Terms used in freight forwarding such as Transit Port,TRANSIT SHIPMENT,Transmittal Letter,Transportation Mode, Transshipment etc.
This post explains about terms used in freight forwarding such as TRANSIT CARGO, Transit Port,TRANSIT SHIPMENT,Transmittal Letter,Transportation Mode, Transshipment ,Twenty-foot Equivalent Unit,Type of Movement,U.S. Customs,Terminal Receiving Charge 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
TRANSIT CARGO: Goods which are discharged from a sea-going ship in one country but which are destined for another country.
Transit Cargo:Goods onboard which upon their arrival at a certain port are not to be discharged at that port.
Transit Cargo;Cargo between outwards customs clearance and inwards customs clearance, Cargo arriving at a point and departing there-from by the same through flight (air cargo).
Transit Port (also called "Trans-shipment Port") :A port where cargoes received are merely en route and from which they have to be transferred and dispatched to their ultimate destination by coasters, barge and so on.
TRANSIT PRIVILEGES:Allowing goods to stop once between their initial origin and ultimate destination without having to pay additional charges
.
TRANSIT SHIPMENT:A term designating a shipment destined for an interior point or a place best reached by reshipment from another port.
Transit Time: The total time that elapses between a shipment's pickup and delivery.
TRANSIT TIME: Time taken for goods to be carried from one place to another.
TRANSIT: An enroute stopping place where cargo remains on board.
Transload:Transloading. Trans-shipment.Refers to the transfer of a shipment directly from one type of shipping conveyance to another.For example, if a full-truckload of widgets on 18 pallets is loaded in a 53 ft. trailer in Louisville, Kentucky, and is destined for Honolulu, Hawaii, by container ship, then it will need to be transloaded into an ocean container at a transload facility near the port of loading.
Transmittal Letter:The Transmittal Letter, commonly prepared with a Bank Draft, is the document used to send shipping documents to a remitting bank for processing either a collection or payment/negotiation under a Letter of Credit. It contains the shipper's precise and complete instructions on how the documents are to be handled and the payments remitted.
Transmittal Letter:The Transmittal Letter, commonly prepared with a Bank Draft, is the document used to send shipping documents to a remitting bank for processing either a collection or payment/negotiation under a Letter of Credit. It contains the shipper's precise and complete instructions on how the documents are to be handled and the payments remitted.
Transport Document:Document evidencing a contract of carriage between a shipowner and a consignor, such as bill of lading, seawaybill or a multimodal transport document. (IMO) See Shipping Document
Transport:The assisted movement of people and or goods. Note: Transport is often used as a generic term for various means of transport, and is distinguished from 'movement' in that it requires such means.
Transportation and Exportation Entry - See Customs Entries.
Transportation and Exportation Entry (T&E Entry) - Allows goods coming from or going to a third country (such as Canada or Mexico) to enter the U.S. for the purpose of Trans-shipments.
Transportation Mode: The method of transportation: land, sea, or air shipment.
Transportation Security Administration (TSA): TSA was created in response to the attacks of September 11th and signed into law in November 2001. TSA was originally in the Department of Transportation but was moved to the Department of Homeland Security in March 2003. TSA's mission is to protect the nation’s transportation systems by ensuring the freedom of movement for people and commerce.
TRANSPORTATION: See "Carriage".
TRANS-SHIPMENT – The transfer from one ship or conveyance to another for further transit.
Transshipment - The transfer of cargo from one carrier to another.
Transshipment port:a port where cargo is transferred from one carrier to another or from one vessel of a carrier to another vessel of the same carrier without the cargo leaving the port.
Transshipment:a distribution method whereby containers or cargo are transferred from one vessel/plane to another to reach their final destination, compared to a direct service from the load port/airport of origin to the discharge port/airport of destination. This method is often used to gain better vessel/plane utilization and thereby economies of scale by consolidating cargo onto larger vessels while transiting in the direction of main trade routes.
Transshipment:Shipment of merchandise to the point of destination in another country on more than one vessel or vehicle. The liability may pass from one carrier to the next, or it may be covered by "through bills of lading" issued by the first carriers.
TRANSSHIPMENT:To transfer from one ship or conveyance to another for further transit.
Transshipment:Transfer and reloading of freight from one vessel to another or from one mode to another, i.e., truck to ship) during the course of shipment from origin to destination.
Trans-Shipping - See Relay.
TRC (Terminal Receiving Charge) - Charge assessed by the terminal for cargo being delivered for export.
TRC -Terminal Receiving Charge. A charge for handling containers and goods at Container Terminals
TRUCK BROKER: See Freight Broker. A truck broker normally specializes in FTL brokerage.
TSA: See Transportation Security Administration Turnover: 1) A calculation of the number of times the inventory of an item would be consumed during a period given average inventory levels and consumption.
TVC:Time Volume Contract.
Twenty-foot Equivalent Unit (TEU): Standard unit for counting containers of various capacities and for describing the capacities of container ships or terminals. One 20 Foot ISO container equals 1 TEU. One 40 Foot ISO container equals two TEU. A 20 foot container is typically 8.5 feet tall and 8 feet wide outside and has an internal capacity of 1170 square feet.
Type of Cargo;An indication of the sort of cargo to be transported, (e.g. Break Bulk, Containerised, RoRo).
Type of Equipment:The type of material used, e.g. 40 feet container, four way pallet or mafi trailer.
Type of Movement:Description of the service for movement of containers. Note: The following type of movement can be indicated on B/L and Manifest all combinations of FCL and LCL and break bulk and RoRo. Whilst only on the manifest combinations of House, Yard and CFS can be mentioned.
Type of Packing:Description of the packaging material used to wrap, contain and protect goods to be transported.
U.L.D. Rate- A rate charged by an airline for carrying a ULD. See chapter on freight rates for an explanation.
U.L.D.- Unit Load Device.The collective term used to describe the specialised containers and pallet bases used with cargo aircraft. See also Aircraft Unit Load Device
U.S. Customs: A division of the Department of Treasury is in charge of controlling the admissibility of goods into the country, and collecting duty and taxes. Customs also enforces laws and regulations regarding imported goods.
The above details describes about terms called in freight forwarding such as as TRANSIT CARGO, Transit Port,TRANSIT SHIPMENT,Transmittal Letter,Transportation Mode, Transshipment ,Twenty-foot Equivalent Unit,Type of Movement,U.S. Customs,Terminal Receiving Charge 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 Trailer Interchange Receipt,Trailer on Flat Car,Traceability,Tracking and Tracing,Traffic,Trailer
The above information is a part of Import Export Training online
Related posts about free online training on import and export business:
How to export your product?
Click here to know HS code of your product
What is the ITC code (Indian Tariff Code) of your product?
12 Major risks and solutions in Imports and Exports
Documentation procedures on high sea sale
How to get non preferential Certificate of Origin, state wise
Types of export containers
SEIS scheme for exporters in India
How does Letter of Credit work?
Risk Management System under MEIS and SEIS
Application for Shipments from EDI Ports and Non-EDI Ports under MEIS
Last date of filing of application for Duty Credit Scrips
How does TT (Telegraphic Transfer) work?
How does Wire transfer work in international business?
Sea carriers
sea exports
SEZ benefits
Shipping lines worldwide
Short shipment in Export business
Shut out procedures to get back goods to exporter's place
Spelling error in LC? Is wrong spelling a discrepancy under Letter of credit?