Ocean shipping

Ocean shipping

Relating to the transportation of goods across an ocean or sea.

Industry: Maritime; Transportation

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Ocean shipping

division

Transportation; Ocean shipping

Carriers’ practice of dividing revenue received from rates where joint hauls are involved. This is usually according to agreed formulae.

dock receipt

Transportation; Ocean shipping

A form used to acknowledge receipt of cargo and often serves as basis for preparation of the ocean bill of lading.

diversion

Transportation; Ocean shipping

A change made either in the route of a shipment in transit (see Reconsignment) or of the entire ship.

displacement

Transportation; Ocean shipping

The weight, in tons of 2,240 pounds, of the vessel and its contents. Calculated by dividing the volume of water displaced in cubic feet by 35, the average density of sea water.

discrepancy letter of credit

Transportation; Ocean shipping

When documents presented do not conform to the requirements of the letter of credit (L/C), it is referred to as a “discrepancy. ” Banks will not process L/C’s which have discrepancies. They will ...

differential

Transportation; Ocean shipping

An amount added or deducted from base rate to make a rate to or from some other point or via another route.

despatch

Transportation; Ocean shipping

An incentive payment paid by the vessel to the charterer for loading and unloading the cargo faster than agreed. Usually negotiated only in charter parties. Also called “dispatch. ”