Contributors in Maritime
Maritime > Ocean shipping
detention
Transportation; Ocean shipping
A penalty charge against shippers or consignees for delaying carrier’s equipment beyond allowed time. Demurrage applies to cargo; detention applies to equipment.
compulsory ship
Transportation; Ocean shipping
Any ship which is required to be equipped with radiotelecommunication equipment in order to comply with the radio or radio-navigation provisions of a treaty or statute to which ...
confirming bank
Transportation; Ocean shipping
The bank that adds its confirmation to another bank’s (the issuing bank’s) letter of credit and promises to pay the beneficiary upon presentation of documents specified in the ...
confirmed letter of credit
Transportation; Ocean shipping
A letter of credit, issued by a foreign bank, whose validity has been confirmed by a domestic bank. An exporter with a confirmed letter of credit is assured of payment even if the ...
bank guarantee
Transportation; Ocean shipping
Guarantee issued by a bank to a carrier to be used in lieu of lost or misplaced original negotiable bill of lading.
bunker adjustment factor (BAF)
Transportation; Ocean shipping
Used to compensate steamship lines for fluctuating fuel costs. Sometimes called “Fuel Adjustment Factor” or FAF.
Sub-categories
- Ocean shipping (5787)