EUROPEAN SHIPPING DIRECTORY

SHIPPING GLOSSARY


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AA Always Afloat. A contract term requiring that the vessel not rest on the ground. In some ports the ship is aground when approaching or at berth
Abaft A point beyond the midpoint of a ship’s length, towards the rear or stern.
Abandon A proceeding wherein a shipper/consignee seeks authority to abandon all or parts of their cargo
Aboard Referring to cargo being put, or laden, onto a means of conveyance.
Absorption Amount payable by charterer for failing to load the quantity agreed in the contract of carriage.
Acceptance

A time draft (or bill of exchange) that the drawee (payer) has accepted and is unconditionally obligated to pay at maturity. Broadly speaking, any agreement to purchase goods under specified terms.

Accessorial Charges Charges that are applied to the base tariff rate or base contract rate, e.g., bunkers, container, currency, destination or delivery.
Actual Total Loss

This occurs when: 1. The insured property is completely destroyed; or 2. The insured is irretrievably deprived of the insured property; or 3. Cargo changes in character so that it is no longer the thing that was insured (e.g., cement becomes concrete) or 4. A ship is posted “missing” at Lloyd’s, in which case both the ship and its cargo are deemed to be an actual total loss.

Added Value Value attributed to products, and services as the result of a particular process (e.g. production process, storage, transport).
Advice of Shipment

A notice sent to a local or foreign buyer advising that shipment has gone forward and containing details of packing, routing, etc. A copy of the invoice is often enclosed and, if desired, a copy of the bill of lading.

Affreightment Contract of Affreightment is the expression usually employed to describe the contract between a ship-owner and a charterer, by which the ship-owner agrees to carry goods of the charterer in his ship, or to give to the charterer the use of the whole or part of the cargo-carrying space of the ship for the carriage of his goods on a specified voyage or voyages or for a specified time.
Aframax-Tanker The term Aframax is based on the Average Freight Rate Assessment (AFRA) tanker rate system. An Aframax tanker is an oil tanker with a capacity between 105.000 and 120.000 tons deadweight. Aframax tankers are mostly employed in the intra-regional trade of the North Sea, the Caribbean, the Far East and the Mediterranean
Aggregate Inventory Inventory for any group of items or products, involving multiple stock-keeping units.
AIS

The Automatic Identification System AIS is a short range coastal tracking system used on ships and by Vessel Traffic Services (VTS) for identifying and locating vessels by electronically exchanging data with other nearby ships and VTS stations. Information such as unique identification, position, course, and speed can be displayed on a screen or an ECDIS

ACEP Approved Continuous Examination Program. Agreement between the owners of the equipment and the responsible government body to allow continuous examination of the equipment (e.g. containers).
Arbitrage

Buying of foreign exchange, securities, or commodities in one market and the simultaneous selling in another market. By this manipulation a profit is made because of the difference in the rates of exchange or in the prices of securities or commodities involved.

Arrival Notice Notice sent by a carrier or freight forwarder to notify party advising the arrival of a shipment.
Assignment of Proceeds

Stipulation within a Letter of Credit in which some or all of the proceeds are assigned from the original beneficiary to one or more additional beneficiaries.

Automatic Indentification Means of identifying an item (product, parcel,transport unit) by a device entering the data automatically into a computer. The most widely used technology at present is bar code; others include radio frequency, magnetic stripes and optical character recognition.
   

 


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