O |
Ocean Bill of Lading
(Ocean B/L) |
A contract for
transportation between a shipper and
a carrier. It also evidences receipt
of the cargo by the carrier. A bill
of lading shows ownership of the
cargo and, if made negotiable, can
be bought, sold or traded while the
goods are in-transit. |
OCP |
See "Overland Common
Points." |
ODS |
Abbreviation for
"Operating Differential Subsidy." An
amount of money the U.S. government
paid U.S. shipping companies that
qualify for this subsidy. The intent
was to help offset the higher
subsidy. The intent was to help
ofset the higher cost of operating a
U.S.-flag vessel. The ODS program is
administered by the U.S. Maritime
Administration and is being phased
out. |
O.E.C.D. |
Organization of
Economic Cooperation and
Development, headquartered in Paris
with membership consisting of the
world's developed nations.
|
On Board
|
A notation on a bill
of lading that cargo has been loaded
on board a vessel. Used to satisfy
the requirements of a letter of
credit, in the absence of an express
requirement to the contrary.
|
On Deck |
A notation on a bill
of lading that the cargo has been
stowed on the open deck of the ship. |
On-dock rail yard
|
A cargo facility used
primarily to sort marine cargo
containers and assemble them into
trainloads bound for common
destinations. These railyards are
located on a port waterfront. |
Open Account
|
A trade arrangement in
which goods are shipped to a foreign
buyer without guarantee of payment.
|
Open Insurance
Policy |
A marine insurance
policy that applies to all shipments
made by an exporter over a period of
time rather than to one shipment
only. |
Open Top Container
|
A container fitted
with a solid removable roof, or with
a tarpaulin roof so the container
can be loaded or unloaded from the
top. |
Operating Ratio
|
A comparison of a
carrier's operating expense with its
net sales. The most general measure
of operating efficiency. |
O.P.I.C.
|
Overseas Private
Investment Corporation. |
Optimum Cube
|
The highest level of
cube utilization that can be
achieved when loading cargo into a
container. |
Order-Notify (O/N)
|
A bill of lading term
to provide surrender of the original
bill of lading before freight is
released; usually associated with a
shipment covered under a letter of
credit. |
ORFS
|
Abbreviation for
"Origin Rail Freight Station." Same
as CFS at origin except an ORFS is
operated by the rail carrier
participating in the shipment. |
Origin
|
Location where
shipment begins its movement.
|
Original Bill of
Lading (OBL) |
A document which
requires proper signatures for
consummating carriage of contract.
Must be marked as "original" by the
issuing carrier. |
OS&D
|
Abbreviation for
"Over, Short or Damaged" Usually
discovered at cargo unloading. |
Out Gate
|
Transaction or
interchange that occurs at the time
a container leaves a rail or water
terminal. |
Overcharge |
To charge more than
the proper amount according to the
published rates. |
Overheight Cargo
|
Cargo more than eight
feet high which thus cannot fit into
a standard container. |
Overland Common
Point (OCP) |
A term stated on the
bills of lading offering lower
shipping rates to importers east of
the Rockies, provided merchandise
from the Far East comes in through
the West Coast ports. OCP rates were
established by U.S. West Coast
steamship companies in conjunction
with western railroads so that cargo
originating or destined for the
American Midwest and East would be
competitive with all-water rates via
the U.S. Atlantic and Gulf ports.
Applies to eastern Canada.
|
Over height Cargo
|
Freight that is more
than eight feet high, or too tall to
fit into a standard container. |
Owner Code (SCAC) |
Standard Carrier
Abbreviation Code identifying an
individual common carrier. A three
letter carrier code followed by a
suffix identifies the carrier's
equipment. A suffix of "U" is a
container and "C" is a chassis. |