OCEAN & TRANSPORT TERMS

 

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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 --

 

- V -

TERM DEFINITION
Validated Export License A document issued by the U.S. government; authorizes the export of commodities for which written authorization is required by law.
Validation Authentication of B/L and when B/L becomes effective.
Valuable Cargo A consignment which contains one or more valuable articles (aircargo).
Valuation Charges Transportation charges to shippers who declare a value of goods higher than the value of the carriers' limits of liability.
Valuation Clause Provides basis for determining insured value of a shipment under the Open Cargo policy.
Value Added Tax (VAT) A form of indirect sales tax paid on products and services at each stage of production or distribution, based on the value added at that stage and included in the cost to the ultimate customer.
Value for Customs Purposes Only The US Customs Service defines "value for Customs purposes only" as the value submitted on the entry documentation by the importer which may or may not reflect information from the manufacturer but in no way reflects Customs appraisement of the merchandise.
Value Surcharge A surcharge for the carriage of cargo having a value in excess of a specified amount per kilogram (aircargo).
Vanning A term for stowing cargo in a container.
Variable Cost Costs that vary directly with the level of activity within a short time. Examples include costs of moving cargo inland on trains or trucks, stevedoring in some ports, and short-term equipment leases. For business analysis, all costs are either defined as variable or fixed. For a business to break even, all fixed costs must be covered. To make a profit, all variable and fixed costs must be recovered plus some extra amount.
VAT See "Value Added Tax"
VBG Very Big Grin
VCPO See "Value for Customs Purposes Only"
Vendee Buyer
Vendor A firm or individual that supplies goods or services; the seller.
Vendor Managed Inventories (VMI) A customer service strategy used to manage inventory of customers to lower cost and improve service.
Ventilated Container A container designed with openings in the side and/or end walls to permit the ingress of outside air when the doors are closed.
Venture An undertaking, such as one voyage of a vessel.
Very Large Crude Carrier (VLCC) A vessel designed for the carriage of liquid cargo in bulk with a loading capacity from 50.000 till 250.000 DWT
Vessel A floating structure designed for transport.
Vessel Manifest The international carrier is obligated to make declarations of the ship's crew and contents at both the port of departure and arrival. The vessel manifest lists various details about each shipment by B/L number. Obviously, the B/L serves as the core source from which the manifest is created.
Vessel Supplies for Immediate Exportation (VSIE) Allows equipment and supplies arriving at one port to be loaded on a vessel, aircraft, etc., for its exclusive use and to be exported from the same port.
Viz. Namely. Used in tariffs to specify commodities.
VLCC Very Large Crude Carriers: Tankers between 200,000 and 300,000 dwt.
VMI See "Vendor Managed Inventories"
Void Policy (Ins) One which is inadmissible as evidence in a court of law (e.g. P.P.I. policy).
Volatility Allowance The largest difference in container availability taking into account past peaks in net demand after having removed the trend in container demand during the repositioning trade-off period.
Volume Size or measure of anything in three dimensions.
Volume Charge A charge for carriage of goods based on their volume (aircargo).
Voucher A receipt, entry or other document which establish the accounts.
Voyage The trip designation (trade route and origin/destination) identifier, usually numerically sequential.
Voyage Charter A contract whereby the shipowner places the vessel at the disposal of the charterer for one or more voyages, the shipowner being responsible for the operation of the vessel.
Voyage Number Reference number assigned by the carrier or his agent to the voyage of the vessel.
VPD Vessel Pays Dues/Duties
VSA Vessel Sharing Agreement
VSIE See "Vessel Supplies for Immediate Exportation"
   
 
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 14:35:02 -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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