Terms used in shipping such as Gateway,GATT Panel,GDSM,Gencon,General Average Clause etc.
This post explains about terms used in shipping such as GANG,GANGWAY,gantry crane,GATEWAY,GATT Panel,GDSM,Gencon,General Average Clause,general cargo,General Imports 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
G-7 - Group of seven: the finance ministers and central bankers of seven leading industrial nations
GA - General Average - Intentional act or sacrifice that is carried out during voyage to preserve the venture from a real peril. The party who has suffered a loss as a result is reimbursed by all the other parties to the marine adventure, each paying a proportion of the amount of the loss according to the value of their interest.
GAB - General Arrangements to Borrow
Gambia River Basin Development Organization-The Organization (French: Organisation pour la Mise en Valeur du Fleuve Gambie, OMVG) promotes the construction of dams for hydroelectric and irrigation purposes. The organization was established in June 1978; headquarters are in Dakar, Senegal. Members include: the Gambia, Guinea, Guinea-Bissau, and Senegal.
GANG:A group of longshoremen, usually four to five members, with a supervisor assigned to a hold or portion of the vessel being loaded or unloaded.
GANGWAY:A narrow portable platform used as a passage, by persons entering or leaving a vessel moored alongside a pier or quay.
Gantry crane - a type of crane used to load and unload container ships. It lifts objects with a hoist and can move horizontally on a rail or pair of rails.
gantry crane: Track-mounted, shoreside crane utilized in the loading and unloading of breakbulk cargo, containers and heavy lift cargo.
GAS TANKER:Specially designed for the transport of condensed (liquefied) gases. The most important gases are: ammonia, ethylene, LNG (Liquefied Natural Gas), which consists mainly of methane, and is cooled to a temperature of minus 163 degrees Celcius, and LPG (Liquefied Petroleum Gas) such as butane and propane.
Gateway - (a) It is a port of entry into a country of origin. (b) It is a point through which the freight moves from one territory to another.
Gateway - In the context of travel activities, gateway refers to a major airport or seaport. Internationally, gateway can also mean the port where customs clearance takes place.
Gateway Industry-related: A point at which freight moving from one territory to another is interchanged between transportation lines.
GATEWAY:(1) A port of entry into a country or region. (2) A point through which freight commonly moves from one territory or carrier to another
Gateway:In the context of travel activities, gateway refers to a major airport or seaport. Internationally, gateway can also mean the port where customs clearance takes place.
GATT - General Agreement on Tariffs and Trade
GATT (GENERAL AGREEMENT ON TARIFFS AND TRADE):A multilateral treaty intended to help reduce trade barriers and promote tariff concessions.
GATT Panel - A panel of neutral representatives that may be established by the GATT Secretariat under the dispute settlement provisions of the GATT to review the facts of a dispute and render findings of GATT law and recommend action.
GATT: Abbreviation for "General Agreement on Tariffs and Trade." A multilateral treaty to help reduce trade barriers between the signatory countries and to promote trade through tariff concessions. The World Trade Organization (WTO) superseded GATT in 1994.
GATT:General Agreement on Tariff and Trade. An international multilateral agreement embodying a code of practice for fair trading in international commerce.
GBL:Abbreviation for "Government Bill of Lading."
GCC - Gulf Cooperation Council
G-COCOM - General License – COCOM
GCR - It stands for General Cargo Rate. It is the rate of the carriage of cargo other than a class rate or specified commodity rate.
G-DEST - General License – Destination
GDP:Gross Domestic Product: The total value of goods and services produced by a nation over a given period, usually 1 year.
GDSM:Abbreviation for "General Department Store Merchandise." A classification of commodities that includes goods generally shipped by mass-merchandise companies. This commodity structure occurs only in service contracts.
GEF - Global Environmental Facility
GEM - Global Export Manager
Gencon - Widely used general purpose voyage Charter-Party published by BIMCO.
General Agreement on Tariffs and Trade - The GATT is a binding contract among over 100 governments. GATT was established in 1947 as an interim measure pending the establishment of the International Trade Organization, under the Havana Charter. The International Trade Organization (ITO) was never ratified by Congress. Operating in the absence of an explicit international organization, GATT has provided the legal framework for international trade with its primary mission being the reduction of trade barriers. Headquarters offices are in Geneva, Switzerland. See: Rounds Standards.
General Arrangements to Borrow - The GAB, established in 1962 and amended several times, is an agreement under which the International Monetary Fund may borrow monies from major industrial nations (Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, the United Kingdom, the United States, Sweden, and Switzerland). The GAB were originally designed to enable the participants to strengthen the Fund by lending to it specified amounts of their currencies. These loans would be made when supplementary resources were needed to help finance purchases by GAB participants in circumstances where such financing would forestall or cope with an impairment of the international monetary system. The GAB were amended to include an associated agreement with Saudi Arabia and to permit the Fund to use the arrangements to finance transactions with nonparticipants under certain conditions on purchases involving upper credit tranche conditionality
General Average Clause - Clause in a Bill of Lading or Charter-Party that stipulates in what country or place and by what rules. often the York-Antwerp Rules, general average is to be adjusted.
General Average:General average is an unwritten, non-statutory, international maritime law which is universally recognized and applied. It is founded on the principle that vessel and goods are parties to the same venture and share exposure to the same perils, which may require sacrifice or the incurring of extraordinary expense on the part of one for the benefit of the whole venture. It is an arrangement which will be applied when the vessel is encountering serious accidents caused by force majeure.
General Average:General average is an unwritten, non-statutory, international maritime law which is universally recognized and applied. It is founded on the principle that vessel and goods are parties to the same venture and share exposure to the same perils, which may require sacrifice or the incurring of extraordinary expense on the part of one for the benefit of the whole venture.
general cargo: Consists of both containerized and breakbulk goods, in contrast to bulk cargo. See: breakbulk, container, bulk, dry bulk). General cargo operations produce more jobs than bulk handling.
General Cargo:Non containerised cargo – loose loaded to vessels, this can be on a pallet or it maybe for example something which is to big for a container.
General Exception - CoCom controls exports at three levels, depending on the item and the proposed destination. At the highest or "general exception" level, unanimous approval by CoCom members is necessary.
GENERAL EXPORT LICENSE:Any of various export licenses covering export commodities for which validated export licenses are not required.
General Imports - "General Imports" measure the total physical arrivals of merchandise from foreign countries, whether such merchandise enters consumption channels immediately or is entered into bonded warehouses or Foreign Trade Zones under Customs custody.
The above details describes about terms called in shipping such as GANG,GANGWAY,gantry crane,GATEWAY,GATT Panel,GDSM,Gencon,General Average Clause,general cargo,General Imports 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 Feasibility Studies,Full Container Load,Fumigation,Functional Currency, Greenwich Mean Time
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