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A forward freight agreement (FFA) is a financial forward contract that allows ship owners, charterers and speculators to hedge against the volatility of freight rates. It gives the contract owner the right to buy and sell the price of freight for future dates. FFAs are built on an index composed of a shipping route for tanker or a basket of ...
Incoterms 2020 is the ninth set of international contract terms published by the International Chamber of Commerce, with the first set having been published in 1936. Incoterms 2020 defines 11 rules, the same number as defined by Incoterms 2010. [6] One rule of the 2010 version ("Delivered at Terminal"; DAT) [7] was removed, and is replaced by a ...
Unit load device. Unloading LD3 containers from a Boeing 747. A unit load device (ULD) is a container used to load luggage, freight, and mail on wide-body aircraft and specific narrow-body aircraft. It allows preloading of cargo, provided the containerised load fits in the aircraft, enabling efficient planning of aircraft weight and balance and ...
One of the machinery spaces of a vessel, usually the largest one, containing the ship's prime mover (usually a diesel or steam engine or a gas or steam turbine). Larger vessels may have more than one engine room. ensign. 1. (flag) The principal flag or banner flown by a ship to indicate her nationality.
Seafaring is a tradition that encompasses a variety of professions and ranks. Each of these roles carries unique responsibilities that are integral to the successful operation of a seafaring vessel. [1] A ship's crew can generally be divided into four main categories: the deck department, the engineering department, the steward's department ...
Standard Carrier Alpha Code. The Standard Carrier Alpha Code (SCAC) is a privately controlled US code used to identify vessel operating common carriers (VOCC). It is typically two to four letters long. The National Motor Freight Traffic Association developed the SCAC code in the 1960s to help road transport companies computerize data and records.
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 (68 kg). Full truckload carriers move entire semi-trailers.
South African Airways (SAA) is the flag carrier of South Africa. [4] Founded in 1934, the airline is headquartered in Airways Park at O. R. Tambo International Airport in Johannesburg and operates a hub-and-spoke network, serving 13 destinations in Africa and two intercontinental destinations to Perth, Australia and São Paulo, Brazil. [5]