A vessel call sign is a unique identifier assigned to a ship for radio communication purposes. It is used to distinguish the vessel from others in maritime communication systems, including VHF radios and satellite communications.
A vessel omission (sometimes called a port omission) occurs when a scheduled vessel does not call at a planned port during its voyage. This disruption means that the vessel skips the port entirely, which can impact the transportation and delivery schedules of goods.
In cargo shipping, vessel rotation is the planned sequence of port calls that a shipping vessel follows on its route to optimize cargo loading and unloading operations.
The timetable of departure and arrival times for each port call on the rotation of the vessel in question.
A journey by sea from one port or country to another one or, in case of a round trip, to the same port.
Warehouse utilization is a logistics metric that refers to the effective use of available warehouse space for storing goods and inventory.
Order for specific transportation work carried out by a third party provider on behalf of the issuing party.
Logistics yard management refers to the process of overseeing and controlling the movement of trucks, trailers, containers, and other vehicles within a yard or distribution center. This includes tasks such as scheduling, tracking, and coordinating the arrival, departure, and storage of these vehicles.
INCOTERMS
What are INCOTERMS?
INCOTERMS, short for International Commercial Terms, are a set of standardized trade terms published by the International Chamber of Commerce (ICC) that define the responsibilities and obligations of buyers and sellers in international trade transactions. They specify who is responsible for the costs, risks, and logistics involved in transporting goods from the seller to the buyer.
What is the purpose of INCOTERMS?
The primary purpose of INCOTERMS is to provide clarity and uniformity in international trade contracts by establishing common terms and definitions. By using INCOTERMS, parties can negotiate and agree upon the terms of sale with confidence, ensuring a clear understanding of each party's rights and responsibilities throughout the transaction.
The 10 most commonly used INCOTERMS
- EXW (Ex Works)
- FOB (Free on Board)
- CIF (Cost, Insurance, and Freight)
- DAT (Delivered at Terminal)
- DAP (Delivered at Place)
- FCA (Free Carrier)
- CFR (Cost and Freight)
- CPT (Carriage Paid To)
- DDP (Delivered Duty Paid)
- FAS (Free Alongside Ship)
Are INCOTERMS used for domestic shipments?
While INCOTERMS are primarily designed for international trade, they can also be used for domestic shipments within a country. However, their usage for domestic transactions is less common, as domestic trade often operates under different regulations and practices.
Are INCOTERMS legally binding?
INCOTERMS themselves are not legally binding contracts. However, they serve as valuable tools for drafting sales contracts and establishing the terms of sale between parties. The specific terms agreed upon using INCOTERMS become legally binding when included in a sales contract or purchase order.
In summary, INCOTERMS play a crucial role in international trade by standardizing terms of sale, reducing misunderstandings, and facilitating smoother transactions between buyers and sellers worldwide. Understanding and correctly applying INCOTERMS is essential for supply chain and logistics professionals to navigate the complexities of global commerce effectively.
How many languages are the INCOTERMS written in?
The INCOTERMS rules are available in multiple languages to accommodate users worldwide. The official languages of the ICC, including English, French, Spanish, Chinese, Russian, and Arabic, ensure accessibility and understanding for parties involved in international trade.