A document representing an irrevocable obligation of the bank to pay a specified amount of money if the party for which the bank is giving the guarantee does not fulfil its contractual obligations under the Bill of Lading.
The cargo-carrying vehicle used by Inland water carriers or for discharging of Vessels. Basic barges have open tops, but there are covered barges for both dry and liquid cargoes.
Section of the ship in which containers are stowed.
Beneficial Cargo Owner (BCO)
The importer of cargo, who physically takes possession of cargo at the final destination. It does not act as third party in the movement of such goods.
Bill of Lading (B/L)
Document which must be issued by the carrier to the shipper. It is a receipt of the Goods (it describes the cargo, with its weight and the number of packages). It is also a proof of the contract of carriage (the Terms and Conditions are in the recto), and it is a document of title on the goods.
Baltic and International Maritime Council -An independent Shipping Association composed of Ship Owners, Managers, Brokers, Agents and others with vested interest in the Shipping Industry, which promotes higher standards and greater harmony on regulatory matters.
Written document used for a legal transfer of ownership which binds its debtor to make payment to its creditor.
Act of recording arrangements for the transportation of goods by Vessel and other conveyance if any.
A type of air circulation in a reefer container. This type of airflow provides the most even temperatures for both chilled and frozen cargo. Please click here for more information.
Usually, loose cargo transported not in a container. On a container ship, break bulk will be carried on one or more flat bed(s) or a platform container(s).
An intermediary person who buys and arranges for other some services, as transportation of loads, usually large operations, for a percentage of the revenue from the load
Bunker Adjustment Factor (BAF)
Surcharge assessed by carrier which is applied to freight rates to compensate unexpected fuel oil price variations. Please click here for more information.
Name given to the fuels used to propel a Vessel.
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