Terms used in shipping such as Baltime,BANCOMEXT,Bank Guarantee,Banker's Acceptance etc


Terms used in shipping such as Baltime,BANCOMEXT,Bank Guarantee,Bank Guarantee,Banker's Acceptance etc.


This post explains about terms used in shipping such as ballast, Bank Holding Company ,Baltime,BANCOMEXT,Bank Guarantee,Bank Guarantee,Banker's Acceptance,Banker's Draft 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


BAGGED CARGO:Various kinds of commodities usually packed in sacks or in bags, such as sugar, cement, milk powder, onion, grain, flour, etc.


Balance of Payments - The balance of payments is a statistical summary of international transactions. These transactions are defined as the transfer of ownership of something that has an economic value measurable in monetary terms from residents of one country to residents of


Balance of Payments Consultations - The coordination between the GATT and the IMF to ensure that trade and payments implications of trade restrictions imposed for balance of payments reasons are taken fully into account. GATT Articles XII and XVIII allow countries to temporarily deviate fro


Terms used in shipping such as Baltime,BANCOMEXT,Bank Guarantee,Bank Guarantee,Banker's Acceptance etcBalance on - " - Current account; - Goods, services, and income; - Investment income; - Merchandise trade; - Services; - Unilateral transfers See: Balance of Payments."


bale (capacity) - Total cubic capacity of a ship's hold available for carrying solid cargo.


Bale / Bale Capacity - Total cubic capacity of a ship's holds available for the carriage of solid cargo which is not capable of filling the spaces between the ship's frames. It is expressed in cubic feet or cubic meters. Where a cargo is free flowing and is capable of filling the spaces between the ship's frames, the corresponding cubic capacity is known as the grain or grain capacity.


ballast - "A heavy weight, usually sea water, necessary for the stability and safety of a ship at sea that is not carrying cargo."


BALLAST BONUS:Compensation for relatively long ballast voyage


BALLAST MOVEMENT:A voyage or voyage leg made without any paying cargo in a vessel’s tanks. To maintain proper stability, trim, or draft, seawater is usually carried during such movements.


BALLAST TANK:Compartments at the bottom of a ship or on the sides which are filled with liquids for stability and to make the ship seaworthy. Any shipboard tank or compartment on a tanker normally used for carrying salt-water ballast. When these compartments or tanks are not connected with the cargo system, they are called segregated ballast tanks or systems.


BALLAST:Heavy substances loaded by a vessel to improve stability, trimming, sea keeping and to increase the immersion at the propeller. Sea water ballast is commonly’ loaded in most vessels in ballast tanks, positioned in compartments right at the bottom and in some cases on the sides, called wing tanks. On a tanker, ballast is seawater that is taken into the cargo tanks to submerge the vessel to a proper trim.


Balloon Freight:Light, bulky articles. Usually related to volume cargo


Baltic Mercantile & Shipping Exchange - Institution, located in London, England, also known as the Baltic Exchange or simply the Baltic, whose main function is to provide facilities for the chartering of ships by its members: chartering agents, acting on behalf of charterers, negotiate with shipbrokers who represent shipowners on the "floor" of the Baltic. Other activities include air chartering, futures trading and sale and purchase of ships.


Baltime - General purpose Time Charter Party published by BIMCO.


Banco Centroamericano de Integracion Economico - See: Central American Bank for Economic Integration.


Banco Interamericano de Desarollo - See: Inter-American Development Bank.


Banco Latinoamericano de Exportaciones - BLADEX (English: Latin American Export Bank) is a multinational bank which provides short- (95%+) and medium-term financing. Operations are conducted in U.S. dollars. Borrowers are primarily Latin American commercial banks of member countries which fi


Banco Nacional de Comercio Exterior - "BANCOMEXT, Mexico's national foreign trade bank, provides credits, guarantees, and promotion services to support Mexico's foreign trade. BANCOMEXT also assists Mexican importers by providing short-term loans to support importation of selected commodities "


BANCOMEXT - Banco Nacional de Comercio Exterior


Bank Advisory Committee - "The Bank Advisory Committee, which in some respects has replaced the London Club, is not a structured or formal organization. The Bank Advisory Committee consists mostly of lead bankers in an individual debtor country. The lead bankers, representing the "


Bank Affiliate Export Trading Company - An Export Trading Company partially or wholly owned by a banking institution as provided under the U.S. Export Trading Company Act.


Bank for International Settlements - "BIS, established in 1930, promotes cooperation among central banks in international financial settlements. Members include: Australia, Austria, Belgium, Bulgaria, Canada, Czechoslovakia, Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Irela"


Bank Guarantee - "An assurance, obtained from a bank by a foreign purchaser; that the bank will pay an exporter up to a given amount for goods shipped if the foreign purchaser defaults. (see: Letter of Credit.)"


Bank Guarantee:A document issued by a bank acting as a guarantor for their customer. The bank's guarantee is accepted because of their status and creditworthiness compared to that of their customer. Often used in conjunction with major projects, in the form of Bid Bonds, Performance Bonds and Warranty Bonds, commonly for 10% of the contract value, all of which provide the buyer with a measure of comfort should the seller not fulfil his obligations at various stages of the contract.


Bank Guarantee:Guarantee issued by a bank to a carrier to be used in lieu of lost or misplaced original negotiable bill of lading.


Bank Holding Company - "Any company which directly or indirectly owns or controls, with power to vote, more than five percent of voting shares of each of one or more other banks."


Bank of Central African States - "The bank (French: Banque des Etats de l'Afrique Central, BEAC) issues a common currency unit, the Central African Franc. Members include The Cameroon, Central African Republic, Chad, People's Republic of Congo, Gabon, and Equitarial Guinea. France part"


Bank Release - Negotiable time draft drawn on and accepted by a bank which adds its credit to that of an importer of merchandise.


Banker's Acceptance - "A banker's acceptance is a draft drawn on and accepted by a bank. Depending on the bank's creditworthiness, the acceptance becomes a financial instrument which can be discounted."


Banker's Bank - A bank that is established by mutual consent by independent and unaffiliated banks to provide a clearinghouse for financial transactions.


Banker's Draft - Draft payable on demand and drawn by or on behalf of the bank itself; it is regarded as cash and cannot be returned unpaid.


Banque Fran‡aise du Commerce Exterieur - "BFCE, a government-owned agency, is the French Government lender for officially supported export credits at preferential interest rates. The Bank, which provides financing for international trade, plays a coordinating role between exporters and the Frenc"


The above details describes about terms called in shipping such as ballast, Bank Holding Company ,Baltime,BANCOMEXT,Bank Guarantee,Bank Guarantee,Banker's Acceptance,Banker's Draft 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 Bill of Ladinq, Bunker Surcharge, BackHaul, Backfreight, Backhaul etc.

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Adebowale Adeyemi: Hello, I like to ask if necessary for performance bond to go in line with bank guarantee or the relationship between the two terms? Thanks

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