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Common Shipping Terms


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Valuable Cargo
A consignment which contains one or more valuable articles.

Value Added Tax
Abbreviation: VAT
A form of indirect sales tax paid on products and services at each stage of production or distribution, based on the value added at that stage and included in the cost to the ultimate customer.

Vanning
Buyer.

Vendor
Seller.

Very Large Crude Carrier
Abbreviation: VLCC
A vessel designed for the carriage of liquid cargo in bulk with a loading capacity from 50.000 till 250.000 DWT.

Vessel
- A floating structure designed for the transport of cargo and/or passengers
- Boiler, drum

Volume
Size or measure of anything in three dimensions.

Volume Charge
A charge for carriage of goods based on their volume (air cargo).

Voyage
A journey by sea from one port or country to another one or, in case of a round trip, to the same port.

Voyage Charter
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, which is calculated according to the quantity of cargo loaded, or sometimes at a lumpsum freight.

Voyage Number
Reference number assigned by the carrier or his agent to the voyage of the vessel.