B/L: Abbreviation for “Bill of Lading.”

BAF: Abbreviation for “Bunker Adjustment Factor” Used to compensate steamship lines for

fluctuating fuel costs. Sometimes called “Fuel Adjustment Factor” of FAF.

Bank Guarantee : For example a guarantee issued by a bank to a carrier to be used in lieu of lost or

missplaced original negotiable bill of lading.

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

rate.

Bill of Lading (B/L) : A document that establishes the terms of a contract between a shipper and a

transportation company. It serves as a document of title, a contract of carriage and a receipt for

goods.

Bonded Warehouse : A warehouse authorized by Customs authorities for storage of goods on wich

payment of duties is deferred until the goods are removed.

Booking: Arrangements with a carrier for the acceptance and carriage of freight; i.e., a space

reservation.

Bow: The front of a vessel.

Bunker Charge : An extra charge sometimes added to steamship freight rates; justified by higher

fuel costs. (Also known as Fuel Adjustment Factor or FAF).

Bunkers : A maritime term referring to fuel used aboard the ship. Coal stowage areas aboard a

vessel in the past were bins or bunkers.

Billed Weight : The weight shown in a waybill and freight bill, i.e, the invoiced weight.