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The term "cost, insurance, freight" or "c.i.f." predates the introduction of Incoterms. Craighall noted in a 1919 article that in "earlier times" the initials were usually written "C. F. & I.": he quotes the phrase "C. F.
The term break bulk derives from the phrase breaking bulk—the extraction of a portion of the cargo of a ship or the beginning of the unloading process from the ship's holds. These goods may not be in shipping containers. Break bulk cargo is transported in bags, boxes, crates, drums, or barrels.
Some terms may be used within other English-speaking countries, or within the freight industry in general (air, rail, ship, and manufacturing). For example, shore power is a term borrowed from shipping terminology, in which electrical power is transferred from shore to ship, instead of the ship relying upon idling its engines. Drawing power ...
Freight transport, also referred to as freight forwarding, is the physical process of transporting commodities and merchandise goods and cargo. [1] The term shipping originally referred to transport by sea but in American English , it has been extended to refer to transport by land or air (International English: "carriage") as well.
A forward freight agreement (FFA) is a financial forward contract that allows ship owners, charterers and speculators to hedge against the volatility of freight rates. It gives the contract owner the right to buy and sell the price of freight for future dates.
The term "Freight On Board" is not mentioned in any version of Incoterms, and is not defined by the Uniform Commercial Code in the USA. [12] Further to that, it has been found in the US court system that "Freight On Board" is not a recognized industry term. [15] Use of the term "Freight On Board" in contracts is therefore very likely to cause ...