What is BSS in shipping?
BSS 1/1. BT. Beam. The maximum breadth of a ship. Bunker on Board.
What does PO stand for in shipping?
A purchase order, or PO, is an official document issued by a buyer committing to pay the seller for the sale of specific products or services to be delivered in the future.
What is CNF stand for?
cost and freight
CNF refers to cost and freight. This is a common type of shipping agreement where the seller will pay for delivering the goods to the port closest to the buyer.
What is Ilohc in shipping?
Charterers will also have to option of paying a lump sum In Lieu Of Hold Cleaning (ILOHC). This clause is only intended to cover for the cleaning of the holds when debris and residue is left inside. It does not extend to large amounts of cargo being left in the holds that have been rejected by receivers.
What is Laycan in shipping?
The term “laycan” is frequently used in sale contracts to refer to the delivery period of the cargo. However, “laycan” is a charterparty term, referring to the period during which the vessel must arrive at port.
What is FOB invoice?
FOB stands for “free on board” and indicates when liability goods are transferred from a seller to a buyer.
What is an FOB order?
FOB stands for “free on board” or “freight on board” and is a designation that is used to indicate when liability and ownership of goods is transferred from a seller to a buyer.
What is FOB CIF and C&F?
A Guide to Shipping Terms and Incoterms. It is important to have an understanding of cost and freight (CFR), cost, insurance and freight (CIF) and Free on board (FOB). There is much talk in the trade world about incoterms and how something is shipped; these terms have their own nuances.
What is FOB CIF CNF?
There are two major terms of shipment widely used round the globe. These are freight on board (FOB) and cost net freight (CNF). Other terms such as cost net insured (CIF) and cash against document/delivery (CAD) are also used. Based on the relationship between business entities, the terms are set.
What is FOB destination?
FOB destination is a contraction of the term “Free on Board Destination.” The term means that the buyer takes delivery of goods being shipped to it by a supplier once the goods arrive at the buyer’s receiving dock. There are four variations on FOB destination terms, which are noted below.
What does FOB origin mean in shipping?
On the other hand, “FOB origin” or “FOB shipping point” indicates the opposite—that the buyer takes ownership as soon as the vendor ships the goods.
What is the difference between freight on board and FOB?
While free on board is the official term used when referencing FOB, it’s commonly referred to as “freight on board” and holds the same meaning. It doesn’t matter which term you use.
What are FOB shipping point and destination qualifications?
The qualifiers of FOB shipping point and destination are sometimes used to reduce or extend the responsibility of the supplier in an FOB shipping agreement. With FOB shipping point, ownership of goods is transferred to the buyer once they leave the supplier’s shipping point.
Who pays the shipping costs on FOB?
FOB Destination, Freight Prepaid: The seller/shipper pays all the shipping costs until the cargo arrives at the buyer’s store. The buyer does not pay any shipping costs.