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Shipping Glossary
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Bill of Lading(B/L): Official legal document representing ownership of cargo; negotiable document to receive cargo; contract for cargo between shipper and carrier.
CBM: Cubic meter. A measure of cargo volume. 1 cubic metre = 35,314 cubic feet.
CIF: Cost, Insurance and Freight. One of 13 INCOTERMS. "Cost and Freight" means that the seller delivers when the goods pass the ships's rail in the port of shipment.
CFS: Container Freight Station.Location designated by the ocean carrier for the receiving and delivering of a shipment, and for assembly and distribution of shipments into or out of steamship line containers. Most LCL cargos are either packed into or devanned at the CFS. The carrier may store empty containers at a CFS but not receive or deliver containers.
DDP: One of 13 INCOTERMS. "Delivery duty paid" means that the seller delivers the goods to the buyer, cleared for import, and not unloaded from any arriving means of tranport at the named place of destination. The seller has to bear all the costs and risks involved in bringing the goods thereto including where applicable, any "duty"(which term includes the responsibility for and the risk of the carrying out of customs formalities and the payment of formalities, customs duties, taxes and other charges) for import in the country of destination.
DDU: One of 13 INCOTERMS. "Delivery duty unpaid"means that the seller delivers the goods to the buyer, not cleared for import, and not unloaded from any arriving means of transport at the named place of destination. The seller has to bear the costs and risks involved in bringing the goods thereto, other than, where applicable, any "duty" (which term includes the responsibility for and the risks of the carrying out of customs formalities, and the payment of formalities, customs duties, taxes and other charges) for import in the country of destination. Such "duty" has to be borne by the buyer as well as any costs and risks caused by his failure to clear the goods for import in time.
FOB: One of 13 INCOTERMS. "Free on board"means that the seller delivers when the goods pass the ship's rail at the named port of shipment. This means that the buyer has to bear all costs and risks of loss of or damange to the goods from that point. The FOB term requires the seller to clear the goods for export. This term can be used only for or inland waterway transport. If the parties do not intend to deliver the goods across the ships's rail, the FCA terms should be used.
Pallets: A platform (usually two-deck), with or without sides, on which a number of packages or pieces may be loaded to facilitate handling by a lift truck.
Shrinkwrap: The process by which cartons stacked on a pallet are wrapped in cellophane sheeting to prevent them from moving or falling over in transit.
Telex release: A process by which a shipper may electronically authorize release of goods to a consignee without presentation of the Bill of Lading.
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