Glossary of Shipping Terms

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I
inclination (of satellite orbit).

I
instrument correction.

I.M.C.O.
International Maritime Consultative Organization. A forum in which most major maritime nations participate and through which recommendations for the carriage of dangerous goods, bulk commodi­ties, and maritime regulations become internationally acceptable.

I.M.D.G.
Code International Maritime Dangerous Goods Code. The regulations published by the IMO for transport­ing hazardous materials internationally.

I.Q.
interrupted quick flashing.

I.S.O.
International Standards Organization which deals in standards of all sorts, ranging from documenta­tion to equipment packaging and labeling.

I.T.
Abbreviation for “Immediate Transport.” The document (prepared by the carrier) allows shipment to proceed from the port of entry in the U.S. to Customs clearing at the destination. The shipment clears Customs at its final destination. Also called an “In–Transit” Entry.

I.U.Q.
interrupted ultra quick flashing.

I.V.Q.
interrupted very quick flashing.

I/A
Abbreviation for “Independent Action.” The right of a conference member to publish a rate of tariff rule that departs from the Agreement’s common rate or rule.

IALA
International Association of Lighthouse Authorities.

IATA
Designator Two-character Airline identification assigned by IATA in accordance with provisions of Resolution 762. It is for use in reservations, timetables, tickets, tariffs as well as air waybill.

IATA
International Air Transport Association (IATA), established in 1945, is a trade association serving airlines, passengers, shippers, travel agents, and governments. The association promotes safety, standardization in forms (baggage checks, tickets, weigh bills), and aids in establishing international airfares. IATA headquarter is in Geneva, Switzerland.

IAU
International Astronomical Union.

IC
index correction.

ICC
Abbreviation for: (1) “Interstate Commerce Commission” (2) “International Chamber of Commerce”

ICW
Intracoastal Waterway.

IE
Stands for “Immediate Exit.” In the U.S., Customs IE Form is used when goods are brought into the U.S. and are to be immediately re–exported without being transported within the U.S.

IGLD
International Great Lakes Datum.

IHB
International Hydrographic Bureau.

IHO
International Hydrographic Organization.

IMMEDIATE EXPORTATION
An entry that allows foreign merchandise arriving at one port to be exported from the same port without the payment of duty.

IMO
International Maritime Organization.

IMPORT CERTIFICATE
The import certificate is a means by which the government of the country of ultimate destination exercises legal control over the internal channeling of the commodities covered by the import certificate.

IMPORT LICENSE
A document required and issued by some national governments authorizing the importation of goods.

IMPORT LICENSE
A document required and issued by some national governments authorizing the importation of goods. Also referred as import permit. With such documentation, customs clearance can be conducted.

IMPORT RESTRICTIONS
Import restriction, applied by a country with an adverse trade balance (or for other reasons), reflect a desire to control the volume of goods coming into the country from other countries may include the imposition of tariffs or import quotas, restrictions on the amount of foreign currency available to cover imports, a requirement for import deposits, the imposition of import surcharges, or the prohibition of various categories of imports.

IMPORT
To receive goods from a foreign country.

IN BOND
Cargo moving under Customs control where duty has not yet been paid.

IN GATE
The transaction or interchange that occurs at the time a container is received by a rail terminal or water port from another carrier.

IN TRANSIT
In transit, or in passage.

IN. INCH
inches.

INCENTIVE RATE
a lower–than–usual tariff rate assessed because a shipper offers a greater volume than specified in the tariff. The incentive rate is assessed for that portion exceeding the normal volume.

INCOTERMS MAINTAINED
by the International Chamber of Commerce (ICC), this codification of terms is used in foreign trade contracts to define which parties incur the costs and at what specific point the costs are incurred. (also see incoterm section)

INCOTERMS
The recognized abbreviation for the International Chamber of Commerce Terms of Sale. These terms were last amended, effective July 1, 1990.

INDEMNITY BOND
an agreement to hold a carrier harmless with regard to a liability.

INDEPENDENT ACTION
Setting rate within a conference tariff that is different from the rate(s) for the same items established by other conference members.

INDEPENDENT TARIFF
Anybody of rate tariffs that are not part of an agreement or conference system.

INDUCEMENT PLACING
a port on a vessel’s itinerary because the volume of cargo offered at that port justifies the cost of routing the vessel.

INHERENT VICE
An insurance term referring to any defect or other characteristic of a product that could result in dam­age to the product without external cause (for example, instability in a chemical that could cause it to explode spontaneously). Insurance policies may exclude inherent vice losses.56

INLAND CARRIER
a transportation line that hauls export or import traffic between ports and inland points.

INM
International Nautical Mile.

INMARSAT
International Maritime Satellite Organization.

INS
inertial navigation system.

INSPECTION CERTIFICATE
a certificate issued by an independent agent or firm attesting to the quality and/or quantity of the merchandise being shipped. Such a certificate is usually required in a letter of credit for commodity shipments.

INSTALLMENT SHIPMENTS SUCCESSIVE
shipments are permitted under letters of credit. Usually they must take place within a given period of time.

INSULATED CONTAINER
a container insulated on the walls, roof, floor, and doors, to reduce the effect of external temperatures on the cargo.

INSULATED CONTAINER TANK
The frame of a container constructed to hold one or more thermally insulated tanks for liquids.

INSURANCE CERTIFICATE
This certificate is used to assure the consignee that insurance is provided to cover loss of or damage to the cargo while in transit.

INSURANCE WITH AVERAGE–CLAUSE
This type of clause covers merchandise if the damage amounts to three percent or more of the in­sured value of the package or cargo. If the vessel burns, sinks, or collides, all losses are fully covered. In marine insurance, the word average describes partial damage or partial loss.

INSURANCE, ALL–RISK
This type of insurance offers the shipper the broadest coverage available, covering against all losses that may occur in transit.

INSURANCE, GENERAL–AVERAGE
In water transportation, the deliberate sacrifice of cargo to make the vessel safe for the remaining cargo. Those sharing in the spared cargo proportionately cover the loss.

INSURANCE, PARTICULAR AVERAGE
a Marine insurance term which refers to partial loss on an individual shipment from one of the perils insured against, regardless of the balance of the cargo. Particular–average insurance can usually be obtained, but the loss must be in excess of a certain percentage of the insured value of the shipment, usually three to five percent, before a claim will be allowed by the company.

INT.
int. interval.

INT. QK.
Interrupted quick flashing.

INTERCHANGE
Point a location where one carrier delivers freight to another carrier.

INTERCOASTAL WATER
service between two coasts; in the U.S., this usually refers to water service between the Atlantic and Pacific or Gulf Coasts.

INTERLINE FREIGHT
Freight moving from origin to destination over the Freight lines of two or more transportation car­riers.

INTERMEDIATE CONSIGNEE
An intermediate consignee is the bank, forwarding agent, or other intermediary (if any) that acts in a foreign country as an agent for the exporter, the purchaser, or the ultimate consignee, for the purpose of effecting delivery of the export to the ultimate consignee.

INTERMEDIATE POINT
a point located en route between two other points.

INTERMODAL B/L
B/L covering cargo moving via multimodal means. Also known as Combined Transport B/L, or Multimodal B/L.

INTERMODAL MOVEMENT OF GOODS
by more than one mode of transport, i.e. airplane, truck, railroad and ship.

INTERMODAL USED
to denote movements of cargo containers interchangeably between transport modes, i.e., motor, rail, water, and air carriers, and where the equipment is compatible within the multiple systems.

INTERNATIONAL SHIP AND PORT SECURITY CODE (ISPS)
It is an amendment to the Safety of Life at Sea (SOLAS) Convention (1974/1988) on minimum security arrangements for ships, ports and government agencies. Having come into force in 2004, it prescribes responsibilities to governments, shipping companies, shipboard personnel, and port/facility personnel to “detect security threats and take preventative measures against security incidents affecting ships or port facilities used in international trade.”

IN–TRANSIT ENTRY (I.T.)
Allows foreign merchandise arriving at one port to be transported in bond to another port, where a superseding entry is filed.

IN–TRANSIT ENTRY (I.T.)
Allows foreign merchandise arriving at one port to be transported in bond to another port, where a superseding entry is filed.

INVOICE
An itemized list of goods shipped to a buyer, stating quantities, prices, shipping charges, etc.

ION
Institute of Navigation.

IPI
Abbreviation for “Inland Point Intermodal.” Refers to inland points (non–ports) that can be served by carriers on a through bill of lading.

IR
interference rejection.

IRP
image-retaining panel.

IRREVOCABLE:
An instrument that, once established, cannot be modified or cancelled with­out the agreement of all parties concerned.

ISLW
Indian spring low water.

ISO
International Order of Standardization; isophase (light).

ISSUING CARRIER
The carrier issuing transportation documents or publishing a tariff.

INWARD FOREIGN MANIFEST (IFM)
A complete listing of all cargo entering the country of discharge. Required at all world ports and is the primary source of cargo control, against which duty is assessed by the receiving country.

IRREVOCABLE LETTER OF CREDIT
Letter of credit in which the specified payment is guaranteed by the bank if all terms and conditions are met by the drawee and which cannot be revoked without joint agreement of both the buyer and the seller.

ISSUING BANK
Bank that opens a straight or negotiable letter of credit and assumes the obligation to pay the bank or beneficiary if the documents presented are in accordance with the terms of the letter of credit.

ITU
International Telecommunications Union.

IUGG
International Union of Geodesy and Geophysics.

IWW
Intracoastal Waterway.