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Shipping Glossary
     
 
icon COMMON SHIPPING TERMS
     
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icon Idle Time
  The amount of ineffective time whereby the available resources are not used e.g. a container in a yard.

   
icon In Transit
  The status of goods or persons between the outwards customs clearance and inwards customs clearance.

   
icon INCO Terms
  Trade terms in coded form as established by the International Chamber of Commerce in 1953, whereafter they have been regularly updated. (Last update 2000). The terms represent a set of international rules for the interpretation of the principal terms of delivery used in trade contracts.

   
icon Inland Waterways Bill of Lading
  Transport document made out to a named person, to order or to bearer, signed by the carrier and handed to the sender after receipt of the goods.

   
icon Insurance
  A system of protection against loss under which a party agrees to pay a certain sum (premiums) for a guarantee that they will be compensated under certain conditions for loss or damage.

   
icon Insurance Certificate
  Proof of an insurance contract.

   
icon Insurance Company
  The party covering the risks of the issued goods and/or services that are insured.

   
icon Intermodal Transport
  The movement of goods (containers) in one and the same loading unit or vehicle which uses successively several modes of transport without handling of the goods themselves in changing modes.

   
icon International Air Transport Association
  Abbreviation: IATA

  An international organisation of airlines, founded in 1945, with the aim of promoting the commercial air traffic. Parties should achieve this by co-operation between the parties concerned and by performance of certain rules, procedures and tariffs, regarding both cargo and passengers.

   
icon International Association of Classification Societies
  Abbreviation: IACS

  An organisation in which the major classification societies, among others American Bureau of Shipping, Lloyd's Register of Shipping and Germanischer Lloyd, are joined, whose principal aim is the improvement of standards concerning safety at sea.

   
icon International Chamber of Shipping
  Abbreviation: ICS

  A voluntary organisation of national shipowner' associations with the objective to promote interests of its members, primarily in the technical and legal fields of shipping operations.

   
icon International Maritime Dangerous Goods Code
  Abbreviation: IMDG Code

  A code, representing the classification of dangerous goods as defined by the International Maritime Organisation (IMO) in compliance with international legal requirements.

   
icon International Maritime Organisation
  Abbreviation: IMO

  An United Nations agency concerned with safety at sea. Its work includes codes and rules relating to tonnage measurement of vessels, load lines, pollution and the carriage of dangerous goods.
Its previous name was the Inter-Governmental Maritime Consultative Organisation (IMCO).

   
icon Invoice
  An account from the supplier, for goods and/or services supplied by him.

 
 
 
 
   
 
 
 
  
 
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