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Resource Center > Shipping Glossary

Shipping Glossary
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Accessorial service A service in addition to usual liner service, normally with an added cost. Such kind of services include packing, loading, storage, etc.
Accrual An accounting concept. It is a gradual increase by addition over a period of time and is a way of recognising that an expense (or revenue) and the related liability (or asset) can increase over time and not as signalled by an explicit cash transaction.
Acquiescence When a bill of lading is accepted or signed by a shipper or shipper's agent without protest, the shipper is said to acquiesce to the terms, giving a silent form of consent.
Ad Valorem According to value.
Ad Valorem Duty A customs duty which is a percentage made upon the value of goods.
Ad Valorem Freight Bill of lading freight charged on goods of very high value at so much percent on the declared value of the goods.
Advice of Shipment A notice sent to a local or foreign buyer advising that shipment has gone forward and containing details of packing, routing, etc. A copy of the invoice is usually enclosed and sometimes, if desired, a copy of the bill of lading.
Advising bank The bank which advises the seller that a letter of credit has been opened in his favour by the buyer, however, the advising bank does not necessarily guarantee payment.
Affreight To hire, as a ship, to transport freight.
Affreightment, Contract of An agreement by a steamship line to provide cargo space on a vessel at a specified time and for a specified price to accommodate an exporter or importer.
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