Inventory of cargo on board a ship, with details of marks, numbers, contents, shipper, consignee, and such other details as may be required by customs or consular authorities.Market pricePrice which commodity would reach if sold on the open market.Master (or shipmaster)Correct term applied to the officer in charge of a merchant ship.Mate’s receipt (m/r)A receipt given by the mate or the representative of a vessel, for goods that have been loaded on board. The mate’s receipt is prima facie evidence of ownership of the goods and is exchangeable in due course for the B/L. It is not however a document of title and, unlike the b/l, its transfer does not pass possession of the goods.Mean nautical mileDistance of 6 076,91 feet.Measurement of cargoLength by breadth by depth measurements give the cubic capacity of cargo. The measure is taken from extreme to extreme and includes batterns, banding, etc. Goods are measured as to the space they will occupy in a ship’s hold; thus barrels measure length by breadth by width at widest part. Goods which taper, such as telegraph poles, are measured as stacked whereby the poles are stacked in reverse layers and one thick end of pole counters the tin end of another. Cargoes which have a tendency to vary in the voyage are calculated on loaded quantities.Measurement tonneA measurement unit of 40 cubic feet used for goods shipped as measurement cargo. Merchant haulageTerm used in SA container trade. Transport for the delivery or collection of containers arranged by the exporter. In this case the exporter makes his own transport arrangements, usually with Transnet, to deliver and collect the container. Payment is made to the transport operator (usually Transnet) for this service.MERCOSURSpanish for Southern Common Market (or in Portuguese MERCOSUL). Members are Argentina, Brazil, Paraguay and Uruguay. Chile is an associate member.Metric ton1 000 kg or 2 204, 6223 Ibs. Sometimes written “tonne”.MFNMost favoured nation preferential tariff treatment granted to GATT members.MIGAMultilateral Investment Guarantee Agency – member of the World Bank Group. Its purpose is to encourage investment in developing countries.MoleA long pier or jetty covering the entrance to a harbour.m/rMate’s receipt (see above).m.t.Mail transfer a remittance purchased by the debtor from his banker in international trade.n.a.a.Not always afloat indicating that the obligation of being “always afloat” (a.a.) does not apply.n.a.a.b.s.a.Not always afloat but safe aground.Named policyA maritime insurance policy in which the name of the vessel carrying the goods insured is inserted.NAFTANorth American Free Trade Agreement – between Canada, USA and Mexico.n.c.v.No commercial value.n.d.Nondelivery.Nautical mileDistance varying from 6 045,93 feet on equator to 6 107,98 feet in lat. 90°. See mean nautical mile above.Neap tideTide in which highwater level is at its lowest point.Negotiable bill of ladingOne capable of being negotiated by transfer or endorsement.Negotiable instrumentNegotiable document.Net form charterType of charterparty whereby charterer pays for port charges and cost of loading and discharging cargo.Net tonnageSee n.r.t.Net weightWeight of the goods only without any wrapper or container.n/nNot north of; or, no numbers used when cases are not given individual numbers. Nonnegotiable bill of ladingBill of lading not capable of being negotiated, i.e. the consignee or other named party cannot transfer the goods by transfer of the bill. This type is seldom used in commercial transactions.n.o.p.Not otherwise provided.Notice of of abandonmentThe certain and unconditional notice given by an assured to an underwriter (within a reasonable time of receiving information that a loss has taken place) of when he intends to abandon his interest and claim for a constructive total loss.Notice of readinessThe formal intimation by the shipowner to the charterer that the ship is ready to load or discharge. The tender of notice of readiness is one of the obligations necessary to make the ship an “arrived ship”.Not negotiableCannot be transferred to another with the same rights as belonged to the original holder.n.r.a.d.No risk after discharge. The carrier is freed of responsibility once goods are discharged from the ship.n.r.a.l.No risk after landing. As n.r.a.d. with the proviso that discharge (overside) may occur some time before landing actually takes place.n.r.a.s.No risk after shipment. The seller of goods is free of risk once the goods have been shipped.n.r.t.Net registered tonnage one n.r.t. equals 100 cubic feet of ship’s enclosed space, after deduction from gross tonnage figures of engine and navigation spaces.n.s.p.f.Not specially provided for.n.t.Net terms. Rates are free of charterer’s commission.o.aOver all. Term used in measuring, meaning that measurement is calculated from extreme to extreme.OAUOrganisation of African UnityOECDOrganisation for Economic Cooperation and Development.o.g.i.l.Open General Import Licence.o.g.l.Open general licence a type of import licence (same as OGIL).On consignmentSent for sale by the consignee at the best prices obtainable for the consignor. To be paid for when sold.Open charterCharter party whereby vessel may fix any cargo and for any ports.Open indentAn order to a supplier for goods of unspecified manufacture which enables the supplier to purchase the most suitable goods at the best price. (See also “closed indent”).Open policyMarine insurance term meaning that the value is not definitely fixed but that a maximum amount is stated and the goods are provisionally insured, leaving the declaration of the goods shipped and their value to be subsequently named.Order bill of ladingBill of lading made out to the order of shipper or consignee. p.a.Particular average (see below).Packing declaration(Term used in SA container trade). A declaration signed by the exporter or his agent certifying that the description, mass and measurement of cargo in a container are all correct.Parcel ticketA receipt given in lieu of a b/l, for small parcels under a specified value.Particular averageMarine insurance term. A partial loss of the subject matter insured against, which is not of a general average nature.Penalty (clause) (for non-fulfilment)The penalty stipulated in a charter party is limited to an amount not exceeding gross estimated amount of freight. Such provision should be read as “proved damages”, for there can arise only an action for damages and never one for enforcement of a penalty.Per diemby the day.Perfect competitionSituation whereby a single producer acting alone can influence the price level.Perfect monopolySituation where monopolist can act without the possibility of any sort of direct competition.Perfecting the sightCompletion of the details unknown at the time of lodging a bill of sight.Perils of the sea (and navigable waters)Something fortuitous and unexpected on a voyage, which is peculiar to the sea. Such an expression does not include the normal action of the wind and waves.PilotageA charge raised on the vessel entering a river/port/estuary/canal where the services of a pilot are obligatory; or the actual service itself.p.k.d.Partially knocked down.p/l or p.l.Partial loss.p.o.d.Paid on delivery.Port markThe port of destination, marked on packages for export.Port of entryPort at which vessel or goods are entered (i.e. cleared through customs) into or out of the country.PpdPrepaid.PremiumPayment made for insurance.Prima facieAt the first glance.PrimagePercentage added to freight and usually returned as a deferred rebate.Proforma invoiceThis is a specimen invoice used mainly for banking purposes. It is an abbreviated invoice sent in advance of a shipment, usually to enable the buyer to obtain an import permit or an exchange permit or both.