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abbreviations used in shipping and international trade

Formerly known as the SED (Shipper’s Export Declaration). VGM (Verified Gross Mass): The total gross weight of a shipping container (including dunnage, bracing, and tare). You may be able to put them into context but… just how well do you understand these shipping acronyms? From required documents and shipment types to international regulations and customs procedures, different players and aspects of maritime transport have its own acronyms and abbreviations. HS (Harmonized System): HS codes are six-digit codes that classify goods according to their nature to determine the amount of taxes and duties that need to be paid. Are you aware? Association of Average Adjusters. COO – Certificate Of Origin – issued by the local Chamber Of Commerce … abbreviations of the trade terms annexed hereto be accepted and used by Governments, international organizations and business whenever these trade terms are referred to in abbreviated form and mutually promote their use in support of a common approach to trade facilitation. CAF – Currency Adjustment Factor is a surcharge to cover the currency fluctuations – charged still on some of the routes. AAAA. HTS (Harmonized Tariff System): Seven- to ten-digit codes that classify products into more specific categories than HS codes. Get this from a library! Familiarize yourself with them right from the beginning so you get accustomed to seeing and hearing about them throughout your shipping process. [Peter Kapoor] In the old days the need for keeping the length of communication offshore was imperative to save time. 8, Ho Chi Minh City, Viet Nam This means that the seller arranges and pays for all relevant expenses involved in shipping goods – from their point of export to a given point of import. 20+ International Trade acronyms and abbreviations related to International Shipping: SOLAS (Safety of Life at Sea): An international maritime treaty that sets basic measures for the safe construction, equipment, and operation of merchant vessels. There was an internal error while serving your request. All Business undertaken by RJJ Freight Ltd of whatever nature is subject to the Standard Trading Conditions of BIFA 2005A edition. çm‰ù,o—Ó¿º„ÿ„ò«÷õ�¿ÄæòEß�}i£”öÏ_7.niÇ®²°ëÛ!#ìÒ�s ı¼aŸsêÆê;�±M%Ú~HÙ¶í‡Ü岃±Ç®F˜»¦ õ©p쇱. Glossary of terms used in world trade of goods, products and services, in 4 languages: Spanish, English, French and German. AARA. Cosmo has defined the 2010 Incoterms abbreviations, such as FOB, CFR, and DAP for international trade. In shipping there are many abbreviations. seller’s warehouse) to the indicated drop-off location (eg. International Commercial Terms (Incoterms), published by the International Chamber of Commerce since 1936, is a recognized standard used worldwide in international contracts for sales of goods. Various LTL cargoes are grouped and transported together to lower transportation costs. The Web's largest and most authoritative acronyms and abbreviations resource. The International Maritime Organisation (IMO) is an intergovernmental specialised agency of the United Nations responsible for regulating the shipping industry, ranging from safety and pollution standards to maritime security and shipping efficiency requirements. 3rd Floor, Nguyen Lam Tower, 133 Duong Ba Trac Street, Ward 1, Dist. Under SOLAS, shippers are required to declare the VGM of their shipping containers. I'd like to get pricing alerts, new available routes, & relevant information from iContainers (optional), declare the VGM of their shipping containers, Ordinary General Shareholders’ Meeting - 2018. Arab British Chamber of Commerce. These abbreviations are still used more or less today. For participants in international trade and transpor t: Many thanks to Kjetil at Rimship for sharing his knowledge and abbreviations with us. Account. - Association of Insurance and Risk Managers in Industry and Commerce "Fonds Africain de Developpement, FAD) is an affiliate of the African Development Bank (AfDB) which provides interest-free loans to African countries for projects which promote economic and social development and improve international trade among members o" - Is a 20-foot container the same as a TEU? Commercial terms used in International Trade. The following are the list of commercial terms used in international trade and the documents required under them. This implies: 1. International Ship and Port Facility Security Code (ISPS Code) - a code agreed between the signatories of the 1974 International Convention for the Safety of Life at Sea (SOLAS) on minimum security arrangements for ships, ports and Coast Guard agencies. BAF – Bunker Adjustment Factor is a surcharge to cover oil price fluctuation. The refusal of merchandise by the designated consignee. Read More Abbreviations - W An abbreviation used in some international sales contracts, when the selling price includes all “Costs, Insurance and Freight” for the goods sold. ETA (Estimated Time of Arrival): The day an international shipment is estimated to arrive at the port of destination. International Trade in Services : ITSC: IT Steering Committee (internal to Eurostat) (The high-level group for IT governance in Eurostat. These abbreviations include abbreviations used in Export, abbreviations in Import, list of antonyms in shipping trade, abbreviations used in freight forwarding business and commonly used terms in customs brokering. And just how are SOLAS and VGM related? The Dictionary of International Trade also contains an Annex with the most common acronyms and abbreviations to be found in international trade documents.-----A Abandonment. 1. When the term CY to CY , ... Common price term used in international trade meaning seller's responsible for the cost of goods is to the point of loading it to the vessel deck or aircraft loading deck. Always Accessible Always Afloat. P2P (Port to Port): In port-to-port shipping, cargo is shipped from the port of origin to the port of destination. You must provide value for the fields marked in red. Abbreviation:- A shortened or contracted form of a word or phrase used in place of the whole Term:- Name, expression or word used for some particular thing, especially in a specialized field of knowledge 13 International Trade Terms: EXW, CIF, FOB, CFR Published on July 28, 2016 July 28, 2016 • 36 Likes • 4 Comments BIFA (British International Freight Association) BIFA is a trade association for UK registered companies engaged in international movement of freight by all modes of transport, air, road, rail and sea. Delay fees and GRIs have the potential to greatly affect your overall shipping costs. International ocean freight is filled with many such technical terms that easily confuse the occasional and not to mention new importers and exporters unfamiliar with the ins-and-outs of this complex industry. Agency - The right given by an individual, body or firm to another person or company to act on its Get your instant quote for more than 250K ocean freight ratesAlready have an account? About. 20+ International Trade acronyms and abbreviations related to Shipping: buyer’s warehouse) at destination. ;èôoiD\K;èæ4t%Ìõ0Ú=§=i»ZÆ¡ËĞÌGĞŒ¹•±`/x±Fôt2B}Õ~Lfıh[Â>7}İ–ÔyÔ} ê®ë°­4ºu GI)ãR¶Ó)á�{Á4'£�mİh¬�Òö�µAc»J]‹PjI�XØÛ­rû. Here's a handy guide to Incoterms, a set of international rules for the interpretation of the most commonly used trade terms. AFSPS. 11 common terms used in international trade February 13, 2018 Build an Export Plan Part 4 of 4 in series Our four-part series on the whys and hows of exporting wraps up with a trade language primer, providing detailed explanations of key terminology you’ll need to understand. Shop now. ADCOM. Any act which could not have been prevented by humam care and forethought. The list of International Trade abbreviations in International Shipping. GRI (General Rate Increase): Also known as GRR (General Rate Restoration), a GRI is an increase in maritime freight rates applied by shipping lines when prices are low. 1 Glossary of Most Common Customs Terms A Form – See Demand Note Ad Valorem – a term from Latin means "according to value"; usually refers to a tax, duty, or charge based on the cargo’s value. Sometimes erroneously used to describe the goods, which are more correctly described as “cargo” in marine transportation. From IMO 2020 and ELD to GRI and EEI, one way or another, you’ve probably heard it all. LCL (Less than Container Load): Also known as groupage or a shared container, LCL shipments are shipped alongside other cargo in one single shipping container. In this infographic, you’ll find 20 of the most common acronyms that all shippers need to know in order to take on the massive industry that is ocean freight. ABT. A/C. Looking for the abbreviation of International Trade Terms? Buy Dictionary of Shipping: International Business Trade Terms and Abbreviations by Alan E. Branch online at Alibris. The buyer bears risks of loss or damage.CIF—Cost Insurance and Freight (named destination port)The seller clears the goods for export and pays the costs, cargo insurance, and freight to the named port of destination. Applying Incoterms to sale and purchase contracts makes global trade easier and helps partners in different countries understand one another. We encourage you to visit our help center starting at $ 44.09 p2p ( port of –... Bifa 2005A edition used to describe the goods, which are more correctly described as “ cargo ” in transportation! Surcharge to cover oil price fluctuation forwarders, or agents, you ’ ve felt lost or confused at moment! Declaration of goods valued at above $ 2,500 that are exported from the of., one way or another, you ’ ve felt lost or confused at any moment, not... 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