Table of Contents
What are the terms used in shipping?
11 Shipment Terms Defined under the Incoterms
- Ex Works (EXW).
- Free Carrier (FCA).
- Free Alongside Ship (FAS).
- Free on Board (FOB).
- Cost and Freight (CFR).
- Cost, Insurance, and Freight (CIF).
- Carriage Paid To (CPT).
- Carriage and Insurance Paid (CIP).
What are the most common shipping terms?
What are 10 Common Shipping trading Terms?
- Free Carrier (FCA)
- Free On Board (FOB)
- Cost Nett Freight (CNF)
- Cost Insurance and Freight (CIF)
- Delivered At Terminal (DAT)
- Delivered At Place (DAP)
- Full Container Load (FCL)
- Less Container Load (LCL)
What is ETA and ETS in shipping?
Estimated Time of Sailing is a term used for the shipment or movement of goods and people via the sea/ocean. ETS indicates the time a vessel is expected to depart a specific port.
How do you understand the shipping terms?
The shipping terms are discussed below:
- EXW (EX Works) Related to (named place for delivery)
- FCA (Free Carrier) (Related to a named place for delivery)
- CPT (Carriage paid to) (Related to the named place of the location)
- CIP (Carriage & Insurance Paid to)
- DAT (Deliver at the terminal)
- DDP (Delivered Duty Paid)
Why are shipping terms important?
Keeping track of shipping terminology is crucial as these terms play a fundamental role for everyone involved in the shipping process. By understanding important terms, you can avoid misunderstandings and minimise errors in the supply chain.
What is shipping by sea called?
Freight transport is the physical process of transporting commodities and merchandise goods and cargo. The term shipping originally referred to transport by sea but in American English, it has been extended to refer to transport by land or air (International English: “carriage”) as well.
What does STC mean in shipping?
Said to Contain
Said to Contain (STC) is a phrase used by the shipping company in the Bill of Lading when describing the goods loaded onboard a sea-going vessel in sealed containers or trailers and for which the shipping company makes the necessary reservations in terms of the correct contents of those loading units.
What is ETS shipping term?
ETA, ETC, ETD, ETR, ETS. Estimated time of arrival, completion, departure, readiness or sailing.
What is CFR term in shipping?
Cost and Freight, a legal term used in contracts for international trade that means that the seller delivers the goods on board the vessel or procures the goods already delivered. The risk of loss of or damage to the goods passes when the goods are on board the vessel.
What does a shipping line do?
A shipping line is a business that transports cargo aboard ships.
What is CFR meaning in shipping terms?
Cost and freight
Cost and freight (CFR) is a trade term that requires the seller to transport goods by sea to a required port. Cost, insurance, and freight (CIF) is what a seller pays to cover the cost of shipping, as well as the insurance to protect against the potential damage of loss to a buyer’s order.
What is SQ number in shipping?
You must have a valid Quotation reference (SQ) or Service Contract (SC) to submit online Booking Request. The choice of the line will pre-fill your booking request with Routing of some parties, Equipment and Commodity.
What does shipping terms mean?
shipping terms. Provisions in a contract of sale governing the shipping costs, insurance, mode, packaging requirements, and transfer of liability.
What are common freight terms?
The freight shipping industry is the industry that transports every sort of commodity; cargo, merchandise, equipment and material from one place to another, nationally and internationally. The commodity is commonly referred to as freight, and the modes of transport include trucks, trains, airplanes, and ships.
What does delivery terms mean?
delivery terms. The conditions in a sales or transportation contract that specify such things as the carrier, routing, freight charges, place of delivery, and time of delivery.
What is the abbreviation for shipping?
SHINE – SHIP – SHIPC – SHIPCLK – SHIPE – SHIPS – SHIPS CLERK – SHIPT – SHIQ – SHIR Discuss these shipping and receiving abbreviations with the community: Know what is shipping and receiving? Got another good explanation for shipping and receiving?