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
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
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
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.