Terms used in shipping such Registry of Seamen, Release, Relay, Reinst.,Restricted,Restitution,Revenue Ton etc.
This post explains about terms used in shipping such Reefer,Refrigerated Container,Registry of Seamen,Release,Relay,Reinst.,Restricted,Restitution,Revenue Ton etc. These terms used in international business are arranged in alphabetical order and you may add more information about terms used in export business at the end of this article, if you wish.
Terms used in shipping
REEFER BOX:An insulated shipping container designed to carry cargoes requiring temperature control. It is fitted with a refrigeration unit which is connected to the carrying ship’s electrical power supply.
Reefer:In the industry, it is the generic name for a temperature controlled container. The containers, which are insulated, are specially designed to allow temperature controlled air circulation within the container. A refrigeration plant is built into the rear of the container.
Reexports - For export control purposes: the shipment of U.S. origin products from one foreign destination to another. For statistical reporting purposes: exports of foreign-origin merchandise which have previously entered the United States for consumption or into Customs bonded warehouses for U.S. Foreign Trade Zones.
Ref. - Refrigerating machinery
REFG:Refrigerating; Refrigeration.
Refrigerated Container (Reefer):A shipping container used in intermodal freight transport that is refrigerated for the transportation of temperature sensitive cargo.
refrigeration or reefer units: The protective cooling of perishable freight by ice, liquid nitrogen, or mechanical devices
register tonnage - Volume of a ship expressed in tons.
Registrar-General of Shipping and Seamen (RGSS) (previously the Registrar-General of Shipping):Refers to the position, the office, and the department under the Board of Trade. The primary objective of the RGSS, which was established by the 1854 Consolidated Merchant Shipping Act, was to enforce this legislation (and later 1894). The office of the RGSS received British Empire Merchant Shipping Articles related to Ships, Masters, Voyages, and Crew, checked them for infractions, and in such cases demanded clarification, retained records, and produced them for the courts if required. The office also maintained registers of Ships, Masters, Mates and Engineers. Its information was gathered from the various types of records. It annually published the Mercantile Navy List. The main office of the RGSS was in London, whence it oversaw multiple merchant shipping offices in the major ports of the UK and the British Empire. Documents of Ships, Voyages, and Crew submitted to the various mercantile marine offices were mailed to the main office for review and storage.
Registry of Seamen:A general register and record office of seamen in the Mercantile Marine under the direction of the Registrar-General, and guided by the Merchant Shipping Acts. The register was compiled from the crew agreements and lists, and transmitted to the office of the Registrar-General.
REGS.:Registered Tonnage.
Reinst. – Reinstatement
Related Points:A group of points to which rates are made the same as or in relation to rates to other points in group. Request for Price
Relative Humidity %:The ratio of the actual amount of water vapor in the air to the maximum it can hold at a given temperature, multiplied by 100.
Relay:To transfer cargoes from one ship to another of the same ownership.
Release (Commercial Release):Instructions, usually a fax or email, stating that all monies have been paid, and the goods are Customs cleared, therefore the warehouse operator can release the cleared goods to an authorised collecting party
Release a Bill of Lading (to) - To provide the shipper with an original Bill of Lading, often in exchange for the freight.
Release Note:A receipt signed by a customer acknowledging the delivery of cargoes.
RELEASED VALUE:Value assigned a shipment with a maximum value per pound; used for liability purposes
Remittance:Funds sent by one person to another as payment.
Request/Offer - A negotiating approach whereby requests are submitted by a country to a trading partner identifying the concessions another seeks through negotiations. Compensating offers are similarly tabled and negotiated by delegates of the countries involved.
res. - Residue, reserve
Reserve Tranche - Member countries of the International Monetary Fund (IMF) have a reserve tranche position to the extent that their quotas exceed the IMF's holdings of its currency in the General Resources Account, excluding holdings arising out of purchases made by the member under all policies on the use of the IMF's general resources. A member may purchase up to the full amount of its reserve tranche at any time, subject only to the requirement of balance of payments need. A reserve tranche position does not constitute a use of IMF credit and is not subject to charges or to an expectation or obligation to repurchase. See: International Monetary Fund.
Residual Restrictions - Quantitative restrictions that have been maintained by governments before they became contracting parties to GATT and, hence, permissible under the GATT "grandfather clause." Most of the residual restrictions still in effect are maintained by developed countries against the imports of agricultural products.
Responsibilities:Seller is responsible for the costs and risks to bring the goods to the point specified in the contract.Seller should ensure that their forwarding contract mirrors the contract of sale.Seller is responsible for the export clearance procedures.Importer is responsible to clear the goods for import, arrange import customs formalities, and pay import duty.If the parties intend the seller to bear the risks and costs of taking the goods from the terminal to another place then the DAP term may apply.
Restitution:Return of Container to Port (or other designated location as specified by the leasing shipping line)
Restricted - A condition within the letter of credit which limits its negotiation to a named bank.
Restricted Articles:Articles handled only under certain conditions.
Restrictive Business Practices - Actions in the private sector, such as collusion among the largest international suppliers, designed to restrict competition so as to keep prices relatively high.
Retaliation - Action taken by a country whose exports are adversely affected by the raising of tariffs or other trade restricting measures by another country. The GATT permits an adversely affected contracting party (CP) to impose limited restraints on imports from another CP that has raised its trade barriers (after consultations with countries whose trade might be affected). In theory, the volume of trade affected by such retaliatory measures should approximate the value of trade affected by the precipitating change in import protection.
RETURN CARGO:A cargo which enables a ship to return loaded to the port or area where her previous cargo was loaded.
Returned Without Action - For export control purposes: the return of a license application without action is used when the application is incomplete, additional information is required, or the product is eligible for a General License.
Revenue Ton (R/T):The greater weight or measurement of cargoes where 1 ton is either 1000 kilos or 1 cubic metre (for metric system). Also known as “Bill of Lading Ton” or “Freight Ton”. It is used to calculate freight charge.
Revenue Ton (RT):A ton on which the shipment is freighted. If cargo is rated as weight or measure (W/M), whichever produces the highest revenue will be considered the revenue ton. Weights are based on metric tons and measures are based on cubic meters. RT=1 MT or 1 CBM.
Revenue Ton (RT):The greater weight or measurement of goods where 1 ton is either 1000 kilos or 1 cubic meter (for metric system). Also known as bill of lading ton or freight ton. It is used to calculate freight charge.
Reverse IPI:An inland point provided by an all-water carrier's through bill of lading in the U.S. by first discharging the container in an East Coast port.
The above details describes about terms called in shipping such as such Reefer,Refrigerated Container,Registry of Seamen , Release, Relay, Reinst., Restricted, Restitution, Revenue Ton etc. These phrases may help importers and exporters on their day to day business activities. The readers can also add more information about terms used in shipping business below this post.Terms used in shipping such as Vessel Manifest,vessel operator,Visa Waiver,Volume Rate etc .
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