Shipping Glossary

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Terminals, Restrictions, Free Time, Local Surcharges, Office Calendar

Terminals, Restrictions, Free Time, Local Surcharges, Office Calendar

A service in addition to usual liner service, normally with an added cost. Such kind of services include packing, loading, storage, etc.

An accounting concept. It is a gradual increase by addition over a period of time and is a way of recognising that an expense (or revenue) and the related liability (or asset) can increase over time and not as signalled by an explicit cash transaction.

When a bill of lading is accepted or signed by a shipper or shippers agent without protest, the shipper is said to acquiesce to the terms, giving a silent form of consent.

A customs duty which is a percentage made upon the value of goods.

Bill of lading freight charged on goods of very high value at so much percent on the declared value of the goods.

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 usually enclosed and sometimes, if desired, a copy of the bill of lading.

The bank which advises the seller that a letter of credit has been opened in his favour by the buyer, however, the advising bank does not necessarily guarantee payment.

To hire, as a ship, to transport freight.

An agreement by a steamship line to provide cargo space on a vessel at a specified time and for a specified price to accommodate an exporter or importer.