Terms used in shipping such as U.S. Affiliate,U.S. Munitions List,Underdeck,Under repair,Unlimited transhipment etc.
This post explains about terms used in shipping such as U.S. Affiliate,U.S. Munitions List,Underdeck,Under repair,Unlimited transhipment,Ultimate Consignee,Ullage,Ultimate Beneficial Owner 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
U.K.H.A.D. - United Kingdom, Havre, Antwerp or Dunkirk
U.L.C.C. - Ultra large crude carrier
U.N. - United Nations
U.N.C.L.O.S. - U.N. Conference on the Law of the Sea
U.N.C.T.A.D. - U.N. Conference on Trade and Development
U.N.D.P. - U.N. Development Program
U.N.D.R.O. - U.N. Disaster Relief Co-ordinator
U.N.E.P. - U.N. Environment Program
U.N.E.S.C.O. - U.N. Educational, Scientific and Cultural Organization
U.N.L. - Ultimate net loss
u.p. - Under proof
U.S. Affiliate - A U.S. affiliate is a U.S. business enterprise in which there is foreign direct investment -- that is, in which a single foreign person owns or controls, directly or indirectly, 10 percent or more of its voting securities if the enterprise is incorporated or an equivalent interest if the enterprise is unincorporated. The affiliate is called a U.S. affiliate to denote that the affiliate is located in the U.S. (although it is owned by a foreign person).See: Foreign Person.
U.S. Consular Invoice:A document required on merchandise imported into the United States.
U.S. EFFECTIVE CONTROLLED FLEET:That fleet of merchant ships owned by United States citizens or corporations and registered under flags of “convenience” or “necessity” such as Liberia or Panama. The term is used to emphasize that, while the fleet is not U.S.-flag, it is effectively under U.S. control by virtue of the ship’s owners and can be called to serve U.S. interests in time of emergency.
U.S. Munitions List - The USML identifies those items or categories of items considered to be defense articles and defense services subject to export control. The USML is similar in coverage to the International Munitions List (IML), but is more restrictive in two ways. First, the USML currently contains some dual-use items that are controlled for national security and foreign policy reasons (such as space-related or encryption-related equipment). Second, the USML contains some nuclear-related items. Under Presidential directive, most dual-use items are to be transferred from the USML to the Commerce Department's dual- use list. State, with the concurrence of Defense, designates which articles will be controlled under the USML. Items on the Munitions List face a stricter control regime and lack the safeguards to protect commercial competitiveness that apply to dual-use items.
U.S.-FLAG VESSELS:Are registered in the United States and are subject to additional U.S. laws and regulations to which foreign-flag vessels are not. They must be owned by U.S. citizens, corporations, or governments and must be crewed mainly by U.S. citizens.
U.S.-Japan Semiconductor Trade Arrangement - See: Semiconductor Trade Arrangement.
U.S.N.H. - United States, North of Cape Hatteras
U.S.S.A. - United States Salvage Association
U.T. - Unlimited transhipment
U/A - Underwriting account
U/C - Under construction
U/D – Underdeck
u/o - Use and occupancy
U/R - Under repair
UBC - Universal bulk carrier.
UCE – Unforeseen circumstances excepted including MEBD (Main engine breakdown).
UCN:Unique Consignment Number, this is a number generated which identifies your Shipment with Customs, Freight Carrier and Port / Airport
UCP:Abbreviation for the "Uniform Customs and Practice for Documentary Credits," published by the International Chamber of Commerce. This is the most frequently used standard for making payments in international trade; e.g., paying on a Letter of Credit. It is most frequently referred to by its shorthand title: UCP No. 500. This revised publication reflects recent changes in the transportation and banking industries, such as electronic transfer of funds.
UCP500:Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce publication 500, which lays out guidelines for banks to follow when dealing with L/Cs. (See also Letter of Credit).
UDEAC - Union Douaniere et Economique de l'Afrique Centrale
UFC:Abbreviation for "Uniform Freight Classification."
UIT - Union Internationale des Telecommunications
ULCC - Ultra large crude carrier
ulD - It stands for Unit Load Device, which means pallet or container for freight.
ULD (UNIT LOAD DEVICE):A pallet or container for freight.
ULD:Unit Load Device, Any type of container, container with integral pallet, aircraft container or aircraft pallet.
Ullage:The space not filled with liquid in a drum or tank.
Ultimate Beneficial Owner - The UBO of a U.S. affiliate is that person, proceeding up the affiliate's ownership chain beginning with and including the foreign parent, that is not owned more than 50 percent by another person. The UBO consists of only the ultimate owner, other affiliated persons are excluded. If the foreign parent is not owned more than 50 percent by another person, the foreign parent and the UBO are the same. A UBO, unlike a foreign parent, may be a U.S. person.
Ultimate Consignee - The ultimate consignee is the person located abroad who is the true party in interest, receiving the export for the designated end-use.
UMA - Union du Maghreb Arabe
UMLER:(Universal Machine Language Equipment Register) a computer readable file of vital statistics for each railroad car in service. It applies to all railroads, types of cars, and data processing machines
UMOA - Union Monetaire Ouest-Africaine
UMR - Usual Marketing Requirements
UN - United Nations
UN/EDIFACT:United Nations EDI for Administration, Commerce and Transport. EDI Standards are developed and supported by the UN for electronic message (data) interchange on an international level.
UN:United Nations.
UNCDF - United Nations Capital Development Fund
UNCED - United Nations Conference on Environment and Development
UNCITRAL - United Nations Commission on International Trade Law
Unclaimed Freight:Freight that has not been called for or picked up by the consignee or owner.
The above details describes about terms called in shipping such as U.S. Affiliate,U.S. Munitions List,Underdeck,Under repair,Unlimited transhipment,Ultimate Consignee,Ullage,Ultimate Beneficial Owner 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 Safeguards,Saleform,Salvage Lien,Schedule B,Safe Berth,Salvage Clause
Related posts about free online training on overseas trade:
How to export your product?
How to import your product?
Click here to know HS code of your product
12 Major risks and solutions in Imports and Exports
Bank Pre shipment Finance to exporters
Export Promotion Councils and Commodity Boards, product wise
MEIS scheme for Indian Exporters
Mode of payments in international trade
How to utilize duty scrip issued under MEIS and SEIS?
Services Exports from India Scheme (SEIS)
Merchandise Exports from India Scheme (MEIS), Schedule of country groups
Pdf format of Foreign Trade Policy 2015-20 statement
What is Manifest Hold by US customs on import
What is MET exam in US import customs clearance
What is Nominated cargo or Routing order shipment
What is NVOCC? How NVOCC can provide better rate than the main shipping carriers
What is packing credit in export business?
Transhipment - A redefinition
Travelers to India under import duty exemption, Frequently Asked Questions Part 2
Triangular export
Triangular shipment
Types of Insurance Documents.
What is Provisional Assessment in Import formalities in India?
What is said to contain in Bill of Lading.
What is Said to weigh in Bill of Lading
What is second appraisement of import clearance procedures
What is self assessment in import customs clearance in India?
What is SGS Inspection in Exports and Imports?