UCP - Abbreviation for the “Uniform Customs and Practice for Documentary Credits,” published by the International Chamber of Commerce. This is the most frequently used standard for making payments in international trade; e.g., paying on a Letter of Credit. It is most frequently referred to by its shorthand title: UCP No. 500. This revised publication reflects recent changes in the transportation and banking industries, such as electronic transfer of funds.
UFC - Abbreviation for “Uniform Freight Classification.”
ULCC - Ultra Large Crude Carrier. A tanker in excess of 320,000dwt.
Ullage - The space not filled with liquid in a drum or tank.
UN/EDIFACT - United Nations EDI for Administration, Commerce and Transport. EDI Standards are developed and supported by the UN for electronic message (data) interchange on an international level.
Unclaimed Freight - Freight that has not been called for or picked up by the consignee or owner.
Undercharge - To charge less than the proper amount.
Underway - A vessel is underway when it is not at anchor, made fast to the shore, or aground.
Uniform Customs and Practices for Documentary Credits (UCP) - Rules for letters of credit drawn up by the Commission on Banking Technique and Practices of the International Chamber of Commerce in consultation with the banking associations of many countries. See Terms of Payment.
Unit Load - Packages loaded on a pallet, in a crate or any other way that enables them to be handled at one time as a unit.
Unit Train - A train of a specified number of railcars, perhaps 100, which remain as a unit for a designated destination or until a change in routing is made.
Unitization – The consolidation of a quantity of individual items into one large shipping unit for easier handling.– Loading one or more large items of cargo onto a single piece of equipment, such as a pallet.
Unloading - Removal of a shipment from a vessel.
U.S. Consular Invoice - A document required on merchandise imported into the United States.
USPPI – United States Principal Party of Interest - The party that receives the primary benefit from an export transaction, usually the seller of the goods.