...Glossary of Terms

B

BAF (Bunker Adjustment Factor) - An adjustment in shipping charges to offset price fluctuations in the cost of fuel. Also known as a Bunker Surcharge (B/S). The word Bunker refers to fuel storage containers on a vessel.

Bill of Lading (B/L) - A document issued by a common carrier to a shipper that serves as:

1. A receipt for the goods delivered to the carrier for shipment.
2. A definition of the contract of carriage of the goods.
3. A Document of Title to the goods described therein.
4. This document is generally not negotiable unless consigned "to order."

Bill of Lading, On Board - A bill of lading acknowledging that the relative goods have been received on board a specified vessel.

Bill of Lading, Order - A negotiable bill of lading. There are two types:

1. A bill drawn to the order of a foreign consignee, enabling him to endorse the bill to a third party.
2. A bill of lading drawn to the order of the shipper and endorsed by him either "in blank" or to a named consignee. The purpose of the latter bill is to protect the shipper against the buyer's obtaining the merchandise before he has paid or accepted the relative draft.

Bonded Warehouse - A warehouse authorized by customs for storage of goods on which payment of duties is deferred until the goods are removed.

Break-bulk Vessel - A vessel designed to handle large or oversized cargo; generally cargo unsuitable for container stowage.

Bulk Cargo - Loose cargo that is loaded directly into a ship's hold.

Bulk Carrier - There are two types of bulk carriers, the dry-bulk carrier and the liquid-bulk carrier, better known as a tanker. Bulk cargo is a shipment such as oil, grain, or one which is not packaged, bundled, bottled, or otherwise packed and is loaded without counting or marking.