Ocean Sea Freight Ocean and Sea Freight Basic 3

Question 1

What is a 'surrender bill of lading'?

Accepted Answer

An original bill of lading surrendered at origin so the consignee can receive cargo without presenting the original at destination

Answer

A surrendered bill of lading allows the carrier to release cargo to the consignee at destination without requiring the original document, speeding up delivery.

Question 2

What does 'LCL' stand for and what does it mean?

Accepted Answer

Less than Container Load — cargo consolidated with other shippers' goods in one container

Answer

LCL (Less than Container Load) means a shipper's cargo is too small to fill an entire container, so it is consolidated with other shipments.

Question 3

Which party is responsible for preparing the cargo for export and inland transport under EXW (Ex Works)?

Accepted Answer

The buyer/importer

Answer

Under EXW, the seller's obligation ends at their premises; the buyer assumes all costs and risks from that point, including export clearance and ocean freight.

Question 4

What is a 'vessel schedule' used for in ocean freight planning?

Accepted Answer

Planning shipments based on published departure and arrival dates of ocean carriers

Answer

Vessel schedules list planned departure (ETD) and arrival (ETA) dates, helping shippers coordinate cargo readiness and delivery timelines.

Question 5

What is 'cargo insurance' in ocean freight and why is it important?

Accepted Answer

A policy that compensates the cargo owner if goods are lost or damaged during transit

Answer

Cargo insurance protects the shipper or consignee financially against loss or damage during ocean transit, as carrier liability is typically limited.

Ocean Sea Freight Practice Test

Ocean Sea Freight Practice Test

Ocean Sea Freight Ocean and Sea Freight Basic 3