Shipping Terms

Incoterms 2020 defines 11 rules the same number as defined by incoterms 2010.

Shipping terms. If you are new to shipping terms contracts you may be unaware of the different trading practices in their respective countries. Department of transportation in the interest of information exchange. Accessorial charges charges that are applied to the base tariff rate or base contract rate e g bunkers container currency destination delivery. Disclaimer this information is disseminated under the sponsorship of the u.

Yawn yawn yawn bored with acronyms and technical terms from the shipping industry. We hope you will find it useful. Shipping terms explained. Often called a port captain.

Baf bunker adjustment factor. The terms in this glossary have been carefully selected from the myriad of terms one can encounter in the shipping business. One rule of the 2010 version delivered at terminal. The term fob is also used in modern domestic shipping within the united states to describe the point at which a seller is no longer responsible for shipping cost.

But understanding the different types of shipment and related terms is crucial to ensure your goods get shipped on time within compliance and in good shape. That s why we ve provided this glossary of international shipping terms. Here s our jargon buster exw shipping explained. Ownership of a cargo is independent from incoterms.

Free carrier is a trade term requiring the seller of goods to deliver those goods to a named airport shipping terminal warehouse or other carrier location specified by the buyer. Ex works means the buyer is responsible for the entire shipment. This is the assembly of pieces of cargo. Dat was removed and is replaced by a new rule delivered at place unloaded.

There are pros and cons to this. Ex works exw is an international trade term by which a seller makes the product available at a designated location and the buyer incurs transport costs. Incoterms 2020 is the ninth set of international contract terms published by the international chamber of commerce with the first set having been published in 1936. In international trade ownership of the cargo is defined by the bill of lading or waybill.

Dpu in the 2020. Person employed by a ship owner shipping company charterer of a ship or shipper of goods to supervise cargo handling operations. Here s our guide shipping jargon less common terms.