Page 5 - Turners Shipping Glossary of Terms
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GLOSSARY OF SHIPPING TERMS

TERM                        DESCRIPTION
CFS/CFS
CFS/CY                      A kind of cargo movement by container. Delivered loose at origin point with vanning by
Chassis                     carrier, devanned by carrier at destination, and picked up loose at destination.

CIF (INCOTERM)              A kind of cargo movement by container. Loose cargo received at origin point, loaded in a
                            container by carrier, then delivered intact at destination.

                            A wheeled flat bed or a trailer constructed to accommodate containers moved over the
                            road.

                            One of 11 INCOTERMS can be used only for sea or inland waterway transport. “Cost,
                            Insurance and Freight”, means that the seller delivers the goods on board the vessel or
                            procures the goods already so delivered. The risk of loss of or damage to the goods
                            passes when the goods are on board the vessel. The seller must contract for and pay the
                            costs and freight necessary to bring the goods to the named port of destination.
                            The seller also contracts for insurance cover against the buyer’s risk of loss of or damage
                            to the goods during the carriage.

CIP (INCOTERM)              One of 11 INCOTERMS, can be used for any mode of transport. “Carriage and Insurance
                            Paid to”, means that the seller delivers the goods to the carrier or another person nominated
Claused Bill                by the seller at an agreed place (if any such place is agreed between the parties) and that
Clean Bill of Lading        the seller must contract for and pay the costs of carriage necessary to bring the goods to
Collecting Bank             the named place of destination.
                            The Seller also contracts for insurance cover against the buyer’s risk of loss of or damage
                            to the goods during the carriage.

                            A Bill of Lading claused to show that the goods received by the shipping company were
                            not in good order and condition.

                            A bill of lading which states that the goods have been shipped in apparent good order and
                            condition without any qualification or remarks.

                            A bank that acts as an agent to the seller's bank (the presenting bank). The collecting
                            bank assumes no responsibility for either the documents or the merchandise.

Collection Bank             Bank in the drawee country that is instructed to collect payment from the drawee

Combined Transport          Carriage by more than one mode of transport against one contract of carriage.

Commercial Invoice          Represents a complete record of the transaction between exporter and importer with
Conference                  regard to the goods sold. Also reports the content of the shipment and serves as the basis
Conference Rate             for all other documents about the shipment.
Confirmed Letter of Credit
                            An association of ship owners operating in the same trade route who operate under
Confirming Bank             collective conditions and agree on tariff rates.

                            Freight rates arrived at by a conference of carriers, generally water carriers.

                            A letter of credit, issued by a foreign bank, whose validity has been confirmed by a
                            domestic bank. An exporter with a confirmed letter of credit is assured of payment even if
                            the foreign buyer or the foreign bank defaults.

                            The bank that adds its confirmation to another bank's (the issuing bank's) letter of credit
                            and promises to pay the beneficiary upon presentation of documents in compliance with
                            the letter of credit.

Consignee                   A person or company to whom the shipments of commodities are to be consigned.
Consignor
                            The person or company consigning a shipment to buyer that is shown on the bill of lading
Consolidated Cargo          as the shipper.

                            Cargo containing of shipments of two or more shippers, usually shipped by a firm called
                            a consolidator. The consolidator takes advantage of lower F.C.L. rates, and savings are
                            passed on to shippers.

Consolidation               The combination of many small shipments into one container.

Consolidator                A person or firm performing a consolidation service for others.

Container                   A vehicle designed to transport cargo of many types in continuous transportation. It is also
                            referred to an unit of packaging which is smaller in sense in which articles are packed.

Container freight Station   Consolidation depots where parcels of cargo are grouped and loaded into containers.
(CFS, C.F.S.)

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