Terms used in freight forwarding such Shipping,Tankers,Short Shipment,Shrink Wrap,Silo,SLOT,Small Parcel Ground etc.
This post explains about terms used in freight forwarding such as Shipping Note,Ship's Protest,Shipping,Tankers,Short Shipment,Shrink Wrap,Silo,SLOT,Small Parcel Ground, Special Drawing Rights 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 freight forwarding
Shipping Marks:The identification shown on individual packages in order to help in moving it without delay or confusion to its final destination and to enable the checking of cargo against documents.
Shipping Note:Document provided by the shipper or his agent to the carrier, multimodal transport operator, terminal or other receiving authority, giving information about export consignments offered for
transport, and providing for the necessary receipts and declarations of liability.
Shipping: 1) The act of conveying materials from one point to another. 2) The functional area which preparers the outgoing shipment for transport.
Ship's Gear:Any equipment ( such as cranes, hatches, winches, cables) belonging to or part of the vessel.
Ship's Protest:Statement of the master of a vessel before (in the presence of) competent authorities, concerning exceptional events which occurred during a voyage.
SHIPS - Bulk Carriers: All vessels designed to carry bulk cargo such as grain, fertilizers, ore, and oil.
- Combination Passenger and Cargo Ships: Ships with a capacity for 13 or more passengers.
- Freighters: Breakbulk vessels both refrigerated and unrefrigerated, containerships, partial containerships, roll-on/roll-off vessels, and barge carriers.
- Barge Carriers: Ships designed to carry barges; some are fitted to act as full containerships and can carry a varying number of barges and containers at the same time. At present this class includes two types of vessels LASH and Sea-Bee.
- General Cargo Carriers: Breakbulk freighters, car carriers, cattle carriers, pallet carriers and timber carriers.
- Full Containerships: Ships equipped with permanent container cells, with little or no space for other types of cargo.
- Partial Containerships: Multipurpose containerships where one or more but not all compartments are fitted with permanent container cells. Remaining compartments are used for other types of cargo.
- Roll-on/Roll-off vessels: Ships specially designed to carry wheeled containers or trailers using interior ramps.
- Tankers: Ships fitted with tanks to carry liquid cargo such as: crude petroleum and petroleum products; chemicals, Liquefied gasses(LNG and LPG), wine, molasses, and similar product tankers.
Short Landed -When part or all of a consignment, which has been completely shipped, has not arrived at destination. It may have a different meaning to the term “short shipment”
Short Shipment -Is used to denote not only the fact that goods manifested or invoiced as being shipped, have, in reality not been shipped; but also (perhaps erroneously, if one literally defines the word ‘shipped’) the fact that goods shipped have not arrived at destination. See also Short landed.
Short Shipped: Cargo not loaded and left either by accident or design.
Shortage:The negative difference between actual available or delivered quantity and the required quantity.
Shortlanded Cargo: manifested for port, but not discharged either by accident or design.
Shrink Wrap - Polyethylene or similar substance, can be heat-treated, and shrunk to an envelope several units, thereby securing them as a single pack for presentation or to secure units on a pallet.
Shrink Wrapping:Heat treatment that shrinks an envelope of polyethylene or similar substance around several units, thus forming one unit. It is used e.g. to secure packages on a pallet.
Shrinkage: Refers to the loss of inventory count due to pilferage, damage, spoilage, etc. Shrinkage can occur while material is in stock and while it is in transit.
Sight Draft:A bill of exchange drawn "at sight" meaning that as soon as the drawee accepts the bill it falls due for payment. See also Bill of Exchange.
Sight, Time Drafts:Issued by: Exporter (or freight forwarder on exporter's behalf) Purpose: Request for payment from foreign buyer. Instructs buyer's bank to collect payment; when collected it releases shipping documents to buyer. Buyer's bank then remits to seller's bank. Sight drafts are payable on receipt at buyer's bank. Time drafts extend credit; foreign bank releases documents immediately, but collects payment later, for example, 30 days after receipt of draft.
Silo: Relates to a management / organization style where each functional unit operates independently, and with little or no collaboration between them and other units regarding major business processes and issues.
Single Access Document:Also referred to as "SAD" the Single Access Document required for movement of goods through the countries of the European Economic Community. Generally prepared by Customs Brokers in Europe for imports entering the EC.
Skidded Crate:A crate with skids underneath for easy lifting with fork lifts.
SL&C (Shippers Load and Count) - Shipments loaded and sealed by shippers and not checked or verified by the carriers.
SL&C:Shipper Load and Count.
SLI -See Shippers Letter of Instruction
Slot- (1)Is the space in a container vessel which can be taken up by one standard twenty foot container.(2)Also used to describe the appointed time to collect or deliver a container from or into the ship’s container terminal yard, (see Time Slot).
SLOT CHARGER: The chartering in of a ship by a fleet operator for a specific voyage when none of the ships in the fleet is available.
Slot Charter:A voyage charter whereby the shipowner agrees to place a certain number of container slots (TEU and/or FEU) at the charterer's disposal.
SLOT :Compartment in the hold of a container ship into which a shipping container fits exactly. Also referred to as a cell.
Slot:a place for a container onboard a container ship; typically, one TEU fits in a slot.
Slot:The space on board a vessel, required by one TEU, mainly used for administrative purposes.
Small Parcel Ground (SPG): Mode of transportation where the unit being transported meets all of the following descriptions: under 150 lbs, inside of 130 inches in length and girth combined, individually labeled, and can be individually handled and transported absent of a pallet. Typically broken down for rating purposes into separate categories for commercial and residential.
SOB: Shipped on board
Special Customs Invoice - An official form usually required by U.S. Customs if the rate of duty is based upon the value and the value of the shipment exceeds $500. This document is usually prepared by the foreign exporter or his forwarder and is used by Customs in determining the value of the shipment. The exporter or his agent must attest to the authenticity of the data furnished.
Special Drawing Rights(SDR)-Special Drawing Rights. The official account unit of the International Monetary Fund. Based on a basket of real currencies, it is used as a standard accounting unit in international transactions. Under the Hague Visby Rules, SDR’s are used to stipulate the value of the limit of an Ocean Carriers Liability. In 1997, that limit is defined as the greater of 666.67 SDR’s per package or 2 SDR’s per kg. One SDR unit is equal (approximately) to US$2.00.
Special Drawing Rights: SDR Unit of account from the International Monetary Fund (IMF), i.a. used to express the amount of the limitations of a carrier's liability.
The above details describes about terms called in freight forwarding such as Shipping Note,Ship's Protest,Shipping,Tankers,Short Shipment,Shrink Wrap,Silo,SLOT,Small Parcel Ground, Special Drawing Rights 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 freight forwarding trade below this post. Terms used in freight forwarding such as Shipment,Shipper,Shipper's Agent, Shipper's Export Declaration,Shipper's Instructions ,Shipper's Letter of Instruction
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