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Similar in concept to the groupings or grading systems used in other industries, with the NMFC, commodities are grouped into one of 18 classes—from a low of class 50 to a high of class 500. [1] Classification is based on an evaluation of four transportation characteristics: density, stowability, handling and risk or liability.
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. [1]
The Commodity Classification Standards Board (CCSB) develops and maintains National Motor Freight Classification (NMFC). The CCSB is an autonomous board of three to seven full-time employees of the National Motor Freight Traffic Association (NMFTA). The CCSB's staff includes a lawyer and a packaging consultant. [1]
The NMFTA publishes the National Motor Freight Classification (NMFC)®, a standard that classifies cargo for those shipping LTL. The online version of the NMFC is ClassIT®. The Freight Classification Development Council, formerly known as the Commodity Classification Standards Board (CCSB), establishes, maintains, and updates the ...
Some terms may be used within other English-speaking countries, or within the freight industry in general (air, rail, ship, and manufacturing). For example, shore power is a term borrowed from shipping terminology, in which electrical power is transferred from shore to ship, instead of the ship relying upon idling its engines.
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Now that you’re aware of the most common cybersecurity terms used today, you can better protect yourself against them and know what you’re up against. Published on 06/06/2023 Related Articles
Given freight is intangible, there is no physical delivery. Rather, the contracts settle in cash against the arithmetic average price of spot freight published by the Baltic Exchange. The Baltic Exchange, on a daily basis, publishes a number of freight assessments for various shipping routes reflecting the prevailing level of shipping rates.