What is General Average?

by | Oct 23, 2013 | Supply Chain Dictionary

Definition – General average is a principle of maritime law which dictates that all parties with freight on-board proportionally share any losses sustained when cargo must be jettisoned to save a ship. How does this affect my shipments? – Even if your shipment is not...

What is a Master Bill of Lading?

by | Aug 23, 2013 | Supply Chain Dictionary

Definition – A Master Bill of Lading (MBL) is a document created for shipping companies by their carriers as a receipt of transfer.  A MBL summarizes the contents of a shipment including the bill of lading numbers assigned to the various items within the shipment, as...
What is dumping?

What is dumping?

by | Apr 23, 2013 | Supply Chain Dictionary

Definition – Dumping is a predatory pricing technique in which a product is exported and sold for a cheaper price in a foreign market than in its domestic market. Dumping can lead to monopolization by causing domestic companies to go out of business when they cannot...
What is a freight forwarder?

What is a freight forwarder?

by | Jul 12, 2012 | Logistics, Supply Chain Dictionary

Definition – A freight forwarder is a company that specializes in the arrangement of shipping for individuals and/or corporations. Shipments are often moved on various carrier types including railroads, trucks, airplanes, and ships. Freight forwarders are experts in...
What is Slow Steaming?

What is Slow Steaming?

by | Mar 8, 2012 | Green, Logistics, Supply Chain Dictionary

Definition – Slow steaming refers to the deliberate reduction of vessel cruising speed in order to cut fuel costs. Environmental Impact – When a ship’s speed is reduced by 10%, its engine power is reduced by 27%. This results in less fuel consumption and in effect,...