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A freight rate (historically and in ship chartering simply freight [1]) is a price at which a certain cargo is delivered from one point to another. The price depends on the form of the cargo, the mode of transport ( truck , ship , train , aircraft ), the weight of the cargo, and the distance to the delivery destination.
The term "cost, insurance, freight" or "c.i.f." predates the introduction of Incoterms. Craighall noted in a 1919 article that in "earlier times" the initials were usually written "C. F. & I.": he quotes the phrase "C. F. & I. by steamer to N.Y." used in a shipping contract addressed in the New York State case of Mee v. McNider (1886).
Cost and Freight (CFR, C&F, CNF) Cost, Insurance and Freight (CIF) The term "best way" generally implies that the shipper will choose the carrier that offers the lowest rate (to the shipper) for the shipment. In some cases, however, other factors, such as better insurance or faster transit time, will cause the shipper to choose an option other ...
In some cases, a charterer may own cargo and employ a shipbroker to find a ship to deliver the cargo for a certain price, the freight rate. Freight rates may be on a per-ton basis over a certain route (e.g. for iron ore between Brazil and China), in Worldscale points (in case of oil tankers). Alternatively may be expressed in terms of a total ...
Some sources claim that FOB stands for "Freight On Board". This is not the case. The term "Freight On Board" is not mentioned in any version of Incoterms, and is not defined by the Uniform Commercial Code in the USA. [12] Further to that, it has been found in the US court system that "Freight On Board" is not a recognized industry term. [15]
XPO LTL facility in Tomah, Wisconsin formerly a Con-way Freight terminal. Less-than-truckload shipping or less than load (LTL) is the transportation of an amount of freight sized between individual parcels and full truckloads. Parcel carriers handle small packages and freight that can be broken down into units less than approximately 150 pounds ...
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Haulers will usually charge an hourly rate for each hour after the allowed time. [7] Demurrage can also refer to the cost levied by shipping lines to cover redecoration of the container after use by the merchant, but it could also be the charges by the shipping line to customers for not returning the container in a reasonable time. [8]
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