FOB stands for Free On Board. It is one of the most common incoterms in international trade. The seller is responsible for delivering the goods to the port of loading and loading them onto the vessel. Once the goods pass the ship's rail, the risk and costs (such as freight and insurance) transfer to the buyer.
What is CIF?
CIF stands for Cost, Insurance and Freight. The seller is responsible for shipping the goods to the destination port and purchasing marine insurance. The seller bears the costs and risks until the goods arrive at the destination port.
What is the main difference between FOB and CIF?
FOB: The seller is responsible until the goods are loaded at the departure port. The buyer pays for ocean freight and insurance.
CIF: The seller pays for ocean freight and insurance until the goods reach the destination port.
What is a VIN?
VIN is the abbreviation for Vehicle Identification Number. This is a unique 17-digit code for each vehicle, containing information such as manufacturer, brand, model year, and country of origin. It is equivalent to a car's "ID card".
What are ETD and ETA?
ETD (Estimated Time of Departure): The scheduled time when the vessel is expected to leave the port of loading.
ETA (Estimated Time of Arrival): The scheduled time when the vessel is expected to arrive at the port of destination.
These are key timelines in international shipping for planning shipment and pickup.
What are POL and POD?
POL (Port of Loading): The port where the goods are loaded onto the vessel for export. It is also called the departure port.
POD (Port of Discharge): The port where the goods are unloaded from the vessel, usually the destination port.