| O.E.C.D. |
|
| Organization
of Economic Cooperation and Development, headquartered in
Paris with membership consisting of the world's developed
nations. |
|
| O.P.I.C. |
|
| Overseas
Private Investment Corporation. |
|
| Ocean
Bill of Lading (Ocean B/L) |
|
| A
contract for transportation between a shipper and a carrier.
It also evidences receipt of the cargo by the carrier. A
bill of lading shows ownership of the cargo and, if made
negotiable, can be bought, sold or traded while the goods
are in-transit. |
|
| OCP |
|
| See
"Overland Common Points." |
|
| ODS |
|
| Abbreviation
for "Operating Differential Subsidy." An amount of
money the U.S. government paid U.S. shipping companies that
qualify for this subsidy. The intent was to help offset the
higher subsidy. The intent was to help ofset the higher cost
of operating a U.S.-flag vessel. The ODS program is
administered by the U.S. Maritime Administration and is
being phased out. |
|
| On
Board |
|
| A
notation on a bill of lading that cargo has been loaded on
board a vessel. Used to satisfy the requirements of a letter
of credit, in the absence of an express requirement to the
contrary. |
|
| On
Deck |
|
| A
notation on a bill of lading that the cargo has been stowed
on the open deck of the ship. |
|
| Open
Account |
|
| A
trade arrangement in which goods are shipped to a foreign
buyer without guarantee of payment. |
|
| Open
Insurance Policy |
|
| A
marine insurance policy that applies to all shipments made
by an exporter over a period of time rather than to one
shipment only. |
|
| Open
Top Container |
|
| A
container fitted with a solid removable roof, or with a
tarpaulin roof so the container can be loaded or unloaded
from the top. |
|
| Operating
Ratio |
|
| A
comparison of a carrier's operating expense with its net
sales. The most general measure of operating efficiency. |
|
| Optimum
Cube |
|
| The
highest level of cube utilization that can be achieved when
loading cargo into a container. |
|
| Order-Notify
(O/N) |
|
| A
bill of lading term to provide surrender of the original
bill of lading before freight is released; usually
associated with a shipment covered under a letter of credit. |
|
| ORFS |
|
| Abbreviation
for "Origin Rail Freight Station." Same as CFS at
origin except an ORFS is operated by the rail carrier
participating in the shipment. |
|
| Origin |
|
| Location
where shipment begins its movement. |
|
| Original
Bill of Lading (OBL) |
|
| A
document which requires proper signatures for consummating
carriage of contract. Must be marked as "original"
by the issuing carrier. |
|
| OS&D |
|
| Abbreviation
for "Over, Short or Damaged" Usually discovered at
cargo unloading. |
|
| Out
Gate |
|
| Transaction
or interchange that occurs at the time a container leaves a
rail or water terminal. |
|
| Overcharge |
|
| To
charge more than the proper amount according to the
published rates. |
|
| Overheight
Cargo |
|
| Cargo
more than eight feet high which thus cannot fit into a
standard container. |
|
| Overland
Common Point (OCP) |
|
| A
term stated on the bills of lading offering lower shipping
rates to importers east of the Rockies, provided merchandise
from the Far East comes in through the West Coast ports. OCP
rates were established by U.S. West Coast steamship
companies in conjunction with western railroads so that
cargo originating or destined for the American Midwest and
East would be competitive with all-water rates via the U.S.
Atlantic and Gulf ports. Applies to eastern Canada. |
|
| Owner
Code (SCAC) |
|
| Standard
Carrier Abbreviation Code identifying an individual common
carrier. A three letter carrier code followed by a suffix
identifies the carrier's equipment. A suffix of
"U" is a container and "C" is a chassis. |
|
