Page 16 - Turners Shipping Glossary of Terms

GLOSSARY OF SHIPPING TERMS

TERM DESCRIPTION
Receipt for Shipment B/L
Reconsignment A term used in contradistinction to shipped bill of lading, which is the standard document.
(R/C) Some bankers object to such bill of lading on the ground that the security they offer is
imperfect. This kind of bill of lading is normally issued to acknowledge receipt of shipment
before cargo loading or before official original bill of lading is issued. Nowadays, not many
shippers ask for this kind of bill of lading.

Changing the consignee or destination on a bill of lading while shipment is still in transit.
Diversion has substantially same meaning.

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 refrigeration plant is built into the rear of the container. For OOCL's
reefers, power for this plant needs to be provided from an external source.

Relay To transfer goods from one ship to another of the same ownership.
Release Note
Remitting Bank Receipt signed by customer acknowledging delivery of goods.
Revenue Ton (R/T)
Roll-On/Roll-Off (Ro/Ro) The exporter's bank in collection transactions, which remits the bill to the collecting bank.
Route (Rte.) The exporter's bank in DC transactions, which dispatches the documents to the issuing
bank.
Salvage Loss
The greater weight or measurement of goods where 1 ton is either 1000 kilos or 1 cubic
Sea Waybill metre (for metric system). Also known as bill of lading ton or freight ton. It is used to
Seal (Container) 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
Shipped Bill of Lading which they handle it.
Shipped on Board
Shipper A loss which it is presumed would, but for certain services rendered, have become a total
loss. The charges incurred are "salvage charges". The property salved is the "salvage".
When referring to goods a salvage loss is one resulting from shipwreck or from a situation
where, by the peril of the sea, the vessel is prevented from proceeding on her voyage
and the cargo, or the part that is saved is obliged to be sold at a place short of the port of
destination. The term is used in marine insurance when at a point short of destination, it
can be shown that it would cost more to forward damaged goods to their destination than
the goods would realize on the spot. The underwriters usually pay the difference between
the total insured value and the net proceeds of the goods, such a settlement being known
as 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.

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