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What are the major types of shipping terms?

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Question ajoutée par Ahmed Mohammed Abdul Aziz , Manufacturing Operations Manager , International Metals, wires &Cables (Alm Edeen group)
Date de publication: 2016/01/04
Md Naim-ul-huk Prince
par Md Naim-ul-huk Prince , Asst Manager Commercial , A.K.M. KNIT WEAR LTD.

FOOD & OIL EXPORT & EMPORTS......

MOHAMMAD FOKHRUL ISLAM
par MOHAMMAD FOKHRUL ISLAM , ASSIS. BR INCHARGE , SAAD EXCHANGE LLC

There are major types of Shipping terms is: Bill of Lading. ... COD – Change of Destination. ... CYCY – Container Yard to Container Yard. ... DM – Demurrage. ... DT – Detention. ... FCL (Full Container Load) & LCL (Less than Container Load) INCOTERMS – International Commercial Terms. Port Storage.

NOOR UL  HASSAN
par NOOR UL HASSAN , Senior Accountant , Gulam Faruque Group (Greaves Pakistan Pvt. Ltd.).

FOB (Free On Board): Seller is responsible until goods are loaded on the vessel. CIF (Cost, Insurance, Freight): Seller is responsible for costs, insurance, and freight. EXW (Ex Works): Buyer is responsible from the seller's premises. DAP (Delivered at Place): Seller is responsible for delivery to a named destination. CPT (Carriage Paid To): Seller pays for carriage to named destination. DDP (Delivered Duty Paid): Seller bears all risks and costs until goods are delivered

Ahmed Helmi
par Ahmed Helmi , Group Treasury Manager , Bahra Advanced Industries

EXW ,FOB ,CFR,CIF,CTP

GOHAR idrees
par GOHAR idrees , Finance Manager , Beyond green solar solutions

1- Cost Insurance and Freight 2- Free on Board 3-EXW (Ex Works) 4- Free Carrier 5- DAP 6- DDP 7- Free Alongside Ship 8- Freight 9- INCOTERMS,

CA Kalpit Mehta
par CA Kalpit Mehta , Proprietor , K S MEHTA AND ASSOCIATES

BILL OF ENTRY, COUNTRY OF ORIGIN, BILL OF LADING, SHIPPING BILL,

Saurav Polara
par Saurav Polara , Senior UI UX Designer , Creative Solution LLC

Shipping terms, also known as "Incoterms" (International Commercial Terms), are standardized terms used in international trade to define the responsibilities and obligations of buyers and sellers in the transportation of goods. The International Chamber of Commerce (ICC) regularly updates and publishes these terms to provide clarity and consistency in global trade transactions. As of my last knowledge update in January 2022, here are the major types of shipping terms:

  1. EXW (Ex Works): The seller makes the goods available at their premises, and the buyer is responsible for all transportation, customs clearance, and associated costs.

  2. FCA (Free Carrier): The seller delivers the goods, cleared for export, to a carrier nominated by the buyer at a specified place. The risk transfers to the buyer once the goods are handed over to the carrier.

  3. CPT (Carriage Paid To): The seller is responsible for the cost of transporting the goods to a named destination. Risk transfers from the seller to the buyer when the goods are handed over to the carrier.

  4. CIP (Carriage and Insurance Paid To): Similar to CPT, but the seller also arranges and pays for insurance during transit. The risk transfers from the seller to the buyer when the goods are handed over to the carrier.

  5. DAT (Delivered at Terminal): The seller is responsible for delivering the goods, unloaded, at a named terminal or destination. The buyer is responsible for all further costs and risks.

  6. DAP (Delivered at Place): The seller is responsible for delivering the goods to a named place, typically the buyer's location or another agreed-upon destination. The seller bears the risk until delivery.

  7. DDP (Delivered Duty Paid): The seller is responsible for delivering the goods to the buyer's location, cleared for import, and pays all costs, including duties and taxes.

  8. FAS (Free Alongside Ship): The seller delivers the goods to the dock or quay alongside the vessel designated by the buyer for export. The risk transfers when the goods are alongside the ship.

  9. FOB (Free On Board): The seller delivers the goods on board the vessel at the port of shipment. The risk transfers when the goods pass the ship's rail.

  10. CFR (Cost and Freight): The seller is responsible for delivering the goods on board the vessel at the port of shipment and pays for the cost of freight to the named port of destination. Risk transfers when the goods pass the ship's rail.

  11. CIF (Cost, Insurance, and Freight): Similar to CFR, but the seller also arranges and pays for insurance during transit. The risk transfers when the goods pass the ship's rail.

These terms help parties in international trade agreements clarify their responsibilities regarding transportation, costs, and risk. It's essential to specify the chosen Incoterm in your contract to avoid misunderstandings and disputes during the shipping process. Note that Incoterms may be subject to updates and changes, so it's advisable to refer to the latest version published by the ICC for the most accurate information.

 

Chantal UWUMUGISHA
par Chantal UWUMUGISHA , Finance Auditing Professional , RWANDA COOPERATIVE AGENCY

Major types of shipping terms are as follow

  • Air freight via planes.
  • Ocean freight via ships.
  • Ground freight via trucks.
  • Multimodal freight via a combination of vehicles.

Jonathan Tetteh
par Jonathan Tetteh , Head Of Finance And Administration , North Volta Rural Bank Limited

1. Cost Insurance and Freight

2. Bill of Laden

3. Change of Destination

4. Container Yard to Container Yard

5. Demurrage

Juha  Maloba
par Juha Maloba , Data Quality Analyst , MAJOREL

  • Air freight via planes.
  • Ocean freight via ships.
  • Ground freight via trucks.
  • Multimodal freight via a combination of vehicles.

Yousaf Ali
par Yousaf Ali , Manager Finance , Papa City Restaurant & Café LLC

Incoterms

Exworks

FCA-Free Carrier

Free On Board

Cost Net Freight

Cost Insurance Freight

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