Shipping Glossory (I)

Common Shipping Terms

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Idle Time

The amount of ineffective time whereby the available resources are not used e.g. a container in a yard.

In Transit

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

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.

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.

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.

Insurance Certificate

Proof of an insurance contract.

Insurance Company

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

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.

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.

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.

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.

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.

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).

Invoice

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