Logistics
Ocean Freight
Also known as: Sea freight, Maritime freight, Shipping rate
The cost of transporting goods by sea from the port of origin to the port of destination, a fundamental component of customs value.
Also known as: Sea freight, Maritime freight, Shipping rate
The cost of transporting goods by sea from the port of origin to the port of destination, a fundamental component of customs value.
Ocean freight is the cost charged by shipping lines for transporting goods from one port to another. It is an essential component of customs value under CIF and CFR Incoterms, with rates depending on weight, volume, cargo type, route, and market conditions.
CIF (Cost, Insurance and Freight)
An Incoterm indicating that the seller assumes the costs of ocean freight and insurance to the agreed destination port, although the risk of loss or damage transfers to the buyer upon shipment.
LogisticsFOB (Free on Board)
An Incoterm indicating that the seller delivers goods on board the vessel designated by the buyer at the agreed port of shipment, transferring risks and costs to the buyer at that point.
TradeCustoms Value
The monetary amount on which import duties are calculated, determined according to the WTO Valuation Agreement with transaction value as the primary method.
ValuationDutiable Charges (Assists)
Costs and values that must be added to the price actually paid or payable for imported goods to determine customs value, including commissions, packing, assists, royalties, licenses, and certain transport and insurance costs not included in the invoice price.
DocumentsBill of Lading (B/L)
An ocean transport document issued by the carrier that serves as a contract of carriage, receipt of goods, and document of title to the cargo.