Terms used in shipping such as Abaft,Abandon,Abatement,Absorption,Accession , Acceptance etc

 

Terms used in shipping such as Abaft,Abandon,Abatement,Absorption,Accession , Acceptance etc

 

 

This post explains about terms used in shipping such as Approved" Charter,Agreed Charter ,Abaft,Abandon,Abatement,Absorption,Accession ,Acceptance etc.These terms used in international business are arranged in alphabetical order and you may add more information about terms used in export business at the end of this article, if you wish.

 

Terms used in shipping

 

"Adopted Charter - If a charter "agreed" in that way following negotiations between, for instance, BIMCO and one or more groups representing charterers is officially supported by another association of shipowners, for instance, the Chamber of Shipping of the United Kingdom, it is stated that the Chamber of Shipping of the United Kingdom has " adopted" the charter; or on the other hand, if BIMCO wants to support one or the other charter negotiated and "agreed" between the Chamber of Shipping of the United Kingdom and one or more groups of charterers, then it is stated that the charter has been adopted by BIMCO. Moreover, a document issued by an organization of shipowners, for instance INTERTANKO, for use in a special trade without having actually been "agreed" with any particular group of charterers, may be adopted by BIMCO. An adopted document is compulsory for the members of the organization who have adopted it if it is an "agreed" document.

 

"Affreightment, contract of " - "An agreement by a steamship line to provide cargo space on a vessel at a specified time for a specified price to accommodate an exporter or importer, who then becomes liable for payment even if he is later unable to make the shipment."

 

"Agreed" Charter - The charter has been agreed between BIMCO (or The Chamber of Shipping of the United Kingdom or Cornite Central des Armateurs de France or other associations of shipowners) with one ore more groups of charterers or other institutions (for instance, the Polish Coal Charter Committee, the Timber Trade Federation of the United Kingdom, the Syndicat National du Commerce Exterieur de Cereales, Paris or CMEA, Moscow). The printed conditions of an "agreed' charter must not be altered or deleted without the express approval of the organizations who have agreed the charter, An "agreed" document is compulsory for the trade for which it is intended, e.x. the sugar trade.

 

Terms used in shipping such as Abaft,Abandon,Abatement,Absorption,Accession"Approved" Charter - this is the expression used for charters - whether "agreed", "adopted” or “recommended”.

 

"Issued" Charter - A form of Charter-Party for the establishment of which it might be said that BIMCO is responsible, is referred to as "issued" by BIMCO.

 

(Particulars of) Engagement:refers to the hiring of seafarers a single voyage, or for a six month period on a Home Trade ship. Signed by the crew, otherwise filled out by the master.

 

(Particulars of) Release:this document concluded a seafaring contract. Signatures of crew and a witness were required. If released, the two contracting parties were free from further obligation.

 

3PL: 3rd party logistics.Your team’s experience in budgeting, planning, organization and tracking documentation was essential in maintaining budget and confidence for on-time delivery.

 

3PL:A third-party, or contract, logistics company. A firm to which logistics services are outsourced. Typically handles many of the following tasks: purchasing, inventory management/warehousing, transportation management, order management.Example: Schneider Logistics, Ryder Logistics, UPS Logistics.

 

3rd Party Logistics:used to describe a company that arranges for the transportation of freight when they are not the manufacturer of goods, nor the owner of goods.

 

A.I.D.:Agency for International Development.

 

A.I.R.M.I.C. - Association of Insurance and Risk Managers in Industry and Commerce "Fonds Africain de Developpement, FAD) is an affiliate of the African Development Bank (AfDB) which provides interest-free loans to African countries for projects which promote economic and social development and improve international trade among members o" -

 

A.T. - It stands for American Terms (Marine Insurance). A term used to differentiate between the conditions of American Policies with other nations, primarily England.

 

A.T.A.:American Trucking Association.

 

A/C - Account - This term is used when referring to a bank account and when allocating costs, such as in the phrase "for the a/c of charterers".

 

A/E or ACC/EXC - Accept/Except - Term used by either the shipowner's broker or the prospective charterer's broker during the negotiations for the charter of a ship to signify that an offer or counter-offer is accepted apart from certain clauses or details. These are then listed together with the amendments sought.

 

A8A Manifest:A form issued by a licensed Custom’s Broker which allows CCRA to monitor in bond shipments as they move through Canada.

 

AA - Always Accessible or Always Afloat - Term in Charter-Party which stipulates that the charterer must not order the ship to a port or berth where she would touch the bottom or perhaps be unavailable at any time due to tidal variations.

 

AA (Always Afloat): In some ports the ship aground when approaching, or at berth.

 

AAAA - Always accessible always afloat.

 

AAR:Abbreviation for: - Against All Risks (insurance clause). - Association of American Railroads.

 

Abaft:A point, towards the rear or stern; behind something, such as “abaft the main mast.”

 

Abandon:A proceeding wherein a shipper or consignee seeks authority to abandon all or parts of their cargo.

 

Abatement:A discount allowed for damage or overcharge in the payment of a bill.

 

ABI - It stands for Automated Brokerage Interface. A system available to the US Customs Brokers with the capabilities of computer and customs certification to transmit and exchange the customs entries and other related information, facilitating prompt release of imported cargo.

 

Aboard:Referring to cargo being put, or laden, onto a means of conveyance.

 

ABS:American Bureau of Shipping: A U.S.-based private classification, or standards setting society for merchant ships and other marine systems.

 

Absorption - "Absorption is investment and consumption purchases by households,businesses, and governments, both domestic and imported. When absorption exceeds production, the excess is the country's current account deficit."

 

Absorption:One carrier assumes the charges of another without any increase in charges to the shipper.

 

ABT - About - A conditional term used in qualifying cargo, time, bunkers or speed: when discussing cargo. "about" usually covers a margin of 5 % either way (i.e. 25,000 LT 5% more or less, at owner's option), when referring to a period of time: usually 15 days, although each case is considered on its own merit. In connection with bunkers, "about" has been interpreted to mean 5% latitude; regarding speed, the tolerance is generally one half knot.

 

ABTA - Association of British Travel Agents

 

Abu Dhabi Fund for Arab Economic Development. - "ADFAED promotes economic and social development in African, Arab, and Asian developing countries. The Fund, which was created in July 1971, began operations in September 1974; headquarters are in Abu Dhabi"

 

ACAB - Association of Central African Banks

 

ACC - Arab Cooperation Council

 

Acc. - Acceptance. Accepted

 

Acceptance:A time draft (or bill of exchange) that the drawee (payer) has accepted and is unconditionally obligated to pay at maturity. Broadly speaking, any agreement***. to purchase goods under specified terms.

 

Accession - "Accession is the process by which a country becomes a member of an international agreement, such as the General Agreement on Tariffs and Trade (GATT) or the European Community. Accession to the GATT involves negotiations to determine the specific obligat"

 

The above details describes about terms called in shipping such as Approved" Charter,Agreed Charter ,Abaft,Abandon,Abatement,Absorption,Accession ,Acceptance etc. These phrases may help importers and exporters on their day to day business activities. The readers can also add more information about terms used in shipping business below this post.

 

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