Back Haul   To obtain transport on the home run from B to A after having performed a full transport from A to B.
Bank Guarantee  (1) Under certain circumstances, accepted in lieu of original Bill of Lading to release cargo.
(2) A statement issued by an importer's bank guaranteeing the payment of (L/C) drafts to the exporter or to the carrier.
(3) Other forms of guarantees by banks in favour of a beneficiary
Banker's Acceptance   A form of financing used in import/export transactions.
Bar Code  A series of bars and spaces read by a scanning device for translation into a numeric or alphanumeric identification code that represents data in machine-readable or computerised form.
Barge   Conveyance used to carry loose cargo or containers in small volumes.
Base Port   Ports from which standard tariff rates apply to those normally serviced directly by members.
Base Rate   Rate used only for construction of other rates.
Bay  Section of vessel in which containers are held.
Benchmarking   The process of comparing a firm's performance against the practices of other leading companies - in or outside of an industry - for the purpose of improving performance. Companies also benchmark internally by tracking and comparing past performance.
Berth  Vessel docking area
Best Practice   Also known as competitive benchmarking, the methodology that determines state-of-industry performance or application
Bill of Exchange  (1) A signed, written order by one company that instructs another company to pay a third party a specific amount.
(2) An unconditional written order addressed by one person to another and signed by the person giving it. It requires the person, to whom it is addressed, to pay on demand or at a fixed or determinable future time, a certain sum of money to the order of a specified person or to bearer. The drawee not being liable on it until he has accepted it.
(3) Usually used in foreign transactions.
Bill of Lading  Legal document signed by or for the captain/master, agents, owners of a vessel or the (common) carrier. It is written evidence of the contract of carriage by sea and/or by land. It is (1)a receipt of the goods (in the owner's/carrier's or his/their agent's custody) and (2)an undertaking to safely carry and deliver the goods at the place directed/agreed, dangers of the sea excepted, against (3)surrender of the document where/when provisions in the document stipulate delivery to order of a named person, to order (blank) or to bearer and 4)It evidences the terms of the contract of carriage.
Bonded Warehouse   Warehouse owned by persons approved by the relevant custom and excise authorities (for example in the U.S. it is the Treasury Department), and under bond (or guarantee) for the strict observance of the revenue laws. Utilised for storing goods until duties are paid or goods are otherwise properly released.
Booking  (1) Act of recording arrangements for the movement/transportation of goods by vessel or other conveyance.
(2) To express in advance a desire for something in order to reserve it e.g. transportation of goods.
(3) Synonymous term: 'Booking request'.
Box Rate  A lump sum charged to move cargo in various size containers from origin to destination.
Break Bulk  Cargo which is not containerised due to its weight and/or size e.g. steel pipes, boats etc.
Broker   A person or firm, other than a motor carrier or agent of a motor carrier that as a principal or agent sells, offers for sale, or holds itself out by solicitation, advertisement, or otherwise as selling, providing, or arranging for transportation by motor carrier for competition. A broker is a middleman that brings together the shipper and carrier; a broker does not take responsibility for the transportation. An agent/middleman who for a fee or commission negotiates contract e.g. purchase and sale (such as real estate, commodities or securities) between buyers and sellers without himself taking title to that which is the subject of negotiation and usually without having physical possession of it.
Brokerage License   Authority granted by the Interstate Commerce Commission (ICC) to persons to engage in the business of arranging for transportation of persons or property in interstate commerce.
Bunker Adjustment Factor (BAF)  Surcharge assessed by carrier which is applied to freight rates to supplement an unexpected rise in fuel costs.
Bunker Surcharge   Surcharge assessed by carrier which is applied to freight rates to supplement an unexpected rise in fuel costs.