cost, insurance and freight

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Cost, Insurance and Freight

A CPT involving ocean freight. In a CIF, the seller is responsible for paying for shipping and providing a minimum amount of insurance coverage up to the named port of destination, while the buyer is responsible for the transportation risk beyond the minimum coverage as soon as the good or product is loaded onto the ship. Legally, risk transfers when the good or product crosses the outer rail of the ship. A CIF is similar to a CFR, but also requires the seller to provide minimal insurance. See also: Incoterm.

cost, insurance and freight (c.i.f)

a term used to denote the respective contractual obligations of sellers and buyers of a good which is exported. Under a ci.f. contract, the seller pays the cost of transporting the good to the port of shipment, the loading charges, and the freight charges to the port of destination, plus all insurance cover up to this point. From then on the buyer bears the cost of unloading, transporting, and insuring the good to its final destination. See COST AND FREIGHT, FREE ON BOARD, EXPORTING.
References in periodicals archive ?
Since ocean freight constitutes about one third of the final CIF price of coal, it is crucial to know the heat content of the coal being shipped.
In the late 1970s and early 1980s, the CIF price of LNG in Europe and Japan averaged more than $6/m BTU, though LNG import projects in the US were suspended and West European buyers received gas by pipeline at lower prices.
Its CIF price is tied partly to crude and fuel oil prices and to the value of coal in West Europe, plus an environmental premium.
It is the average, weighted spot-price in the ports of New York and Hamburg (called CIF price in the graph--Cost, Insurance and Freight).
Real-time News, RMB & FOB & CIF Price, Analysis and Inventory for Cr Ore & Mn Ore & Ferroalloy Products; Email Service in HTML; Published at 6:00 pm BJT Each Working Day.
Originally, QP had insisted on a minimum FOB or CIF price, combined with an annual indexing factor based on inflation, to guarantee a good return on investments for the seller.
The publication provides market News, Authoritative Analysis & Forecast, RMB, FOB & CIF Price, Shipping & Logistics of Iron Ore Market in Past One Week; Email Service in PDF; Published before 12:00 am BJT Each Monday.
Now, since ocean freight is already at a too-high level, the CIF price of China's imports of iron ore nearly exceeds Chinese domestic prices of steel commodities.
In general, there is a USD250-350 gap between China's average ru-tile ex-factory price and average CIF price; and a USD300-450 gap between the actual transaction FOB price and average CIF price (FIGURE 2).
The average CIF price of broiler cuts in 2009 was down 20% to US $2.
3 Monthly CIF Price of Imported Granulated Sugar from 2006-2009 58
In 1996, it was said that Shell had proposed applying its Brunei formula for the CIF sales as follows: (a) the different components of the gas chain are at arm's length, rather than fully integrated; and (b) the Muscat government sells the gas to Oman LNG at a "flowback" price, whereby the CIF price of LNG would determine the price of the gas and of LNG delivered to the tanker in agreed proportions, with the LNG to be sold to the Far East and Europe.