acting on behalf of the seller, to ensure that the transaction takes place smoothly. Commercial Freight Only, FCL: Containers with Household Goods (no cars), Shipping Household Goods – General Information, Importing Goods to the USA / U.S. Customs Broker. Ullage. Knowing these terms can also have an impact on important shipping related decisions. Armed with these translations and explanations, you’re better prepared to discuss your ocean freight requirements. In the international ocean freight terminology, the word “Free” means “Not included”. Intermodal Versus Multimodal – What’s the Difference and Which Should You Select? A lack of export activity from the country where they were shipped full typically creates the need to do so. Panama Canal Expansion – How is it impacting shipping? ISPS: International Security Port Surcharge – These are for security of both your container and the vessel while they are at the port. USEC: United States East Coast – This term applies to all ocean ports along the East Coast of the United States. GAS: Gulf of Aden Surcharge – Compensates shipping lines for additional costs incurred due to transit through the Gulf of Aden. A voyage charter party is a contract covering the transport of goods from one or more ports to one or more ports and will detail the costs and responsibilities involved. I.e. AgentAn independent person or corporation acting as a representative, usually in a foreign market, who attempts to sell products for an overseas seller (principal) and earns a commission on successful sales. An agreement by an ocean carrier to provide cargo space on a vessel at a specified time and for a speci- fied price to accommodate an exporter or importer. CIP Cost and Insurance Paid to (named place of destination) - IncotermsThis term is similar to CPT but with the addition that the seller has to procure marine insurance against the buyer's risk of loss of or damage to the goods covering that period until the goods have been delivered from the carrier to the buyer. Net WeightThe weight, or mass, of the goods themselves without any packaging. (See also Letter of Credit). Certificate of OriginA certificate stating the country of origin of the goods. It is strongly recommended that every exporter and importer has a copy of the "Uniform Customs and Practice for Documentary Credits", International Chamber of Commerce publication 500. These are available from most major Chambers of Commerce, or from us at AUD 20.00 including postage, handling, and GST, to Australian addresses only. UCP500Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce publication 500, which lays out guidelines for banks to follow when dealing with L/Cs. Letter of Credit - ConfirmedA letter of credit which has been further guaranteed by a local bank generally in the exporter's country. Cost, insurance, and freight (CIF) is an expense paid by a seller to cover the costs, insurance, and freight of a buyer's order while it is in transit. It covers crane lifts off the vessel as well as drayage of the container and gate fees at the terminal. The temperature of return air often controls the operation of the refrigeration unit. Usually based on the value of the goods (ad valorem), on the physical nature of the goods such as quantity or weight, or on a combination of the value and other factors. Overcoming the Complexities of International Freight. For example, a 40-foot container takes up the space of two TEUs. Additional information including fuel surcharges, holiday schedules and information for processing your UPS Freight shipment. Documents against Acceptance (D/A)see Documentary Collection, Documents against Payment (D/P)see Documentary Collection. Incoterms 2000A set of rules for the interpretation of the most commonly used trade terms in foreign trade, recognized throughout the world, issued by the International Chamber of Commerce. FO is the international shipping term in ocean freight that indicates that the consignee (recipient) is responsible for the cost of unloading cargo from the vessel at the destination. EXW ( Ex Works ) – The supplier of the goods agrees to make the goods available at his “factory gate / warehouse doors”, it is then the buyers responsibility to arrange all transportation and insurance.Very common shipping term when buying from USA and Canada. Successful 3PL Selection and Relationships, Minimize the impact of DIM pricing on your budget, DIM Weight and how to minimize its impact, Weight and Research Inspections What they are and… how to reduce their impact on shipping costs, NMFC changes effective 4/18/15 - Concealed Damage window reduced to 5 days. These two terms are often used interchangeably in ocean freight and refer to the operator of the vessel itself. See also Consolidation. To avoid confusion, take a look at these ocean freight abbreviations to ensure you’re clear on their meaning on your next shipping quote, invoice, or conversation. An example of this is freight that is transported via water from the West Coast to the East Coast of the United States and then by truck or rail to Ohio. They are trading vessels primarily used to carry heavy items, like fruit, fresh water, or merchandise. A suitable form can be obtained from the seller's bank, or drawn upon a blank sheet of paper. Alongside: A phrase referring to the side of a ship. Driver Cameras – Protecting the Company and the Driver, PO’s – Their Importance In The Shipping Process, Inbound Logistics – What It Is, Why You Should Control It and How. Shipping MarksSpecific markings on packages to identify them apart from other packages and to identify them on the relevant documents. The penalties for miss-declaring or failing to declare hazardous or dangerous cargo are extremely high. Tips to make your tradeshow freight shipping go smoothly, Seven Factors Affecting Freight Transportation Today. AWS: All Water Service – This is one of the most cost-effective and eco-friendly ways to ship your cargo. Four Myths of Intermodal Shipping – Debunked. Shared truckload (STL) A freight mode that enables several shippers to share trailer space in one multi-stop full truckload. BoxColloquial term for a shipping container. Can be inland or at the dock-side. Goods shipped loose in the vessel hold and not in a container. How is AI used in Supply Chain Management and Logistics? Also shown sometimes as 167 kg = 1 cbm, More international shipping terms and list of U.S. Landed CostThe total cost which an importer pays to have goods delivered into their premises. (See also Letter of Credit). When time is of the essence, LC Freight can provide reliable, cost effective options to deliver your freight on time. Finddivers.com; Shipyards.gr; Shipsafety.gr; Marinesoft.gr; Our Services; Technical Library; RSS; Login Reading a quote or invoice for ocean freight can be challenging if you don’t know all the acronyms. Depending on the importing country's requirements, this can be as simple as being issued by the seller or the manufacturer. What Costs are Included in a Freight Quote? This term may be used for all modes of transport. FIS Free into Store - IncotermsAn unofficial trade term indicating that the seller's price includes all costs up to delivery to the buyer. Incoterms are a set of rules published by the International Chamber of Commerce (ICC). In most cases, the freight forwarder will assume the legal liabilities of acting as a carrier. The seller has to bear the risks and all costs, including duties, taxes and other charges of delivering the goods thereto, cleared for importation. What is Intermodal Transportation and When is it the Best Choice? TEUA twenty-foot equivalent unit, the means of describing the carrying capacity of a train or ship. Ad ValoremAccording to the value. 5 Key Benefits of Transportation Management Systems. CAFCurrency Adjustment Factor - an adjustment to shipping companies' freight rates to take into account the effect over time of fluctuations in currency exchange rates. FAKFreight All Kinds, as a general description of the goods on a master B/L, covered under the one freight rate regardless of the nature of the individual goods. ManifestA list of the various shipments being carried on a ship or aircraft. Customs BrokerA person or corporation licensed by the Australian Customs Service to handle on behalf of importers the process of clearing goods through customs. THCTerminal handling charge, levied by CY and CFS operators for goods passing through their operations. Most freight shipments that move by ocean, air, or rail are part of intermodal shipping that involves LTL or a TL service to deliver the cargo to the next mode of transportation. Obviously, it cannot apply to airfreight. Virtually all L/Cs issued under UCP500. In Australia, the value of the goods at the time of export from the exporting country, thus generally the FOB value and using the exchange rate at the date of export. Documentary CreditThe officially correct term for Letter of Credit. Hazardous GoodsCertain cargoes, as prescribed by the UN, such as explosive, radioactive, poisonous and flammable goods etc, which must be declared to the carrier before being loaded onto ships or aircraft. Commercial InvoiceA document issued by the seller, addressed to the buyer, giving details of the individual transaction, including a complete description of the goods, prices, currency, delivery and payment terms and so on. Letter of Credit - IrrevokableA credit which cannot be revoked, canceled or amended unless the beneficiary agrees. This term describes a type of intermodal freight involving ocean and truck or rail to move a shipment from one port to another. If this is shown to be injurious to locally-based suppliers in the foreign market, the government of that country may impose remedies by way of anti-dumping duties. The issuer will require the holder to give them security by way of a bank guarantee. See also Bill of Lading - Order B/L and Notify Party. Now required only by a handful of countries. STCSaid to contain, often placed before the description of goods on a bill of lading because the carrier does not know the nature or quantity of goods actually placed in the packages or the containers. ISF: Importer Security Filing – A US Customs and Border Protection (CBP) regulation requiring importers and vessel carriers to provide data electronically to CBP for in-bound ocean shipments. DDU Delivered Duty Unpaid (named place of destination) - IncotermsThe seller fulfills his obligation to deliver when the goods have been made available at an agreed point at the named place in the country of importation. Pro Forma InvoiceA sample invoice issued by the exporter before shipment, which the importer may require to arrange import approvals or apply for a letter of credit. CSA—Concerns expressed… So what’s happening now? Open AccountThe seller allows the buyer to send payment at some future time (ie 60 days). RIPI Reverse Inland Point Intermodal – This is similar to IPI except it applies when a shipment is traveling back toward its point of origin. Cash Against Documents (CAD)An arrangement whereby the buyer pays for goods as soon as the buyer receives the seller's documents. ExportTo send goods from a country to an overseas destination. Break-bulk Cargo . Sight DraftA bill of exchange drawn "at sight" meaning that as soon as the drawee accepts the bill it falls due for payment. Typically a B/L is issued in a set of three signed originals or negotiables, one of which must be presented to claim the goods upon which the others become void. http://www.iccwbo.org/incoterms/id3040/index.html. The UCP500 only mentions "Documentary Credit" not "Letter of Credit". DumpingThe practice of selling goods in a foreign market at a price lower than which they would be sold at in the home market, to gain a competitive advantage over other suppliers. Flat RackA device which is designed for cargos which will not fit into containers to be shipped on container ships. Air Waybill (AWB)The document which covers transport by air. 1.1 Please carefully read these Terms as they govern the contractual relationship between the Customer and CEVA, unless and to the extent prevailing valid contractual arrangements are in force between the Customer and CEVA in respect of the relevant Shipment. They include New York/New Jersey, Savannah, Virginia, and more. C&F Cost and Freight (named port of shipment) - IncotermsThis abbreviation was changed in 1990 to CFR but is still commonly used. The coordinated transport of long-haul movements using any combination of modes, freight forwarders or motor carriers. CharterpartyA written contract between a shipowner and a charterer who rents use of the ship or part of its freight capacity. Documentary CollectionA method whereby the seller uses the services of his bank to ensure that the buyer only receives the shipping documents under conditions specified by the seller, ie upon payment, or upon acceptance, of the seller's bill of exchange. Broken Stowage . How to Gain Control of Expedited Freight Costs, 5 Considerations When Selecting an Expedited Freight Method, Navigating the Driver Shortage ~ Simplified (Part 2), Navigating the Driver Shortage ~ Simplified (Part 1). A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | | W | Y | Z. MLB: Mini Land Bridge – IPI and MLB are used interchangeably on occasion. FCA Free Carrier (named place)- IncotermsThe Seller fulfills his obligation to deliver when he has handed over the goods, cleared for export, into the charge of a carrier, or another person, named by the buyer at the named place or point. CSA...What is it and how is it determined? The buyer is responsible for customs clearance, and if he fails to do this, he is responsible for the consequences. These ships are designed with their own derricks for loading and unloading. They have been used for a long time in maritime and air transport. Signed by the carrier, whether a shipping line or a freight forwarder, it serves as a receipt to the consignor for the goods, as evidence of the contract of transport containing the conditions of transport, and as a document of title by which possession of the goods can be transferred. CPT Carriage Paid To (named place of destination) - IncotermsThe seller must pay the costs and freight necessary to bring the goods to the named destination but the risk of loss of or damage to the goods is transferred from the seller to the buyer when the goods have been delivered into the custody of the carrier. They include Houston, the largest container port in the U.S. USWC: United States West Coast -- This term applies to all ocean ports along the West Coast of the United States. For more information on NVOCC services, access the UPS NVOCC Terms and Conditions. Agents are not normally involved in delivery or servicing of product. T/TTelegraphic transfer, an electronic means of transferring funds between banks, generally using SWIFT. This particular charge represents the fluctuating costs to the shipping, as an example varying global oil prices. BAF: Bunker Adjustment Factor – This fee is comparable to a Fuel Surcharge in trucking except it’s for the steamship line to cover fluctuating fuel costs. A small misunderstanding with the shipping terms could lead to disputes over who was meant to pay for the overseas freight, insurance or other costs involved in the shipment of goods. Letter of CreditA conditional order in writing, issued by a buyer's bank, guaranteeing to pay the seller upon presentation of stipulated documents, strictly in accordance with the credit. … InsuranceA process whereby someone with a risk of something happening to their financial detriment (the assured) pays someone else (an underwriter) a fee (premium) to bear that risk on their behalf. Shipping Terms Explained . BL Fee: Bill of Lading Fee – The shipping line charges this fee for processing the bill of lading on behalf of their client. < -- Back to international shipping terms. The greater weight or measurement of goods where 1 ton is either 1000 kilos or 1 cubic metre (for metric system). TransshipmentGoods are transferred from one ship to another at an intermediate port. Self-Driving Trucks -- Where are They Headed? The Bunker Adjustment Factor, or BAF, as it is more commonly known, is one of the charges levied on goods transported via Sea Freight. In some countries where the buyer may have trouble arranging an import license, the applicant may be a third party acting on behalf of the buyer. This is probably the most commonly misused term in international trade. BSRABasic Service Rate Additional - the charge levied by shipping companies to importers for LCL cargo, including the port charges, transport to an unpacking depot (see CFS) subsequent sorting and storage of the goods and finally loading onto a vehicle collecting the goods for delivery to the buyer. On Board / Shipped On BoardA notation on a bill of lading, indicating that not only did the carrier receive the goods in good order and condition, but they were also placed on board the ship. When you see an ocean container that says Maersk, Evergreen, OOCL, etc. A term used in marine transportation referring to the time it takes between arrival of a ship and its departure. (See also Collections). In many cases, the freight forwarder will also consolidate several small shipments into one larger one to take advantage of better freight rates. International ocean freight forwarding services are provided by Flexport International LLC, a licensed Ocean Transportation Intermediary FMC# 025219NF. Bill of Lading (BOL) - The bill of lading (BOL) is the legally-binding contract between the shipper and the carrier, broker or agent that defines all aspects of the freight shipping arrangement including what is being shipped and to whom. RO-ROA "roll-on/roll-off" ship, where loaded transport vehicles are driven onto it, such as a car ferry, or where containerized and other cargo is loaded into it by forklifts or similar. An example of these would be: CIF (cost insurance and freight) and CFR (cost and freight) both require the buyer to get the goods to the destination port, while absorbing all the costs and responsibilities. BeneficiaryThe seller in whose favor an L/C is issued, ie the person who will "benefit" from the L/C. Generally stated as 6000cm3 = 1 kg, meaning that the total volume in cubic centimeters is divided by 6000 to give an equivalent weight in kgs. What Impact Will President-Elect Trump Have On Trucking? Trade Terms are key elements of international contracts of sale. This means that the buyer has to bear all costs and risks of loss of or damage to the goods from that point. EIS: Equipment Imbalance Surcharge – A surcharge imposed by shipping lines, at times, for the movement of large quantities of empty containers. Bill of ExchangeAn unconditional order in writing, issued by the seller (drawer) instructing the buyer (drawee) to pay the seller's bank (payee) a specified amount (normally the full invoice value) on demand (at sight) or at a fixed or determinable future time. The international shipping term used in the ocean freight industry means that the carrier is NOT responsible for the cost of loading and unloading gods onto/from the vessel. Electronic Logging Devices - The New ELD Requirement. ApplicantThe buyer who has requested his bank to arrange an L/C on his behalf. Term DraftA bill of exchange drawn for a period other than at sight or on demand. Incoterms - a.k.a. Common term for an ocean-going freight container. DEQ Delivered Ex Quay (named port of destination) - IncotermsSimilar to DES but the seller must also arrange discharge onto the quay or wharf. The seller is responsible to clear the goods for export. The seller has to bear the risks and all costs and other charges of delivering the goods thereto, but not including duties and taxes. ImportTo bring goods from overseas into one's country. Insurance CertificateA certificate issued by the insurance underwriter giving details of a particular transaction which is held insured under an insurance policy. Demurrage and Detention Fees – What’s the Difference and How Can You Avoid Them? Phytosanitary CertificateA document issued by the Department of Agriculture, Fisheries, and Forestry, for exports from Australia of plants or plant products. ReeferColloquial for a refrigerated container. Hours of Service and the 34-hour restart: What’s the big deal? This is generally used by the Customs authorities in the importing country to assess customs duties payable. Freight that has not been called for or picked up by the owner or ultimate consignee. U.S. trucking services are provided by Flexport International, LLC, a FMCSA licensed property broker USDOT #2594279 and MC #906604-B. DDP Delivered Duty Paid (named place of destination) - IncotermsThe seller fulfills his obligation to deliver when the goods have been made available at an agreed point at the named place in the country of importation, often the buyer's premises. All Risk: A type of Marine Insurance, which is the widest coverage. EXW Ex Works (named place) - IncotermsThe seller's only responsibility is to make the goods available at his premises, (ie works or factory). Unfortunately, it’s also one of the slowest forms of freight transportation. if FI, then the shipper is responsible for the cost of loading goods onto a vessel for the international shipping overseas. Letter of Credit - DiscrepancyWhere a document does not comply strictly with the terms and conditions of an L/C. See also Letter of Credit and UCP500). Cost and Freight (C&F) means that the seller must pay the costs and freight in order to transport the goods to the port of destination in question. Small Parcel Shipping Versus Freight Shipping – How Do You Decide? TenorThe period of time before a bill of exchange falls due for payment. ConsolidationWhere a freight forwarder groups, or consolidates, one or more shipments for one or more shippers to the one destination as one overall shipment. Renegotiating NAFTA - How Will It Impact You? DTHC: Destination Terminal Handling Charge – Fee charged by the port of arrival or port of discharge to lift the container onto or off the vessel. – those are names of steamship lines (or ocean carriers). Conventional shipThe ship designed with holds which can load almost any type of loose cargo, such as drums, sacks, crates, pallets etc. Typically this term would be used for bulk cargo on a chartered ship. The term represents the minimum obligation for the seller. VolumetricA notional or calculated weight for bulky goods sent by air. This term may be used for any mode of transport, including multi-modal transport. FAS Free Alongside Ship (named port of shipment) - IncotermsThe seller fulfills his obligation to deliver when the goods are placed alongside the vessel at the named port of shipment. Will there be overtime for the trucking industry? Expedited Freight Shipping Methods to Consider, 6 Factors Influencing Ocean Freight Rates, Air vs Ocean – 6 Factors to Consider When Shipping Internationally, American Group's 2017 National Carrier of the Year is UPS Freight. CFR Cost and Freight (named port of destination) - IncotermsThe seller must pay the costs and freight necessary to bring the goods to the named destination but the risk of loss of or damage to the goods is transferred from the seller to the buyer when the goods pass the ship's rail in the port of shipment. USGC: United States Gulf Coast – This term applies to all the freight ports along the Gulf Coast of the United States. It is issued by the carrier, whether an airline or a freight forwarder, as a non-negotiable document serving as a receipt to the consignor for the goods, and containing the conditions of transport. You can learn more about Incoterms by going to this page on Export.gov. If you are new to shipping terms contracts you may be unaware of the different trading practices in their respective countries. They include Seattle, San Francisco, Oakland, Long Beach/Los Angeles, and more. Liner termsFreight rates which include loading/unloading charges, generally with regular shipping lines. Its correct use now is only where the ship's rail is relevant to the transaction, such as when using a chartered ship, or when goods are not containerized. Goods to be delivered ‘alongside”. Will these solutions ease delays at Ports? OCEAN FREIGHT: It is the cost of shipping a container from one point to another. How Will You Benefit From Intermodal Transportation? Air warmed by the container cargo delivered to the evaporator. CIF Cost, Insurance and Freight (named port of destination) - IncotermsThis term is similar to CFR but with the addition that the seller has to procure marine insurance against the buyer's risk of loss of or damage to the goods. F. FAS (Free Alongside Ship Incoterm) FCA (Free Carrier Incoterm) FCL (Full Container Load) FOB (Free On Board Incoterm) Forty-Foot Equivalent Unit (FEU) FCL: per-container LCL: per-wm Import/Export All countries ADE: ADEN GULF SURCHARGE IPI: Inland Point Intermodal – These shipments move inland from a port via truck or rail to a non-port destination. It can also be used as an offer to sell goods. Free Carrier (FCA) Free carrier (FCA) terms mean that the seller must hand over the cargo to the … What is the importance of creating an accurate BOL? OWS: Overweight Surcharge – Also known as OWC (Overweight Charge), is a fee charged by shipping lines when each container exceeds the designated acceptable weight range for its size. This fee is payable to a shipping line for receiving a full container load, storing it, and delivering it. They help prevent misunderstandings between traders and reduce trade disputes. The following summary provides an overview and description of freight modes of transportation found in Michigan, including definitions and terminology that are commonly used in the freight industry. Flag international ocean freight carriers by U.S. Department of Transportation are in, FCL: Full Container Load. (See also House B/L and Master B/L). This term can only be used for sea or inland waterway transport. A simple explanation of shipping terms. These ships generally rely on infrastructure on the wharf to load and unload the containers. The buyer bears the full cost and risk involved in bringing the goods from there to the desired destination and the buyer must be able to carry out any required export formalities. This term very specifically requires the carriage of the goods in a "seagoing vessel". Consular InvoiceThe seller's commercial invoice certified, for a fee, in the exporting country by the consular representative of the importing country. CYContainer Yard - place or depot where individual containers are held prior to loading on board a ship and after unloading from the ship. CFSContainer Freight Station - place or depot where individual LCL cargo is loaded into, and unloaded from, containers. CBP: Customs and Border Protection – This the duty and associated processing fee when shipping goods from one country to another. What Costs are Included in a Shipping Quote? Value-added service options may vary by origin, destination and freight service selected. 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https://sigmanled.com/wp-content/uploads/2019/04/logo-80-3.png 0 0 https://sigmanled.com/wp-content/uploads/2019/04/logo-80-3.png 2021-01-02 04:37:432021-01-02 04:37:43ocean freight terminology