Glossary Of International Shipping Terms: N
NAFTA…North American Free Trade Agreement
The joint Canada, Mexico and United States treaty to reduce tariffs and trade barriers to promote cross-border economic activity.
NVOCC
Non-Vessel Operating Common Carrier. Cargo consolidator of small shipments in ocean trade into containers at the port.
Negotiable Bill of Lading
Original bill of lading endorsed by shipper that is used for negotiating with banks.
Negotiating Bank
A bank named in the credit; examines the documents and certifies to the issuing bank that the terms are complied with.
Net Tonnage
A vessel's gross tonnage minus deductions of space occupied by accommodation for crew, by machinery, for navigation, by the engine room and fuel. A vessel's net tonnage expresses the space available for passengers and cargoes.
Net Weight
Weight of the goods alone without any immediate wrappings, e.g., the weight of the contents of a tin can without the weight of the can. Also called actual net weight.
Non-negotiable Bill of Lading
Copy of original bill of lading which cannot be negotiated with banks.
Non-vessel Owning / Operating Common Carrier (N.V.O.C.C.)
(a) A cargo consolidator of small shipments in ocean trade, generally soliciting business and arranging for or performing containerization functions at the port. (b) A carrier issuing bill of lading for carriage of goods on vessel which he neither owns nor operates.
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