Shipping Terms

FOB: Freight-On-Board/Free-On-Board.

FOB (Free-on-Board) Point

Point at which ownership of freight changes hands from shipper to consignee. FOB origin indicates that consignee owns the goods in transit; FOB-destination indicates that shipper owns goods in transit. Owner of goods in transit is liable for loss and damage to freight, and thus should provide insurance.


CIF: Cost, and Freight.

Cost, Insurance, Freight. The quoted price includes the cost of the goods, insurance, and freight charges. The seller is paying for insurance charges. This may complicate claims filing and may not be the best deal that the buyer could get from own insurance company. It is simpler though.


C & F: Cost, Insurance and Freight.

This is same term as CIF. Except here the insurance cost right from the port of loading till the final destination of the importer has to be paid by the importer and not the exporter.


C N F: Cost, No Insurance and Freight.

Cost, No insurance, Freight. The quoted price includes the cost of the goods and freight charges. The buyer is responsible for insuring the goods. Claims filing may be easier and the buyer has a vested interest in the rate. It is more complicated though.


Pro Forma Invoice

An abridged or estimated invoice sent by a seller to a buyer in advance of a shipment or delivery of goods. It notes the kind and quantity of goods, their value, and other important information such as weight and transportation charges. Pro forma invoices are commonly used as preliminary invoices with a quotation, or for customs purposes in importation. They differ from a normal invoice in not being a demand or request for payment.


T/T:Telegraphic Transfer.

Largely obsolete method of transferring funds through a telegraph or telex link. Also called wire transfer, it has been replaced by secure cable and wireless telecommunications networks.


L/C: Letter of Credit.

A written commitment to pay, by a buyer's or importer's bank (called the issuing bank) to the seller's or exporter's bank (called the accepting bank, negotiating bank, or paying bank).


"Ro/Ro" / "Roll On/Roll Off."

Ship designed to carry rolling-stock cargo which does not require cranes to be loaded or off-loaded but is driven on and off the ship's decks.


Container Lording.

This is very famous way of cargo exporting to all over the world. This way we have to order the container first before sipping, the containers are different sizes. ( you can see container lording section for more details ). In this way their is two methods of shipping, one is CY/CY ( Container yard to Container yard ) if you purchase enough vehicles / spare parts to load your own full container. other way is CY/CFS in this way you do not order all vehicles to fill the container, the sipping company will load the container combine with other customers vehicles acceding to their lording plaines. ( you can see container lording section for more details ). In this way the shipping company will provide separate B/L for the each owner of the vehicles in side the container.


Shipper.

Consignor, exporter, or seller (who may be the same or different parties) named in the shipping documents as the party responsible for initiating a shipment, and who may also bear the freight cost.


Bill of Lading (B/L)

A document issued by a carrier, or its agent, to the shipper as a contract of carriage of goods. It is also a receipt for cargo accepted for transportation, and must be presented for taking delivery at the destination. Among other items of information, a bill of lading contains (1) consignor's and consignee's name, (2) names of the ports of departure and destination, (3) name of the vessel, (4) dates of departure and arrival, (5) itemized list of goods being transported with number of packages and kind of packaging, (6) marks and numbers on the packages, (7) weight and/or volume of the cargo, (8) freight rate and amount. It serves as a proof of ownership (title) of the cargo, and may be issued either in a negotiable or non-negotiable form. In negotiable form, it is commonly used in letter of credit transactions, and may be bought, sold, or traded; or used as security for borrowing money. A bill of lading is required in all claims for compensation for any damage, delay, or loss; and for the resolution of disputes regarding ownership of the cargo. The rights, responsibilities, and liabilities of the carrier and the shipper under a bill of lading (often printed on its back) are governed generally either by the older Hague rules, or by the more recent Hague-Visby rules.


Marine Insurance.

Coverage against loss of or damage to a ship; and in-transit cargo loss or damage over waterways, land, and air.


Commercial Invoice.

Document required by customs to determine true value of the imported goods, for assessment of duties and taxes. A commercial invoice (in addition to other information), must identify the buyer and seller, and clearly indicate the (1) date and terms of sale, (2) quantity, weight and/or volume of the shipment, (3) type of packaging, (4) complete description of goods, (5) unit value and total value, and (6) insurance, shipping and other charges (as applicable).


Original Japanese Cancellation

One of main important document of the shipment. This need to export the vehicle from Japan and for clearing process at your end. It included all essential details about the vehicle ( year, weight , eng & etc. ).

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