Terms used in shipping such as DENSITY,Delivered ex Quay ,Delivered ex Ship, Despatch, Destination etc.
This post explains about terms used in shipping such as dely. and re-dely., Demurrage, Demarche,DENSITY,Delivered ex Quay ,Delivered ex Ship, Despatch, Destination, Detention 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 shipping
dely. and re-dely. - Delivery and re-delivery
Dem - Demurrage - Amount of money paid to the shipowner by the charterer, shipper or receiver, as the case may be, for failing to complete loading and/or discharging within the time allowed in the Charter-Party. The rate of demurrage, normally an amount per day, is agreed in the Charter-Party. Some charters specify that, after a certain period of demurrage, either additional demurrage or damages for detention become payable. When demurrage becomes payable, it is said of a ship that she is on demurrage. Once a ship is on demurrage, no deductions are made for the excepted periods, such as weekends, in the calculation of the demurrage charges; hence it is said that "once on demurrage, always on demurrage."
Demarche - Official discussion with another government carried out on instructions.
DEMDES:Demurrage/Despatch money. (Under vessel chartering terms, the amount to be paid if the ship is loading/discharging slower/faster than foreseen.)
Demise Charter - See bareboat charter.
Demise Clause - Clause in a Bill of Lading stipulating that the contact of carriage is between the shipper or Bill of Lading holder and the shipowner. Bills of lading issued by charterers of a ship on behalf of the owner and master often contain this clause. It should be noted that this clause is inconsistent with the laws of certain countries and may therefore be invalid in those countries.
DEMURRAGE:(1) A charge made on cars or other equipment held by or for consignor or consignee for loading or unloading, for forwarding directions or for any other purpose (2) A penalty for exceeding free time allowed for loading or unloading at a pier or freight terminal. Also a charge for undue detention of transportation equipment or carriers in port while loading or unloading.
DENSITY:Density means pounds per cubic foot. The cubage of loose articles or pieces, or packaged articles of a rectangular, elliptical, or square shape on one plane, shall be determined by multiplying the greatest straight line dimensions of length, width, and depth in inches, including all projections, and dividing the total by 1728 (to obtain cubic feet). The density is the weight of the article divided by the cubic feet thus obtained.
Department of Homeland Security (DHS):Single, integrated agency focused on protecting the American people and their homeland.
Department of Trade and Industry - See: British Overseas Trade Board.
Department of Transportation (DOT):A federal Cabinet department of the U.S. government concerned with transportation. It was established by an act of Congress on October 15, 1966, and began operation on April 1, 1967. It is governed by the United States Secretary of Transportation.
Deposit of Estimated Duties - This refers to antidumping duties which must be deposited upon entry of merchandise which is the subject of an antidumping duty order for each manufacturer, producer or exporter equal to the amount by which the foreign market value exceeds the United States price of the merchandise. See: Tariff Act of 1930.
Depot, Container:Container freight station or a designated area where empty containers can be picked up or dropped off.
DEQ - Delivered ex quay - This mean that the seller makes the goods available to the buyer on the quay at the destination named in the sales contract. The seller has to bear the full cost and risk involved in bringing the goods there. There are two "ex quay" contracts in use, namely "ex quay" (duty paid) and "ex quay' (duties on buyer's account), in which the liability to clear the goods for import are to be met by the buyer instead of by the seller, parties are recommended always to use the full descriptions of these terms namely "ex quay' (duty paid) or "ex quay" (duty on buyer's account), or else there may be uncertainty as to who is to he responsible for the liability to clear the goods for import.
DEQ Delivered ex Quay (named port of destination) – Incoterms:Similar to DES but the seller must also arrange discharge onto the quay or wharf.
DEQ - It stands for 'delivered ex quay'/ duty paid. It is an incoterm where the title and risk passes to the buyer if the goods are delivered on board the ship at the destination point by the seller who on his part delivers the goods on dock at the destination point cleared for import. It is used for sea or inland waterway transportation.
Derivatives - Derivatives are leveraged instruments that are linked to either specific financial instruments or indicators (such as foreign currencies, government bonds, share price indices, or interest rates) or to particular commodities (such as gold, sugar, or coffee) that may be purchased or sold at a future date. Derivatives may also be linked to a future exchange, according to contractual arrangement, of one asset for another. The instrument, which is a contract, may be tradable and have a market value. Among derivative instruments are options (on currencies, interest rates, commodities, or indices), traded financial futures, warranties, and arrangements such as currency and interest rate swaps.
derrick - Lifting equipment on board a ship generally used for loading and discharging cargo.
DES Delivered ex Ship (named port of destination) – Incoterms:The seller makes the goods available to the buyer on board the ship at the destination port, and is responsible for all costs and risks until that point, as well as arrival within the given period. Typically this term would be used for bulk cargo on a chartered ship.
DES - Delivery ex ship - This mean that the seller shall make the goods available to the buyer on board the ship at the destination named in the sales contact. The seller has to bear the full cost and risk involved in bringing the goods there.
DESP – Despatch or Despatch Money - Amount of money the rate of which is agreed in advance, payable by the shipowner to the charterer, shipper or receiver, as the case may be, for loading and/or discharging in less than the time allowed; normally despatch money, if a provision for it has been made, is at the same rate as, or half the rate of the rate of demurrage agreed in the Charter-Party.
despatch - An agreed upon amount of money that is paid by the shipowner to the shipper or receiver, when loading or discharging is performed faster than the allotted time.
Despatch:An incentive payment paid to a carrier for loading and unloading the cargo faster than agreed. Usually negotiated only in charter parties.
DESPATCH:Time saved, reward for quick turnaround – in dry cargo only
Destination Control Statement - Exporters are required to place destination control statements on commercial invoices and bills of lading for most export sales. These statements alert foreign recipients of goods and documents that diversion contrary to U.S. law is prohibited. Destination control statements are discussed in the Code of Federal Regulations (15 CFR 786.5 and 786.6).
Destination Control Statements:Various statements that the U.S. government requires to be displayed on export shipments. The statements specify the authorized destinations.
Destination Delivery Charge (DDC):A charge assessed by the carrier for the handling of a full container at destinations. The term is more commonly used in the U.S.A. trade.
Destination:The place to which a shipment is consigned. - The place where carrier actually turns over cargo to consignee or his agent.
Destination:The place where the carrier or the forwarder actually turns over the cargo or container to consignee or his agent. It may also be termed “ Final Destination”.
Det. – Detained
Detention (Demurrage):Charges raised by the carrier or the forwarder for detaining container/trailer at customer premises for a period longer than that provided in the Tariff of the carrier or the forwarder.
Detention Charge - Charge payable by a shipper or receiver to a shipping line for detaining equipment or a vessel beyond the time allowed.
Detention Charge:See "Detention".
Detention/demurrage:Penalty charges assessed by a carrier to a shipper or consignee for holding transportation equipment, i.e. trailers, containers, railcars, longer than a stipulated time for loading or unloading.
The above details describes about terms called in shipping such as dely. and re-dely., Demurrage, Demarche,DENSITY,Delivered ex Quay ,Delivered ex Ship, Despatch, Destination, Detention 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 shipping business below this post.Terms used in shipping such as Defense Trade Controls,Deferment Account,Deficit Weight,Delivered Duty Paid,Delivered/Duty Paid
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