Shipping Terms

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Word/Phrase

Description

  • IMCO Classification
    International Maritime Control Organisation classification for hazardous cargo.
  • IPI
    Inland Point Intermodal. Cargo moving via land from/to an inland point. See also Micro Bridge.
  • ISA
    Information System Agreement. Leading organisation of ocean carriers that develops, promotes and implements electronic commerce solutions for the maritime industry.
  • IT
    (1) Immediate Transportation Entry: refers to an IT entry (U.S. Customs). Allows the cargo to move beyond the vessel entry point in bond for customs clearance at the destination named in the I.T. movement from one customs district to another, e.g. cargo entering the U.S. at Los Angeles destined for Chicago can move to Chicago before having a customs inspection. (2) Information Technology: A generic term for people or systems working toward business improvement.
  • ITIGG
    International Transport Implementation Guidelines Group.ITIGG is an international group of experts engaged in the development and implementation of UN/EDIFACT-standard messages for electronic trading in the transport industry. ITIGG is a subgroup of D4, the UN/EDIFACT Message Development Group for Transport. ITIGG develops recommendations which provide software developers with a series of simple, straightforward tools to assist in designing applications which can be used for trading electronically throughout the world, and to clarify the intentions of the designers of key UN/EDIFACT messages.
  • Imports
    Goods and services which one country's residents purchase and transport from another country into their own country.
  • Inbound
    Import Shipment.
  • Incoterms® INCOTERMS

    The Incoterms® rules are a globally-recognised set of standards, used worldwide in international and domestic contracts for the delivery of goods, brought together by the International Chamber of Commerce (ICC). They help traders avoid costly misunderstandings by clarifying the tasks, costs and risks involved in the delivery of goods from sellers to buyers. The Incoterms® rules are recognised by UNCITRAL as the global standard for the interpretation of the most common terms in foreign trade. Incoterms® 2020 have come into effect on 1 January 2020. All contracts made under Incoterms® 2000 and any other previous editions remain valid and parties to a contract for the sale of goods can agree to choose any version of the Incoterms® rules. However, it is recommended using the most current version of the rules, Incoterms® 2020. It is important to clearly specify the chosen version.

    For more information, training and app, see: https://iccwbo.org/resources-for-business/incoterms-rules/

  • Independent Action IA
    A separate action taken by an individual member of a conference agreement to change rates or terms of carriage as laid out in the conference agreements.
  • Independent Carrier
    Carrier that is not a member of a shipping conference.
  • Inland Carrier
    Transportation company which hauls imports or exports between ports and inland points.
  • Insurance Certificate

    Document which assures the consignee that insurance is provided to cover loss or damage to the cargo while in transit. A certificate issued by an insurer to a shipper (or other party) as evidence that a shipment of merchandise is covered under a marine policy.

  • Integrated Carriers
    Carriers that have both air and ground fleets or other combinations, such as sea, rail and truck. They usually handle thousands of small parcels an hour.
  • Interleaved 2 of 5
    This is strictly a numeric barcode. Each encoded character is made up of five elements, two are wide and three are narrow. The number of characters to be printed must be an even number. If the number of characters to be printed is odd, a zero will be appended to the beginning of the code.
  • Intermodal
    Coordinated transport of freight, especially in connection with relatively long-haul movements, using any combination of freight forwarders, piggy-back, containerisation, air freight, assemblers, rail and road.
  • Intermodal Marketing Company IMC
    Consolidates container loads or piggyback trailers from several shippers and contracts with railroads for volume space.
  • International Freight Forwarders
    Freight torwarders that handle booking, paperwork and consolidation of exports.
  • International Maritime Control Organisation IMCO
    International Maritime Control Organisation. See IMO.
  • Inventory Carrying Costs
    Generally, carrying costs or holding costs are financial measurements that calculate all the costs associated with holding goods in storage. It includes inventory-in-storage, warehousing, obsolescence, deterioration, spoilage and labour costs, as well as insurance and taxes.
  • Inventory Turnover
    The cost of goods sold, divided by the average level of inventory on hand. The ratio measures how many times a company's inventory has been sold during the year.
  • Inventory Velocity
    The speed with which products move from receiving dock to shipping dock.