Glossary

Full container load (FCL) is a term for ocean freight when the shipper ships cargo that fully occupies a container.

Less than Container Load (LCL) is a small shipment not enough for full container load (FCL) but is combined with other LCLshipments in one container.

The notify party is the person who is listed on a Bill of Lading or Air Waybill and will be informed when a shipment reaches its destination.

A master bill of lading (MBL) is a document title that serves as a transfer receipt issued to shipping companies by their carrier.

The consignee is the recipient of the transported goods to whom the cargo’s ownership will be assigned once it is cleared at the destination.

Delivered at Place (DAP) is an incoterm in which the seller undertakes all risks until the point of offloading at an agreed destination.

Delivered at Place Unloaded (DPU) is an incoterm that requires the seller to deliver the goods to a specific location after they have been unloaded.

EXW (Ex Works) is an incoterm that the buyer collects goods from the seller’s designated place, and bears all costs and risks up to the destination.

Free Alongside Ship (FAS) is an incoterm in which the seller delivers the cargo, clears the export, and places it alongside a vessel at a named port.

Free on Board (FOB) is an incoterm that specifies when the seller and buyer take on the respective costs, obligations, and risks for the cargo in delivery.

Cost and Freight (CFR) is an incoterm in which the seller covers the cost of delivery to the named port, export clearance, and vessel loading.

Cost, Insurance, Freight (CIF) is an incoterm that requires the seller to deliver the goods, clear the export, and provide minimum insurance coverage.

Free Carrier (FCA) is an incoterm that requires the seller to clear the export and deliver the goods to a named place for transfer to the carrier.

An Importer Security Filing (ISF) is a filing requirement of the US Customs and Border Protection (CBP) for all ocean shipment imports bound for the US.