G/A con

General Average Contribution

G/A

[1] General Average.

[2] General Authorisation.

GAC

General Average Certificate

GBP

Pound Sterling

GCBS

General Council of British Shipping

GCC

Gulf Co-operation Council

GCR

General Cargo Rate/General Commodity Rate

GDP

Gross Domestic Product

GmbH

Registered Company (Germany)

GMT

Greenwich Mean Time

GNP

Gross National Product

Gr Wt

Gross Weight

Gross Weight

The full weight of a shipment, including goods and packaging. Compare Tare Weight.

GRT

Gross Registered Tonnage

GSM

Good Sound Merchantable

GSP

Generalised System of Preferences

GUV

General Utility Van

GV

Grand Vitesse (Express Train)

HAWB

House Air Waybill

HBL

House Bill of Lading

H/C

Held Covered

HCS

Harmonised Commodity System

HFL

Dutch Florin

H/H

Half Height (Container)

HL

Heavy Lift

HMC

Her Majesty’s Customs

HMCE, HMC&E

Her Majesty’s Customs and Excise

HMSO

Her Majesty’s Stationery Office

HS

Harmonised System

HVR

Hague-Visby Rules

HWM

High Water Mark

IATA

International Air Transport Association

IB

[1] In Bond.

[2] Invoice Book.

IBAP

Intervention Board for Agricultural Produce

IBRD

International Bank for Reconstruction and Development

IC&C

Invoice Cost and Charges

ICAB

International Cargo Advisory Bureau

ICAO

International Civil Aviation Organisation

ICB

International Container Bureau

ICC

[1] International Chamber Of Commerce.

[2] Institute Cargo Clauses.

ICCH

International Commodities Clearing House

ICD

Inland Clearance Depot

ICHCA

International Cargo handling Co-ordination Association

ICS

[1] International Chamber of Shipping.

[2] Institute of Chartered Shipbrokers.

ID

Import Duty

IDA

International Development Authority

IDB

Inter-American Development Bank

IDR

Import Duty Relief

IFC

International Finance Corporation

I/L

Import Licence

ILO

International Labour Organisation

ILU

Institute of London Underwriters (insurance). See Institute Cargo Clauses.

IMCO

International Maritime Consultative Organisation

IMDG

International Maritime Dangerous Goods Code

IMF

International Monetary Fund

IMO

International Maritime Organisation

Import Licence

A document required and issued by some national governments authorising the importation of goods into their individual countries.

IMT

International Money Transfer

INCOTERMS

International shipping terms devised by the International Chambers of Commerce, which are recognised by most major trading nations and were most recently updated in 2000.

Inland Bill of Lading

A bill of lading used in transporting goods overland to the exporter's international carrier. Although a through bill of lading can sometimes be used, it is usually necessary to prepare both an inland bill of lading and an ocean bill of lading for export shipments. Compare Air Waybill.

INR

Indian Rupee

INSA

International Shipowner’s Association

Institute Cargo Clauses

Clauses issued by the Institute of London Underwriters that are added to standard marine cargo insurance policies to widen or restrict the cover given. The wording of each has been agreed by a committee of insurance companies and Lloyd's underwriters. Attaching particular clauses to a policy enables insurers to tailor an individual policy to the clients' requirements.

INTRASTAT

Intra EC statistics

IOE

Institute of Export

IPA

Including Particular Average

IPR

Inward Processing Relief

IRD

Inland Rail Depot

IRN

Import Release Note

Irrevocable Letter of Credit

A letter of credit in which the specified payment is guaranteed by the bank if all terms and conditions are met by the drawee. Compare 'Revocable Letter of Credit' and 'Confirmed Letter of Credit'.

IRU

Union Internationale des Transports Routiers

ISC

Institute Strike Clauses (insurance). See Institute Cargo Clauses.

ISF

International Shipping Federation

ISFA

Institute of Shipping and Forwarding Agents

ISO

International Standards Organisation

ITI

Customs Convention on the International Transit of Goods

ITMA

Institute of Trade Mark Agents

ITO

International Trade Organisation

IUPIP

International Union for the Protection of Intellectual Property

IWA

International Waterways Association

IWC

Institute War Clauses (insurance). See Institute Cargo Clauses.

JIT

Just In Time

JLCD

Joint Liaison Committee on Documents

JPY

Japanese Yen

L/A

[1] Lloyds' Agent.

[2] Letter of Authority.

LAB

Lloyds Average Bond

LAFTA

Latin American Free Trade Association

lay days

The number of days specified in a charterparty to enable the charterer to load or discharge cargo. They start to run as soon as the ship is an arrived ship, i.e. it reaches the berth or mooring specified in the charterparty. If only a port is specified, the ship must have reached a position within the port where it is at the immediate and effective disposition of the charterer (known as the "Reid test"). The charterparty may provide for the payment of dispatch money when the charterer saves days in loading or discharging the cargo. Unless the charterparty provides otherwise (e.g. by limiting them to good-weather working days), lay days are running days, i.e. running consecutively without a break. See also demurrage.

L/C

Letter of Credit

LCL

Less than Full Container Load

LDC

Less Developed Country

Ldg

Loading

Ldg & Dly

Landing and Delivery 

Lds

Loads

LEC

Local Export Control

Letter of Credit (L/C)

A document, issued by a bank per instructions by a buyer of goods, authorising the seller to draw a specified sum of money under specified terms, usually the receipt by the bank of certain documents within a given time.

LI

Letter of Indemnity

LIC

Local Import Control

Licensing

A business arrangement in which the manufacturer of a product (or a firm with proprietary rights over certain technology, trademarks, etc.) grants permission to some other group or individual to manufacture that product (or make use of that proprietary material) in return for specified royalties or other payment.

LIFFE

London International Financial Futures Exchange

LIFO

[1] Last in First out.

[2] Liner In Free Out.

LIT

Italian Lira

Lkg & Bkg

Leakage and Breakage

Lkge

Leakage

L/L

Long Length

LO/LO

Lift on Lift off

L/T

Long Ton (240 lbs.)

LT-EUR1

Long-Term Movement Certificate (EU)

LTL

Less than Truck Load

LVP

Low Value Procedure

LWM

Low Water Mark

Manifest

See 'Ship's Manifest'.

Marine Insurance

Insurance that compensates the owners of goods transported overseas in the event of loss that cannot be legally recovered from the carrier. Also covers air shipments. Compare Credit Risk insurance.

Marking (or Marks)

Letters, numbers, and other symbols placed on cargo packages to facilitate identification.

MAT

Marine, Aviation and Transport (insurance)

MAWB

Master Air Waybill

MDHB

Mersey Docks and Harbour Board

MEC

Marine Extension Clause

Medit

Mediterranean

MFN

Most Favoured Nation

Mgr

Manager

MIA

Marine Insurers Act

MIEx

Member of the Institute of Export

Min

Minimum

Min Wt

Minimum Weight

Min.B/L

Minimum Bill of Lading

MIP

Marine Insurance Policy

MLO

Main Line Operator

MM

Made Merchantable

MMA

Merchandise Marks Act

MN

Merchant Navy

MNC

Multinational corporation

MO

Money Order

MOLOO

More or Less at Owners Option

MPC

Multi Purpose Vessel

M/R

Mate’s Receipt

Mst or msm

Measurement

MT

Metric Tonne

MTN

Multilateral Trade Negotiations

MTO

Multi-modal Transport Operator

MV or mv

Motor Vessel

N/A

[1] Not Applicable.

[2] No Advice.

[3] No Account (banking)

NATS

National Air Traffic Services

NCV

No Commercial Value

ND

No Discount

NDPS

National Data Processing Service

NE

Not Exceeding

NEC

Not Elsewhere Classified

NEI

Not Elsewhere Indicated

NES

Not Elsewhere Specified

Net Weight

Weight of the goods alone, excluding packaging or container

NIR

Northern Ireland Railways

NMB

National Maritime Board

NOK

Norwegian Kroner

NOP

Not Otherwise Provided

NPC

National Ports Council

NR

[1] No Risk Until Confirmed.

[2] Nett Register.

NRAD

No Risk After Discharge

NRT

Nett Registered Tonnage

NS

Nerdlandse Spoorwegen (Dutch Railways)

NSPF

Not Specially Provided For

N/T

Nett Terms

NTB’s

Non-Tariff Barriers

NV

Dutch Term for Incorporated

NVOCC

Non Vessel Operating Common Carrier

NYPLR

New York Prime Lending Rate

O/A

On Account Of

OAS

Organisation for American States

OAU

Organisation for Afrika Unity

OBOs

Oil/Bulk/Ore Carriers

O/C

[1] Open Cover.

[2] Open Charter.

O/c

Overcharge

Ocean Bill of Lading

A bill of lading (B/L) indicating that the exporter consigns a shipment to an international carrier for transportation to a specified foreign market. Unlike an inland bill of lading, the ocean B/L also serves as a collection document. If it is a "straight" B/L, the foreign buyer can obtain the shipment from the carrier by simply showing proof of identity. If a "negotiable" B/L is used, the buyer must first pay for the goods, post a bond, or meet other conditions agreeable to the seller. Compare Air Waybill and Through Bill of Lading.

OCN

Out-of-Charge Notice

O/d

[1] On Demand.

[2] Overdrawn.

OECD

Organisation for Economic Co-operation & Development

OFT

Office of Fair Trading

OGL

Open General Licence

OJEC

Official Journal of the European Communities

ON

Official Number

On Board Bill of Lading

A bill of lading in which a carrier certifies that goods have been placed on board a certain vessel.

On Consignment

Delivery of merchandise from an exporter (the consignor) to an agent (the consignee) under agreement that the agent sells the merchandise at an agreed price or at the best possible price for the account of the exporter. The consignor retains title to the goods until the consignee has sold them. The consignee sells the goods for commission and remits the net proceeds to the consignor in a final settlement often known as a consignment account.

O/o

Order of

OP

Open or Floating Cargo Policy

OPEC

Organisation Of Petroleum Exporting Countries

Open Account

A trade arrangement in which goods are shipped to a foreign buyer without guarantee of payment. The obvious risk this method poses to the supplier makes it essential that the buyer's integrity be unquestionable.

Open General Export Licence

Any of various export licences covering export commodities for which individually validated export licences are not required. No formal application or additional written authorisation is needed to ship exports under an open general export licence although the licence may specify that shipments be notified, etc.

Open Insurance Policy

A marine insurance policy that applies to all shipments made by an exporter over a period of time rather than to one shipment only.

OPR

Outward Processing Relief

O/R

Owner's Risk

Order Bill of Lading

A negotiable bill of lading made out to the order of the shipper.

ORL

Owner’s Risk of Leakage

OY

Finnish term for Incorporated