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Glossary of Terms

  • Chartering: the process of hiring vessels whether for a certain trip or for a certain period of time.
  • Consolidation: consolidated cargo for various clients inside one common container through a shipping agent.
  • FCL: Full Container Load, i.e. a full container shipment.
  • FIATA:Federation of International Freight Forwarding Associations.
  • Freight Forwarder: a third party provider of logistics services.The role of a forwarder is to dispatch, book or otherwise arrange space for shipments via carriers who operate vessels,airplanes,trucksorrailroads.Freight forwarders typically arrange cargo movement to an international destination, prepare and process the required documents and perform other services related to international shipments.
  • Freight Ton: the weight of cargo in tons or its volume in meters (whichever is larger).
  • LCL: a shipment that is less than a full container.
  • NVOCC: Non Vessel Operating Common Carrier i.e. renting areas or a space on vessels owned by a shipping line and selling these areas or spaces on behalf of the shipping line.
  • TEU : Twenty Foot Equivalent Unit equivalent to 20 foot container (40 foot container = 2 TEUs).

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