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Glossary of terms/forwarding terminology (K - O)

A - D | E - J | K- O | P - U | V - Z

Known Shipper 
Due to aviation security, cargo can only fly on a passenger plane if the exporter has been deemed a ‘known shipper’ by the local authority. Otherwise goods must be shipped on a cargo plane.

Kyoto Convention 
International agreement established to reduce the emissions of greenhouse gases in order to prevent climate change.

LCL Service Charge 
Charge for packing goods shipped on a LCL basis.

Less-than Container Load (LCL) 
Shipper pays for part container and shares unit space.

Letter of Credit 
Document issued by a bank on behalf of a buyer, requesting payment to be made from the seller on time and for the correct amount.

Lifting on / Lifting off (lo-lo) 
Carrier’s charge to load and offload heavy goods via the use of machinery.

Listed Agent 
Listed Agents are given the capability to classify an exporter as a known shipper.

Merchant Haulage 
Importer arranges own delivery of goods from port to door, as opposed to using shipping line’s transport. 

Montreal Protocol 4 
International agreement designed to reduce the substances responsible for damaging the Ozone layer.

Movement Certificate 
An alternative to a Certificate of Origin enabling minimised duty and tax on goods exported from the EU to a country covered by EU trade agreements. 

Non Vessel Owning / Operating Common Carrier (NVOCC) 
Sea freight forwarders book space on ships to consolidate freight by the selling of this space in smaller quantities.

North America Free Trade Agreement (NAFTA) 
Free trade area between Canada, USA and Mexico.

Open Account 
Goods are shipped and delivered before payment is requested, with seller invoiced at a later date. 

Out-sourcing 
Subcontracting a third party to provide a service or product.

Outward Processing Relief (OPR) 
Goods are exported out of the EU, processed, and then imported back into the EU without the need to pay Customs duty or VAT.


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