V

Vacuum Packing
A packaging technique that sucks all the air and moisture from a product, packing the goods in a vacuum. This reduces the size of the product, allowing more goods to be packed.

Validation
Authentication of B/L and when B/L becomes effective.

Validation Rule
The validation rules are a subset of the business rules defining constraints on the logical data model. They are expressed in the definitions of entities, domains and attributes.

Valuable Cargo
A consignment which contains one or more valuable articles.

Valuation Charge
Transport charges for certain goods, based on the value declared for the carriage of such goods.

Value Added Tax
Abbreviation: VAT
A form of indirect sales tax paid on products and services at each stage of production or distribution, based on the value added at that stage and included in the cost to the ultimate customer.

Value Chain Management Definition
Maximising total performance and added value across an entire process by reviewing each internal and external operation, and the links between these operations. The process will be reviewed in a systematic and standard way in order to optimise speed, certainty, and cost effectiveness for the parties involved.
The process review can be achieved through established procedures and existing techniques such as value chain analysis and activity based costing.

Valued Policy
The agreed value of the subject matter insured is stated on the policy. Hull and Goods policies are invariably of this type.

Vanning
A term for stowing cargo in a container.
See Stuffing

Variable Cost
Costs that vary directly with the level of activity within a short time. Examples include costs of moving cargo inland on trains or trucks, stevedoring in some ports, and short-term equipment leases. For business analysis, all costs are either defined as variable or fixed. For a business to break even, all fixed costs must be covered. To make a profit, all variable and fixed costs must be recovered plus some extra amount.

Vendee
Buyer.

Vendor
Seller.

Ventilated Container
A container designed with openings in the side and/or end walls to permit the ingress of outside air when the doors are closed.

Very Large Crude Carrier
Abbreviation: VLCC
A vessel designed for the carriage of liquid cargo in bulk with a loading capacity from 50.000 till 250.000 DWT.

Very Large Crude Carriers: Tankers between 200,000 and 300,000 dwt.

Vessel
1. A floating structure designed for the transport of cargo and/or passengers.
2. Boiler, drum.

Vessel Manifest
The international carrier is obligated to make declarations of the ship's crew and contents at both the port of departure and arrival. The vessel manifest lists various details about each shipment by B/L number. Obviously, the B/L serves as the core source from which the manifest is created.

Vessel Supplies for Immediate Exportation
Abbreviation : VSIE
Allows equipment and supplies arriving at one port to be loaded on a vessel, aircraft, etc., for its exclusive use and to be exported from the same port.

Vice Propre
Inherent vice.

Viz.
Namely. Used in tariffs to specify commodities.

Void Policy
A policy which is invalid in a court of law (eg. a policy in respect of which the assured has no insurable interest or a P.P.I. policy).

Voidable Policy
A policy in respect of which the underwriter is entitled to avoid liability (see Avoidance).

Volatility Allowance
The largest difference in container availability taking into account past peaks in net demand after having removed the trend in container demand during the repositioning trade-off period.

Volume
Size or measure of anything in three dimensions.

Volume Charge
A charge for carriage of goods based on their volume (air cargo).

Voucher
A receipt, entry or another document which establishes the accounts.

Voyage
A journey by sea from one port or country to another one or, in case of a round trip, to the same port.

Voyage Charter
A contract under which the ship owner agrees to carry an agreed quantity of cargo from a specified port or ports to another port or ports for a remuneration called freight, which is calculated according to the quantity of cargo loaded, or sometimes at a lump sum freight.

Voyage Number
Reference number assigned by the carrier or his agent to the voyage of the vessel.