Glossary of Shipping Terms: BB - BCO

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Glossary of Shipping Terms: BB - BCO

BB
Ballast Bonus (Special payment above the Chartering price when the ship has to sail a long way on ballast to reach the loading port.)

BB
Bareboat (Method of chartering of the ship leaving the charterer with almost all the responsibilities of the owner.)

B/L
Abbreviation for "Bill of Lading."

Backhaul
To haul a shipment back over part of a route it has traveled.

BAF
Abbreviation for "Bunker Adjustment Factor." Used to compensate steamship lines for fluctuating fuel costs. Sometimes called "Fuel Adjustment Factor" or FAF.

Balloon Freight
Light, bulky articles.

Bank Guarantee
Guarantee issued by a bank to a carrier to be used in lieu of lost or misplaced original negotiable bill of lading.

Barratry
An act committed by the master or mariners of a vessel, for some unlawful or fraudulent purpose, contrary to their duty to the owners, whereby the latter sustain injury. It may include negligence, if so gross as to evidence fraud.

Barrel (BBL)
A term of measure referring to 42 gallons of liquid at 60o F.

Base Rate
A tariff term referring to ocean rate less accessorial charges, or simply the base tariff rate.

BCO
Abbreviation for "Beneficial Cargo Owner." Refers to the importer of record, who physically takes possession of cargo at destination and does not act as a third party in the movement of such goods.

The terms in this glossary have been carefully selected from the myriad of terms one can encounter in the shipping business through the Department of Transportation in the interest of information exchange. Neither the U.S. Government or Shipping-web.com assume liability for its contents or use thereof nor do they endorse products. We hope you will find it useful.