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Similar in concept to the groupings or grading systems used in other industries, with the NMFC, commodities are grouped into one of 18 classes—from a low of class 50 to a high of class 500. [1] Classification is based on an evaluation of four transportation characteristics: density, stowability, handling and risk or liability.
Ship classification society. A ship classification society or ship classification organisation is a non-governmental organization that establishes and maintains technical standards for the construction and operation of ships and offshore structures. Classification societies certify that the construction of a vessel comply with relevant ...
The Freightos International Freight Index was first launched as a weekly freight index in early 2017. [7] The Freightos Baltic Index has been in wide use since 2018. [8] It is currently the only freight rate index that is issued daily, and is also the only IOSCO-compliant freight index that is currently regulated by the EU (in particular, the European Securities and Markets Authority).
A forward freight agreement ( FFA) is a financial forward contract that allows ship owners, charterers and speculators to hedge against the volatility of freight rates. It gives the contract owner the right to buy and sell the price of freight for future dates. FFAs are built on an index composed of a shipping route for tanker or a basket of ...
Containerization is a system of intermodal freight transport using intermodal containers (also called shipping containers, or ISO containers ). [ 1] Containerization, also referred as container stuffing or container loading, is the process of unitization of cargoes in exports.
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Freight rate. A freight rate (historically and in ship chartering simply freight[ 1]) is a price at which a certain cargo is delivered from one point to another. The price depends on the form of the cargo, the mode of transport ( truck, ship, train, aircraft ), the weight of the cargo, and the distance to the delivery destination.
ISO 668 – Series 1 freight containers – Classification, dimensions and ratings is an ISO international standard which nominally classifies intermodal freight shipping containers, and standardizes their sizes, measurements and weight specifications. [ 1] The current version of the standard is the Seventh edition (2020), which integrates ...
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