Glossary of Trade & Shipping Terms

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Glossary of Trade & Shipping Terms - O

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o.a. - Over all
O.A.L. - Overall length
O.B.O. - Oil/bulk/ore carrier
O.C.I.M.F. - Oil companies International Marine Forum
O.E.C.D. - Organization for Economic Co-operation and Development
O.G.P.I - Original fross premium income (reinsurance)
O.M.C.A.S. - Outstanding marine claims advisory settlements
O.N.P.I. - Original net premium income (reinsurance)
O.N.R. - Original net rate
O.P. - Open (or floating) policy
O.P.E.C. - Organisation of PetroleumExporting Countries
O.R. - Owner's risk, Original rate
O.S.D. - Open shelter deck
o/a - On account of
O/b - On board
o/b - On or before
O/C - Open charter. Open cover. Old charter. Old crop
o/c - Overcharge
o/c - Overcharge, open cover
o/d - On demand
O/D - Overdeck
O/o - Order of
O/R - Overrideing commission
O/S - On sample, Out of stock, On sale or return
O/t - On truck
OAPEC - Organization of Arab Petroleum Exporting Countries
OAS - Organization of American States
OATUU - Organization of African Trade Union Unity
OAU - Organization of African Unity
OBL - Ocean Bill of Lading
obo - Oil/bulk/ore carrier
OBR - Overseas Business Report
OBU - Offshore Banking Unit
OC - Operating Committee
Oc.B/L - Ocean bill of landing
Occ. - Occurrence
Ocean Bill of Lading - A receipt for the cargo and a contract for transportation between a shipper and the ocean carrier. It may also be used as an instrument of ownership which can be bought, sold, or traded while the goods are in transit. To be used in this manner, it must be a negotiable "Order" Bill-of-Lading.- A Clean Bill-of-Lading is issued when the shipment is received in good order. If damaged or a shortage is noted, a clean bill-of-lading will not be issued.- An On Board Bill-of-Lading certifies that the cargo has been placed aboard the named vessel and is signed by the master of the vessel or his representative. On letter of credit transactions, an On Board Bill-of-Lading is usually necessary for the shipper to obtain payment from the bank. When all Bills-of-Lading are processed a ship's manifest is prepared by the steamship line. This summarizes all cargo aboard the vessel by port of loading and discharge. - An Inland Bill-of-Lading (a waybill on rail or the "pro forma" bill-of-lading in trucking) is used to document the transportation of the goods between the port and the point of origin or destination. It should contain information such as marks, numbers, steamship line, and similar information to match with a dock receipt.
Ocean Freight Differential - OFD is the amount by which the cost of the ocean freight bill for the portion of commodities required to be carried on U.S. flag vessels exceeds the cost of carrying the same amount on foreign flag vessels. When applied to agricultural commodities shipped under Food for Peace, OFD is the amount paid by the Commodity Credit Corporation.
Ocean Freight Forwarder - See: Freight Forwarder.
ODA - Official Development Assistance
ODS - Operating Differential Subsidy
OEA - Organizacion de los Estados Americanos
OECD - Organization for Economic Co-operation and Development
OECD - Organization for Economic Cooperation and Development
OECF - Overseas Economic Cooperation Fund
OECS - Organization of Eastern Caribbean States
OEL - Office of Export Licensing
OEM - Original Equipment Manufacture
OFAC - Office of Foreign Assets Control
OFD - Ocean Freight Differential
Offene Handelsgesellschaft - OHG (German, meaning: "general partnership") is characterized by the unlimited and direct liability of all partners who are jointly and severally liable. Their liability cannot be restricted. The partnership must carry the family name of at least one partner with reference to the kind of partnership (such as "& Co.").
Office of International Cooperation and Development - The Department of Agriculture's OICD is responsible for cooperative international research, scientific and technical exchanges, and liaison with internaitonal agricultural organizations. OICD also directs training and technical assistance in efforts in approximately 80 development countries.
Office of Munitions Control - See: Defense Trade Controls.
Official Development Assistance - Financial flows to developing countries and multilateral institutions provided by official agencies of national, state, or local governments. Each transaction must be:- administered with the promotion of the economic development and welfare of developing countries as its main objective; and concessional in character and contain a grant element of at least 25 percent.
Offsets - The term offsets is an umbrella label for a broad range of industrial and commercial compensation practices required as a condition of purchase in commercial or government-to-government sales of either military or high-cost civilian hardware. Whether commercial or military, offsets involve overseas production that results in the creation or expansion of industrial capacity in the importer's country. The compensatory forms of offset include coproduction, licensed production, subcontractor production, overseas investment, and technology transfer. Coproduction permits a foreign government or producer to acquire the technical information to manufacture all or part of a U.S.-origin article. Licensed production of a U.S.-origin article involves transfer of technical information under direct commercial arrangements between a U.S. manufacturer and a foreign government or producer. Subcontractor production of a U.S.-origin article usually involves a direct commercial arrangement between the U.S. manufacturer and a foreign producer but does not necessarily involve license of technical information. Overseas investment arising from an offset agreement involves capital contribution toward the establishment or expansion of a subsidiary or joint venture in a foreign country. Technology transfer arises from agreement to conduct research and development abroad, to provide technical assistance to a subsidiary or joint venture of overseas investment, or to perform other activities under direct commercial arrangement between a U.S. manufacturer and a foreign entity. Countries require offsets for a variety of reasons: to ease (or "offset") the burden of large defense purchases on their economies, to increase domestic employment, to obtain desired technology, or to promote targeted industrial sectors. Governments sometimes impose offset requirements on foreign exporters, as a condition for approval of major sales agreements in an effort to either reduce the adverse trade impact of a major sale or to gain specified industrial benefits for the importing country. In these circumstances, offset requirements may be direct or indirect, depending on whether the goods and services are integral parts of the product. In a direct offset, a U.S. manufacturer selling a product uses a component that is made in the purchasing country. In an indirect offset, the exporter would buy products that are peripheral to the manufacture of its product. See: Countertrade.
Offshore Banking Center - See: Offshore Banking Unit.
Offshore Banking Unit - An OBU is normally a foreign bank which conducts domestic moneymarket, Eurocurrency, and foreign exchange settlements. OBUs cannot accept domestic depostis but their activities are unrestricted by domestic authorities. OBUs are located in major financial centers (known as offshore banking centers) with liberal reserve, tax, and capital market requirements.
Offshore Dollars - See: Eurodollars.
Offshore Manufacturing - Offshore manufacturing is the foreign manufacture of goods by a domestic firm primarily for import into its home country.
OHG - Offene Handelsgesellschaft
OIC - Organization of the Islamic Conference
OICD - Office of International Cooperation and Development
oil port - Port whose main or only type of cargo handled is oil. This port is often characterized with deep water jetties to accommodate large oil tankers and with storage tanks and refineries.
Old-To-Market - As defined by the International Trade Administration, old-to-market is a term which refers to committed/experienced larger-scale firms. A significant portion of manufacturing capability may be foreign sourced. Export sales volume is often in excess of 15 percent of total sales.
OMA - Orderly Marketing Agreement
OMC - Office of Munitions Control
OMPI - Organisation Mondiale de la Propriete Intellectuelle
OMVG - Organisation pour la Mise en Valeur du Fleuve Gambie
OMVS - Organisation pour la Mise en Valeur du Fleuve Senegal
OPEC - Organization of Petroleum Exporting Countries
Open Account - A trade arrangement in which goods are shipped to a foreign buyer before, and without written guarantee of, payment. Because this method poses an obvious risk to the supplier, it is essential that the buyer's integrity be unquestionable.
Open Insurance Policy - A marine insurance policy that applies to all shipments made by an exporter over a period of time rather than to a single shipment.
open rate - Freight rate negotiated by a shipper with a shipping line for shipping in excess of a minimum agreed quantity of cargo on any one ship.
open side container - Shipping container with side doors that drop down to give unrestricted access to the sides of the container for loading or discharging.
open top container - Shipping container that has an open top instead of a solid roof to enable cargo, such as timber, to be loaded from the top. The container is covered by waterproof sheeting while in transit.
Operating Committee - The Operating Committee (chaired by the Commerce Department) is the first step in resolving interagency disputes over the disposition of license applications for dual-use items not reviewed by one of the other interagency working groups. The other working groups include: (a) the Subgroup on Nuclear Export Coordination (SNEC), chaired by State for applications involving nuclear concerns; (b) the Missile Technology Export Control Group (MTEC), chaired by State for applications involving missile technology concerns; and (c) the "Shield," chaired by State for applications involving chemical or biological warfare concerns. These committees review applications and participate in the dispute resolution. Prior to any escalation to the Advisory Committee on Export Policy (ACEP), all applications must be reviewed by one of these working groups. See: Advisory Committee on Export Policy.
Operating Differential Subsidy - ODS is a payment which the U.S. government makes to vessels carrying the American flag to offset the difference in operating costs between U.S. and foreign carriers.
Operation Exodus - Operation Exodus is a U.S. Customs Service export enforcement program that was developed in 1981 to help stem the flow of the illegal export of U.S.-sourced arms and technology to the Soviet bloc and other prohibited destinations.
OPIC - Overseas Private Investment Corporation
OPIC - Overseas Private Investment Corporation
optional cargo - Cargo that is destined for one of the ship's discharge ports, where the exact port is not known when the goods are loaded. The optional cargo is stowed so that it can be removed at any of the optional ports without disturbing other cargo.
Orderly Marketing Agreement - A bilateral agreement between governments by which one government limits exports to the other. Similar to a voluntary export restriction agreement or a voluntary restraint agreement. Used to address injury to a domestic industry. Contracts negotiated between two or more governments, in which the exporting nation undertakes to ensure that international trade in specified "sensitive" products will not disrupt, threaten, or impair competitive industries or workers in importing countries.
Orderly Marketing Agreements (OMA) - Bilateral agreements limiting imports from one country to another. OMAs are generally undertaken to avoid imposition of unilateral import restrictions.
Organisation Mondiale de la Propriete Intellectuelle - See: World Intellectual Property Organization.
Organisation pour la Mise en Valeur du Fleuve Gambie - See: Gambia River Basin Development Organization.
Organisation pour la Mise en Valeur du Fleuve Senegal - See: Organization for the Development of the Senegal River.
Organizacion de los Estados Americanos - See: Organization of American States.
Organization for Economic Cooperation and Development - OECD provides a forum for discussion of common economic and social issues facing the United States, Canada, Western Europe, Japan, Australia, and New Zealand. OECD was founded in September 1960 as successor to the Organization for European Economic Cooperation (OEEC) which had administered European participation in the Marshall Plan. OECD seeks "to achieve the highest sustainable economic growth and employment and a rising standard of living in member countries while maintaining financial stability and thus contribute to the world economy." Members include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Luxembourg, Japan, the Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, Turkey, the United Kingdom, and the United States. OECD headquarters are in Paris, France. See: Arrangement on Guidelines for Officially Supported Export Credits.
Organization for the Development of the Senegal River - The Organization (French: Organisation pour la Mise en Valeur du Fleuve Senegal, OMVS) promotes hydroelectric, irrigation and navigation use of the Senegal river. The organization was established in March 1972; headquarters are in Dakar, Senegal. Members include: Guinea-Bissau, Mali, Mauritania, and Senegal.
Organization of African Trade Union Unity - OATUU is recognized as the sole representative of African organized labor by the Organization of African Unity (OAU) and the International Labor Organization (ILO). OATUU is formally non-aligned and independent of all internaitonal trade union organizations, but maintains relations with trade unions worldwide. OATUU headquarters are in Accra, Ghana.
Organization of African Unity - The OAU, founded in May 1963 with 32 African countries, has since grown beyond 5 members. The Organization aims to further African unity and solidarity, to coordinate political, economic, cultural, scientific, and defense policies; and to eliminate colonialism in Africa. Members include: Algeria, Angola, Benin, Botswana, Burkina Faso, Burundi, Cameroon, Cape Verde, Central Africa Republic, Chad, Comoros, Congo, Cote d'Ivoire, Egypt, Equatorial Guinea, Ethopia, Gabon, the Gambia, Ghana, Guinea, Guinea-Bissau, Kenya, Lesotho, Liberia, Libya, Madagascar, Malawi, Mali, Mauritania, Mauritius, Morocco, Mozambique, Namibia, Niger, Nigeria, Rwanda, Sao Tome and Principe, Senegal, Seychelles, Sierra Leone, Somalia, Sudan, Swaziland, Tanzania, Togo, Tunisia, Uganda, Zaire, Zambia, Zimbabwe. OAU headquarters are in Addis Ababa, Ethiopia.
Organization of American States - The OAS (Spanish: Organizacion de los Estados Americanos, OEA), or the Pan American Union, is a regional organization created in Bogota, Colombia in April 1948 (entered into force in December 1951) which promotes Latin American economic and social development. Members include the United States, Mexico, and most Central American, South American, and Caribbean nations. Members include: Antigua and Barbuda, Argentina, the Bahamas, Barbados, Belize, Bolivia, Brazil, Canada, Chile, Colombia, Costa Rica, Cuba (participation suspended), Dominica, Dominican Republic, Ecuador, El Salvador, Grenada, Guatemala, Guyana, Haiti, Honduras, Jamaica, Mexico, Nicaragua, Panama, Paraguay, Peru, St. Christopher-Nevis, St. Lucia, St. Vincent and the Grenadines, Suriname, Trinidad and Tobago, the United States, Uruguay, and Venezuela. The U.S. accredits an Ambassador to the OAS. The OAS secretariat is located in Washington, D.C. See: Sistema de Informacion al Comercio Exterior.
Organization of Arab Petroleum Exporting Countries - OAPEC was created in 1968; members include: Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, Syria, and the United Arab Emirates. Headquarters are in Cairo, Egypt. See: Organization of Petroleum Exporting Countries.
Organization of Eastern Caribbean States - OECS was intended to promote territorial integrity; changing focus includes the recent founding of an export development agency. The Organization was established in 1981; headquarters are in St. Lucia. Members include: Antigua and Barbuda, Dominica, Grenada, Montserrat, Saint Christopher and Nevis, Saint Lucia, Saint Vincent, and the Grenadines.
Organization of Petroleum Exporting Countries - An association of the world's oil-producing countries, formed in 1960, with headquarters in Vienna, Austria. The chief purpose of OPEC is to coordinate the petroleum policies of its members: Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. See: Organization of Arab Petroleum Exporting Countries.
Organization of the Islamic Conference - The OIC, established in May 1971, promotes cooperation in cultural, economics, scientific and social areas among Islamic nations. Headquarters are located in Jeddah, Saudi Arabia. About half the ICO members are also members of the Organization of African Unity. OIC members include: Afghanistan, Algeria, Bahrain, Bangladesh, Benin, Brunei, Burkina Faso, Cameroon, Chad, Comoros, Cyprus, Djibouti, Egypt, Gabon, the Gambia, Guinea, Guinea-Bissau, Indonesia, Iran, Iraq, Jordan, Kuwait, Lebanon, Libya, Malaysia, Maldives, Mali, Mauritania, Morocco, Niger, Nigeria, Oman, Pakistan, Qatar, Saudi Arabia, Senegal, Sierra Leone, Somalia, Sudan, Syria, Tunisia, Turkey, Uganda, the United Arab Emirates, and Yemen.
Orientation Visits - See: Trade and Development Agency.
original bill of lading - Bill of lading that bears the original signature of the master of a ship or his agent.
OTM - Old-To-Market
Overseas Business Reports - These are marketing studies of America's major trading partners which provide updated export and economic outlooks, industrial trends, trade regulations, distribution and sales channels, transportation, and credit situation in individual countries.
Overseas Economic Cooperation Fund - The OECF, a Japanese government development financial institution, provides developing countries and areas with grants and long-term, low-interest loans. As a result of difficulty in distinguishing between the Fund and the Export-Import Bank of Japan, a 1975 reorganization put OECF in charge of all direct loans to be made as official development assistance (ODA) with the grant element of 25 percent of more. The Fund was created in 1961; headquarters are in Tokyo, Japan. See: Export-Import Bank of Japan Japan International Cooperation Agency.
Overseas Private Investment Corporation - OPIC is a government corporation which assists U.S. private investments in less developed nations by providing direct loans and loan guarantees, insuring against a broad range of political risks, and providng a variety of investor services. The overseas investments may include distributorships owned by U.S. manufacturers which are consistent with the economic interests of both the United States and the developing country involved. OPIC was formed as a part of the Agency for International Development in 1961 and became an independent agency 10 years later. Telephone: 800-424-6742.
overstow - To stow an item of cargo on top of another in a ship.
OVs - Orientation Visits