Definition – A Master Bill of Lading (MBL) is a document created for shipping companies by their carriers as a receipt of transfer. A MBL summarizes the contents of a shipment including the bill of lading numbers assigned to the various items within the shipment, as...
Definition – A House Bill of Lading (HBL) is a document created by an Ocean Transport Intermediary (OTI) such as a freight forwarder or non-vessel operating company (NVOCC). The document is an acknowledgment of the receipt of goods that are to be shipped. It is issued...
Definition – Dumping is a predatory pricing technique in which a product is exported and sold for a cheaper price in a foreign market than in its domestic market. Dumping can lead to monopolization by causing domestic companies to go out of business when they cannot...
Definition – A freight forwarder is a company that specializes in the arrangement of shipping for individuals and/or corporations. Shipments are often moved on various carrier types including railroads, trucks, airplanes, and ships. Freight forwarders are experts in...
Definition – Slow steaming refers to the deliberate reduction of vessel cruising speed in order to cut fuel costs. Environmental Impact – When a ship’s speed is reduced by 10%, its engine power is reduced by 27%. This results in less fuel consumption and in effect,...
car·net [kahr-ney; Fr. kar-ne] Definition – a customs document permitting the temporary importation of certain goods to foreign countries without paying customs duty. A carnet acts as a passport for cargo. History – Carnet originated in 1895 as the French term...
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