Terms used in shipping such as Wet Bond,Wet Lease,wharf , Wibon,white products,Without Recourse etc.
This post explains about terms used in shipping such as Wet Bond,Wet Lease,wharf , Wibon,white products,Without Recourse,Workable Hatch,Workable Crane,World Bank 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
West African Monetary Union - WAMU (French: Union Monetaire Quest Africaine, UMOA) began operation in 1963 and was revised in 1973. The Union comprises seven French-speaking African countries: Benin, Burkina Faso, Cote d'Ivoire, Mali, Niger, Senegal, and Togo which share a: (a) central bank (Banque Centrale des Etats de l'Afrique de l'Ouest) which coordinates the Union's monetary and credit policies; (b) common currency (CFA Franc) which is freely convertible into the French Franc at a fixed parity; and (c) a common regional development bank, the West African Development Bank. WAMU headquarters are in Daka, Senegal.
Western European Union - The WEU was created in October 1954 (began operations in May 1955) to promote mutual defense and progressive political unification of its members. The Union, which serves interests between those furthered by the European Economic Community and the North Atlantic Treaty Organization, has faced the need to change and has become focused on three missions: humanitarian aid, peacekeeping, and crisis management and some peace enforcement considerations. Membership, which included Belgium, France, Germany, Italy, Luxembourg, the Netherlands, Portugal, Spain, the United Kingdom, has been increasing toward approximately 40 nations as a result of negotiations on membership or associate status with Greece, Turkey, Norway, Iceland, Denmark, and Ireland. WEU headquarters moved from London, England to Brussels, Belgium in December 1992.
Wet Bond:Term used to describe a Bonded Warehouse which is authorised to store Alcohol (and other excisable goods) which are not if EC free circulation
Wet Lease - It is an arrangement for renting of an aircraft under which the owner provides crews, ground support equipment, fuel, etc.
WEU - Western European Union
Wf. – Wharf
WFC - World Food Council
WFDFI - World Federation of Development Financing Institutions
WFP - World Food Program
WH - World Health Organization
wharf - Structure built alongside the water where ships berth for loading or unloading goods.
wharf: The place at which ships tie up to unload and load cargo. The wharf typically has front and rear loading docks (aprons), a transit shed, open (unshedded) storage areas, truck bays, and rail tracks.
Wharfage (Whfge.):Charge assessed by a pier or dock owner against freight handled over the pier or dock or against a steamship company using the pier or dock.
white products - Refined products.
WIBON - Whether in Berth or Not - Provision in a voyage charter that, once the ship has arrived at the port and tendered notice of readiness, if required, laytime will start to count in accordance with the Charter-Party whether or not the ship has reached the berth.
WIFPON – Whether in free Pratique or not
Windy Booking:A freight booking made by a skipper or freight forwarder to serve space but not actually having a specific cargo at the time the booking is made. Carriers often overbook a vessel by 10 to 20 percent in recognition that "windy booking" cargo will not actually ship.
WIP - World Intellectual Property Organization
WIPON – Whether in port or not
With Average - A marine insurance term meaning that a shipment is protected from partial damage whenever the damage exceeds 3 percent (or some other percentage). If the ship is involved in a major catastrophe, such as a collision, fire or stranding, the minimum percentage requirement is waived and the insurance company pays for all of the damage. See: Marine Cargo Insurance.
WITH PARTICULAR AVERAGE (WPA):An insurance term meaning that partial loss or damage of goods is insured. The damage generally must be caused by sea water, and many terms specify a minimum percentage of damage before payment. It may be extended to cover loss by theft, pilferage, delivery, leakage, and breakage.
Withdraw a ship from the service of the charterer (to) - To remove control of a ship from the time charterer for the remaining period of the charter. This action is taken by the shipowner in accordance with the charter when there has been serious breach of contract, commonly when the charterer has failed to pay hire money on time.
Without Recourse:A phrase preceding the signature of a drawer or endorser of a negotiable instrument; signifies that the instrument is passed onto subsequent holders without any liability to the endorser in the event of nonpayment or nondelivery.
Without Reserve - It is a term under which the agent or representative of a shipper is empowered to make any decision and adjustments abroad without the approval of the group or individual represented. [also check Advisory Capacity] A.T. - It stands for American Terms (Marine Insurance). A term used to differentiate between the conditions of American Policies with other nations, primarily England.
WITHOUT RESERVE:A term indicating shipper’s agent or representative is empowered to make definitive decisions and adjustments abroad without approval of the group or individual represented. (See Advisory Capacity)
Without Reserve:A term indicating that a shipper's agent or representative is empowered to make definitive decisions and adjustments abroad without approval of the group or individual represented.on who transacts business on behalf of another person or company with full or limited decision-making authority.
WM - World Meteorological Organization
WOG - Without Guarantees.
Workable Crane - Term in a voyage charger which determines the number of days allowed for loading and / or discharging by the number of cranes available for use by the charterers for operations. Generally expressed in tons per workable crane per day.
Workable Hatch - Term in a voyage charter which determines the number of days allowed for loading and / or discharging 'by dividing the quantity of cargo in the largest hatch by the quantity per workable hatch per day as stipulated in the Charter-Party. Difficulties of interpretation may arise in the calculation of laytime allowed when expressed in this way, particularly if the ship has hatches capable of being worked by two gangs simultaneously. Also referred to as a working hatch.
Working Day of 24 Consecutive Hours - Working day equates to one layday. The word consecutive was introduced after it was ruled in court that a working day of 24 hours might be considered as more than one layday according to the length of normal working time each day in a port.
World Administrative Radio Conference - WARC refers to the conferences convened regularly by the United Nations' International Telecommunications Union (ITU) to allocate and regulate radio frequencies for the purposes of television and radio broadcasting, telephone data communications, navigation, maritime and aeronautical communication, and satellite broadcasting.
World Agricultural Outlook Board - The WAOB acts as the focal point for U.S. economic intelligence related to domestic and international food and agriculture. The Board coordinates and clears all commodity and aggregate agricultural and food-related data used to develop outlook and situation material within the Department of Agriculture. WAOB was established in 1977.
World Bank - The World Bank is an integrated group of international institutions which provides financial and technical assistance to developing countries. The World Bank includes the International Bank for Reconstruction and Development and the International Development Association. World Bank affiliates, legally and financially separate, include the International Center for Settlement of Investment Disputes, the International Finance Corporation, and the Multilateral Investment Guarantee Agency. World Bank headquarters are in Washington, D.C.
The above details describes about terms called in shipping such as Wet Bond,Wet Lease,wharf , Wibon,white products,Without Recourse,Workable Hatch,Workable Crane,World Bank 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 Pan American Union,Paris Club ,Paris Convention,Part Cargo,Pass-Through,Per Diem
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