Shipping Glossary

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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.

IMDG Code

International Maritime Dangerous Goods Code – contains the IMO Recommendations for the carriage of dangerous goods by sea. The form needed for export of this sort of cargo is known as an M041 and is available from a freight forwarder. Paperwork for imported dangerous goods comes from the supplier.

IMO

International Maritime Organisation – a UN body charges with the duty of making safety and anti-pollution conventions and recommendations concerning sea transport.

Incoterms

A list of standard terms stated by the ICC for all foreign trade contracts, which lists the respective responsibilities of the buyer and seller.

Intermodal

Movement of goods by more than one mode of transport ie. aeroplane, truck, railroad and ship.

ISO

International Standards Organisation – a body responsible for setting standards for container construction.

 

 

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Letter of Credit (L/C)

Letter of Credit – a document in which the terms of

Letter of Indemnity (L/I)

Letter of Indemnity – sometimes also called a letter of guarantee, if an original bill of lading has become lost or delayed it allows the consignee to take delivery of his goods.

Liner

A vessel plying a regular pattern of trade on a defined route under a published sailing schedule.

LO/LO

Lift On Lift Off – a wharf or cartage operator charge for lifting of containers on and off a vessel or vehicle.

LCL

Less than Container Load – when a parcel is too small to fill a container, it is grouped by the carrier at a CFS depot with other compatible cargo for the same destination.