BAF (Bunker Adjustment Factor)

An adjustment in shipping charges to offset price fluctuations in the cost of fuel. Also known as a Bunker Surcharge (B/S). The word Bunker refers to fuel storage containers on a vessel.

Bill of Lading (B/L)

A document issued by a common carrier to a shipper that serves as: 

1.  A receipt for the goods delivered to the carrier for shipment.
2.  A definition of the contract of carriage of the goods.
3.  A Document of Title to the goods described therein.
4.  This document is generally not negotiable unless consigned "to order."   (See "Bill of Lading, Order" below.)

Bill Of Lading, On Board

A bill of lading acknowledging that the relative goods have been received on board a specified vessel.

Bill of lading, order

A negotiable bill of lading. There are two types: 

1.  A bill drawn to the order of a foreign consignee, enabling him to endorse the bill to a third party.
2.  A bill of lading drawn to the order of the shipper and endorsed by him either "in blank" or to a named consignee. The purpose of the latter bill is to protect the shipper against the buyer's obtaining the merchandise before he has paid or accepted the relative draft.&nbps;

Bonded Warehouse

A warehouse authorized by customs for storage of goods on which payment of duties is deferred until the goods are removed.

Break-bulk Vessel

A vessel designed to handle large or oversized cargo; generally cargo unsuitable for container stowage.

Bulk Cargo

Loose cargo that is loaded directly into a ship's hold.

Bulk Carrier

There are two types of bulk carriers, the dry-bulk carrier and the liquid-bulk carrier, better known as a tanker. Bulk cargo is a shipment such as oil, grain, or one which is not packaged, bundled, bottled, or otherwise packed and is loaded without counting or marking.