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Understanding Incoterms: Essential Maritime Shipping Terms for Buyers and Vendors

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This guide provides a comprehensive overview of key Incoterms used in maritime shipping, including definitions and responsibilities of vendors and buyers under various terms like FOB, CFR, CIF, DDP, and more. Gain clarity on how these terms affect shipping operations, cost responsibilities, and risk management. Whether you're a vendor managing shipments from your plant or a buyer receiving goods, understanding these terms is crucial for efficient logistics and compliance in international trade.

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Understanding Incoterms: Essential Maritime Shipping Terms for Buyers and Vendors

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  1. INCOTERMS VENDOR BUYER FOB (Maritime only) Tax Control Warehouse (Almacén Fiscal) Vendor Plant Buyer Plant FREE CARRIER CFR (Maritime only) CIF (Maritime only) (Maritime only) DAP DAT DDP FAS EXWORKS Group D: Group E: • DAP – Delivered at Place: Multimodal / Land carrier • EXW – Ex Works: at vendor’s plant • DAT – Delivered at Terminal: Same as DAP but the shipper is Group F: responsible for the load. • FCA – Free Carrier: Land carrier • FAS – Free Alongside Ship: At the shipping port • FOB – Free On Board: On the Vessel. Maritime only. Group C: • DDP – Delivered Duty Paid: At the buyer’s plant (Insurance, cost and freight included (Door to Door). • CFR – Cost and Freight: At the arrival port (On board). Doesn’t include insurance. Maritime • CIF – Cost Insurance and Freight: At the arrival port (On board). Includes insurance. Maritime The buyer is responsible for the load. • CPT – Carriage Paid To: Same as CFR but used for land/air freight • CIP – Carriage and Insurance Paid To: Same as CIF but used for land/air freight

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