Terms used in shipping such as Port of Discharge,Port of Entry,POW WOW,pratique,Pratique Certificate, Preamble

 

Terms used in shipping such as Port of Discharge,Port of Entry,POW WOW,pratique,Pratique Certificate, Preamble etc.

 

 

This post explains about terms used in shipping such Port Shopping,Port of Discharge,Port of Entry,POW WOW,pratique,Pratique Certificate, Preamble, Preferences,Pre-Lodged,PREMISE 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

 

PORT MARKS:An identifying set of letters, numbers, or geometric symbols followed by the name of the port of destination that are placed on export shipments. Foreign government requirements may be exceedingly strict in the matter of port marks.

 

Port of Arrival:Location where imported merchandise is off loaded from the importing aircraft or vessel.

 

Port of Call:A port where a vessel discharges or receives traffic.

 

Port of Discharge - A port where the vessel is off-loaded and the cargo are discharged.

 

PORT OF DISCHARGE:A port where a vessel is off-loaded and cargo discharged.

 

Port of Discharge:A port where cargoes and containers are unloaded from a vessel.

 

Port of Entry - A port where foreign goods are admitted into the receiving country.

 

Port of Entry:A port where cargoes and containers destined elsewhere are actually discharged from a vessel.

 

PORT OF LOADING:A port where cargo is loaded aboard the vessel, lashed, and stowed.

 

Port Shopping - Port shopping is the practice of exporters and importers choosing a particular port on the basis of their assessment of Customs' treatment, rather than on the quality of physical facilities and efficiency.

 

Port to Point Rate - Freight rate which includes all costs from the port of loading in the exporting country to an inland place in the importing country.

 

port: This term is used both for the harbor area where ships are docked and for the agency (port authority), which administers use of public wharves and port properties.

 

Portfolio Investment - In general, any foreign investment that is not direct investment is considered portfolio investment. Foreign portfolio investment includes the purchase of voting securities (stocks) at less than a 10 percent level, bonds, trade finance, and government lending or borrowing, excluding transactions in official reserves.

 

port-of-call: Port at which cruise ship makes a stop along its itinerary. Calls may range from five to 24 hours. Sometimes referred to as "transit port" and "destination port." (See also: home port)

 

Post Fixture - After the contract for the charter of a ship has been agreed. Said of work carried out by a shipowner, charterer or shipbroker, including payment of hire or freight, calculation of despatch or demurrage and the resolution of any disputes.

 

Post-Initiated Promotion - This is a scheduled low budget trade promotion totally within resources at post, such as BIO, BFC, or BSP.

 

Postponement:A deliberate delay in committing inventory to shipment by a shipper. Usually, shippers utilize postponement in order to consolidate freight into larger shipments that have a lower unit transportation cost.

 

Post-Shipment Verifications - PSVs are conducted to determine that a commodity is being used for the purposes for which its export was licensed. Firms or individuals representing the end user, intermediate consignees, or the purchaser may be subject to inquiries pertaining to the post-shipment verification. As part of the PSV process, BXA forwards a cable to the U.S. embassy or consulate in the respective geographical location to conduct an on-site inspection to ensure that the commodity is physically present and used as stated in the application. Post-shipment verifications are usually conducted six-to-eight months subsequent to export of the commodity. PSVs are also conducted by BXA agents.

 

POW WOW - The POW WOW is a trade show (held annually in the United States and annually in Europe) which brings together U.S. sellers and foreign buyers of travel-related services pertaining to travel to the United States.

 

Pow Wow Selection Committee - A committee of private industry representatives in foreign countries which is responsible for selecting invitees to the International POW WOW.

 

PP - Purchase Price

 

PPA - Protocol of Provisional Application

 

ppd. – Prepaid

 

PPI (Principal Party of Interest):Term used by customers to designate the party responsible for the cargo and documentation, usually the beneficial owner of the cargo.

 

ppt. - Prompt loading

 

PR-17:Public Resolution which requires that U.S. Government financed cargoes (Eximbank) must be shipped 100% in U.S. flag ships, but that the requirement may be waived up to 50% in some cases.

 

pratique - Permission granted by the authorities at a port, after assessing the health of those on board the arriving ship, to allow them to make physical contact with the shore.

 

Pratique Certificate:Lifts temporary quarantine of a vessel; granted pratique by Health Officer.

 

Preamble - First few lines of a Charter-Party in which the panics to the contract and the ship are identified.

 

Pre-cooling:A process employed in the shipment of citrus fruits and other perishable commodities. The fruit is packed and placed in a cold room from which the heat is gradually extracted. The boxes of fruit are packed in containers that have been thoroughly cooled and transported through to destination without opening the doors.

 

Preferences - These special trade advantages (e.g. tariff preferences) are given by governments to trading partners in order to promote export growth and development. These are often granted by developed countries to LDCs. Licensing practices, quotas or preferential application of other measures, including taxes, can also be granted in the non-tariff area.

 

Preferential Trade Area for Eastern and Southern African States - PTA, established in 1981, supports economic development and cooperation (agriculture, communications, customs, industry, monetary affairs, natural resources, and trade). Membership includes: Burundia, Comoros, Djibouti, Ethiopia, Kenya, Lesotho, Malawi, Mauritius, Rwanda, Somalia, Swaziland, Tanzania, Uganda, Zambia, and Zimbabwe. PTA's headquarters are in Lusaka, Zambia.

 

Pre-License Checks - PLCs are conducted to determine that dual-use items on an export license application are destined for a legitimate end-use by a reliable end-user. Firms or individuals representing the licensee (the applicant), the consignee, the purchaser, the intermediate consignee, or the end user may be subject to inquiries pertaining to the pre-license check. As part of the process, BXA forwards a cable to the U.S. embassy or consulate in the respective geographical location to conduct an inspection or meet with company representatives to conduct inquiries on BXA's behalf.

 

Preliminary Determination - The dumping determination by the International Trade Administration announcing the results of the investigation conducted within 160 days (or, in extraordinarily complicated cases, 210 days) after a petition is filed or an investigation is self-initiated by the International Trade Administration. If the International Trade Administration determines that there is a reasonable basis to believe or suspect that the merchandise under consideration is being sold or is likely to be sold at less than fair value, liquidation of all affected entries is suspended, and the matter is referred to the International Trade Commission. "Preliminary determination" also refers to the decision by the ITC where there is a reasonable indication that an industry in the United States is materially injured, or threatened with material injury, or the establishment of an industry in the United States is materially retarded by reason of the imports of the merchandise which is the subject of the petition. The ITC must make its decision within 45 days after the date on which the petition is filed or an investigation is self-initiated by the International Trade Administration. If this determination is negative, the investigation is terminated. See: Tariff Act of 1930.

 

Pre-Lodged (Pre-Lodgment):Goods entered to Customs prior to goods arrival

 

Prem. Red. - Premiums reducing

 

PREMISE:Use penalty assessed to shippers or consignees for holding private trailers or containers at the origin or destination terminal in excess of allotted free time

 

The above details describes about terms called in shipping such as Port Shopping,Port of Discharge,Port of Entry,POW WOW,pratique,Pratique Certificate, Preamble, Preferences,Pre-Lodged,PREMISE 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.Terms used in shipping such as Warehouse receipt, Warehouse Entry,Warehousing, Weight Cargo,Weight Certificate etc

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