Here's a handy guide to Incoterms, a set of international rules for the interpretation of the most commonly used trade terms. Applying Incoterms to sale and purchase contracts makes global trade easier and helps partners in different countries understand one another. 13 International Trade Terms: EXW, CIF, FOB, CFR Published on July 28, 2016 July 28, 2016 • 36 Likes • 4 Comments Even though basic, it’s extremely important to fully understand these terms and how they apply to your shipment. Commercial terms used in International Trade. LTL (Less than Trucking Load): Similar to LCL but for land transportation. ;èôoiD\K;èæ4t%Ìõ0Ú=§=i»ZÆ¡ËĞÌGĞŒ¹•±`/x±Fôt2B}Õ~Lfıh[Â>7}İ–ÔyÔ} ê®ë°­4ºu GI)ãR¶Ó)á�{Á4'£�mİh¬�Òö�µAc»J]‹PjI�XØÛ­rû. The Fairplay book of shipping abbreviations: Acronyms and abbreviations used in shipping and international trade [Kapoor, Peter] on Amazon.com. Ad Valorem Duty – Duty and taxes which are calculated on the basis of value. From required documents and shipment types to international regulations and customs procedures, different players and aspects of maritime transport have its own acronyms and abbreviations. AFSPS. And if you’ve felt lost or confused at any moment, fret not, you’re not alone. IATA - International Air transport Association An international organisation of airlines that regulate conditions of operation, safety, schedules and pricing for international air transport - We are ranked No. Popularly used abbreviations in banking, commonly using tax abbreviations and othe. International Trade acronyms and abbreviations in Shipping. abbreviations of the trade terms annexed hereto be accepted and used by Governments, international organizations and business whenever these trade terms are referred to in abbreviated form and mutually promote their use in support of a common approach to trade facilitation. Dictionary of shipping/international trade terms and abbreviations. Any act which could not have been prevented by humam care and forethought. VGM (Verified Gross Mass): The total gross weight of a shipping container (including dunnage, bracing, and tare). GRI (General Rate Increase): Also known as GRR (General Rate Restoration), a GRI is an increase in maritime freight rates applied by shipping lines when prices are low. Full Forms related to all categories like Academic and Science, Business, Finance, Community, Computing, Governmental, Internet, Miscellaneous, Regional, Medical, Sports and International with hundreds of sub categories with described abbreviations with Full Forms list. About. When you’re getting quotes from suppliers they will almost always give you three pieces of information: the price per unit, the MOQ (minimum order quantity), and the shipping terms. The Fairplay book of shipping abbreviations: Acronyms and abbreviations used in shipping and international trade Get this from a library! A.I.R.M.I.C. FCL (Full Container Load): A container shipment that utilizes an entire container. International Shipping Federation: ISO: International StandardsOrganisation: ITI: Customs Convention on the International transit of goods: ITMA : InstituteofTradeMark Agents: IUPIP: InternationalUnionfor the … Agency - The right given by an individual, body or firm to another person or company to act on its The Fairplay book of shipping abbreviations : acronyms and abbreviations used in shipping and international trade. You must provide value for the fields marked in red. Is a 20-foot container the same as a TEU? HS (Harmonized System): HS codes are six-digit codes that classify goods according to their nature to determine the amount of taxes and duties that need to be paid. From required documents and shipment types to international regulations and customs procedures, different players and aspects of maritime transport have its own acronyms and abbreviations. I'd like to get pricing alerts, new available routes, & relevant information from iContainers (optional), declare the VGM of their shipping containers, Ordinary General Shareholders’ Meeting - 2018. ABCC. Always Accessible Always Afloat. A/C. ISF International Shipping Federation ISIC International Standard Industrial ISIC International Standard Industrial Classification ISIC International Standard Industrial Classification IS--Information systems ISM Institute of Supply Management ISM -International Safety Management ISM(C) International Safety Management Code Familiarize yourself with them right from the beginning so you get accustomed to seeing and hearing about them throughout your shipping process. Looking for the abbreviation of International Trade Terms? used. Many thanks to Kjetil at Rimship for sharing his knowledge and abbreviations with us. Get your instant quote for more than 250K ocean freight ratesAlready have an account? International Trade in Services : ITSC: IT Steering Committee (internal to Eurostat) (The high-level group for IT governance in Eurostat. Formerly known as the SED (Shipper’s Export Declaration). In this infographic, you’ll find 20 of the most common acronyms that all shippers need to know in order to take on the massive industry that is ocean freight. AAA. It was the ISO that prescribed the standard size of shipping containers to make global container trade more efficient. In this infographic, you’ll find 20 of the most common acronyms that all shippers need to know in order to take on the massive industry that is ocean freight. Merchandise shipped under FCL does not share container space with other merchandise. The buyer bears risks of loss or damage.CIF—Cost Insurance and Freight (named destination port)The seller clears the goods for export and pays the costs, cargo insurance, and freight to the named port of destination. The Dictionary of International Trade also contains an Annex with the most common acronyms and abbreviations to be found in international trade documents.-----A Abandonment. AAAA. CAF – Currency Adjustment Factor is a surcharge to cover the currency fluctuations – charged still on some of the routes. Shop now. Association of Average Adjusters. International Trade abbreviations in International Shipping. POL (Port of Loading): The port of origin from which the container is first loaded onto the vessel. These abbreviations are still used more or less today. buyer’s warehouse) at destination. - Association of Insurance and Risk Managers in Industry and Commerce "Fonds Africain de Developpement, FAD) is an affiliate of the African Development Bank (AfDB) which provides interest-free loans to African countries for projects which promote economic and social development and improve international trade among members o" - 20 shipping acronyms all shippers should know - Infographic. 8, Ho Chi Minh City, Viet Nam This means that the seller arranges and pays for all relevant expenses involved in shipping goods – from their point of export to a given point of import. AFFREIGHTMENT. International shipping involves many different terms, ... CY is the abbreviation of Container Yard. The refusal of merchandise by the designated consignee. IMO (International Maritime Organization): Under IMO 2020 regulations, starting 1 Jan 2020, the sulfur content in marine fuels will be capped at 0.5%, down from the current 3.5%. EXW — Ex Works: Under this term, delivery is complete when goods at the disposal of the buyer are placed at the place specified therein. Be it with providers, freight forwarders, or agents, you must have come across these terms and concepts a million times. From IMO 2020 and ELD to GRI and EEI, one way or another, you’ve probably heard it all. The International Maritime Organisation (IMO) is an intergovernmental specialised agency of the United Nations responsible for regulating the shipping industry, ranging from safety and pollution standards to maritime security and shipping efficiency requirements. When the term CY to CY , ... Common price term used in international trade meaning seller's responsible for the cost of goods is to the point of loading it to the vessel deck or aircraft loading deck. BAF – Bunker Adjustment Factor is a surcharge to cover oil price fluctuation. Under SOLAS, shippers are required to declare the VGM of their shipping containers. There was an internal error while serving your request. CFR—Cost and Freight (named destination port)The seller clears the goods for export and pays the costs and freight to the named port of destination. If you would like more information on shipping terms and procedures, we encourage you to visit our help center. All Business undertaken by RJJ Freight Ltd of whatever nature is subject to the Standard Trading Conditions of BIFA 2005A edition. COMMON EXPORT & SHIPPING ABBREVIATIONS. What’s the difference between HS and HTS codes? *FREE* shipping on qualifying offers. In the old days the need for keeping the length of communication offshore was imperative to save time. We have new and used copies available, in 2 editions - starting at $44.09. Common Shipping Terms Abbreviation for International Trade Shipment Terms and Conditions: We have to face so many shipping terms and abbreviations during shipping or shipment (LCL sea shipment or air shipment) the products to the foreign buyers.In some cases, these terms are known and in most of the cases, it’s unknown to us. International Ship and Port Facility Security Code (ISPS Code) - a code agreed between the signatories of the 1974 International Convention for the Safety of Life at Sea (SOLAS) on minimum security arrangements for ships, ports and Coast Guard agencies. Maritime Organisation Names – Acronyms and abbreviations IMO – International Maritime Organisation. Glossary of terms used in world trade of goods, products and services, in 4 languages: Spanish, English, French and German. These abbreviations include abbreviations used in Export, abbreviations in Import, list of antonyms in shipping trade, abbreviations used in freight forwarding business and commonly used terms in customs brokering. And just how are SOLAS and VGM related? HTS (Harmonized Tariff System): Seven- to ten-digit codes that classify products into more specific categories than HS codes. Get this from a library! 1 in New Zealand NVOCC - Non-Vessel Operating Common Carrier Acts like a shipping … Are you aware? 20+ International Trade acronyms and abbreviations related to Shipping: [Alan E Branch] 20+ International Trade acronyms and abbreviations related to International Shipping: Account. In shipping there are many abbreviations. The latest version came into effect January 2011 (version 2010). The following are the list of commercial terms used in international trade and the documents required under them. Delay fees and GRIs have the potential to greatly affect your overall shipping costs. Always Afloat. Login, By submitting the form, you accept our privacy policy, An error occurred sending trying to register your data, is not part of our routes You can choose an alternative in below, You must provide value for at least one of the fields marked in red. You may be able to put them into context but… just how well do you understand these shipping acronyms? ELD (Electronic Logging Device) Mandate: The ELD mandate is US regulation requiring drivers of commercial motor vehicles to log their hours of service electronically. This excludes transportation services before and after loading. GATT (General Agreements on Tariffs & Trade) – an international multilateral agreement embodying a code of practice for fair-trading in international commerce with headquarters in … This implies: 1. International Commercial Terms (Incoterms), published by the International Chamber of Commerce since 1936, is a recognized standard used worldwide in international contracts for sales of goods. International ocean freight is filled with many such technical terms that easily confuse the occasional and not to mention new importers and exporters unfamiliar with the ins-and-outs of this complex industry. 3rd Floor, Nguyen Lam Tower, 133 Duong Ba Trac Street, Ward 1, Dist. AARA. An abbreviation used in some international sales contracts, when the selling price includes all “Costs, Insurance and Freight” for the goods sold. 11 common terms used in international trade February 13, 2018 Build an Export Plan Part 4 of 4 in series Our four-part series on the whys and hows of exporting wraps up with a trade language primer, providing detailed explanations of key terminology you’ll need to understand. BL o BoL (Bill of Lading): The Bill of Lading is a document that serves as evidence of a contract of carriage between the shipper and carrier. D2D (Door to Door): In door-to-door shipping, cargo is shipped from the indicated pick-up location at origin (eg. The list of International Trade abbreviations in International Shipping. ETA (Estimated Time of Arrival): The day an international shipment is estimated to arrive at the port of destination. POD (Port of Discharge): The port of destination where the container is unloaded from the vessel and picked up by the consignee. For participants in international trade and transpor t: COO – Certificate Of Origin – issued by the local Chamber Of Commerce … seller’s warehouse) to the indicated drop-off location (eg. SOLAS (Safety of Life at Sea): An international maritime treaty that sets basic measures for the safe construction, equipment, and operation of merchant vessels. Arab British Chamber of Commerce. Amsterdam-Antwerp-Rotterdam Area. 1. P2P (Port to Port): In port-to-port shipping, cargo is shipped from the port of origin to the port of destination. Importer, exporter, and cargo information must be included. TEUs (Twenty-Foot Equivalent Unit): A unit of measurement in maritime transport that is equivalent to the capacity of a 20-foot container. [Peter Kapoor] Act of God. çm‰ù,o—Ó¿º„ÿ„ò«÷õ�¿ÄæòEß�}i£”öÏ_7.niÇ®²°ëÛ!#ìÒ�s ı¼aŸsêÆê;�±M%Ú~HÙ¶í‡Ü岃±Ç®F˜»¦ õ©p쇱. Buy Dictionary of Shipping: International Business Trade Terms and Abbreviations by Alan E. Branch online at Alibris. Read More Abbreviations - W 1 Glossary of Most Common Customs Terms A Form – See Demand Note Ad Valorem – a term from Latin means "according to value"; usually refers to a tax, duty, or charge based on the cargo’s value. Some resources are not available on server temporarily. ISF (Importer Security Filing): A regulation that requires maritime cargo imported into the US to be declared 72 hours before vessel departure. Abbreviation:- A shortened or contracted form of a word or phrase used in place of the whole Term:- Name, expression or word used for some particular thing, especially in a specialized field of knowledge Various LTL cargoes are grouped and transported together to lower transportation costs. ADCOM. ABT. ETD (Estimated Time of Departure): The day an international shipment is estimated to depart the port of origin and begin its maritime transit. Find out what is the most common shorthand of International Trade Terms on Abbreviations.com! LCL (Less than Container Load): Also known as groupage or a shared container, LCL shipments are shipped alongside other cargo in one single shipping container. EEI (Electronic Export Information): Electronic declaration of goods valued at above $2,500 that are exported from the US. The Web's largest and most authoritative acronyms and abbreviations resource. 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