|
|
|
ABCC
|
Association
of British Chambers of Commerce
|
ABI
|
Association
of British Insurers
|
Ad Valorem - according to the value
|
A
fixed percentage of the value of goods that is used to calculate
customs duties and taxes.
|
Admirality Court
|
A
court having jurisdiction over maritime questions pertaining
to ocean transport, including contracts, charters, collisions,
and cargo damages.
|
Advising Bank
|
A
bank that receives a letter of credit from an issuing bank,
verifies its authenticity, and forwards the original letter
of credit to the exporter without obligation to pay.
|
AF
|
Advance
freight (i.e. prior to shipment)
|
AFT
|
At
or towards the stern or rear of a ship.
|
Affreightment
|
The
hiring of a ship in whole or in part.
|
Air Freight Forwarder
|
A
type of freight forwarder who specializes in air cargo. He
usually consolidates the air shipments of various exporters,
charging them for actual weight and deriving his profit by
paying the airline the lower consolidated rate. He issues his
own air waybills to the exporters, is licensed by the CAB (Civil
Aeronautics Board) and has the status of an indirect air carrier.
|
Air Waybill (AWB)
|
A
bill of landing that covers both international and domestic
flights transporting goods to a specified destination. This
is a non-negotiable documents of air transport that serves
as a receipt for the shipper, indicating that the carrier has
accepted the goods listed and obligates itself to carry the
consignment to the airport of destination according to specified
conditions.
|
AITA
|
International
Air Transport Association, IATA, (French, German).
|
Alongside
|
A
phrase referring to the side of a ship. Goods to be 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 abroad the ship.
|
AN
|
Advice
note
|
ANF
|
Arrival
notification form
|
AP
|
Additional
premium
|
Arbitration Clause
|
A
standard clause to be included in the contracts of exporters
and importers, as suggested by the American Arbitration Association.
It states that any controversy or claim will be settled by
arbitration in accordance with the rules of the American Arbitration
Association.
|
ATP
|
Accorde Transports
Perissable, (European Agreement on the International Carriage
of Perishable Foodstuffs)
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BACS
|
Banker's
Automated Clearing System
|
BAF
|
Bunker
adjustment factor: A fuel surcharge expressed as a percentage
added or subtracted from the freight rate reflecting the movement
in the market price for bunkers.
|
Balance of Trade
|
The
difference between a country's total imports and exports; if
exports exceed imports, favorable balance of trade exists,
if not, a trade deficit is said to exist.
|
Ballast
|
Heavy
weight, often sea water, necessary for the stability and safety
of a ship at sea.
|
Barter
|
Trade
in which merchandise is exchanged directly for other merchandise
without use of money. Barter is an important means of trade
with countries using currency that is not readily convertible.
|
BCN
|
Banker's
Cover Note
|
B/D
|
Banker's
Draft
|
B/E
|
Bill
of Exchange
|
BEA
|
British
Exporters Association
|
Beam
|
The
maximum breadth of a ship.
|
Berth
|
Place
alongside a quay where a ship loads or discharges cargo.
|
BIFA
|
British
International Freight Association
|
Bill of Entry
|
A
shipper's detailed statement for Customs purposes of the nature
and value of goods in a consignment.
|
Bill of Exchange (B/E)
|
Legally
defined as "an unconditional order in writing, addressed by
one person to another, signed by the person giving it, requiring
the person to whom it is addressed to pay on demand or at a
fixed or determinable future time, a sum certain in money to
or to the order of a specified person, or to bearer". It is
the most general method of obtaining payment for goods shipped
abroad.
|
Bill
of Lading (B/L)
|
Is
a document signed by the carrier and acts as a contract of
affreightment, a receipt and evidence of title to the cargo.
|
Bolster
|
This
is a piece of equipment equivalent to the bottom of a container
without sides. Often used for stacking parcels of sawn timber
and bags of cocoa. Otherwise known as a flat or pontoon
|
Bonded Warehouse
|
A
warehouse storage area or manufacturing facility in which imported
goods may be stored or processed without payment of customs
duties.
|
BOTB
|
British
Overseas Trade Board
|
Bottle
screws, container shoes, twist locks, chains and chain tensioners:
|
All
pieces of lashing equipment for securing cargo (twist locks
and container shoes are used only on containers, pontoons and
stackmasters).
|
Boules
|
A
boule is a log that has been sliced through into at least 12
pieces. The bark is left intact.
|
Breakbulk:
|
Another
term for general cargo, i.e. non unitised cargoes.
|
B/S
|
Bill
of Sale
|
BSC
|
British
Shippers Council
|
BSI
|
British
Standards Institution
|
BSS
|
British
Standard Specification
|
Bunkers:
|
Name
given for vessel’s fuel and diesel oil supplies (originates
from coal bunkers).
|
BV
|
Bureau Veritas
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|
|
|
|
CAAC
|
Customs
and Allied Affairs Committee
|
CAD
|
Cash
against documents - Full shipping documents are sent to a bank
or an agent at the port of destination with instructions that
they are to be handed over to the consignee only in exchange
for the sum due.
|
CAF
|
Currency
adjustment factor: A surcharge expressed as a percentage (or
subtracted) from the freight rate compensating the Line (or
shipper) for a change in the exchange rates relationship between
the currency of freight collected from the shippers and currency
of costs incurred by the Line.
|
CAN
|
Customs
Assigned Number
|
Carnet
|
A
customs document permitting the holder to carry or send merchandise
temporarily into certain foreign countries (for display, demonstration,
or similar purpose) without paying duties or posting bonds.
|
Carrier
|
Any
person who undertakes to perform or precure the performance
of carriage by rail, road, sea, air, inland waterway or any
combination.
|
Cartel
|
Is
an association of several independent national or international
business organizations that regulates competition by controlling
the prices, the production, or the marketing of a product or
an industry.
|
CBI
|
Confederation
of British Industry
|
CCA
|
Connecting
carrier agreement: A contract between carriers such that line
or both operators will transport a said amount of cargo on
behalf of the other on the other's Bill of Lading, thus acting
as a bridge for crosstraded cargoes needing a first or second
leg carrier to compliment the first
|
CC/O
|
Certificate
of consignment/origin
|
CCT
|
Common
Customs Tariff (within the EU)
|
CD
|
Customs
declaration
|
C & D
|
Collected
and delivered
|
CDV
|
Current
domestic value
|
C & E
|
Customs & Excise
|
Cell
Guides
|
Upright
metal fasteners welded to the ship's deck to secure the containers
for the sea journey. Containers aree secured to these sections
using twist locks which act as keys bolting the container's
four corners to the ship's deck and/or other containers in
the stack.
|
CFR
|
Cost and Freight - One of the thirteen Incoterms and one of
four 'C' terms.
The seller must clear the
goods for export.
A sales term denoting that
the seller is responsible for arranging and paying
for the carriage of goods to the agreed port
of discharge, excluding insurance costs.
CFR is used for goods that
are to be carried by sea.
|
CFS
|
Container
freight station
|
CH
|
Custom
House
|
Charges forward
|
Charges
to be paid by the buyer on arrival of the goods.
|
Charterer
|
Person
or company who hires a ship from a shipowner for a period of
time.
|
Charter
party
|
The
contract between the owner of a ship and the individual or
company chartering it. Among other specifications, the contract
usually stipulates the exact obligations of the ship-owner
(loading the goods, carrying the goods to a certain point,
returning to the charterer with other goods, etc.); or it provides
for an outright leasing of the vessel to the charterer, who
then is responsible for his own loading and delivery. In either
case, the charter party sets forth the exact conditions and
requirements agreed upon by both sides.
|
Chassis
|
A
wheel assemble including bogies constructed to accept mounting
of containers.
|
CIF
|
Cost, Iinsurance and Freight - One of the thirteen Incoterms
and one of four 'C' terms.
Another selling term but includes
insurance and handling shipment costs. The party
that has sold CIF has complete control over the
shipment of goods.
The seller has the same obligation
under CFR but must also procure marine insurance.
The seller is only required to obtain minimum
coverage.
|
CIF & C
|
Cost,
Insurance, Freight & Commission
|
CIF & E
|
Cost,
Insurance, Freight & Exchange
|
CIF & I
|
Cost,
Insurance, Freight & Interest
|
CIFC & I
|
Cost,
Insurance, Freight, Commission & Interest
|
CIP
|
Carriage and Insurance Paid To - One of the thirteen Incoterms
and one of four 'C' terms.
The seller has the same obligation
asunder CPT but is also responsible for contracts
for insurance of goods during the carriage. The
seller also pays the insurance premium.
Under CIP the seller is only
required to obtain minimum insurance cover.
|
CITHA
|
Confederation
of International Trading Houses Associations
|
CLECAT
|
European
Liaison Committee of Common Market Forwarders
|
CO or C/O
|
Certificate
of origin - A document to prove the place of growth, production
or manufacture of goods specified thereon.
|
Cocobod
|
Ghana
Cocoa Board
|
COD
|
Cash
on delivery, customers own delivery
|
Combo/Combi
|
Combination
vessel: A dry vessel designed to carry either dry bulk (grain,
etc,) break bulk or containers. Such vessels are normally equipped
with their own cranes.
|
Conference
|
A
group of vessel operators joined together for the purpose of
establishing freight rates.
|
Consignee
(C/nee)
|
Person
to whom goods are to be delivered by the carrier at the place
of destination. Otherwise known as the receiver.
|
Consignor
|
The
sender of the goods.
|
Consular Invoice
|
An
invoice, prepared on a special form and legalised by the Consul
of the importing country, usually required by the Customs of
that country to confirm details and origin.
|
Container
|
Metal
box used for the carriage of cargo. Usual dimensions 20 x 8
x 8.5ft or 40 x 8 x 8.5ft.
|
Container
demurrage
|
Money
paid by the shipper for the use of containers or other Line
owned equipment beyond a specified ‘free time’ period.
|
Container
vessel
|
Ship
specially designed to carry shipping containers. The vessel
often has bays into which the containers are lowered and where
they are held in place by upright steel sections called cell
guides. Containers are frequently carried on deck where they
need to be lashed and secured.
|
COU
|
Clip-on
unit
|
C/P
|
Charter
party
|
CPT
|
Carriage Paid To - One of the thirteen Incoterms and one of
four 'C' terms.
The seller pays the freight
for the carriage of the goods to the named destination.
Under CPT the seller must clear the goods for
export ie obtain the export licence, pay export
taxes and fees if required and furnish the buyer
with the invoice and relevant documents.
CPT can be used for any mode
of transport
|
Cranage
|
Charge
for use of wharf crane when a ship's own appliances for loading
or unloading are now used.
|
CRF
|
Clean
Report of Findings, details the quality, quantity and state
of goods
|
CRIG
|
Cocoa
Research Institute of Ghana
|
CRN
|
Customs
registered number
|
Curl
|
Small
nugget of dense hardwood which has a high oil content. This
is used for bearings and is very rare. Sometimes used in Takaradi.
|
C/V
|
Certificate
of value
|
C/VO
|
Certificate
of Value and Origin
|
CWE
|
Cleared without examination
|
|
|
|
|
DAF
|
Delivered At Frontier - One of the thirteen Incoterms and
one of five 'D' terms.
The seller is obliged to deliver
the goods at the frontier before the customs
border of the adjoining contry. The goods should
be made available and cleared for export. The
seller must also provide documents to enable
the buyer to take delivery such as the document
of transport or warehouse warrant.
The buyer must pay for on-carriage
and cover import clearance ie import licence,
duties, taxes and fees.Note:
It is important that the frontier is clearly
defined.
|
DDP
|
Delivered
duty paid
|
DDU
|
Delivered Duty Unpaid - One of the thirteen Incoterms and
one of five 'D' terms.
The seller is obliged to deliver
the goods on the quay at the port of destination,
cleared for importation. The seller must pay
unloading costs but not provide import clearance
The buyer must take delivery
of goods at the country of importation and must
cover any duties, such as import licences, pay
duties, taxes and fees.
|
Demurrage
|
Quay
rent: Money paid by the shipper for occupying port space beyond
a specified ‘free time’ period.
|
DEQ
|
Delivered Ex Quay (Duty Paid) - One of the thirteen Incoterms
and one of five 'D' terms.
The seller is obliged to deliver
the goods on the quay at the port of destination,
cleared for importation. The seller must pay
unloading costs and provide import clearance
such as import licences, pay duties, taxes and
fees.
The buyer simply takes delivery
of the goods.
|
DES
|
Delivered Ex Ship - One of the thirteen Incoterms and one
of five 'D' terms.
The seller is obliged to deliver
the goods on board the ship at the port of destination,
uncleared for importation.
The seller must provide documents
to enable the buyer to take delivery of the goods
ie the bill of lading.
The buyer must pay unloading
costs and provide import clearance ie duties,
taxes & fees.
|
DGN
|
Dangerous
Goods Note
|
DF
|
Dead
freight (shipper or charterer pays for space booked but not
occupied)
|
Disbursement
|
Sums
paid out by a ship’s agent at a port on behalf of the
owner.
|
Discharging
|
Removing
goods from a ship.
|
D/O
|
Delivery
order
|
Draft
|
Widely
used alternative spelling of draught. Depth to which a ship
is immersed in the water. This depth varies according to the
design of the ship and will be greater or lesser depending
not only on the weight of the ship and everything on board,
but also on the density of the water in which the ship is lying.
|
Dry Van
|
A
basic 20/40ft container.
|
DTI
|
Department
of Trade and Industry
|
Dunnage
|
Materials
of various types, often timber or matting, placed among the
cargo for separation, and hence protection from damage, for
ventilation and, in the case of certain cargoes, to provide
a space in which the tynes of a forklift truck may be inserted.
|
DWT
|
Deadweight: Weight
of cargo, stores and water, i.e. the difference between lightship
and loaded displacement.
|
|
|
|
|
EAR
|
Export
after repair
|
ECE
|
Economic
Commission for Europe
|
ECI
|
Export
Consignment Identifier
|
ECOFIN
|
Economic
and Financial Affairs Council (EC)
|
ECPD
|
Export
Cargo Packing Declaration
|
EFTA
|
European
Free Trade Association
|
Endorsee
|
Person
to whom a bill of exchange is transferred by the endorsement
of a third party.
|
Endorser
|
One
who endorses a bill, and thereby accepts liability for it.
|
ERP
|
Economic
Recovery Programme for the cocoa industry in Ghana launched
in 1983
|
ETA
|
Estimated
Time of Arrival.
|
ETD
|
Estimated
Time of Departure.
|
ETS
|
Estimated
Time of Sailing
|
EU
|
European
Union
|
EXW
|
Ex Works - One of the thirteen Incoterms.
This represents the seller's minimum obligation.
The seller fulfils his obligation to deliver
when he has made the goods available at his premises to the
buyer.
He is not responsible for
loading the goods on the vehicle provided by
the buyer or for the clearing of the goods
for export, unless otherwise agreed.
The buyer bears all the
costs and risks in taking the goods frrom the
seller's premises to the deired destination.
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|
|
|
|
FAS
|
Free Alongside Ship - One of the thirteen Incoterms and one
of three 'F' terms.
The seller fulfils his obligation
to deliver when the goods have been placed alongside
the vessel/quay.
If cargo is sold/bought FAS
it excludes loading, discharging and seafreight
costs. It is to a customer’s distinct advantage
to buy goods FAS, because they then have more
control over their shipment.
|
FBY
|
Free
buyers yard: As FOT but also includes delivery to buyer’s
premises.
|
FCA
|
Free Carrier - One of the thirteen Incoterms and one of three
'F' terms.
This is the main term for
handing over goods for carriage and can be used
irrespective of the mode of transport.
The seller fulfills his obligation
to deliver when he has handed over the goods,
cleared for export, into the charge of the carrier
named by the buyer at the named point. If no
point has been indicated the seller may choose
within the range stipulated where the carrier
should take charge of the goods.
|
FCL
|
Full
container load: A container with one shippers cargo only.
|
F & D
|
Freight
and demurrage
|
FEU
|
Forty
foot equivalant unit - see TEU.
|
FFA
|
Forward
Freight Agreement.
|
FIATA
|
International
Federation of Freight Forwarders Association
|
FILO
|
Free
in, liner out: Seafreight which the shipper pays load costs
and the carrier pays discharge costs.
|
FIO
|
Free
in and out: Freight booked FIO includes the seafreight, but
not loading and discharging costs.
|
FIOS
|
Free
in and out and stowed: As FIO but includes stowage costs.
|
FIOT
|
Free
in and out and trimmed: As above but includes trimming, e.g.
the levelling out of bulk cargoes.
|
First of Exchange
|
First
or principal copy of a bill of exchange to be presented and
honoured the other copies then being automatically cancelled.
|
FIT
|
Federation
of International Traders
|
Flat
|
This
is a piece of equipment equivalent to the bottom of a container
without sides. Often used for stacking parcels of sawn timber
and bags of cocoa. Otherwise known as a pontoon or bolster.
|
FOB
|
Free Onboard - One of the thirteen Incoterms and one of three
'F' terms.
Sales term denoting that the
seller is responsible for delivering goods to
the port of loading agreed in the contract and
for loading them onto the ship nominated by the
buyer. FOB’s usually refer to the loading/terminal
costs.
The seller fulfils his obligationto
deliver the goods when the goods have passed
over the ship's rail.
|
Foreign Bill
|
A
bill of exchange drawn on an acceptor overseas.
|
FOT
|
Free
on truck: Includes all loading, discharging and seafreight
costs. Also includes costs of placing goods onto trucks at
the quay.
|
FRA
|
Forward
Rate Agreement
|
Free discharge
|
Free
out: Includes loading costs and seafreight only.
|
Freight Account
|
The
debit note received from the shipowner for freight due on goods
shipped.
|
Freight Collect Forward
|
Payable
by consignee.
|
Freight Forwarder
|
Company
or person who organises transportation of cargo including one
or all of the following:- sea, air or rail transport, haulage
and customs clearance.
|
Freight Release
|
Shipowner's
authorisation to captain to give delivery of goods, freight
having been paid on them.
|
FTA
|
Freight
Transport Association or Free Trade Agreements
|
FTL
|
Full Trailer Load
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|
|
|
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GCBS
|
General
Council of British Shipping
|
GCCSFA
|
Ghana
Cocoa, Coffee and Sheanut Farmers Association
|
General Average
|
A
contribution made by each shipper, according to the value of
his goods shipped, towards a loss or expense incurred in time
of peril at sea by an act of sacrifice for the general good.
Is usually recoverable under the ordinary marine insurance
policy.
|
General Cargo
|
Any
cargo that is not carried in a container or vehicle/machinery
that can be loaded/discharged using its own power, e.g. palletised,
bagged, bales, bundles, crates, etc.
|
GNP
|
Gross
national product
|
Gooseneck
|
Devise
for connecting a tugmaster to a mafi trailer. It is attached
to the tugmasters 'fifth wheel'
|
Gross Weight
|
Total
weight of goods and packing.
|
Groupage
|
A
container with cargoes from/for different shippers/receivers,
i.e. containing more than one shipper’s cargo. Otherwise
known as LCL (Less than a container load)
|
GRT
|
Gross
registered tonnage
|
GST
|
Ghana Stock Exchange
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|
|
|
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HL
|
Heavy
lift
|
HMC
|
Her
Majesty's Customs
|
HMC&E
|
Her
Majesty's Customs and Excise
|
HMSO
|
Her
Majesty's Stationery Office
|
HVR
|
Hague-Visby Rules
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|
|
|
IATA
|
International
Air Transport Association
|
ICB
|
International
Container Bureau
|
ICC
|
International
Chamber of Commerce, Institute Cargo Clauses
|
ICCH
|
International
Commodities Clearing House
|
ICCO
|
International
Cocoa Council
|
ICD
|
Inland
Clearance Depot
|
ICHCA
|
International
Cargo Handling Co-ordination Association
|
ICS
|
International
Chamber of Shipping or Institute of Chartered Shipbrokers
|
ID
|
Import
Duty
|
IDR
|
Import
Duty Report, stipulates the value of an imported good and the
amount to be paid as duty. Nigeria only.
|
IFF
|
Institute
of Freight Forwarders
|
I/L
|
Import
Licence
|
IMDG
|
International
Maritime Dangerous Goods code
|
IMF
|
International
Monetary Fund
|
IMO
|
International
Maritime Organisation
|
Incoterms
|
A
set of purchase terms (13 main ones and several secondary types)
accredited by the International Chamber of Commerce. Denote
the points at which shipper, carrier and consigneee risk and
responsibility start and end.
|
INSA
|
International
Shipowners' Association
|
Intermodal
|
Carriage
of a commodity by different modes of transport, i.e. sea, road,
rail and air within a single journey.
|
IOE
|
Institute
of Export
|
IRN
|
Import
Release Note
|
ISF
|
International
Shipping Federation
|
ISO
|
International standards
organisation.
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Keelage
|
Toll on vessels entering
a port.
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|
|
|
|
L/C
|
Letter
of Credit
|
LCL
|
Less
than a container load: A container with cargoes from/for different
shippers/receivers, i.e. containing more than one shipper’s
cargo.
|
LILO
|
Liner
in, liner out or full liner terms: Qualification to a freight
rate which signifies that it consists of the ocean carriage
and the cost of cargo handling at the loading and discharging
ports (to ship’s rail) according to the custom of a particular
set of ports.
|
Lashing
|
To
hold goods in position by the use of, for example, wires, ropes,
chains, or straps.
|
LASH
|
Lighter
aboard ship: This technique for sea transport of cargoes uses
barges floated into specially designed vessels. One of our
competitors, Baco Line employs such vessels on the Europe/Africa
trade. This technique enables low drafted barges to access
shallow ports ie some of those in the Niger delta including
Onne and Warri.
|
Lane metre
|
A
method of measuring the space capacity of Ro Ro ships whereby
each unit of space (linear metre) is represented by an area
of deck 1m in length by 2.5m in width.
|
Laytime/Laydays
|
Time
given by the shipowner to allow a chartered vessel to load
and/or discharge cargo.
|
Laycan
|
Abbreviation
for laydays cancelling periods during which a shipowner must
tender notice that a ship has arrived at the port of loading
and is ready to load cargo.
|
Letter of Credit
|
This
is a written undertaking given by a Bank to pay the Seller/Exporter
an amount of money within a specified time provided the Seller/Exporter
presents specified documents which are in accordance with the
terms of a letter of credit. A "Confirmed Irrevocable Letter
of Credit" is the form of undertaking which provides the greatest
security of payment to the exporter
|
LI
|
Letter
of Indemnity
|
LIC
|
Local
import control
|
LIFFE
|
London
International Financial Futures Exchange
|
Linear metre
|
Method
of measuring volume of cargo on Ro Ro vessels, in which the
measurement is an estimate of the length of the cargo laid
end to end. (See lane metre.)
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LOA
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Length
over all: Vessel length.
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LO/LO
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Lift on/lift off
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Mafi
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A
generic term for a wheeled trailer used for carrying cargo,
also properly known as a roll trailer. It may remain on board
throughout ocean passage or be used as a ‘slave’ trailer
to transport cargo to and from the vessel once on quay.
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Manifest
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Lists
produced by the loading port agents with a detailed breakdown
of all cargo to be loaded including Bill of Lading number,
weight, volume, shippers and receiver’s names, etc.
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Megacarrier
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One of the predatory
massive shipping lines that compete on the largely saturated
east/west trades.
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NMB
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National
Maritime Board
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NPC
|
National
Ports Council / Nigerian Ports Charge (Carriers surcharge given
extra costs imposed by ports authority)
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NRT
|
Net
registered tonnage
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NVOCC
|
Non vessel owning
common carrier
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OBO
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Oil
bulk ore: A vessel capable of carrying both dry and liquid
bulk cargoes.
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OECD
|
Organisation
for Economic Co-operation & Development
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OEEC
|
Organisation
for European Economic Co-operation
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OFT
|
Office
of Fair Trading
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OOG - Out of gauge/profile
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When
cargo loaded is not within the dimensions of an ISO pontoon/stackmaster
on which it is placed and protrudes from the sides or is too
high.
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Open top container
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Container
with a removable fabric roof which enables heavy/bulk cargo
to be loaded into the container by crane/elevator.
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Overlanded
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Cargo discharged but
not on the manifest, generally by accident.
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Pallet
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A
wooden frame on which pieces of general cargo are placed so
they can be lifted using a forklift truck.
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PBC
|
Produce
Buying Company Limited, Ghana. Buys cocoa beans from farmers
at village level and sells direct to the government at guaranteed
prices.
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PD
|
Port
dues
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PE
|
Period
entry
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Pilferage
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Petty
theft (Sometimes major!).
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P/L
|
Partial
loss
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POD
|
Paid
on delivery/Proof of delivery
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Pontoon
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This
is a piece of equipment equivalent to the bottom of a container
without sides. Often used for stacking parcels of sawn timber
and bags of cocoa. Otherwise known as a flat or bolster
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Port
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