Terms used in shipping such as Vessel Manifest,vessel operator,Visa Waiver,Volume Rate etc .

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Terms used in shipping such as Vessel Manifest,vessel operator,Visa Waiver,Volume Rate etc .

This post explains about terms used in shipping such as Valuation charges, Value Date,Van pool,Vanning,Variable Levy,Vessel Manifest,vessel operator,Visa Waiver,Volume Rate 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

 Validated Export License - A document issued by the U.S. government authorizing the export of commodities for which written export authorization is required by law. Two types exist: an Individual Validated License (IVL) and a Special License.

Validation:Authentication of B/L and when B/L becomes effective.

Validity of the code : Appendix 18B declares the validity of the IEC number allocated to an applicant.

VALUATION CHARGES:Transportation charges assessed shippers who declare a value of goods higher than the value of carriers’ limits of liability.

Value Added Counseling - Valued added counseling is defined as assessing a company's current international business operations and assisting a client in one or more of the following: (a) identifying and selecting the most viable markets; (b) developing an export market strategy; (c) implementing the export market strategy; and (d) increasing market presence.

Value Added Tax (VAT) - A tax which is assessed at each stage of production on the amount of value contributed at each stage to the final product.

Value Date - The date on which payment must be made by the named bank. This date is determined by the payee, the payer or the bank.

Value for Customs Purposes Only - The U.S. Customs Service defines "value for Customs purposes only" as the value submitted on the entry documentation by the importer which may or may not reflect information from the manufacturer but in no way reflects Customs appraisement of the merchandise.

Value for Duty:The value of an import declared to the customs upon which customs duty will be calculated. In Australia, the value of the goods at the time of export from the exporting country, thus generally the FOB value and using the exchange rate at the date of export. Many other countries use the CIF value at the time or declaration in the importing country.

Value-Added Tax - A European Community (EC) tax assessed on the increased value of goods as they pass from the raw material stage through the production process to final consumption. The tax on processors or merchants is levied on the amount by which they increase the value of items they purchase. The EC charges a tax equivalent to the value added to imports and rebates value-added taxes on exports.

Van pool:The plot for collecting, keeping, piling or taking over empty containers. It is established in case of inadequate yards in loading area or transfer station, and does not handle the take-over of containers or goods. It can be established independently or outside the loading area. The management of this kind of pool should apply to shipping consortia in some countries.

Van:slang term for the trailer used by over the road motor carriers, which allows for the transportation of up to 45,000lbs or 48 to 53 feet of a truck, whichever is greater. Also known as a standard trailer.

Vanning:A term sometimes used for stowing cargo in a container.

Variable Cost:Costs that vary directly with the level of activity within a short time. Examples include costs of moving cargo inland on trains or trucks, stevedoring in some ports, and short-term equipment leases. For business analysis, all costs are either defined as variable or fixed. For a business to break even, all fixed costs must be covered. To make a profit, all variable and fixed costs must be recovered plus some extra amount.

Variable Levy - A tariff subject to alterations as world market prices change, the alterations are designed to assure that the import price after payment of the duty will equal a predetermined "gate" price.

VAT (Value Added Tax):UK Tax which applies to most goods imported into the UK – there are some Exemptions and relief's may apply ukimports.org

VBS (Vehicle Booking System):System in place at many UK Ports, whereby vehicles must be booked-in prior to Collection / Delivery of Containers

Vd. – Valued

Ventilated Container:A container designed with openings in the side and/or end walls to permit the ingress of outside air when the doors are closed.

VER - Voluntary Export Restriction

Vertical Export Trading Company - An export trading company that integrates a range of functions taking products from suppliers to consumers.

Vessel - another word for a boat or ship. Container ships are sometimes referred to as vessels.

vessel - Ship or boat.

Vessel Manifest:The international carrier is obligated to make declarations of the ship's crew and contents at both the port of departure and arrival. The vessel manifest lists various details about each shipment by B/L number. Obviously, the B/L serves as the core source from which the manifest is created.

Vessel Operating Common Carrier (VOCC):A common carrier that operates, for all or part of its common carrier service, a vessel in a service between a port in the United States and a port in a foreign country.

vessel operator: A firm that charters vessels for its service requirements, which are handled by their own offices or appointed agents at ports of call. Vessel operators also handle the operation of vessels on behalf of owners.

Vessel Supplies for Immediate Exportation (VSIE):Allows equipment and supplies arriving at one port to be loaded on a vessel, aircraft, etc., for its exclusive use and to be exported from the same port.

vessel: A ship or large boat.

Vessel's Manifest:Statement of a vessel's cargoes or containers (revenue, consignee, marks, etc.).

VISA -Voluntary Intermodal Sealift Agreement:Provides the U.S. defense community with “assured access” to commercial intermodal capacity to move sustainment cargo during time of war or national emergency.

Visa Waiver - A program of selected countries to eliminate the visa requirement on a test basis.

Visit USA Committee - A committee of U.S. tourism managers located in foreign markets. Visit USA Committees work with USTTA and the U.S. & Foreign Commercial Service in planning and promoting travel to the U.S.

Viz.:Namely. Used in tariffs to specify commodities.

VL - Variable Levy

VLCC - Very large crude carrier

VLCC:Very Large Crude Carriers: Tankers between 200,000 and 300,000 dwt.

VLFO - Vessel Load Free Out:The loading and discharge terms for the cargo to be shipped, as agreed to in the charter party. The vessel (carrier) pays for the loading of the cargo on board the ship and the receiver pays for the discharge of the cargo from the ship to the pier.

VOA - Voice of America

Volume Rate - A less than truckload (LTL) term for rates that are made subject to a minimum weight of 7,000 pounds or more, or cubic volume exceeding 750 cubic feet.

Volume Weight - It is a term, which is used while calculating airfreight when the size of the carton is more than the average weight. It is calculated by multiplying the length times, the width times, the height and dividing it by 166.

Volumetric:A notional or calculated weight for bulky goods sent by air. Generally stated as 6000cm3 = 1 kg, meaning that the total volume in cubic centimetres is divided by 6000 to give an equivalent weight in kgs. The airline or forwarder will charge whichever is the greater of the actual weight and volumetric weight. Also shown sometimes as 167 kg = 1 cbm

The above details describes about terms called in shipping such as Valuation charges, Value Date,Van pool,Vanning,Variable Levy,Vessel Manifest,vessel operator,Visa Waiver,Volume Rate 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 Receiver,Reciprocity ,Recourse,Reconsignment,Red Label

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