SHIPPING GLOSSARY

B/B: (See Break-Bulk Cargo) B/D: Banker's Draft B/E: Bill of Exchange B/S: Bill of Sale BAA: British Airports Authority BACA: Baltic Air Charter Association BACS: Banker's Automated Clearingwee System BAF: Bunker adjustment factor: A fuel surcharge expressed as a percentage added or subtracted from the freight rate reflecting the movement in the market price for bunkers. Balance of Trade:The difference bet n a country's total imports and exports; if exports exceed imports, favorable balance of trade exists, if not, a trade deficit is said to exist. Ballast: Heavy weight, often sea water, necessary for the stability and safety of a ship at sea. Barter: Trade in which merchandise is exchanged directly for other merchandise without use of money. Barter is an important means of trade with countries using currency that is not readily convertible. BCN: Banker's Cover Note BEA: British Exporters Associat...