Terms used in shipping such as Ocean Freight Forwarder ,Off Hire Survey,Offene Handelsgesellschaft etc.
This post explains about terms used in shipping such as OBO SHIP,Ocean Bill of Lading ,Ocean Conference,Overdeck,Ocean Freight Forwarder ,Off Hire Survey,Offene Handelsgesellschaft 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
O.P.I.C.:Overseas Private Investment Corporation.
O.R. - Owner's risk, Original rate
O.R.C.:Origin Receiving Charge. A Terminal Handling Charge levied at ports of loading.
O.S.D. - Open shelter deck
o/a - On account of
o/b - On or before
O/C - Open charter. Open cover. Old charter. Old crop
o/c – Overcharge
o/c - Overcharge, open cover
o/d - On demand
O/D – Overdeck
O/o - Order of
O/R - Overrideing commission
O/S - On sample, Out of stock, On sale or return
O/t - On truck
OAPEC - Organization of Arab Petroleum Exporting Countries
OAS - Organization of American States
OATUU - Organization of African Trade Union Unity
OAU - Organization of African Unity
OBL - Ocean Bill of Lading
obo - Oil/bulk/ore carrier
OBO SHIP:A multipurpose ship that can carry ore, heavy dry bulk goods and oil. Although more expensive to build, they ultimately are more economical because they can make return journeys with cargo rather than empty as single-purpose ships often must.
OBR - Overseas Business Report
OBU - Offshore Banking Unit
OC - Operating Committee
Oc.B/L - Ocean bill of landing
Occ. – Occurrence
Ocean Bill of Lading - A receipt for the cargo and a contract for transportation between a shipper and the ocean carrier. It may also be used as an instrument of ownership which can be bought, sold, or traded while the goods are in transit. To be used in this manner, it must be a negotiable "Order" Bill-of-Lading.- A Clean Bill-of-Lading is issued when the shipment is received in good order. If damaged or a shortage is noted, a clean bill-of-lading will not be issued.- An On Board Bill-of-Lading certifies that the cargo has been placed aboard the named vessel and is signed by the master of the vessel or his representative. On letter of credit transactions, an On Board Bill-of-Lading is usually necessary for the shipper to obtain payment from the bank. When all Bills-of-Lading are processed a ship's manifest is prepared by the steamship line. This summarizes all cargo aboard the vessel by port of loading and discharge. - An Inland Bill-of-Lading (a waybill on rail or the "pro forma" bill-of-lading in trucking) is used to document the transportation of the goods between the port and the point of origin or destination. It should contain information such as marks, numbers, steamship line, and similar information to match with a dock receipt.
ocean carrier: Diesel-fueled vessels have replaced the old steamships of the past, although many people still refer to modern diesel ships as steamships. Likewise, the person who represents the ship in port is still often called a steamship agent. (See: steamship agent)
Ocean Conference:Cartel of vessel operators operating between specific trade areas. Set cargo rates for liners between ports.
Ocean Freight Differential - OFD is the amount by which the cost of the ocean freight bill for the portion of commodities required to be carried on U.S. flag vessels exceeds the cost of carrying the same amount on foreign flag vessels. When applied to agricultural commodities shipped under Food for Peace, OFD is the amount paid by the Commodity Credit Corporation.
Ocean Freight Forwarder - See: Freight Forwarder.
Ocean Route:The all-water transportation portion of a route.
Ocean Transportation Intermediary License:A document issued by the Federal Maritime Commission indicating that a person or company has authorization to act as a Freight Forwarder or Non-Vessel-Operating-Common-Carrier, has established proof of financial responsibility in the form of a bond for its transportation activities, and, if acting as a common carrier, has published a tariff containing its rates and charges.
OCEAN WAYBILL:A document, issued by a shipping line to a shipper which serves as a receipt for the goods and evidence of the contract carriage.
OCP:See "Overland Common Points."
ODA - Official Development Assistance
ODS - Operating Differential Subsidy
ODS (OPERATING DIFFERENTIAL SUBSIDY):(1) A payment to an American-flag carrier by the U.S. federal government to offset the difference in operating costs between U.S. and foreign vessels. (2) A direct subsidy paid to U.S.-flag operators to offset the high operating cost of U.S.-flag ships when compared to foreign-flag counterparts.
OEA - Organizacion de los Estados Americanos
OECD - Organization for Economic Cooperation and Development
OECF - Overseas Economic Cooperation Fund
OECS - Organization of Eastern Caribbean States
OEL - Office of Export Licensing
OEM - Original Equipment Manufacture
OFAC - Office of Foreign Assets Control
OFD - Ocean Freight Differential
Off Hire - Said of a ship on time charter for which hire money has temporarily ceased to be paid by the charterer, for example because of breakdown of the ship or her equipment.
Off Hire Survey - Inspection carried out at the time a ship is redelivered by a time charterer to a shipowner at the end of the period of the charter. The inspection is carried out to determine whether the ship is in the same condition, wear and tear excepted. as on delivery. The quantity of bunkers is ascertained for comparison with the amounts specified in the Charter-Party. By agreement, the ship is inspected by one surveyor for each of the two parties. Which party pays for the survey and whether the time taken counts for the purpose of calculating hire money are matters agreed in the Charter-Party.
Offene Handelsgesellschaft - OHG (German, meaning: "general partnership") is characterized by the unlimited and direct liability of all partners who are jointly and severally liable. Their liability cannot be restricted. The partnership must carry the family name of at least one partner with reference to the kind of partnership (such as "& Co.").
The above details describes about terms called in shipping such as OBO SHIP,Ocean Bill of Lading ,Ocean Conference,Overdeck,Ocean Freight Forwarder ,Off Hire Survey,Offene Handelsgesellschaft 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 Nuclear Energy Agency ,Nuclear Non-Proliferation Treaty,Nuclear Regulatory Commission,Nuclear Suppliers Group
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