Page 13 - Turners Shipping Glossary of Terms

GLOSSARY OF 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
Lloyds' Registry for loading & discharging the cargo from the vessel in their quotation, according to the
Lo/Lo customs of the port and it is not internationally codified.
Logistics Carrier cost responsibility under respective Liner Terms:
Long Ton Liner In Liner Out (CY to CY) - Carrier bears the costs for loading at loading port, sea
M/V voyage up to cargo discharged at discharging port.
Manifest Liner In Hook Out ( CY to Hook) - Carrier bears the costs for loading at loading port, sea
Marine Insurers voyage up to cargo alongside cargo hook at discharging port.
Marks & Nos. Hook In Liner Out ( Hook to CY) - Carrier bears the costs for cargo alongside cargo hook
Maximum Payload at loading port, sea voyage up to cargo discharged at discharging port.
Measurement Ton Liner In Free Out (CY to Free Out, LIFO) - Carrier bears the costs for loading at loading
Minimum Charge port, sea voyage and exclude costs for cargo at discharging port.
MQC Free In Liner Out (Free in to CY, FILO) - Carrier bears the costs for sea voyage and costs
MSDS for cargo discharged at discharging port.
MT Hook to Hook - Carrier bears the costs for sea voyage and costs for cargo alongside at
N.O.S. loading port & at discharging port.
Negotiable B/L Hook to Free Out - Carrier bears the costs for cargo alongside cargo hook at loading port,
Negotiating Bank sea voyage and exclude cost at discharging port.
Free In to Hook - Carrier bears the costs for sea voyage and costs for cargo alongside
cargo hook at discharging port.
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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