name: Shipping.com Vocabulary description: >- Domain vocabulary for the ocean freight and shipping industry as used by Shipping.com's rate intelligence and marketplace platform. Covers freight terms, container types, surcharge codes, trade lane terminology, and logistics concepts. version: "1.0" created: "2026-05-02" modified: "2026-05-02" terms: # Container Types - term: TEU definition: >- Twenty-foot Equivalent Unit — the standard unit of measurement for container shipping capacity. A standard 20-foot shipping container equals 1 TEU. Used to measure cargo volume, vessel capacity, and freight rates. tags: - Container - Measurement - term: FEU definition: >- Forty-foot Equivalent Unit — equivalent to 2 TEUs. A standard 40-foot shipping container equals 1 FEU. Rates are often quoted per FEU for high-volume trade lanes. tags: - Container - Measurement - term: FCL definition: >- Full Container Load — a shipment that uses the entire capacity of one or more containers. The shipper books and pays for the full container regardless of how much cargo fills it. More cost-effective for high-volume shipments. tags: - Service - Container - term: LCL definition: >- Less than Container Load — a shipment where cargo from multiple shippers is consolidated into a single container. Cargo is rated per cubic meter (CBM) or per metric ton, whichever is higher. Cost-effective for small shipments. tags: - Service - Container - term: Reefer definition: >- Refrigerated container used to transport temperature-sensitive cargo such as food, pharmaceuticals, or chemicals. Reefer containers maintain precise temperature ranges throughout transit. tags: - Container - Service - term: RoRo definition: >- Roll-on Roll-off — a vessel type and shipping service for cargo that can be driven on and off the ship (e.g., automobiles, trucks, heavy equipment). Rates are typically quoted per vehicle or per lane meter. tags: - Service - Vessel # Rate Terms - term: Freight Rate definition: >- The price charged by a carrier to transport cargo from origin to destination. Ocean freight rates are typically quoted per TEU or FEU for containers, or per ton/CBM for breakbulk. Rates fluctuate based on supply, demand, fuel costs, and market conditions. Shipping.com provides rate intelligence across all major trade lanes. tags: - Rate - Core - term: Spot Rate definition: >- A freight rate available for immediate booking without a long-term contract. Spot rates reflect current market conditions and can be highly volatile. Shipping.com provides spot rate intelligence and procurement tools. tags: - Rate - term: Contract Rate definition: >- A freight rate agreed upon between a shipper and carrier for a defined volume over a specified period (typically one year). Contract rates provide price stability in exchange for volume commitments. tags: - Rate # Surcharges - term: BAF definition: >- Bunker Adjustment Factor — a surcharge applied by carriers to offset fuel costs. Fluctuates with oil prices and is applied per TEU or FEU. Also called FAF (Fuel Adjustment Factor) or ECA surcharges for emission control areas. tags: - Surcharge - term: PSS definition: >- Peak Season Surcharge — a surcharge applied during high-demand periods, typically before major holidays or during the retail import season (July-October). Applied per TEU or FEU on top of the base freight rate. tags: - Surcharge - term: GRI definition: >- General Rate Increase — a blanket rate increase announced by carriers across all or specific trade lanes. Carriers announce GRIs in advance, and they may or may not be accepted by the market. tags: - Surcharge - term: THC definition: >- Terminal Handling Charge — fees charged by the terminal operator for container handling at the port. Includes loading, unloading, and storage. Applied at both origin and destination ports. tags: - Surcharge - Port # Trade Lanes - term: Trade Lane definition: >- A defined ocean freight route between two regions or ports. Major trade lanes include Trans-Pacific (Asia to North America), Asia-Europe, and Transatlantic. Shipping.com provides rate intelligence across all major global trade lanes. tags: - Route - Geography - term: UN/LOCODE definition: >- United Nations Code for Trade and Transport Locations — a 5-character code identifying ports, airports, and logistics nodes worldwide. Format: 2-letter country code + 3-letter location code (e.g., USLAX = United States, Los Angeles). tags: - Standards - Geography # Market Intelligence - term: Freight Intelligence definition: >- Data and analytics about freight market conditions, rate trends, and supply/demand dynamics across trade lanes and carriers. Shipping.com specializes in providing freight intelligence to help carriers and shippers make informed decisions. tags: - Intelligence - Core - term: Freight Marketplace definition: >- An online platform connecting cargo owners (shippers and forwarders) with freight capacity providers (carriers). Shipping.com operates a freight marketplace that enables rate discovery, comparison, and procurement. tags: - Marketplace - Core - term: Carrier definition: >- A company that owns or operates vessels to transport cargo. Ocean carriers include major lines such as Maersk, MSC, CMA CGM, COSCO, Evergreen, and Hapag-Lloyd. Carriers publish rates on platforms like Shipping.com. tags: - Participants - Core - term: Shipper definition: >- A company or individual that sends cargo via freight transportation. Shippers use Shipping.com to access competitive freight rates, compare carriers, and optimize their shipping costs. tags: - Participants - term: Freight Forwarder definition: >- An intermediary that arranges freight transportation on behalf of shippers. Freight forwarders negotiate rates with carriers, manage documentation, and provide logistics expertise. Both carriers and forwarders use Shipping.com. tags: - Participants