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Glossary of Shipping Terms
Input a partial or complete Shipping Acronym or Term and click the submit button to find the definition...
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ID
| Term | Definition | |||
| 1 | Aboard | Referring to cargo being put, or laden, onto a means of conveyance. | |||
| 2 | Accessorial Charges | Charges that are applied to the base tariff rate or base contract rate, e.g., bunkers, container, currency, destination/delivery. | |||
| 3 | Act of God | An act beyond human control, such as lightning, flood or earthquake. | |||
| 4 | Ad Valorem | A term from Latin meaning, "according to value." | |||
| 5 | Advice of Shipment | A notice sent to a local or foreign buyer advising that shipment has gone forward and containing details of packing, routing, etc. A copy of the invoice is often enclosed and, if desired, a copy of the bill of lading. | |||
| 6 | Advising Bank | A bank operating in the seller's country, that handles letters of credit in behalf of a foreign bank. | |||
| 7 | Air Waybill | The forwarding agreement or carrying agreement between shipper and air carrier and is issued only in nonnegotiable form. | |||
| 8 | All In | The total price to move cargo from origin to destination, inclusive of all charges. | |||
| 9 | Alongside | A phrase referring to the side of a ship. Goods 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. | |||
| 10 | Arrival Notice | A notification by carrier of ship's arrival to the consignee. | |||
| 11 | Assignment | A term commonly used in connection with a bill of lading. It involves the transfer of rights, title and interest in order to assign goods by endorsing the bill of lading. | |||
| 12 | BAF | Abbreviation for "Bunker Adjustment Factor." Used to compensate steamship lines for fluctuating fuel costs. Sometimes called "Fuel Adjustment Factor" or FAF. | |||
| 13 | Bank Guarantee | Guarantee issued by a bank to a carrier to be used in lieu of lost or misplaced original negotiable bill of lading. | |||
| 14 | Base Rate | A tariff term referring to ocean rate less accessorial charges, or simply the base tariff rate. | |||
| 15 | Beneficiary | Entity to whom money is payable. The seller and the drawer of a draft. The entity for whom a letter of credit is issued. | |||
| 16 | Bill of Lading (B/L) 1 | A document that establishes the terms of a contract between a shipper and a transportation company. It serves as a document of title, a contract of carriage and a receipt for goods. | |||
| 17 | Bill of Lading (B/L) 2 | Amended B/L: B/L requiring updates that do not change financial status; this is slightly different from corrected B/L. | |||
| 18 | Bill of Lading (B/L) 3 | B/L Terms & Conditions: the fine print on B/L; defines what the carrier can and cannot do, including the carrier's liabilities and contractual agreements. | |||
| 19 | Bill of Lading (B/L) 4 | B/L's Type: refers to the type of B/L being issued. Some examples are: a Memo(ME), Original (OBL), Non-Negotiable, Corrected (CBL) or Amended (AM) B/L. | |||
| 20 | Bill of Lading (B/L) 5 | Canceled B/L: B/L status; used to cancel a processed B/L; usually per shipper'srequest; different from voided B/L. | |||
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