Shipping Glossary U-Z
U
UCP
- Abbreviation for the "Uniform Customs and Practice for Documentary Credits," published by the International Chamber of Commerce. This is the most frequently used standard for making payments in international trade; e.g., paying on a Letter of Credit. It is most frequently referred to by its shorthand title: UCP No. 500. This revised publication reflects recent changes in the transportation and banking industries, such as electronic transfer of funds.
- Uniform Customs and Practice of Documentary Credit. The "bankers Bible" onDocumentary Credit Interpretation issued by the the International Chamber ofCommerce ( I.C.C. )
UCP500
Revised and updated version of UCP operating from January 1, 1994.
UFC
Abbreviation for "Uniform Freight Classification."
Ullage
The space not filled with liquid in a drum or tank.
UN
United Nations.
UN/EDIFACT
- United Nations EDI for Administration, Commerce and Transport. EDI Standards are developed and supported by the UN for electronic message (data) interchange on an international level.
- United Nations Centre for Trade Facilitation and Electronic Business. The worldwide facilitation of international transactions through the simplification and harmonization of procedures and information flows.
UN/EDIFACT
United Nations Electronic Data Interchange for Administration, Commerce and Transport.
Unclaimed Freight
Freight that has not been called for or picked up by the consignee or owner.
UNCTAD
United Nations Conference on Trade and Development.
UNCTAD MMO
UNCTAD Multi Modal Transport Convention.
Undercharge
To charge less than the proper amount.
Underwriter
In marine insurance, one who subscribes his name to the policy indicating his acceptance of the liability mentioned therein, in consideration for which he receives by way of a premium.
Uniform Customs and Practices for Documentary Credits (UCP)
Rules for letters of credit drawn up by the Commission on Banking Technique and Practices of the International Chamber of Commerce in consultation with the banking associations of many countries. See Terms of Payment.
Unit Cost
The cost associated with a single unit of product; it is calculated as the total cost of producing a product or service divided by the number of units in the run or lot.
Unit Load
Packages loaded on a pallet, in a crate or any other way that enables them to be handled at one time as a unit.
Unit Train
A train of a specified number of railcars, perhaps 100, which remain as a unit for a designated destination or until a change in routing is made.
Unitization
-The consolidation of a quantity of individual items into one large shipping unit for easierhandling.-Loading one or more large items of cargo onto a single piece of equipment, such as a pallet.
Unloading
Removal of a shipment from a vessel.
U.S. Consular Invoice
A document required on merchandise imported into the United States.
USDA
United States Department of Agriculture.
Usufruct
The legal right of using and enjoying the profits of something belonging to another party.
UU
Unless Used
V
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.
Vanning
A term sometimes used 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 (Value-Added Tax)
A sales or consumption tax which the end user pays. Typically, this is a "hidden" tax, added to the list price of the goods in question.
V A T, Mexico
Valued-Added Tax on the portion of service provided by the Mexican carrier. The invoicing party is due to collect and remit this tax.
Vendor
External supplier of merchandise.
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.
Vessel's Manifest
Statement of a vessel's cargoes or containers (revenue, consignee, marks, etc.).
Vessel Sharing Agreement (VSA)
A term agreement between two or more carriers in which a number of container positions ("slots") equal in space are reserved on particular vessels for each of the participants. The number of slots (space) on different vessels on the same route can vary by vessel type and direction but may also be expressed as each party's capacity use of the vessels employed jointly.
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.
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 Ton
A unit of interior capacity of ships equal to 100 cubic feet or 2,832 cubic metres; register ton.
Viz.
Namely. Used in tariffs to specify commodities.
Volume Rate
Rate applicable in connection with a specified volume (weight) of freight.
Voyage Charter
A charter party hiring a vessel for a particular voyage in which the shipowner provides the vessel, bunkers and crew whilst the charterer supplies the cargoes.
Voyage Direction
The sector of a round trip voyage normally denoted by the direction of the sailing.
Voyage Number
The numeric identification of a trip undertaken by a vessel on a fixed trade lane.
W
Waiver
Document used to allow cargo carriage by different flag vessels other than original destination country vessels. Also for government cargo where vessels under certain flags cannot carry the shipments.
War Risk
- Insurance coverage for loss of goods resulting from any act of war.
- Surcharge for covering additional insurance premium incurred by a vessel entering a war zone.
Warehouse
A place for the reception, delivery, consolidation, distribution, and storage of goods/cargo.
Warehouse Entry
Document that identifies goods imported when placed in a bonded warehouse. The duty is not imposed on the products while in the warehouse but will be collected when they are withdrawn for delivery or consumption.
Warehouse Withdrawal for Transportation Immediate Exportation (WDEX)
Allows merchandise that has been withdrawn from a bonded warehouse at one U.S. port to be exported from the same port exported without paying duty.
Warehouse Withdrawal for Transportation (WDT)
Allows merchandise that has been withdrawn from a bonded warehouse at one port to be transported in bond to another port, where a superseding entry will be filed.
Warehouse Withdrawal for Transportation Exportation (WDT&E)
Allows merchandise that has been withdrawn from a bonded warehouse at one port to be transported in bond through the U.S. to be exported from another port, without paying duty.
Warehousing
The storing of goods/cargo.
Waybill (WB)
- A document prepared by a transportation line at the point of a shipment; shows the point of the origin, destination, route, consignor, consignee, description of shipment and amount charged for the transportation service. It is forwarded with the shipment or sent by mail to the agent at the transfer point or waybill destination. Unlike a bill of lading, a waybill is not a document of title.
- Abbreviation is WB. Unlike a bill of lading, a waybill is NOT a document of title.
- See also Seawaybill.
WCCON
Whether Cleared Customs or Not
Weight Cargo
A cargo on which the transportation charge is assessed on the basis of weight.
Weights and Measures
Measurement ton 40 cubic ft or one cubic meter.Net ton, or short ton 2,000 lbs. ( 907.19 kg )Gross ton/long ton 2,240 lbs. ( 1016 kg )Metric ton/kilo ton 2,204.6 lbs. ( 1,000 kg )Cubic meter 35.314 cubic ft.
Well Car
Also known as stack car. A drop-frame Rail flat car.
Wharf
- A structure built along a shore, and often into the water, at which boats can be docked and loaded or unloaded;
- Also known as pier or quay.
Wharfage (Whfge.)
Charge assessed by a pier or dock owner against freight handled over the pier or dock or against a steamship company using the pier or dock.
WIBON
Whether In Berth or Not.
WIFPON
Whether in Free Pratique or Not
Windy Booking
A freight booking made by a skipper or freight forwarder to serve space but not actually having a specific cargo at the time the booking is made. Carriers often overbook a vessel by 10 to 20 percent in recognition that "windy booking" cargo will not actually ship.
WIPPON
Whether in Port or Not
With Average
A marine insurance term meaning that shipment is protected for partial damage whenever the damage exceeds a stated percentage.
Without Recourse
A phrase preceding the signature of a drawer or endorser of a negotiable instrument; signifies that the instrument is passed onto subsequent holders without any liability to the endorser in the event of nonpayment or non delivery.
W.M. (W/M)
Abbreviation for "Weight or Measurement;" the basis for assessing freight charges. Also known as "worm." The rate charged under W/M will be whichever produces the highest revenue between the weight of the shipment and the measure of the shipment.
WPA
Abbreviation for "With Particular Average."
W.T.L.
Western Truck Lines.
WWD
Weather Working Days.
XYZ
X12 ANSI
Standard for inter-industry electronic interchange of business transactions.
Xeric
Requiring a miniscule amount of moisture.
Yard
A classification, storage or switching area.
Yield
Revenue, not necessarily profitable, per unit of traffic.
York-Antwerp Rules of 1974
Established the standard basis for adjusting general average and stated the rules for adjusting claims.
YTD
Year To Date.
Zn
Abbreviation for: Azimuth, Zinc.
Zonate
Marked with or arranged in zones.
Zulu Time
Time based on Greenwich Mean Time.