a percentage of commission that is due to charterers on the amount of freight on signing bills of lading.


Related Terms

FREIGHT

The remuneration payable by the charterers to owners, for the carriage of the goods.

LESS-THAN-CARLOAD

Too light to fill a freight car and therefore not eligible for carload rate. Abbreviated LCL.

HUMP YARD

A switch yard in a railway system that has a hump or steep incline down which freight cars can coast to prescheduled locations. Also known as gravity yard.

OPERATOR

The holder of a freight contract with a cargo shipper.

CFR

Cost & freight (named port of destination);

FAK

Freight all kin

CIF

Cost, Insurance and Freight (named port of destination).

LCL

A consignment of cargo which is insufficient to fill a shipping container. It is grouped with other consignments for the same destination in a container at a container freight station.

POOLING

The sharing of cargo or the profit or loss from freight by member lines of a liner conference. Pooling arrangements do not exist in all conferences.

LINER SERVICE

Vessels operating on fixed itineraries or regular schedules and established rates available to all shippers. The freight rates which are charged are based on the shipping company's tariff or if the company is a member of a liner conference, the tariff of that conference.

Related questions

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