Terms used in shipping such as Voyage Charter,Voyage Direction,Voluntary Export Restriction,With particular average etc.
This post explains about terms used in shipping such as Voyage Charter,Voyage Direction,Voluntary Export Restriction,With particular average,War risk only,Warranted,War/Strike Clause 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
Voluntary Export Restriction - An understanding between trading partners in which the exporting nation, in order to reduce trade friction, agrees to limit its exports of a particular good. Also called voluntary restraint agreement.
Voluntary Restraint Agreement - Informal bilateral or multilateral understandings in which exporters voluntarily limit exports of certain products to a particular country destination in order to avoid economic dislocation in the importing country and the imposition of mandatory import restrictions. These arrangements do not involve an obligation on the part of the importing country to provide "compensation" to the exporting country, as would be the case if the importing country unilaterally imposed equivalent restraints on imports. See: Voluntary Export Restriction.
Voluntary Restraint Agreements (VRAs) - Generally, a bilateral arrangement whereby an exporting country agrees to reduce or restrict exports without the importing country having to make use of quotas, tariffs or other import controls. These agreements are generally undertaken to avoid action by the importing country against imports that may major or in some way threaten the positions of domestic firms in the industry in question.
VO-MTO - Vessel-operating multimodal transport operator
Voyage Charter:A charter party hiring a vessel for a particular voyage in which the shipowner provides the vessel, bunkers and crew whilst the charterer supplies the cargoes.
Voyage Direction:The sector of a round trip voyage normally denoted by the direction of the sailing.
Voyage Estimate - Calculation of the profitability of a prospective voyage of a ship using estimated figures. In the case of a tramp shipowner, the estimate is used to compare two or more possible voyage in order to determine which is the most profitable. Similarly, a time charterer would compare two or more ships so as to charter the one that is least costly overall. The content of an estimate vanes according to the type and terms of the charter and whether a shipowner or charterer is making the calculation. For an owner, the principal costs are running cost of the ship (or hire money for a time charterer), bunker costs, port charges and canal dues together with ship's agency fee and any cargo handling costs; the revenue is the daily hire, in the ease of a time charter, or the freight, less any commission in the case of a voyage charter.
Voyage:Refers to the passage in time and space from first to last port of call. In the Foreign-Going Trade, a Crew Agreement is defined as chronicling one voyage. In practice, one voyage could be made up of multiple smaller voyages, which could include the signing off of some crew and the engagement of substitutes, and a much-changed composition of crew before the last port of call. Six month “running” crew agreements for the Home Trade allowed masters to hire crew for any voyage over a six-month period in one document.
VRA - Voluntary Restraint Agreement
W.A. - With Average
W.B. - Water ballast, Warehouse Book, Way Bill
W.B./E.I. - West Britain/East Ireland
w.b.s. - Without benefit of salvage
W.C. - West Coast
W.C.I. - World Confederation of Labor
W.C.S.A. - West coast of South America
W.D.F. - Wireless direction finder
W.E.C.M. - Warranted existing class maintained
W.E.U. - Western European Union
W.F.T.U. - World Federation of Trade Unions
w.g. - Weight guaranteed
W.H.O. - World Health Organization
W.M. (W/M):Abbreviation for "Weight or Measurement;" the basis for assessing freight charges. Also known as "worm." The rate charged under W/M will be whichever produces the highest revenue between the weight of the shipment and the measure of the shipment.
W.M.O. - World Meteorological Organization
W.N.A. - Winter North Atlantic
w.o.b. - Washed overboard
W.O.L. - Wharfowners' liability
w.p. - Without prejudice, Weather permitting
W.P.A. - With particular average
w.p.p. - Waterproof paper packing
W.R. - Warehouse receipts
w.r.o. - War risk only
W.R.T.D. - Without reference to date
W.T.B.A. - Wording to be agreed
W.T.L.:Western Truck Lines.
w.w.d. - Weather working days
W/d – Warranted
W/M - Weight and /or Measurement
W/W - Warehouse warrant
WACH - West African Clearing House
WADB - West African Development Bank
WAEC - West African Economic Community
WAMU - West African Monetary Union
WAOB - World Agricultural Outlook Board
War Clause - Clause in a Bill of Lading or Charter-Party which sets out the course of action open to the master of a ship in the event that the ship or her cargo or crew would be put at risk because of war should the voyage proceed. The clause varies according to individual contracts but invariably the master would not be required to put his ship or crew at risk.
WAR RISK INSURANCE:Insurance issued by marine underwriters against war-like operations specifically described in the policy. In former times, war risk insurance was taken out only in times of war, but currently many exporters cover most of their shipments with war risk insurance as a protection against losses from derelict torpedoes and floating mines placed during former wars, and also as a safeguard against unforeseen warlike developments. In the U.S.A., war risk insurance is written in a separate policy from the ordinary marine insurance; it is desirable to take out both policies with the same underwriter in order to avoid the ill effects of a possible dispute between underwriters as to the cause (marine peril or war peril) of a given loss.
WAR RISK:The possible aggressive actions against a ship and its cargo by a belligerent government. This risk can be insured by a marine policy with a risk clause.
War/Strike Clause:An insurance provision that covers loss due to war and/or strike.
WARC - World Administrative Radio Conference
WARDA - West Africa Rice Development Association
The above details describes about terms called in shipping such as Voyage Charter,Voyage Direction,Voluntary Export Restriction,With particular average,War risk only,Warranted,War/Strike Clause 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 Protective Clauses,Protective Order ,Protest System,Purchase Price, Purchaser
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