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Over 3600 Ocean Marine, Shipping, Chat & Insurance Terms and Abbreviations
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TERM COLORS: Black = Transport - -  Blue = Insurance - - Green = Chat/Email

Chat - A - B - C - D - E - F - G - H - I - J - K - L - M - N - O - P - Q - R - S - T - U - V - W - X - Y - Z

5 Steps + 2 Minutes = AllCovered --- Paperless -- No Monthly Reporting
-- Cargo - Bonds - BOL Liability/E&O - Warehouse - Business Insurance --

-- We have Logistics AllCovered --

 

- O -

TERM DEFINITION
Obligee (Ins) Broadly, anyone in whose favor an obligation runs. This term is most frequently used in surety bonds, where it refers to the person, firm or corporation protected by the bond.
Obligor (Ins) Commonly called principal; one bound by an obligation. Under a bond, strictly speaking, both the principal and the surety are obligors.
OBL Original Bill of Lading - A document which requires proper signatures for consummating carriage of contract. Must be marked as "original" by the issuing carrier.
OBO - Or Best Offer
- Ore/Bulk/Ore Vessel - A multipurpose ship that can carry ore, heavy dry bulk goods and oil. Although more expensive to build, they ultimately are more economical because they can make return journeys with cargo rather than empty as single-purpose ships often must
Ocean Bill of Lading (Ocean B/L) A contract for transportation between a shipper and a carrier. It also evidences receipt of the cargo by the carrier. A bill of lading shows ownership of the cargo and, if made negotiable, can be bought, sold or traded while the goods are in-transit.
OCP See "Overland Common Points."
Occurrence Coverage (Ins) A policy providing liability coverage only for injury or loss that occurs during the policy period, regardless of when the claim is actually made. (See also: Claims Made")
OCS REF OCS Reference Number
OCS Reference Number Number assigned to certain shipping / booking by Overseas Container Services
ODS Abbreviation for "Operating Differential Subsidy."   An amount of money the U.S. government paid U.S. shipping companies that qualify for this subsidy.  The intent was to help offset the higher subsidy.  The intent was to help ofset the higher cost of operating a U.S.-flag vessel.  The ODS program is administered by the U.S. Maritime Administration and is being phased out.
O.E.C.D. Organization of Economic Cooperation and Development, headquartered in Paris with membership consisting of the world's developed nations.
Offer See "Tender"
Offload Discharge of cargo from a ship
Offshore Contracting work carried out at sea (e.g. drilling for oil).
Oh Shoot! We're Out Of Stock (OSWOOS) Logistics Management Inventory Term referring to inventory management by crisis or haphazard: "Oh Shoot! We're Out Of Stock" as opposed to JIT (Just-In-Time) inventory management.
OIC Oh, I See
Oil Bulk Ore Vessel A multipurpose ship that can carry ore, heavy dry bulk goods and oil. Although more expensive to build, they ultimately are more economical because they can make return journeys with cargo rather than empty as single-purpose ships often must.
Oil Tanker A ship designed for the carriage of oil in bulk, her cargo space consisting of several or many tanks. Tankers load their cargo by gravity from the shore or by shore pumps and discharge using their own pumps
OLL On Line Love
OMG Oh My God
On Board A notation on a bill of lading that cargo has been loaded on board a vessel. Used to satisfy the requirements of a letter of credit, in the absence of an express requirement to the contrary.
Oncarriage Carriage of goods by any mode of transport to place of delivery after discharge from ocean vessel at port of discharge.
On Deck A notation on a bill of lading that the cargo has been stowed on the open deck of the ship.
One-Way Pallet See "Disposable Pallet"
Online Receiving A system in which computer terminals are available at each receiving bay and operators enter items into the system as they are unloaded.
OO (Owner Option) At discretion or choice of Owner
Open Account A trade arrangement in which goods are shipped to a foreign buyer without guarantee of payment.
Open Cover (Ins) An agreement whereby the Assured undertakes to declare every item (e.g. shipment, vessel, etc. as appropriate) that comes within the scope of the cover in the order in which the risk attaches. The insurer agrees, at the time of concluding the contract, to accept all valid declarations up to the agreed limit for each declaration. An open cover may be for a fixed period or always open; subject to a cancellation clause.
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. Policies containing all terms and conditions, but which separately record the amount and term of each risk to be covered. Also, a term used to describe policies written with no natural expiration date, but which stay in effect until cancelled.
Open Rates Pricing systems that are flexible and not subject to conference approval. Usually applied to products in which tramps are substituted for liners.
Open Registry A term used in place of "flag of convenience" or "flag of necessity" to denote registry in a country which offers favorable tax, regulatory, and other incentives to ship owners from other nations.
Open-Sided Container Shipping container with frames with wire-mesh at the sides covered by means of a tarpaulin which can be dropped down to give unrestricted access to the sides of the container for loading or discharging.
Open Top Container A container fitted with a solid removable roof, or with a tarpaulin roof so the container can be loaded or unloaded from the top.
Operating Differential Subsidy A payment to an American-flag carrier by the U.S. government to offset the difference in operating costs between U.S. and foreign vessels.
Operating Ratio A comparison of a carrier's operating expense with its net sales.   The most general measure of operating efficiency. A measure of operating efficiency defined as Operating expenses divided by the Operating revenues x 100.
Operator The party responsible for the day to day operational management of certain premises such as ware-houses, terminals and vessels.
O.P.I.C. Overseas Private Investment Corporation.
Optimum Cube The highest level of cube utilization that can be achieved when loading cargo into a container.
Optional Cargo Cargo of which the final destination is not known at the moment of booking but will be indicated during the transport.
Optional Port A port of which it is not known whether or not it will be called by a vessel during a voyage.
Order A type of request for goods or services.
Order Cycle The time spent and the activities performed from the time an order is received to the actual delivery of the order to a customer.
Order Cycle Time The time that elapses from placement of order until receipt of order. This includes time for order transmittal, processing, preparation, and shipping.
Order Fill A measure of the number of orders processed without stockouts, or the need to back order, expressed as a percentage of all orders processed in the distribution center or warehouse.
Order-Notify (O/N) A bill of lading term to provide surrender of the original bill of lading before freight is released; usually associated with a shipment covered under a letter of credit.
ORFS Abbreviation for "Origin Rail Freight Station." Same as CFS at origin except an ORFS is operated by the rail carrier participating in the shipment.
Order Picking Assembling a customer's order from items in storage.
Order Processing The activities associated with filling customer orders.
Ordering Cost The cost of placing an inventory order with a supplier.
Origin Location where shipment begins its movement.
Original Bill of Lading (OBL) A document which requires proper signatures for consummating carriage of contract. Must be marked as "original" by the issuing carrier.
OSD or OS&D Abbreviation for "Over, Short or Damaged" Usually discovered at cargo unloading.
OSH Open Shelter deck
OSWOOS
(Oh Shoot! We're Out Of Stock)
Logistics Management Inventory Term referring to inventory management by crisis or haphazard: "Oh Shoot! We're Out Of Stock" as opposed to JIT (Just-In-Time) inventory management.
OTF Off The Floor
OTOH On The Other Hand
OTT Over The Top
OTTOMH Off The Top Of My Head (I guess...)
Out Gate Transaction or interchange that occurs at the time a container leaves a rail or water terminal.
Out-Of-Gauge Cargo Cargo which dimensions are exceeding the normal dimensions of a 20 or 40 feet container, e.g. overlength, overwidth, overheight, or combinations thereof
Out-of-Pocket Cost The cost directly assignable to a particular unit of traffic and which a company would not have incurred if it had not performed the movement.
Outsider A carrier, which operates on a route served by a liner conference but which is not a member of that conference.

Outsourcing

Purchasing a logistics service from an outside firm, as opposed to performing it in-house.
Outturn Report Written statement by a stevedoring company in which the condition of cargo discharged from a vessel is noted along with any discrepancies in the quantity compared with the vessel's manifest.
Outward Handling The operations to be performed on outgoing goods from a production unit, both administrative and physical, starting at the moment forwarding orders can be executed to the moment of actual departure of the goods.
Overage (Ins) An additional premium charged on a cargo open cover declaration because the carrying vessel is outside the scope of the classification clause.
Over Pivot Rate The rate per kilogram to be charged for the over pivot weight (aircargo).
Over Pivot Weight The weight in excess of the pivot weight (aircargo).
Over-The-Road A motor carrier operation that reflects long-distance, intercity moves; the opposite of local operations.
Overboard Over the side or out of ship
Overcharge To charge more than the proper amount according to the published rates.
Overheight Cargo Cargo more than eight feet high which thus cannot fit into a standard container.
Overland Common Point (OCP) A term stated on the bills of lading offering lower shipping rates to importers east of the Rockies, provided merchandise from the Far East comes in through the West Coast ports. OCP rates were established by U.S. West Coast steamship companies in conjunction with western railroads so that cargo originating or destined for the American Midwest and East would be competitive with all-water rates via the U.S. Atlantic and Gulf ports. Applies to eastern Canada.
Overlength Cargo Cargo, exceeding the standard length
Overpack A unit used by a single shipper to contain one or more packages and to form one handling unit for convenience of handling and stowage. Dangerous goods packages contained in the overpack must be properly packed, marked, labelled and in proper condition as required by the Regulations regarding dangerous goods (aircargo).
Overtonnaging A situation where there are too many ships generally or in a particular trade for the level of available cargoes
Overwidth Cargo Cargo, exceeding the standard width
Owner The legal owner of cargo, equipment or means of transport.
Owner Code (SCAC) Standard Carrier Abbreviation Code identifying an individual common carrier. A three letter carrier code followed by a suffix identifies the carrier's equipment. A suffix of "U" is a container and "C" is a chassis.
Owner Operator (OO) A trucking operation in which the truck's owner is also the driver.
OWS Owners
   
 
DISCLAIMER:   These terms and definitions have been gathered from many sources public and private. This list is designed to serve as a reference. No warranty for the accuracy is stated nor implied.

HOME

Over 3600 Ocean Marine, Shipping, Chat & Insurance Terms and Abbreviations
To jump to a section, click the letter. (Opens in new browser window)
Some letters have several hundred entries and may take some time to download
TERM COLORS: Black = Transport - -  Blue = Insurance - - Green = Chat/Email

Chat - A - B - C - D - E - F - G - H - I - J - K - L - M - N - O - P - Q - R - S - T - U - V - W - X - Y - Z

5 Steps + 2 Minutes = AllCovered --- Paperless -- No Monthly Reporting
-- Cargo - Bonds - BOL Liability/E&O - Warehouse - Business Insurance --

-- We have Logistics AllCovered --

These terms, abbreviations and descriptions have been gathered from many sources
online and in print. No warranty for their accuracy is stated nor implied.

 

Last Updated:
Monday, 08 June 2009 14:31:07 -0400

 

 

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Debbie Miller
Customer Service - Allcovered.net
Ocean Marine Division; Allen Insurance Group
Voice: +1.478.825.5566 Ext. 108
E-Fax: +1.419.715.4723
Email: debbie.miller@allcovered.net

 

 

 

 

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