Terms used in shipping such as Rio Group,Rollback,Rolling cargo,Rounds , Royalty,Running Days,Running Gear

 

Terms used in shipping such as Rio Group,Rollback,Rolling cargo,Rounds , Royalty,Running Days,Running Gear etc.

 

 

 

This post explains about terms used in shipping such as Reverse Preferences, Reversible Laytime, Rio Group,Rollback,Rolling cargo,Rounds ,Royalty,Running Days,Running Gear 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 shippingReverse Preferences - Tariff advantages once offered by developing countries to imports from certain developed countries that granted them preferences. Reverse preferences

characterized trading arrangements between the European Community and some developing countries prior to the advent of the Generalized System of Preferences (GSP) and the signing of the Lome Convention.

 

REVERSE ROUTE:The exact reverse of the route a loaded car traveled from its destination, including all carriers and junctions involved

 

Reversible Laytime - Term used in a voyage Charter-Party to signify that the time allowed for loading may at the charterers option, be added to the time allowed for discharging for the purpose of calculating demurrage or despatch.

 

REVERSIBLE TIME:Option for charterers to add together time allowed for loading & discharging relative to terms of a particular charter party

 

Revocable Letter of Credit - A letter of credit which can be cancelled or altered by the drawee (buyer) after it has been issued by the drawee's bank.

 

Revocation of Antidumping Duty Order & Termination of Suspended Investigation - An antidumping duty order may be revoked or a suspended investigation may be terminated upon application from a party to the proceeding. Ordinarily the application is considered only if there have been no sales at less than fair value for at least the two most recent years. However, the International Trade Administration may on its own initiative revoke an antidumping duty order or terminate a suspended investigation if there have not been sales at less than fair value for a period of 3 years. See: Tariff Act of 1930.

Terms used in shipping such as Rio Group,Rollback,Rolling cargo,Rounds , Royalty,Running Days,Running Gear etc

RFP:Request for proposal

 

RFQ:Request for quotation.

 

Rio Group - The Rio Group is a political forum of Latin American and Caribbean countries which promotes regional political, economic and social cooperation. The Group is comprised of 13 countries, including 11 permanent members: Argentina, Bolivia, Brazil, Colombia, Chile, Ecuador, Mexico, Paraguay, Peru, Uruguay and Venezuela and two rotating members which representing the Central American countries and the Caribbean nations.

 

RNS…Release Notification System:The electronic notification system that provides customers, customs agencies and customer’s broker representatives with proactive notification of shipment acceptance, review and release.

 

RO/RO (ROLL-ON/ROLL-OFF) VESSEL:(1) A ship designed to accommodate cargo that is rolled on and rolled off. Some Ro/Ro vessels can accommodate containers and/or breakbulk cargo. A Ro/Ro Vessel can be self-sustaining. (2) Freight ship or ferry with facilities for vehicles to drive on and off (roll-on roll-off); a system of loading and discharging a ship whereby the cargo is driven on and off on ramps. Equipped with large openings at bow and stern and sometimes also in the side, the ship permits rapid loading and discharge with hydraulically operated ramps providing easy access. Fully loaded trucks or trailers carrying containers are accommodated on the deck.

 

Rollback - Rollback refers to an agreement among Uruguay Round participants to dismantle all trade-restrictive or distorting measures that are inconsistent with the provisions of the GATT. Measures subject to rollback would be phased out or brought into conformity within an agreed timeframe, no later than by the formal completion of the negotiations. The rollback agreement is accompanied by a commitment to "standstill" on existing trade-restrictive measures. Rollback is also used as a reference to the imposition of quantitative restrictions at levels less than those occurring in the present. See: Standstill.

 

ROLLING CARGO:Cargo which is on wheels, such as truck or trailers, and which can be driven or towed on to a ship.

 

Roll-on, Roll-off ( RORO ):A type of ship designed to load and discharge cargo which rolls on wheels or tracks. They are similar to a giant car ferry.

 

Rotn. no. - Rotation number

 

Round Voyage - Voyage involving two legs the second of which brings the ship back to the geographical area where the first leg commenced.

 

Rounds - Cycles of multilateral trade negotiations under GATT, culminating in simultaneous agreements among participating countries to reduce tariff and non-tariff trade barriers. - 1st Round: 1947, Geneva (creation of the GATT) - 2nd Round: 1949, Annecy, France (tariff reduction) - 3rd Round: 1951, Torquay, England (accession & tariff reduction) - 4th Round: 1956, Geneva (accession and tariff reduction) - 5th Round: 1960-62, Geneva ("Dillon" Round; revision of GATT; addition of more countries) - 6th Round: 1964-67, Geneva ("Kennedy" Round) - 7th Round: 1973-79, Geneva ("Tokyo" Round) - 8th Round: 1986-93, Geneva ("Uruguay" Round)

 

Route - It is a path from one network point to another.

 

Route:The manner in which a shipment moves; i.e., the carriers handling it and the points at which the carriers interchange.

 

Route:The plan of movements of a vessel from the first port of call to her final destination.

 

Row number: The column position of the container on the vessel, also called column number. There are two ways to number, one is to number from the left shipboard to the right, 01, 02......, the other is from the middle to both sides. The left side of the middle is numbered to be odd: 01, 03, 05......, while the right side to be even: 02, 04, 06......

 

ROYALTY:A charge on charter flights levied by some governments before traffic rights are granted. Sometimes called a “no objection fee.” It is usually a fixed proportion of a total charter value.

 

RPA (Rural Payments Agency) :Taken from the Import licensing Branch (www. berr.gov.uk) "... the Rural Payments Agency (RPA) issues import licence's for agricultural, horticultural products and certain items of food and drink".

 

RPFB - Russian Project Finance Bank

 

RT – Revenue Ton - Unit of cargo on which a freight rate is based, generally one ton or one cubic meter whichever is greater. Also called freight ton.

 

Rubber-Tired Gantry (RTG): Traveling crane used for the movement and positioning of containers in a container field. RTG's may also be used for loading and unloading containers from rail cars.

 

RUIE - Russian Union of Industrialists and Entrepreneurs

 

Running Days - Consecutive days of 24 hours including weekends and holidays.

 

Running Gear:Complementary equipment for terminal and over-the-road handling containers.

 

Russian Project Finance Bank - The RPFB is a new financial institution set up with the assistance of the European Community. The Bank is intended to develop efficient financial systems in Russia capable of channeling foreign and domestic investment into priority areas by providing medium and long-term financial and high quality investment banking advisory services to businesses.

 

Russian Union of Industrialists and Entrepreneurs - RUIE promotes commerical links between Western firms and Soviet defense firms. The Union, an independent agency created by the Russian Central government, consists of hundreds of major entreprises and associations.

 

RVNX:Abbreviation for "Released Value Not Exceeding." Usually used to limit the value of goods transported. The limitation refers to carrier liability when paying a claim for lost or damaged goods.

 

RWA - Returned Without Action

 

S & P Sale and Purchase Broker - Person who negotiates the terms for the sale of a ship on behalf of the buyer or seller.

 

S E D:Shipper’s Export Declaration. A form, which is often, required prior to exporting a product. See Overview of the Shipper's Export Declaration (SED) for more information.

 

S&D - Special and Differential Treatment

 

The above details describes about terms called in shipping such as Reverse Preferences, Reversible Laytime, Rio Group,Rollback,Rolling cargo,Rounds ,Royalty,Running Days,Running Gear 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 Uniform liability system,Union du Maghreb Arabe , Union of Banana Exporting Countries etc.

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