Valuation clause
Vessel Traffic Systems
Voyage charter
Very Much
Transportation charges assessed shippers who declare a value of goods higher than the value of carriers' limits of liability.
Value Added Tax
Volume Correction Factor
Vapour Emission Control System. See Vapour Returns System.
Vessel Experience Factor
Vegetable oil
Voluntary Export Restriction
Vacuum gas oil
Very High Frequency Band Radio
Vessel Inspection Questionnaire: Inspection format utilised by the OCIMF SIRE system.
Variable Levy
Very Large Bulk Carrier
Very Large Crude Carriers: Tankers between 200,000 and 300,000 dwt.
Very large ore/oiler (carrier)
Very Large Product Carrier
Vessel Management Services, Inc. (subsidiary of CMC)
Vessel-operating multimodal transport operator
Voice of America
Vessel operating carrier
Volume
A contract whereby the shipowner places the vessel at the disposal of the charterer for one or more voyages, the shipowner being responsible for the operation of the vessel.
Vessel Pays Dues
Vessel Particulars Questionnaire: Description data format utilised by the OCIMF SIRE system.
Voluntary Restraint Agreement
Vessel Response Plan
Vapour Recovery System, see below.
Vessel
Vessel traffic management system
Vessel traffic system
A document issued by the U.S. government authorizing the export of commodities for which written export authorization is required by law. Two types exist: an Individual Validated License (IVL) and a Special License
Authentication of B/L and when B/L becomes effective.
Valued added counseling is defined as assessing a company's current international business operations and assisting a client in one or more of the following: (a) identifying and selecting the most viable markets; (b) developing an export market strategy; (c) implementing the export market strategy; and (d) increasing market presence.
A tax which is assessed at each stage of production on the amount of value contributed at each stage to the final product.
The date on which payment must be made by the named bank. This date is determined by the payee, the payer or the bank.
The U.S. Customs Service defines value for Customs purposes only as the value submitted on the entry documentation by the importer which may or may not reflect information from the manufacturer but in no way reflects Customs appraisement of the merchandise.
A European Community (EC) tax assessed on the increased value of goods as they pass from the raw material stage through the production process to final consumption. The tax on processors or merchants is levied on the amount by which they increase the value of items they purchase. The EC charges a tax equivalent to the value added to imports and rebates value-added taxes on exports.
A term for stowing cargo in a container.
The practice where vapours in the ullage space of a vessel are returned to the shore via dedicated piping, during the loading or ballasting operation. (VRS = Vapour Recovery System, VECS = Vapour Emission Control System)
Costs that vary directly with the level of activity within a short time. Examples include costs of moving cargo inland on trains or trucks, stevedoring in some ports, and short-term equipment leases. For business analysis, all costs are either defined as variable or fixed. For a business to break even, all fixed costs must be covered. To make a profit, all variable and fixed costs must be recovered plus some extra amount.
A tariff subject to alterations as world market prices change, the alterations are designed to assure that the import price after payment of the duty will equal a predetermined gate price.
Valued
A cargo ship designed for the bulk transport of Vegetable oils in tanks. Tanks will be stainless steel or lined. New vessels will be classified as chemical carriers
A tanker for the bulk carriage of vegetable oils which is not suitable for trading in open waters. New vessels will be classified as chemical tankers as defined in the International Bulk Chemical Code
A multi deck cargo ship for the carriage of new cars and trucks which are loaded via ramps
A container designed with openings in the side and/or end walls to permit the ingress of outside air when the doors are closed.
An export trading company that integrates a range of functions taking products from suppliers to consumers
All ships, tankers and barges used or capable of being used for the transportation of bulk hydrocarbons (including liquefied gases), bulk chemicals and bulk dry cargoes, and all craft involved in marine related operational activity associated with the hig
The international carrier is obligated to make declarations of the ship's crew and contents at both the port of departure and arrival. The vessel manifest lists various details about each shipment by B/L number. Obviously, the B/L serves as the core source from which the manifest is created.
Allows equipment and supplies arriving at one port to be loaded on a vessel, aircraft, etc., for its exclusive use and to be exported from the same port.
Visas are required by many countries for entry of a foreigner. A visa is a stamp in a foreign national's passport issued by a U.S. consular officer which creates a legal presumption that there are no apparent reason to deny entry into the U.S. Regardless of the stamp, the final decision to grant admission is made by an officer of the U.S. Immigration Service at the port of entry
A program of selected countries to eliminate the visa requirement on a test basis.
A committee of U.S. tourism managers located in foreign markets. Visit USA Committees work with USTTA and the U.S. & Foreign Commercial Service in planning and promoting travel to the U.S.
Namely. Used in tariffs to specify commodities.
Related to Consolidated B/L; those B/L's absorbed in the combining process. Different from Canceled B/L.
A liquid from which gas evaporates rapidly. For the purpose of this policy the term volatile is taken to include any naturally volatile product with a flash point of less than 60 degrees C or any product being carried at a temperature that is higher tha
An understanding between trading partners in which the exporting nation, in order to reduce trade friction, agrees to limit its exports of a particular good. Also called voluntary restraint agreement.
Informal bilateral or multilateral understandings in which exporters voluntarily limit exports of certain products to a particular country destination in order to avoid economic dislocation in the importing country and the imposition of mandatory import restrictions. These arrangements do not involve an obligation on the part of the importing country to provide compensation to the exporting country, as would be the case if the importing country unilaterally imposed equivalent restraints on imports.
Generally, a bilateral arrangement whereby an exporting country agrees to reduce or restrict exports without the importing country having to make use of quotas, tariffs or other import controls. These agreements are generally undertaken to avoid action by the importing country against imports that may major or in some way threaten the positions of domestic firms in the industry in question.
see Charter, Voyage.