Shipping is an expanding global business and the opportunity for Britain’s commercially competitive shipping industry to share in this growth offers the UK significant inward investment opportunities and wider economic and environmental benefits.
The international shipping industry is responsible for the carriage of 90% of world trade. Shipping is the lynchpin of the global economy. Without shipping, intercontinental trade, the bulk transport of raw materials, and the import/export of affordable food and manufactured goods would simply not be possible. Ships are technically sophisticated, high value assets (larger ships can cost over US $100 million to build), and the operation of merchant ships generates an estimated annual income of over US $380 billion in freight rates within the global economy. This represents about 5% of total world trade.
There are a wide variety of shipping terms used in the shipping industry (see links for full listing). Alway consult your shipping provider for a full detailed version of all there shipping terms.