Table of Contents
Who are beneficial cargo owners?
Beneficial Cargo Owner (BCO) The importer of cargo, who physically takes possession of cargo at the final destination. It does not act as third party in the movement of such goods.
What does BCO stand for in logistics?
Beneficial Cargo Owner
BCO is an acronym for Beneficial Cargo Owner. The BCO refers to the importer of record, who takes possession of cargo at the destination and does not act as a third party in the movement of the goods. A BCO contract specifies the carriage of freight by ocean through two primary channels: a direct or indirect channel.
What is BCO and non BCO?
There is a lot of confusion surrounding the four main terms in international shipping, such as BCO (Beneficial Cargo Owner), VOCC (Vessel Operating Common Carrier), FFW (Freight Forwarder), and NVOCC (Non-Vessel Operating Common Carrier).
What is a BCO customer?
A beneficial cargo owner (BCO) is an importer that takes control of a shipment at the destination using their own logistics assets instead of utilizing a third-party source like a freight forwarder or NVOCC.
What NVOCC means?
Non Vessel Owning Common Carrier
Definition: NVOCC stands for Non Vessel Owning Common Carrier. NVOCC operation comprises of sales, stuffing and transport of the containers to gateway ports. The bill of lading issue and overseas distribution is taken care by the agents of NVOCC.
What is a BCO client?
What is the difference between BCO NVOCC?
A BCO refers to an importer that takes control of their cargo at the point of entry and does not utilize a third party source like an NVOCC or Freight Forwarder. Typically, BCOs are large companies that import products regularly, thus, they have an in-house department for import procedures.
What is HBL and MBL?
MBL is Master Bill of Lading issued by main carrier of goods on receipt of goods from a freight forwarder to deliver at destination as per agreed terms. HBL means House Bill of Lading issued by a freight forwarder on receipt of goods from shipper agreeing to deliver goods at destination.
Who is shipper on MBL?
This is called MBL Master Bill of Lading. In a master bill of lading, the shipper will be the freight forwarder who delivers the cargo to main carrier and the consignee, the overseas counterpart party of the freight forwarder who receives the goods from final shipper.