Ocean Terms

Abbreviation	Term	Description
BOL \| B/L	Bill of lading	BOL stands for Bill of Lading. It is an essential document that is issued to a shipper when shipping goods. The document includes details about the details of the good including its contents, destination, and more. In simple terms it can be seen as a receipt for delivering a good to another port and may be used as proof of ownership to pickup or deliver. If we go into detail, there are actually 18 classes of BOL based on weight, dimensions, value and more. Special goods like hazardous shipments are required to be clearly mentioned.
BOM	Bill of materials	This comprehensive list of raw materials and parts outlines the full range of items needed for creating specific products.
FCL	Full container load	For this type of ocean-based shipment, all cargo found within a given container belongs to a single party, rather than packing goods from multiple shippers together.
LCL	Less than container load	This method resembles less than truckload (LTL) but allows for the efficient international shipment of ocean freight. Under this approach, products may be shipped in the same container as other, unrelated freight.
NVOCC	Non vessel operating common carrier	This unique type of ocean carrier moves products under its own bill of lading and without actually operating transport vessels. This strategy is commonly used by small businesses looking to streamline importing and exporting by relying on a single point of contact.
TEU	Twenty-foot equivalent unit	One of several measurement terms meant to convey common shipping dimensions, this acronym references a container that is twenty feet long. A TEU is a measurement of shipment volume. It is based on the volume of a 20-foot-long (6.1 m) intermodal container, a standard-sized metal box which can be easily transferred between different modes of transportation, such as ships, trains and trucks.
IMO	International Maritime Organization
MTO	Multimode Transport Operator
CFS	Container Freight Station	Station or a warehouse where various goods, usually belonging to a number of different customers (e. g. LCL shipments), are received and stored for loading/unloading onto or from a container or truck.
ICD	Inland Clearance Depot	Inland location where cargo, particularly containerized, may be cleared by customs.
	On carriage	Carriage of goods (containers) by any mode of transport to the place of delivery after discharge from the vessel (main means of transport) at the port (place) of discharge.
	Pre-Carriage	Carriage of goods (containers) by any mode of transport from the place of receipt to the port of loading on a vessel.
	Prepaid Freight	Freight paid by the shipper to the carrier when merchandise is accepted for shipment. Not refundable even if the merchandise does not arrive at the intended destination.
	Place of Delivery	Location or place where a consignment (shipment) is delivered to the consignee.
	Place of Receipt	Location or place where a consignment (shipment) is received by the carrier from the shipper.
SI	Shipping Instructions	nformation and instructions, from either the seller/shipper or the buyer/consignee to a freight forwarder, carrier or their agents, or other provider of a service, providing detailed instructions pertaining to the shipment (shipper, consignee, notify party, commodity, pieces etc.).
	Transshipment	The transfer from one vessel or conveyance to another for further transit.
	Voyage	Journey by sea from one port or country to another or, in case of a round trip, to the same port.
	Voyage Number	Reference number assigned by the carrier or its agent to the voyage of the vessel.
	Shipping Bill	When certain goods are exported out of India, or supplies are provided to SEZ, they need to be taxed under GST and approved by the Customs department. The shipping bill contains information about the exported supplies, their value, and the custom duty and IGST paid on them. This also allows the supplier to claim a refund for the IGST paid on the supplies.
	Shipping Bill Number	Shipping bill number (a unique number assigned to every shipping bill by the Indian Customs Electronic Data Interchange System).
	Commercial Invoice	A commercial invoice is an export document that serves as legal evidence of a sale transaction between the buyer and the seller. It is mainly used for clearance purposes with regard to customs and helps in the determination and assessment of duties and taxes payable. It contains the full description of goods sold, their quantities, and value as previously agreed upon by the parties.