Maritime, Shipping and Commercial Terms,
Expressions, Abbreviations, Measuring Units, etc.
Value Added Tax (VAT)
Sales tax paid on products and services at each stage of production or distribution, based on the value added at each individual stage and included in the cost to the end customer.
Goto : Stuffing.
Goto : Value Added Tax.
Vessel Sharing Agreement. Co-operation agreement between two or more carriers, whereby liner services are provided jointly with each party contributing tonnage to the service and sharing the resulting total capacity in proportion to the tonnage provided.
Container used for transporting cargo requiring ventilation.
Very Large Crude Carrier (VLCC)
A vessel designed for the carriage of liquid bulk cargo with a loading capacity ranging from 50.000 to 250.000 DWT.
A floating, self-propelled structure designed for the transport of cargo and/or passengers.
Vessel Insurance Additional Premium. Charge levied when moving cargo in close proximity of war zones.
Volume Incentive Programme. Refunds offered by Conference after predetermined levels have been attained; discount on ocean freight dependent on volume; rebate designed for importers, offering a legalised rebate based on a specific revenue during a specified time span.
Goto : Very Large Crude Carrier.
Vessel Operating Common Carrier.
A journey by sea from one port another or, in case of a round trip, to the same port.
A contract under which the shipowner agrees to carry an agreed quantity of cargo from a specified port or ports to another port or ports for a remuneration called freight.
Reference number assigned by the Carrier or his agent to the voyage of the vessel.