Terms used in shipping such as Port of Discharge,Port of Loading,Premium income limit,Partial loss,Pacific Rim etc.
This post explains about terms used in shipping such as Overtonnaging,overstow ,Owners Agents,Port of Discharge,Port of Loading,Premium income limit,Partial loss,Pacific Rim ,Packing List 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
Overseas Economic Cooperation Fund - The OECF, a Japanese government development financial institution, provides developing countries and areas with grants and long-term, low-interest loans. As a result of difficulty in distinguishing between the Fund and the Export-Import Bank of Japan, a 1975 reorganization put OECF in charge of all direct loans to be made as official development assistance (ODA) with the grant element of 25 percent of more. The Fund was created in 1961; headquarters are in Tokyo, Japan. See: Export-Import Bank of Japan Japan International Cooperation Agency.
Overseas Private Investment Corporation - OPIC is a government corporation which assists U.S. private investments in less developed nations by providing direct loans and loan guarantees, insuring against a broad range of political risks, and providng a variety of investor services. The overseas investments may include distributorships owned by U.S. manufacturers which are consistent with the economic interests of both the United States and the developing country involved. OPIC was formed as a part of the Agency for International Development in 1961 and became an independent agency 10 years later. Telephone: 800-424-6742.
overstow - To stow an item of cargo on top of another in a ship.
Overtonnaging - Situation where there are too many ships generally or in a particular trade, for the level of available cargoes.
OVERTONNAGING:A situation where there are too many ships generally or in a particular trade for the level of available cargoes.
OVs - Orientation Visits
Owner Code (SCAC):Standard Carrier Abbreviation Code identifying an individual common carrier. A three letter carrier code followed by a suffix identifies the carrier's equipment. A suffix of "U" is a container and "C" is a chassis.
Owners Agents - Ship's agent nominated by, and paid by: the shipowner in accordance with the Charter-Party.
Owners Broker - Shipbroker who acts on behalf of a shipowner in the negotiations leading to the chartering out of the owner's ship.
Owners Market - Strong market in favor of Ship Owner's.
P – Package
P - Principal Officer
P & I:Protection and indemnity insurance
P&I:Abbreviation for "Protection and Indemnity," an insurance term.
P. & I. - Protection and indemnity
P. & L. - Profit and Loss
P. O. D. - Paid on delivery
P.A. - Particular average
P.A.N. - Premium advice note
P.B. - Permanent Bunkers
P.D. - Port dues
P.D.O. - Property damage only
P.I. - Personal injury
P.I.A. - Peril insured against
P.I.L. - Premium income limit
P.L. - Public liability
P.L. 480:Agricultural Trade Development and Assistance Act of 1954.
P.L. 664:Mandates that 50 percent of government impelled cargoes be carried under U.S. flag. Known as the 50/50 shipping law.
P.L.A. - Port of London Authority
P.M.L. - Probable maximum loss
p.o.c. - Port of call
P.O.D. - Pay on delivery, Port of distress
P.O.D.:Port of Discharge. The port at which cargoes or containers are discharged from vessel. When transshipment is needed, there can be a number of PODs during the course of shipment until it reaches the final POD.
P.O.L.:Port of Loading. The port at which cargoes or containers are loaded onto vessels.
p.p. - Picked ports, Per procurationem (on behalf of)
p.p.i. - Policy proof of interest
P.R. - Polski Rejestr. Port Risks, prorata
P.S.T. - Pacific Standard Time
P.T. - Premium transfer
p.t. - Private terms
P/A - Particular average. Power of attorney. Private account
P/C - Price Current, Petty Cash, Percent, Particular charges, profit commission
P/L - Partial loss
P/N - Promissory note
P/S - Public sale
Pac. - Pacific coast ports
Pacific Economic Cooperation Council - The PECC is a nongovernmental organization founded in 1980 and aimed at promoting cooperation in the Asia-Pacific region. Members are drawn from 20 countries and territories: Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, Korea, Malaysia, Mexico, New Zealand, the Pacific Islands, Peru, the Philippines, Russia, Singapore, Taiwan, Thailand, and the United States.
Pacific Rim - The Pacific Rim, referring to countries and economies bordering the Pacific ocean, is an informal, flexible term which generally has been regarded as a reference to East Asia, Canada, and the United States. At a minimum, the Pacific Rim includes Canada, Japan, the People's Republic of China, Taiwan, and the United States. It may also include Australia, Brunei, Cambodia, Hong Kong/Macau, Indonesia, Laos, North Korea, South Korea, Malaysia, New Zealand, the Pacific Islands, the Philippines, Russia (or the Commonwealth of Independent States), Singapore, Thailand, and Vietnam. As an evolutionary term, usage sometimes includes Mexico, the countries of Central America, and the Pacific coast countries of South America.
Packing List:A document provided by the shipper detailing the packaging of the goods, including their weight and measurement, and assortment, etc.
Packing List:A document provided by the shipper detailing what goods are within the shipment and how they are packed. It includes carton numbers, number of items within the cartons and weight and dimensions of the cartons.
Packing List:Itemized list of commodities with marks/numbers but no cost values indicated.
PADAG:Abbreviation for "Please Authorize Delivery Against Guarantee." A request from the consignee to the shipper to allow the carrier or agent to release cargo against a guarantee, either bank or personal. Made when the consignee is unable to produce original bills of lading.
The above details describes about terms called in shipping such as Overtonnaging,overstow ,Owners Agents,Port of Discharge,Port of Loading,Premium income limit,Partial loss,Pacific Rim ,Packing List 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 Organization of African Unity,Organization of American States, Original Bill of Lading
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