MT
(a) Metric Ton or Cubic meter. (b) Empty container. (c) Multimodal Transport.

Negotiable B/L
Original bill of lading endorsed by shipper that is used for negotiating with banks.

Negotiating Bank
A bank named in the credit; examines the documents and certifies to the issuing bank that the terms are complied with.

Net Tonnage
A vessel's gross tonnage minus deductions of space occupied by accommodation for crew, by machinery, for navigation, by the engine room and fuel. A vessel's net tonnage expresses the space available for passengers and cargo.

Net Weight
Weight of the goods alone without any immediate wrappings, e.g., the weight of the contents of a tin can without the weight of the can. Also called actual net weight.

Non-negotiable B/L
Copy of original bill of lading which cannot be negotiated with the bank.

Non-vessel Owning / Operating Common Carrier (N.V.O.C.C.)
(a) A cargo consolidator of small shipments in ocean trade, generally soliciting business and arranging for or performing containerization functions at the port.
(b) A carrier issuing Bs/L for carriage of goods on vessel which he neither owns nor operates.

O.C.P. rate
Overland Common Point rates which are generally lower than local tariff rates, were established by the U.S. West Coast steamship companies in conjunction with railroads serving the western U.S. so that cargo originating or destined to the American Midwest and East would be competitive with all-water rates via the U.S. Atlantic and Gulf ports. O.C.P. rates are also applicable to eastern Canada.

Ocean Bill of Lading (Ocean B/L)
Document indicating that the exporter will consign a shipment to an international carrier for transportation to a specified foreign market. Unlike an inland B/L, the ocean B/L also serves as a collection document. if it is a Straight B/L the foreign buyer can obtain the shipment from the carrier by simply showing proof of identity. If a negotiable B/L is used, the buyer must first pay for the goods, post a bond or meet other conditions agreeable to the seller.

Ocean Route
The all water transportation portion of a route.

On Board
Cargo has been loaded on board a combined transport mode of conveyance. Used to satisfy the requirements of a letter of credit, in the absence of an express requirement to the contrary.

On Board B/L
A B/L in which a carrier acknowledges that goods have been placed on board a certain vessel.

On Deck
A special stowage instruction to confine that the cargo stowage must be on deck rather than under deck.

One-Way lease
Lease that covers the outbound voyage only, after which the container is returned to the lease holder at or near destination.

Open-Top Container
A container fitted with a solid removable roof or with a tarpaulin roof that can be loaded or unloaded from the top.

Outbound
Outward bound. Direction of vessel or cargo going out from port of loading or point/place of receipt.