Glossary

The first currency appearing in a currency pair quotation. The second part of the quotation is called the quote currency or the counter currency.

Pricing that bases the transportation cost of a good from a basing point - city or zone - even though the shipment may not originate from the basing point.

Simultaneously picking items for multiple orders. Reduces warehouse travel time versus single order picking. Also called batching or multi-order picking.

Comparing the performance metrics of products and services against those of other organizations or internally. Designed to help identify areas to improve.

A ratio that summarizes the relative costs and benefits of a proposed project. Basically, the discounted cash inflows divided by the discounted cash outflows.

A Benificiary Cargo Owner (BCO) is the importer of record and the party that owns the product being shipped.

A designated location in a port or harbour used for mooring vessels when they are not at open sea.

Events that take place in a berth within a port, such as docking and undocking of vessels in them.

See Berth call.

An established procedure that produces optimal results and is suitable for widespread adoption.

The best of its kind. A term used to describe the top results for a particular product or service.

An agreement between two parties where each party makes a promise to the other party.

A listing of the actions required to complete a product or provide a service along with the associated costs of the actions.

A document that serves as a receipt for the goods delivered to the carrier for shipment and defines the contract of carriage of the goods from origin to destination.

The number assigned to identify the bill of lading.

A bill of lading to cover goods from the origin to the final destination when interchange or transfer from one carrier to another is necessary to complete the journey.

The list of all the materials or parts and quantities required to produce a particular item.

The degree of conformity the bill of material (BOM) list has to its required specifications.

A list of resources (such as manpower, machinery, and materials) required to complete an activity, including things such as the resource costs and volumes.

A carrier activity to determine the proper rate and total charges for a shipment and then issue a freight bill. See Freight Bill.

A drop off facility, often operated by a 3PL, smaller than a public warehouse. Serves as a consolidation point for shipments or overflow from an existing warehouse.

Materials such as a strip of cardboard, thin wood, or burlap, placed between layers of containers to hold a stack together.

When a shipping line or carrier does not call at one or more of its scheduled stops, it is called a blank sailing (or void sailing) from these ports.

A type of purchase order that commits to buy a specific quantity of items over an extended period of time (e.g., 1 year). Delivery dates may or may not be specified.

See Blanket Order.