Like so many industries shipping has a language all of its own, and in today's global shipping environment, importers, exporters, distribution managers and accountants alike are required to understand what this language means.
To assist all concerned, Westlink Shipping has sourced a range of commonly used terms and their definitions which you can download in pdf format for easy reference.
Shipping Terms
This document provides a definition of the most common shipping terms used within the industry. Whilst this list is not exhaustive it is a handy tool to have at your disposal.
INCO Terms
These are the International Chamber of Commerce standard definitions of trade terms which are internationally recognised as indispensable evidence of the buyer's and seller's responsibilities for delivery under a sales contract.
BIMCO
Established in 1905 BIMCO is the world's largest and most diverse private shipping organisation. Today, BIMCO's membership spans 123 countries and includes more than 2,550 companies. Owner members alone control 65% of the world merchant fleet, while 1,500 brokers and agents and 100 club and associate members complete BIMCO's international coverage.
Westlink uses BIMCO's IDEA service for our Charter Party contracts in accordance with industry standards.
The BIMCO sample Charter agreements are listed below.
