SPEED
Is LTL shipping the best option for your freight transportation needs? In this article, we will explore the ins and outs of LTL shipping and provide you with a comprehensive glossary of terms to help you navigate the world of international logistics.
What is LTL Shipping?
LTL, or Less Than Truckload, shipping refers to the transportation of relatively small freight that does not require a full truckload. It is a cost-effective option for businesses looking to move smaller quantities of goods.
Freight Term Glossary
1. Freight Class
The freight class is a standardized classification system used to determine the shipping rates based on the characteristics of the freight, such as density, stowability, and handling requirements.
2. Bill of Lading
The bill of lading is a legal document that serves as a contract between the shipper and the carrier. It includes details about the shipment, such as the origin, destination, and contents of the freight.
3. Transit Time
Transit time refers to the duration it takes for the freight to travel from the point of origin to the destination. It can vary depending on the distance and the carrier’s efficiency.
Example: The average transit time for LTL shipping from New York to Los Angeles is 5-7 business days.
4. Accessorial Charges
Accessorial charges are additional fees that may be applied to the freight shipment for services beyond the standard transportation, such as liftgate service, inside delivery, or residential pickup or delivery.
5. Freight Broker
A freight broker acts as an intermediary between the shipper and the carrier, facilitating the transportation process. They help match the shipper’s freight with the carrier’s capacity and negotiate rates.
6. Pricing
The pricing for LTL shipping is typically based on the freight class, weight, distance, and any additional services required. It is important to compare quotes from multiple carriers to ensure you get the best price.
Example: The cost of shipping a 500-pound pallet from Chicago to Atlanta ranges from $200 to $400.
7. Tracking
Tracking allows shippers and consignees to monitor the progress of their shipments in real-time. It provides visibility and helps ensure the timely delivery of the freight.
8. Insurance
Insurance coverage for LTL shipments can provide protection against loss or damage during transit. It is important to understand the carrier’s liability and consider additional insurance options if needed.
Now that you are equipped with this LTL shipping glossary, you can confidently navigate the complex world of international logistics. Whether you are a small business owner or a seasoned logistics professional, understanding these terms will help you make informed decisions and optimize your freight transportation.