Page 12 - Glossary of Shipping Terms

SHIPPING TERMS

TERM DESCRIPTION

Liner Terms They define the condition / responsibility of cost under which a carrier has had at port of loading to port
of discharge. As such they also determine the freight / charges payable for loading & discharging the
Lloyds' Registry cargo from the vessel in their quotation, according to the customs of the port and it is not internationally
Lo/Lo codified.
Logistics Carrier cost responsibility under respective Liner Terms:
Long Ton a. Liner In Liner Out (CY to CY) - Carrier bears the costs for loading at loading port, sea voyage up to
M/V
Manifest cargo discharged at discharging port.
Marine Insurers b. Liner In Hook Out (CY to Hook) - Carrier bears the costs for loading at loading port, sea voyage up to
Marks & Nos.
Maximum Payload cargo alongside cargo hook at discharging port.
Measurement Ton c. Hook In Liner Out (Hook to CY) - Carrier bears the costs for cargo alongside cargo hook at loading
Minimum Charge
MQC port, sea voyage up to cargo discharged at discharging port.
MSDS d. Liner In Free Out (CY to Free Out, LIFO) - Carrier bears the costs for loading at loading port, sea
MT
N.O.S. voyage and exclude costs for cargo at discharging port.
Negotiable B/L e. Free In Liner Out (Free in to CY, FILO) - Carrier bears the costs for sea voyage and costs for cargo
Negotiating Bank
discharged at discharging port.
f. Hook to Hook - Carrier bears the costs for sea voyage and costs for cargo alongside at loading port

& at discharging port.
g. Hook to Free Out - Carrier bears the costs for cargo alongside cargo hook at loading port, sea voyage

and exclude cost at discharging port.
h. Free In to Hook - Carrier bears the costs for sea voyage and costs for cargo alongside cargo hook at

discharging port.
i. Free In Free Out (FIFO) - Carrier bears the costs for sea voyage and exclude costs at loading port &

discharging port.

An organization maintained for the surveying and classing of ships so that insurance underwriters and
others may know the quality and condition of the vessels offered for insurance or employment.

Lift On, Lift Off.

The management of moving or stationary inventory.

2,240 pounds. (l.t., l.tn.)

Motor Vessel

Document that lists in detail all the bills of lading issued by a vessel or its agent or master, i.e., a detailed
summary of the total cargo of a vessel. Used principally for customs purposes. It is also called summary
of Bills of lading.

Provide specialist advice and cover for the most suitable form of insurance against exporting risks such
as loss or damage in transit.
Marks & Numbers placed on packages for export for identification purposes; generally a triangle,
square, circle, diamond, or cross with letters and/or numbers and port discharge.

Maximum cargo that can be loaded into a container either by weight or volume.

1 cubic meter. One of the alternative bases of Freight Tariff.

The lowest charge that can be assessed to transport a shipment.

Minimum Quantity Commitment. Volume of cargo that a customer commits to ship over the duration
of their contract (in TEU).

Material Safety Data Sheet refers to a document that contains information on the potential hazards
(health, fire, reactivity and environmental) and how to work safely with the chemical product. Contains
important information on the safe transport of the product.

(a) Metric Ton or Cubic meter (b) Empty container (c) Multimodal Transport.

Not otherwise specified.

Original bill of lading endorsed by shipper that is used for negotiating with banks.

A bank named in the credit; examines the documents and certifies to the issuing bank that the terms
are complied with.

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