Terms used in shipping such as Offsets ,oil port,OILER,On Board Bill of Lading,On Deck,on-terminal rail etc.
This post explains about terms used in shipping such as OFFICER,Offsets ,oil port,OILER,On Board Bill of Lading,On Deck,on-terminal rail 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
OFF-HIRE CLAUSE:In a time charter, the owner is entitled to a limited time for his vessel to be off hire until such time as the vessel may be repaired or dry-docked.
Office of International Cooperation and Development - The Department of Agriculture's OICD is responsible for cooperative international research, scientific and technical exchanges, and liaison with internaitonal agricultural organizations. OICD also directs training and technical assistance in efforts in approximately 80 development countries.
Office of Munitions Control - See: Defense Trade Controls.
OFFICER:Any of the licensed members of the ship’s complement.
Official Development Assistance - Financial flows to developing countries and multilateral institutions provided by official agencies of national, state, or local governments. Each transaction must be:- administered with the promotion of the economic development and welfare of developing countries as its main objective; and concessional in character and contain a grant element of at least 25 percent.
Official Number [ON]:Unique number assigned to each vessel for its entire life, regardless of changes of name or purpose.
OFF-LINE;An airline that sells in a market to which it does not operate. An off-line carrier will use another operator to link with its network.
OFF-LOAD:Discharge of cargo from a ship.
Offsets - The term offsets is an umbrella label for a broad range of industrial and commercial compensation practices required as a condition of purchase in commercial or government-to-government sales of either military or high-cost civilian hardware. Whether commercial or military, offsets involve overseas production that results in the creation or expansion of industrial capacity in the importer's country. The compensatory forms of offset include coproduction, licensed production, subcontractor production, overseas investment, and technology transfer. Coproduction permits a foreign government or producer to acquire the technical information to manufacture all or part of a U.S.-origin article. Licensed production of a U.S.-origin article involves transfer of technical information under direct commercial arrangements between a U.S. manufacturer and a foreign government or producer. Subcontractor production of a U.S.-origin article usually involves a direct commercial arrangement between the U.S. manufacturer and a foreign producer but does not necessarily involve license of technical information. Overseas investment arising from an offset agreement involves capital contribution toward the establishment or expansion of a subsidiary or joint venture in a foreign country. Technology transfer arises from agreement to conduct research and development abroad, to provide technical assistance to a subsidiary or joint venture of overseas investment, or to perform other activities under direct commercial arrangement between a U.S. manufacturer and a foreign entity. Countries require offsets for a variety of reasons: to ease (or "offset") the burden of large defense purchases on their economies, to increase domestic employment, to obtain desired technology, or to promote targeted industrial sectors. Governments sometimes impose offset requirements on foreign exporters, as a condition for approval of major sales agreements in an effort to either reduce the adverse trade impact of a major sale or to gain specified industrial benefits for the importing country. In these circumstances, offset requirements may be direct or indirect, depending on whether the goods and services are integral parts of the product. In a direct offset, a U.S. manufacturer selling a product uses a component that is made in the purchasing country. In an indirect offset, the exporter would buy products that are peripheral to the manufacture of its product. See: Countertrade.
Offshore Banking Center - See: Offshore Banking Unit.
Offshore Banking Unit - An OBU is normally a foreign bank which conducts domestic moneymarket, Eurocurrency, and foreign exchange settlements. OBUs cannot accept domestic depostis but their activities are unrestricted by domestic authorities. OBUs are located in major financial centers (known as offshore banking centers) with liberal reserve, tax, and capital market requirements.
Offshore Dollars - See: Eurodollars.
Offshore Manufacturing - Offshore manufacturing is the foreign manufacture of goods by a domestic firm primarily for import into its home country.
OFFSHORE SERVICE VESSELS:Special vessels employed in exploration for, development of or continuous production of, subsea oil and gas.
OHG - Offene Handelsgesellschaft
OIC - Organization of the Islamic Conference
OICD - Office of International Cooperation and Development
oil port - Port whose main or only type of cargo handled is oil. This port is often characterized with deep water jetties to accommodate large oil tankers and with storage tanks and refineries.
OIL RECORD BOOK:A book or log kept by the master of an oil tanker wherein every discharge or escape of oil is recorded.
OIL TANKER:A ship designed for the carriage of oil in bulk, her cargo space consisting of several or many tanks. Tankers load their cargo by gravity from the shore or by shore pumps and discharge using their own pumps.
OILER:An unlicensed member of the engine room staff who oils and greases bearings and moving parts of the main engine and auxiliaries. Most of this work is now done automatically and the oiler merely insures it operates correctly.
Old-To-Market - As defined by the International Trade Administration, old-to-market is a term which refers to committed/experienced larger-scale firms. A significant portion of manufacturing capability may be foreign sourced. Export sales volume is often in excess of 15 percent of total sales.
OMA - Orderly Marketing Agreement
OMC - Office of Munitions Control
OMPI - Organisation Mondiale de la Propriete Intellectuelle
OMVG - Organisation pour la Mise en Valeur du Fleuve Gambie
OMVS - Organisation pour la Mise en Valeur du Fleuve Senegal
On Board / Shipped On Board:A notation on a bill of lading, indicating that not only did the carrier receive the goods in good order and condition, but they were also placed on board the ship.
On Board Bill of Lading:A Bill of Lading in which a carrier acknowledges that cargoes have been placed on board a certain vessel. The on-board date of bills of lading is the date on which liabilities of the carrier start.
On Board/ Shipped On Board B/L:A B/L evidencing that the goods were not only received by the carrier but were actually loaded on board in good order and condition. "Shipped" indicates that not only were the goods on board, but that the ship has departed the port.
On Board:A notation on a bill of lading that cargo has been loaded on board a vessel. Used to satisfy the requirements of a letter of credit, in the absence of an express requirement to the contrary.
On Deck:A special stowage instruction to confine that the cargo stowage must be on deck rather than under deck.
on-dock rail: Direct shipside rail service. Includes the ability to load and unload containers/breakbulk directly from rail car to vessel.
One-Way lease:Lease that covers the outbound voyage only, after which the container is returned to the lease holder at or near destination.
on-terminal rail: Rail service and trackage provided by a railroad within a designated terminal area.
OO - In Owner's Option - Term in a Charter-Party, which stipulates that the shipowner has a choice in specific circumstances. For example, in a voyage charter, the owner may have the option of specifying the exact quantity of cargo to be loaded.
The above details describes about terms called in shipping such as OFFICER,Offsets , oil port,OILER,On Board Bill of Lading,On Deck,on-terminal rail 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 Ocean Freight Forwarder ,Off Hire Survey,Offene Handelsgesellschaft
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