Ocean shipping

Ocean shipping

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

Industry: Maritime; Transportation

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Ocean shipping

destination

Transportation; Ocean shipping

The place to which a shipment or person is going.

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 the vessel is subject.

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 letter of credit.

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 foreign buyer or ...