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Freight Glossary | Sivicom Liners

Freight Glossary

Freight Glossary

Abandonment

The act of refusing delivery of a shipment so badly damaged in transit that it is worthless; or damage to a vessel that is so severe that it is considered a constructive total loss;

Accelerated tariff elimination

The gradual reduction of import duties over time.

Acceptance letter of credit

A Letter of Credit which, in addition to other required documents, is a presentation of a term draft drawn on the bank nominated as the accepting bank under the Letter of Credit.

Accessions

Goods that are affixed to and become part of other goods; or, countries that are accepted as members of an international agreement.

Accessorial charges

Charges that are applied to the base tariff rate or base contract rate, e.g., bunkers, container, currency, destination/delivery.

Accessorial services 

Services performed by a shipping line or airline in addition to the normal transportation service.

Advance

To move cargo up-line to a vessel leaving sooner than the one booked.

 

Advance arrangement 

The shipment of certain classes of commodities that require arrangements in advance with carriers.

Affreightment

The hiring or chartering of all or part of a vessel for the transport of goods.

Afloat

Refers to a shipment of cargo which, is currently on board a vessel between ports.

Agency tariff

A tariff published by an agent on behalf of several carriers.

Agent

A person authorized to transact business for and in the name of another person or company. Types of agent are (1) brokers, (2) commission merchants, (3) resident buyers, (4) sales agents, 5) manufacturer’s representatives.

Agent bank

A bank acting on behalf of a foreign bank.

Aggregate shipment

Numerous shipments from different shippers to one consignee that are consolidated and treated as a single consignment

Air waybill

An SL is a bill of lading which covers both domestic and international flights transporting goods to a specified destination.

All cargo aircraft

Any aircraft that is used for the sole purpose of transporting cargo.

All risks coverage

A type of marine insurance, is the broadest kind of standard coverage, but excludes damage caused by war, strikes, and riots.

All-In 

The total price to move a container from origin to destination, inclusive of all charges.

Alternative tariff

A tariff with two or more rates for the same goods, to and from the same points, with the discretion to use the lowest of the charges.

Anti dumping

Are duties assessed on imported merchandise of a class of kind that is sold to purchasers in the U.S. at a price less than fair market value.