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Back Haul  (shipping) The return leg of a round trip.

Back-to-back loan  (banking) A loan that is made in one currency in one country to be used against a loan in another currency in another country.

Bailment  (law) A delivery of goods or personal property by a person (the bailer) to another (the bailee) on an expressed or implied contract that a particular purpose related to the goods while in possession of the bailee must be upheld. The bailee has a duty to redeliver the goods to the bailer or otherwise dispose of them in accordance with the bailer’s instructions once the purpose has been accomplished.

Balance of trade  (economics) The difference between a country’s imports and exports values over a specific period of time.

Banding  (shipping) Securing of cargo on a pallet generally by a steel/metal stripping.

Bank Draft  (general) A bank instrument wherein payment of funds is guaranteed.

Bank Guarantee  (shipping) Accepted in lieu of original bill of lading to release cargo.

Barges  (shipping) Conveyance used to carry loose cargo or containers in smaller volumes than mother vessels.

Barter  (general) The direct exchange of goods without the use of money and without the involvement of a third party.

Base Port  (shipping) Port from which standard tariff rate applies normally serviced directly by members.

Bay  (shipping) Section of a vessel where containers or cargo is stored.

Bay Plan  (shipping) Section by section breakdown of a vessel to indicate where cargo is stowed.

Beggar-Thy-Neighbor Policy  (economics) A course of action in which a country tries to reduce unemployment and increase domestic output by raising tariffs and creating non-tariff barriers that impede imports, or by competitive devaluation.

Beneficiary  The seller of goods in a letter of credit transaction. If all L/C terms are met, the bank transfers funds to this person

Berth  (shipping) Where the vessel docks.

Berth Terms  (shipping) Carrier provides stevedoring.

Bid bond  (general) Guarantees established in connection with international tenders. A document that guarantees fulfillment of the offer.

Bilateral investment treaty (BIT)  (investment) A treaty between two countries with the goals of ensuring investments abroad of favored nations, prohibiting the imposition of new performance requirements and allowing the investors to engage top management in a foreign country without regard to nationality. BIT’s ensure the right to make investment related transfers and guarantees that expropriation takes place only in accordance with accepted international law. BIT’s also guarantee access by an investing party to impartial and binding international legal arbitration for dispute settlements.

Bill of lading  (shipping) A document issued by a carrier to a shipper, signed by the captain, agent, or owner of a vessel, furnishing written evidence regarding the receiving of goods, the conditions in which transportation are made, and the engagement and delivery of goods at the prescribed port of destination to the lawful holder of the bill of lading.

Bill of Lading Number  (shipping) Carrier’s reference number assigned to bill of lading.

Bill of Lading Terms  (shipping) All details relevant to shipment.

Bolster  (shipping) Bracing of a commodity in a container.

Bonded Warehouse  (shipping) A secured Customs approved facility where cargo and containers are stored under close surveillance.

Bordereau  (insurance) 1. A method of reporting shipments to an insurance company under an open insurance policy. (insurance) 2. An insurance form, similar to a declaration, which provides for insurance coverage of multiple shipments within a prescribed reporting period, usually a month.

Box Rate  (shipping) A lump sum charge to move cargo in various size containers from origin to destination.

Boycott  (general) A refusal to deal commercially or otherwise with a person, firm or country for a specific reason.

Break-even point  (banking) The price of a financial investment when the option buyer recovers the premium, making neither a loss nor a gain. In the case of a call option, the break-even point is the exercised price plus the premium, and in the case of a put option, the exercised price minus the premium.

Breakbulk  (shipping) Loose cargo containers and non-containerized cargo; vessel whose hatch is built to accommodate various bulk commodities.

Breakbulk Vessel  (shipping) Carries containers and non-containerized cargo; vessel whose hatch is Vessel built to accommodate various bulk commodities.

Bulk Carrier  (shipping) Vessel specifically built to carry raw materials.

Bulk Containers  (shipping) Containers used specifically for raw materials.

Bull Rings  (shipping) Rings for lashing the cargo in containers.

Bunker Adjustment Factor  (shipping) Surcharge assessed by carrier applied to freight rates to supplement fuel Factor (BAF) costs.

Bunkers  (shipping) Fuel used by vessel.


This section is given in good faith and for reference only.

 

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