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Shipping
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Cif
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Dry Docking
During dry docking, the whole ship is brought to a dry land so that the submerged portions of the hull can be cleaned or inspected.
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Definition: Cost refers to the cost of goods and freight refers to all other costs relating to all the means of transportation of the goods. It means that the seller must pay the costs and freight necessary to bring the goods to a named port of destination and must also procure marine insurance against the buyer's risk or loss to the goods during the carriage.
Description: C&F stands for cost and freight and is always stated as C&F port of importation. The norm is to state the geographic location of the port of importation. For example, C&F Mumbai, India. In the export quotation, the party has to indicate the port of destination (discharge) after the acronym CIF, for example CIF Mumbai and CIF Singapore.
The term CIF is used for ocean freight only. However, in practice, many importers and exporters still use the term CIF in the air freight.
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Cif
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Dry Docking
During dry docking, the whole ship is brought to a dry land so that the submerged portions of the hull can be cleaned or inspected.
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Related Definitions
- Baltic Freight Index: BALTIC Freight Index (BFI) is a leading indicator of spot dry bulk cargo rates. It is not a shipping index, but an indicator of the bulk cargo market. It is calculated by the Baltic Exchange, based in London, a key market for the global shipping business.Description: BFI is a weighted average based on 11 international ship routes and three commodities - coal, iron ore and grain. It reflects Bill Of Lading: Bill of lading (BOL) is one of the most important documents in the shipping process. To ship any goods, a bill of lading is required and acts as a receipt and a contract. A completed BOL legally shows that the carrier has received the freight as described and is obligated to deliver that freight in good condition to the consignee.Description: The information in the bill of lading is criticalCifIF?CIF stands for Cost, Insurance, and Freight. These are the fees a seller pays to cover the costs, insurance, and freight of a dealer's order when it's enroute. This sums up the CIF definition. Only commodities carried by water, sea, or ocean are subject to CIF.What are the features of CIF?The International Chamber of Commerce established CIF as an "Incoterm." These terms are comparable to domes
- Dry Docking: Dry docking is a term used for repairs or when a ship is taken to the service yard. During dry docking, the whole ship is brought to a dry land so that the submerged portions of the hull can be cleaned or inspected.Description: Usually dry docking is done every 12 months to 24 months, as there could be machinery and systems that cannot be stopped while the ship is in use; these are also servFobs, people ship plenty of products around and when they do, they notice the acronym FOB in their shipping documents. There would only be a handful of people who must be aware of the FOB meaning. Understand the term FOB with the break down below.What Is FOB?What is FOB, you ask? “Free on board” is what FOB stands for. It is a designation which indicated that the liability and ownership of the goods Free On Board: Free On Board (FOB) indicates that the supplier pays the shipping costs that usually also include the insurance costs from the point of production to a specified destination, at which point the buyer takes responsibility.Description: The FOB is an important part in a purchase contract. It indicates who selects the carrier, which party is to bear the freight charges and who has the title to tGross Registered Tonnage: Gross Registered Tonnage (GRT) is the volume of space within the hull and enclosed space above the deck of a merchant ship which are available for cargo, stores, fuel, passengers and crew.Description: Gross Registered Tonnages are actually measurements of cubic capacity.Gross tonnage is measured according to the law of the national authority with which the ship is registered. The measure
- Nvocc: NVOCC stands for Non Vessel Owning Common Carrier. NVOCC operation comprises of sales, stuffing and transport of the containers to gateway ports. The bill of lading issue and overseas distribution is taken care by the agents of NVOCC.Description: An NVOCC signs contracts with shipping lines to guarantee the shipment of certain number of units each year. In return the shipping line offers fav
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