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SHIPPING GLOSSARY

The process of receiving a consignment from a consignor, usually against the issue of a receipt. As from this moment and on this place the carrier’s responsibility for the consignment begins.

 

Accidents of a nature beyond human control such as flood, lightning or hurricane usually quoted as ‘force majeure’.

 

In proportion to the value: A phrase applied to certain freight or customs duties levied on goods, property, etc. set as a percentage of their value.

 

A written piece of information e.g. about the status of the goods.

 

Fee payable by a ship owner or ship operator to a port agent.

 

A person or organization authorized to act for or on behalf of another person or organization. An Agent is a corporate body with, which there is an agreement to perform particular functions on behalf of them at an agreed payment. An Agent is either a part of the organisation or an independent body.

 

Abbreviation: AWB A document made out by or on behalf of the carrier(s) confirming receipt of the goods by the carrier and evidencing the contract between the shipper and the carrier(s) for the carriage of goods as described therein.

 

A share of the capacity of a means of transport assigned to a certain party, e.g. a carrier or an agent, for the purpose of the booking of cargo for a specific voyage.

 

Abbreviation: ABS American classification society which has established rules and regulations for the classification of seagoing vessels or equipment.

 

The process of referring to an agreed person for judgement on issues of dispute, without requiring the use of courts.

 

The date on which goods or a means of transport is due to arrive at the delivery site of the transport.

 

A notice sent by a carrier to a nominated notify party advising of the arrival of a certain shipment or consignment.

 

The transfer of certain rights from one party to another.

 

A trader authorized by the European Commission (regulation 2454/93) to receive or dispatch consignments under transit procedures without having to present goods and documents directly at the customs office.

 

The commission to a certain person or body to act on behalf of another person or body. The person or body can be authorized e.g. to issue Bills of Lading or to collect freight.

 

In marine insurance: a loss or damage to or in respect of goods or equipment. The numerical result obtained by dividing the sum of two or more quantities by the number of quantities

 

In general average affairs average adjusters are entrusted with the task of apportioning the loss and expenditure over the parties interested in the maritime venture and to determine which expenses are to be regarded as average or general average.

 
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