Page 15 - Glossary of Shipping Terms

SHIPPING TERMS

TERM DESCRIPTION

Reefer In the industry, it is the generic name for a temperature controlled container. The containers, which are
insulated, are specially designed to allow temperature controlled air circulated within the container. A
Relay refrigeration plant is built into the rear of the container. For OOCL's reefers, power for this plant needs
Release Note to be provided from an external source.
Remitting Bank
Revenue Ton (R/T) To transfer goods from one ship to another of the same ownership.
Roll-On/Roll-Off (Ro/Ro)
Route (Rte.) Receipt signed by customer acknowledging delivery of goods.

Salvage Loss The exporter's bank in collection transactions, which remits the bill to the collecting bank. The exporter's
bank in DC transactions, which dispatches the documents to the issuing bank.
Sea Waybill The greater weight or measurement of goods where 1 ton is either 1000 kilos or 1 cubic metre (for
Seal (Container) metric system). Also known as bill of lading ton or freight ton. It is used to calculate freight charge.

Service Contract A specialised vessel designed with a ramp to facilitate driving on and off cargo.

Shipment Date The manner in which a shipment moves, i.e., the carriers handling it and the points via which they
Shipped Bill of Lading handle it.
Shipped on Board
Shipper A loss which it is presumed would, but for certain services rendered, have become a total loss. The
Shipper Owned Container charges incurred are "salvage charges". The property salved is the "salvage". When referring to goods
Shipper's Export a salvage loss is one resulting from shipwreck or from a situation where, by the peril of the sea, the
Declaration vessel is prevented from proceeding on her voyage and the cargo, or the part that is saved is obliged
Shipper's Load & Count to be sold at a place short of the port of destination. The term is used in marine insurance when at a
Shut-out point short of destination, it can be shown that it would cost more to forward damaged goods to their
SI destination than the goods would realize on the spot. The underwriters usually pay the difference
Slot between the total insured value and the net proceeds of the goods, such a settlement being known as
SOLAS a "salvage loss".

See "Express B/L"

Metal strip and lead fastener used for locking freight car or truck doors. Seals are numbered for record
purposes.
As provided in the Shipping Act of 1984, a contract between a shipper (or a shippers' association) and
an ocean common carrier (or conference) in which the shipper makes a commitment to provide a
certain minimum quantity of cargo or freight revenue over a fixed time period, and the ocean common
carrier or conference commits to a certain rate or rate schedule as well as a defined service level (such
as assured space, transit time, port rotation or similar service features). The contract may also specify
provisions in the event of non-performance on the part of either party.
The date inserted on the bills of lading evidencing goods received on board is regarded for documentary
credit purposes as being the date of shipment.
A bill of lading issued only after the goods have actually been shipped on board the vessel, as
distinguished from the received for shipment bill of lading. Also see on board bill of lading.

Endorsement on a bill of lading confirming loading of goods on vessel.

The person for whom the owners of a ship agree to carry goods to a specified destination and at a
specified price. Also called consignor. The conditions under which the transportation is effected are
stipulated in the bill of lading.

The container used for cargo shipment is owned by shipper.

A custom house form filled by the shipper of goods. to foreign countries. Also called shipper’s manifest.
It mentions the marks, numbers, quantity, description and value of goods at time and place of export.

Shipments loaded and sealed by shippers and not checked or verified by the carriers.

Goods not carried on intended vessel.

Shipping Instruction.

Space on board a vessel occupied by a container.

Safety Of Lives At Sea. The International Convention for the Safety of Life at Sea (SOLAS) is an
international maritime treaty which requires countries to ensure that ships flagged by them comply
with minimum safety standards in construction, equipment and operation.

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