Shipping Glossary
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
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.
Tales
