Ocean Bill of Lading
(Ocean B/L): Document
indicating that the exporter
will consign a shipment to an
international carrier for
transportation to a specified
foreign market and indicates the
terms of the contract of
carriage. The ocean B/L serves
as a collection document. If it
is a straight B/L, the foreign
buyer can obtain the shipment
from the carrier by simply
showing proof of identity. If it
is a negotiable B/L, the buyer
must first pay for the goods,
post a bond, surrender the
original B/L or meet other
conditions agreeable to the
seller.
O.E.C.D.: Organization of
Economic Cooperation and
Development, headquartered in
Paris with membership consisting
of the World's Developed
Nations.
On-Board: Cargo that has
been loaded on board a combined
transport mode of conveyance.
Used to satisfy the requirements
of a letter of credit, in the
absence of an express
requirement to the country.
Open Account: A trade
arrangement in which goods are
shipped to a foreign buyer
without guarantee of payment.
Open-Top Container: A
container fitted with a solid
removable roof or with a
tarpaulin roof that can be
loaded or unloaded from the top.
Operating Ratio: A
comparison of a carrier's
operating expense with its gross
receipts.
O.P.I.C.: Overseas
Private Investment Corporation
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.
Origin: Location where
shipment begins its movement at
cargo's expense.
Original Bill of Lading (O.B.L.):
A document which requires proper
signatures for consummating
carriage of contract.
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.
Overland Common Point (OCP):
A term stated on the bills of
lading offering lower shipping
rates to importers east of the
Rockies, providing merchandise
from the Far East comes through
the West Coast ports. OCP rates
were established by US 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 US Atlantic and
Gulf ports. Applies to eastern
Canada.
Overheight Cargo: Cargo
stowed in an open-top container;
projects above the uppermost
level of the roof struts.
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.
