Maritime & Shipping Lexicon
Search and filter over 80 standard maritime abbreviations, chartering codes, Incoterms, container types, and trade acronyms.
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How to use this shipping glossary
Shipping documents are full of abbreviations, and a single one can decide who pays for a delay. This glossary groups the terms by where you meet them: chartering a ship, booking containers, agreeing the Incoterms® rule, clearing customs, describing vessels and working in port. The full list is below; use the search and quiz above to look up and test yourself on terms.
- Charter party terms (NOR, laytime, SHEX, FIOS) decide when the clock starts for loading and who pays for cargo handling on bulk and tramp ships.
- Liner terms (FCL, LCL, THC, BAF, VGM) appear on container bookings and freight invoices.
- Incoterms (FOB, CIF, DAP) set where risk and cost pass from seller to buyer — see the Incoterms® 2020 guide.
Chartering & charter parties (31 terms)
| Abbreviation | Stands for | Meaning |
|---|---|---|
| AAAA | Always Afloat Always Accessible | Warranty that the vessel will only be ordered to berths or anchorages where it remains continuously floating without touching ground across all tidal states, and with free navigation access. |
| AGW | All Going Well | A qualification added to vessel arrival estimates or itinerary commitments indicating that schedules are subject to unforeseen weather, tides, or navigation contingencies. |
| BARECON | Standard Bareboat Charter | BIMCO standard bareboat (demise) charter party agreement where charterer takes complete operational, commercial, crewing, and maintenance control. |
| CHOPT | Charterer's Option | Gives the charterer the contractual choice between multiple alternatives (e.g. choice of discharge ports or optional voyage legs). |
| COA | Contract of Affreightment | A long-term volume transport agreement where the shipowner agrees to transport a specified volume of bulk cargo over an extended period (e.g., 500,000 MT over 2 years) using vessels of its choice. |
| CQD | Customary Quick Despatch | No fixed laytime period is agreed; charterer is only required to load/discharge as fast as customary at the port. Neither demurrage nor despatch applies. |
| FHEX | Fridays and Holidays Excluded | Excludes Fridays and official holidays from laytime (standard in Muslim and Middle Eastern ports where Friday is the weekly day of rest). |
| FILO | Free In, Liner Out | Loading expenses are paid by shipper/charterer (Free In), but discharging at destination port is paid by the shipowner (Liner Out). |
| FIO | Free In and Out | Shipowner is free of the expense of loading cargo into the ship at the load port and discharging it at the discharge port. Charterer/Shipper pays stevedores. |
| FIOS | Free In and Out and Stowed | Cargo handling is free of expense to the shipowner, including the cost of stowing the cargo securely in the holds. |
| FIOST | Free In and Out, Stowed and Trimmed | Shipowner pays neither loading, discharging, stowing, nor leveling/trimming costs. Trimming is vital for dry bulk stability (e.g. coal, iron ore, grain). |
| GENCON | General Conditions Voyage C/P | The world's most widely utilized standard voyage charter party form for dry bulk and general tramp trades, published by BIMCO. |
| LAYCAN | Laydays and Cancelling Date | The contractual window of dates agreed between owner and charterer during which the vessel must present itself at the loading port and tender valid NOR (e.g. Laycan 10 May – 20 May). |
| LIFO | Liner In, Free Out | Loading expenses at origin are paid by the shipowner (Liner In), while discharging at destination is paid by the consignee/charterer (Free Out). |
| LILO | Liner In, Liner Out | Shipowner pays for both loading and discharging operations (full liner terms). |
| MINMAX | Minimum / Maximum Exact Tonnage | Contractual specification where the cargo tonnage is strictly fixed with zero margin of variation (no more, no less). |
| MOLCHOPT | More Or Less Charterer's Option | Clause granting the charterer the discretion to vary the cargo quantity by a set percentage. |
| MOLOO | More Or Less Owner's Option | Clause giving the shipowner the option to vary the contracted cargo quantity by a set percentage (e.g. 25,000 MT 5% MOLOO) to optimize vessel draught and bunker trim. |
| NOR | Notice of Readiness | Written formal notification tendered by the Master to the charterer or consignee declaring that the ship has arrived at the port/berth and is ready in all respects to load or discharge cargo. |
| NYPE | New York Produce Exchange | The most widely used standard time charter party form for dry cargo vessels, developed by BIMCO and the Association of Ship Brokers and Agents (ASBA). |
| SHEX | Sundays and Holidays Excluded | Laytime provision stipulating that Sundays and official local public holidays do not count as laydays, unless cargo loading/discharging takes place during those periods (UU). |
| SHINC | Sundays and Holidays Included | Laytime provision stipulating that Sundays and public holidays count fully against allowed laytime (consecutive 24h days count continuously). |
| SOF | Statement of Facts | A detailed operational log sheet prepared by the port agent and signed by Master, stevedores, and receivers recording all chronological timings of arrival, berthing, weather stoppages, strikes, work shifts, and completion of cargo operations. |
| SSHEX | Saturdays, Sundays and Holidays Excluded | Laytime provision excluding Saturdays, Sundays, and official holidays from the computation of permitted laytime. |
| SSHINC | Saturdays, Sundays and Holidays Included | Saturdays, Sundays, and holidays all count as laytime without deduction. |
| WCCON | Whether Customs Cleared Or Not | Enables Master to tender NOR prior to completing official customs inward clearance formalities. |
| WIBON | Whether In Berth Or Not | Clause allowing the tender of NOR when the vessel has arrived within port limits but cannot secure an available loading/discharging berth due to congestion. |
| WIFPON | Whether In Free Pratique Or Not | Permits tender of valid NOR prior to obtaining sanitary/health clearance (Free Pratique) from health authorities. |
| WIPON | Whether In Port Or Not | A protective clause for the shipowner permitting the Master to tender Notice of Readiness even if the vessel is anchored outside the commercial port limits due to port congestion. |
| WP | Weather Permitting | Condition specifying that cargo operations or voyage obligations are enforceable only to the extent weather conditions allow safe working. |
| WWD | Weather Working Day | A working day of 24 consecutive hours on which work is normally performed, excluding periods where bad weather actually prevents cargo loading or discharging during working hours. |
Liner shipping & logistics (20 terms)
| Abbreviation | Stands for | Meaning |
|---|---|---|
| BAF | Bunker Adjustment Factor | A periodic maritime freight surcharge applied by liner carriers to offset volatile fluctuations in marine fuel oil (bunker) prices. |
| CAF | Currency Adjustment Factor | A percentage surcharge applied to freight rates to cover exchange rate risks between USD and local freight currencies. |
| CBM | Cubic Meter | Standard unit of volume measurement in international shipping ($1 ext{m} imes 1 ext{m} imes 1 ext{m}$). |
| CFS | Container Freight Station | A warehouse depot operated by carrier or consolidator where LCL cargo is received and packed (stuffed) into containers, or unpacked (stripped/de-consolidated). |
| COC | Carrier Owned Container | Containers provided directly by the ocean carrier to the shipper for maritime transit. |
| CY | Container Yard | Dedicated port or terminal area for storing, staging, stacking, and interchanging full containers before vessel loading or after discharge. |
| FCL | Full Container Load | A shipment where a dedicated container is fully booked by a single shipper for their exclusive cargo. |
| FEU | Forty-Foot Equivalent Unit | Standard unit of container volume based on a 40-foot container, equivalent to 2 TEU. |
| GRI | General Rate Increase | An across-the-board base ocean freight rate increase applied simultaneously by shipping lines on a specific trade lane. |
| HBL | House Bill of Lading | Bill of lading issued by a freight forwarder or NVOCC to the actual merchant/shipper covering their individual consignment. |
| LCL | Less than Container Load | A consolidated shipment containing smaller consignments from multiple independent shippers co-loaded into a shared container. |
| MBL | Master Bill of Lading | Ocean transport contract issued directly by the vessel-operating shipping line to the freight forwarder / NVOCC. |
| NVOCC | Non-Vessel Operating Common Carrier | A cargo consolidator that acts as a carrier to shippers by issuing its own House Bills of Lading without owning or operating the physical ships. |
| PSS | Peak Season Surcharge | A temporary seasonal surcharge levied during peak shipping periods (e.g. pre-holiday retail inventory restocking between August and November). |
| SOC | Shipper Owned Container | Freight container owned or leased independently by the cargo owner/shipper rather than provided by the shipping line (COC). |
| SWB | Sea Waybill | A non-negotiable transport document that serves as cargo receipt and contract of carriage, but is NOT a document of title (no original needed to release cargo). |
| TEU | Twenty-Foot Equivalent Unit | Standard inexact unit of cargo capacity used for container ships and terminals, based on the volume of an ISO standard 20ft length container (20' x 8' x 8.5'). |
| THC | Terminal Handling Charges | Port tariff fees charged by container terminal operators for handling containers from the quay crane to container yard storage and vice versa. |
| VGM | Verified Gross Mass | SOLAS mandatory rule requiring the shipper to certify and declare the exact verified total weight of packed containers before loading onto a vessel. |
| W/M | Weight or Measurement (Revenue Ton) | Freight charging principle where carrier bills whichever yields the highest revenue: total weight in metric tons or total volume in CBM (1 MT = 1 CBM). |
Incoterms & trade (12 terms)
| Abbreviation | Stands for | Meaning |
|---|---|---|
| CAD | Cash Against Documents | Payment term where buyer receives shipping title documents from the intermediary bank only after making immediate cash payment. |
| CFR | Cost and Freight (destination port) | Maritime rule where seller pays ocean freight to destination port, but risk transfers to buyer once goods are on board at shipment port. |
| CIF | Cost, Insurance and Freight | Seller pays ocean freight AND Institute Cargo Clauses (C) marine insurance to destination port. Risk transfers on board at origin port. |
| CIP | Carriage and Insurance Paid To | Seller pays freight AND mandatory Institute Cargo Clauses (A) 'All Risks' insurance (110% value) to destination. Risk transfers at origin carrier handover. |
| CPT | Carriage Paid To (destination) | Seller pays freight to destination place; risk transfers to buyer as soon as goods are handed over to the first carrier at origin. |
| DAP | Delivered at Place | Seller delivers on arriving transport ready for unloading at named destination. Buyer handles import customs clearance and unloading. |
| DDP | Delivered Duty Paid | Maximum seller obligation. Seller delivers goods to destination ready for unloading, cleared for import with all customs duties and taxes (VAT) paid. |
| DPU | Delivered at Place Unloaded | Formerly DAT. The ONLY Incoterms® rule requiring the seller to unload goods from transport at destination before delivery is completed. |
| EXW | Ex Works (named place) | Incoterms rule representing minimum seller obligation. Seller delivers when goods are made available at seller's premises (not loaded, not cleared for export). |
| FCA | Free Carrier (named place) | Seller clears goods for export and delivers either loaded on buyer's transport at seller's works, or ready for unloading at carrier terminal. Supports on-board B/L for LC. |
| FOB | Free On Board (port of shipment) | Traditional maritime rule. Seller clears export and delivers when goods are placed on board the buyer's nominated vessel at origin port. |
| L/C | Letter of Credit (Documentary Credit) | A financial guarantee issued by the buyer's issuing bank undertaking to pay the seller against presentation of strictly conforming trade documents (UCP 600). |
Customs, safety & regulation (8 terms)
| Abbreviation | Stands for | Meaning |
|---|---|---|
| BIMCO | Baltic and International Maritime Council | The largest international shipping association representing shipowners and operators, creator of standardized maritime contracts (GENCON, NYPE, BARECON). |
| HS CODE | Harmonized Commodity Description & Coding System | Universal 6-digit standardized numerical classification system developed by the World Customs Organization (WCO) to identify traded products for customs tariffs. |
| IMDG | International Maritime Dangerous Goods Code | International code for the maritime transport of dangerous goods in packaged form to prevent injury and marine pollution. |
| IMO | International Maritime Organization | United Nations specialized agency responsible for global maritime safety, security, and the prevention of marine and atmospheric pollution by ships. |
| ISF | Importer Security Filing (10+2) | US Customs and Border Protection regulation requiring 10 data elements from importer and 2 from carrier 24 hours prior to loading at foreign port. |
| ISPS | International Ship and Port Facility Security Code | Comprehensive security measures implemented under SOLAS to enhance the security of ships and port facilities against terrorism and unlawful acts. |
| MARPOL | International Convention for Prevention of Pollution from Ships | Primary international treaty covering prevention of pollution of the marine environment by ships from operational or accidental causes (oil, sewage, garbage, air emissions). |
| SOLAS | Safety of Life at Sea Convention | The most important international maritime safety treaty governing vessel construction, firefighting, lifesaving appliances, and navigation safety. |
Vessels & tonnage (10 terms)
| Abbreviation | Stands for | Meaning |
|---|---|---|
| CAPESIZE | Capesize Bulk Carrier | Large dry bulk vessel (120,000 to 400,000 DWT) too large to transit the original Panama Canal, traditionally navigating via Cape of Good Hope or Cape Horn (e.g. Iron ore, coal). |
| DWAT | Deadweight All Told | The total deadweight capacity of the vessel including all consumables, stores, and water in addition to cargo. |
| DWCC | Deadweight Cargo Capacity | The actual cargo carrying capacity remaining after deducting weight of fuel, water, stores, and constants from DWAT. |
| DWT | Deadweight Tonnage | The total weight a ship can carry safely when loaded to its maximum summer load line, including cargo, fuel (bunkers), fresh water, ballast, crew, and provisions. |
| GRT | Gross Registered Tonnage (GT) | Volume measure of the overall internal cubic capacity of all enclosed spaces on a ship (1 GT = 100 cubic feet or 2.83 cubic meters of enclosed space). |
| NRT | Net Registered Tonnage (NT) | Volume measurement representing the revenue-earning spaces of the vessel (cargo holds and passenger spaces) excluding engine room, bridge, and crew quarters. |
| PANAMAX | Panamax Vessel | Vessels designed to the maximum dimensions of the original Panama Canal locks (beam 32.31m, length 294.1m, draft 12.04m, ~65,000–80,000 DWT). |
| RO-RO | Roll-On / Roll-Off Vessel | Specialized vessel designed with built-in ramps to carry wheeled cargo (automobiles, trucks, trailers, railway carriages) driven on and off the ship. |
| ULCC | Ultra Large Crude Carrier | The largest class of supertankers, exceeding 320,000 DWT up to 550,000 DWT, carrying over 3 million barrels of crude oil. |
| VLCC | Very Large Crude Carrier | Crude oil supertanker with a deadweight capacity between 200,000 and 320,000 DWT, capable of carrying ~2 million barrels of crude oil. |
Port operations (5 terms)
| Abbreviation | Stands for | Meaning |
|---|---|---|
| DUNNAGE | Dunnage Material | Inexpensive wood timber, planks, mats, or inflatable air bags placed between cargo packages and hold floors to protect against moisture, sweat, and shifting. |
| LIGHTERAGE | Lighterage / Barging | The process of offloading part of a ship's cargo onto barges (lighters) in deep water to reduce the vessel's draft and permit entry into a shallow port. |
| SF | Stowage Factor | The volume in cubic feet or cubic meters that one metric ton of a specific cargo occupies in a vessel's hold ($m^3/MT$ or $cu.ft/LT$). |
| STEVEDORE | Stevedore (Dockworker) | Port contractor or labor team responsible for the physical loading, stowing, securing, lashing, and discharging of cargo on and off ships. |
| ULLAGE | Ullage (Tanker Measurement) | The depth of the free empty space between the liquid cargo surface and the top of a tanker's cargo tank hatch. |
Frequently asked questions
What does NOR mean in shipping?
Notice of Readiness: the master's written notice that the ship has arrived and is ready to load or discharge. Laytime normally starts counting after a valid NOR is tendered, subject to the charter party.
What is the difference between SHEX and SHINC?
SHEX (Sundays and holidays excepted) means those days do not count as laytime; SHINC (Sundays and holidays included) means they do. The difference can change the demurrage bill.
What do FIO and FIOS mean?
Free in and out: the shipowner does not pay for loading and discharging. FIOS adds that stowage is also for the charterer's account, and FIOST adds trimming.
What is an NVOCC?
A non-vessel operating common carrier: a company that issues its own bills of lading and sells container transport but does not operate the ships, buying space from shipping lines instead.
What is the difference between a master and a house bill of lading?
The master B/L (MBL) is issued by the shipping line to the forwarder or NVOCC; the house B/L (HBL) is issued by the forwarder or NVOCC to the actual shipper.
Related guides
Vessel size terms such as Panamax and VLCC are explained in the vessel types guide; container codes in the ISO 6346 standards library; and banking abbreviations in the banking and finance glossary.