International Commercial Terms published by the International Chamber of Commerce (ICC) that define the responsibilities, costs, and risks between buyers and sellers in international trade transactions. The current version, Incoterms 2020, includes 11 terms such as FOB, CIF, and EXW.
Category: Cargo & Trade
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FEUForty-foot Equivalent Unit, a measure of container capacity equal to two TEU, based on the standard 40-foot intermodal container.Freight RateThe price charged by a carrier for the transportation of cargo from origin to destination, expressed per tonne, per container (TEU/FEU), or as a lump sum.Gross TonnageA measure of the overall internal volume of a vessel, calculated according to the International Convention on Tonnage Measurement of Ships (1969).LashingThe process of securing cargo aboard a vessel using chains, wires, ropes, turnbuckles, and other fittings to prevent movement during the voyage.Lay DaysThe range of dates within which a vessel must arrive at the loading port and present notice of readiness to the charterer.LaytimeThe period of time agreed in the charter party during which the shipowner makes the vessel available for loading or discharging cargo without additional charge.
Back to DictionaryEntry updated May 2026