Terms used in shipping such as Open Rate,Operation Exodus,Optimum Cube,Orderly Marketing Agreement,Order-Notify etc.
This post explains about terms used in shipping such Open Account ,Open Conference,Open Rate,Operation Exodus,Optimum Cube,Orderly Marketing Agreement,Order-Notify,Orders ,ORE CARRIER 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
OPEC - Organization of Petroleum Exporting Countries
Open - Said of a ship that is available as from a specified date at a particular place to steam to another port. if necessary. to load her next cargo. having discharged the last one.
Open Account - A trade arrangement in which goods are shipped to a foreign buyer before, and without written guarantee of, payment. Because this method poses an obvious risk to the supplier, it is essential that the buyer's integrity be unquestionable.
Open Conference - Liner conference that does not require its member lines to vote on the admission of a new member.
Open Insurance Policy - A marine insurance policy that applies to all shipments made by an exporter over a period of time rather than to a single shipment.
Open Insurance Policy:A marine insurance policy that applies to all shipments made by an exporter over a period of time rather than to one shipment only.
OPEN POLICY:A cargo insurance policy that is an open contract; e.g., it provides protection for all of an exporter’s shipments afloat or in transit within a specified geographical trade area for an unlimited period of time, until the policy is cancelled by the insured or by the insurance company. It is “open” because the goods that are shipped are also detailed at that time. This usually is shown in a document called a marine insurance certificate.
Open Rate - Freight rate negotiated by a shipper or freight forwarder with a shipping line or liner conference for shipping in excess of a minimum agreed quantity of cargo on any one ship. It is lower than the published tariff rate and generally applies to the shipments of one commodity from one pod of loading to one port of discharging.
open rate - Freight rate negotiated by a shipper with a shipping line for shipping in excess of a minimum agreed quantity of cargo on any one ship.
OPEN RATES:Pricing systems that are flexible and not subject to conference approval. Usually applied to products in which tramps are substituted for liners.
OPEN REGISTRY:A term used in place of “flag of convenience” or “flag of necessity” to denote registry in a country which offers favorable tax, regulatory, and other incentives to ship owners from other nations.
open side container - Shipping container with side doors that drop down to give unrestricted access to the sides of the container for loading or discharging.
open top container - Shipping container that has an open top instead of a solid roof to enable cargo, such as timber, to be loaded from the top. The container is covered by waterproof sheeting while in transit.
Operating Committee - The Operating Committee (chaired by the Commerce Department) is the first step in resolving interagency disputes over the disposition of license applications for dual-use items not reviewed by one of the other interagency working groups. The other working groups include: (a) the Subgroup on Nuclear Export Coordination (SNEC), chaired by State for applications involving nuclear concerns; (b) the Missile Technology Export Control Group (MTEC), chaired by State for applications involving missile technology concerns; and (c) the "Shield," chaired by State for applications involving chemical or biological warfare concerns. These committees review applications and participate in the dispute resolution. Prior to any escalation to the Advisory Committee on Export Policy (ACEP), all applications must be reviewed by one of these working groups. See: Advisory Committee on Export Policy.
Operating Differential Subsidy - ODS is a payment which the U.S. government makes to vessels carrying the American flag to offset the difference in operating costs between U.S. and foreign carriers.
operating port: At an operational port like Charleston, South Carolina, the port authority builds the wharves, owns the cranes and cargo-handling equipment and hires the labor to move cargo in the sheds and yards. A stevedore hires longshore labor to lift cargo between the ship and the dock, where the port’s laborers pick it up and bring it to the storage site. (See landlord port.)
Operating Ratio:A comparison of a carrier's operating expense with its net sales. The most general measure of operating efficiency.
Operation Exodus - Operation Exodus is a U.S. Customs Service export enforcement program that was developed in 1981 to help stem the flow of the illegal export of U.S.-sourced arms and technology to the Soviet bloc and other prohibited destinations.
OPIC - Overseas Private Investment Corporation
Optimum Cube:The highest level of cube utilization that can be achieved when loading cargo into a container.
optional cargo - Cargo that is destined for one of the ship's discharge ports, where the exact port is not known when the goods are loaded. The optional cargo is stowed so that it can be removed at any of the optional ports without disturbing other cargo.
Order B/L:A negotiable B/L, in which the goods are consigned "to order of" a particular party, often the shipper in which case the consignee is mostly shown simply as "to order".
Orderly Marketing Agreement - A bilateral agreement between governments by which one government limits exports to the other. Similar to a voluntary export restriction agreement or a voluntary restraint agreement. Used to address injury to a domestic industry. Contracts negotiated between two or more governments, in which the exporting nation undertakes to ensure that international trade in specified "sensitive" products will not disrupt, threaten, or impair competitive industries or workers in importing countries.
Orderly Marketing Agreements (OMA) - Bilateral agreements limiting imports from one country to another. OMAs are generally undertaken to avoid imposition of unilateral import restrictions.
Order-Notify (O/N):A bill of lading term to provide surrender of the original bill of lading before freight is released; usually associated with a shipment covered under a letter of credit.
Orders - Set of instructions given by the shipowner or ship operator to the master of a ship concerning the next voyage. These instructions include the names of the intended ports of loading, bunkering and discharging together with the names, addresses, telephone numbers and cable addresses of the ship's agents at each port, details of the cargo, a schedule of bunkers needed for the voyage is not known. A ship is said to be awaiting orders and the master may be instructed to anchor where he is or to steam in the direction of the area where the shipowner expects to find a cargo.
ORDINARY SEAMAN:(1) A deck crew member who is subordinate to the Able Bodied Seamen. (2) An apprentice AB, assists AB’s bosun, and officers, keeps facilities clean.
ORE CARRIER:A large ship designed to be used for the carnage of ore. Because of the high density of ore, ore carriers have a relatively high center of gravity to prevent them being still when at sea, that is, rolling heavily with possible stress to the hull.
ORE-BULK-OIL CARRIER:A large multi-purpose ship designed to carry cargoes wither of ore or other bulk commodities or oil so as to reduce the time the ship would be in ballast if restricted to one type of commodity. This type of ship is sometimes called bulk-oil carrier.
ORFS:Abbreviation for "Origin Rail Freight Station." Same as CFS at origin except an ORFS is operated by the rail carrier participating in the shipment.
Organisation Mondiale de la Propriete Intellectuelle - See: World Intellectual Property Organization.
Organisation pour la Mise en Valeur du Fleuve Gambie - See: Gambia River Basin Development Organization.
Organisation pour la Mise en Valeur du Fleuve Senegal - See: Organization for the Development of the Senegal River.
Organizacion de los Estados Americanos - See: Organization of American States.
Organization for Economic Cooperation and Development - OECD provides a forum for discussion of common economic and social issues facing the United States, Canada, Western Europe, Japan, Australia, and New Zealand. OECD was founded in September 1960 as successor to the Organization for European Economic Cooperation (OEEC) which had administered European participation in the Marshall Plan. OECD seeks "to achieve the highest sustainable economic growth and employment and a rising standard of living in member countries while maintaining financial stability and thus contribute to the world economy." Members include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Luxembourg, Japan, the Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, Turkey, the United Kingdom, and the United States. OECD headquarters are in Paris, France. See: Arrangement on Guidelines for Officially Supported Export Credits.
The above details describes about terms called in shipping such as Open Account ,Open Conference,Open Rate,Operation Exodus,Optimum Cube,Orderly Marketing Agreement,Order-Notify,Orders ,ORE CARRIER 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 Offsets ,oil port,OILER,On Board Bill of Lading,On Deck,on-terminal rail
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