Cartel. This is a price-fixing body formed of providers or suppliers of goods or services. A liner conference can be considered to be a cartel to fix the freight rates.
Collision Liability. Around the middle of the 19th century, hull underwriters decided to extend the hull and machinery policy to embrace legal liabilities incurred by the assured in consequence of collision between the insured ship and any other ship or vessel. Liabilities resulting from contract with anything other than another ship or vessel were excluded from the cover, as were loss of life or personal injury.
Brokerage (or Commission). It is customary to express the remuneration for the broker's time and efforts in negotiating and arranging the contract as a certain percentage of the money earned by the shipowner. (In marine insurance, the broker is generally paid a commission by the underwriter although the assured is the broker's client and the services are for the client.) In shipbroking, the term "brokerage" is generally preferable instead of "commission" because the latter term is usually related to the charterer's reward as "address commission".
Container leasing. Containers may be offered for carriage of goods by the carriers themselves or the carriers may not actually own the containers, rather leasing them from lessors. Other parties, such as shippers, may also wish to lease a container. Therefore the containers can be owned by the ocean carriers, the lessors and also other transport operators, such as railway companies, shippers C themselves and large freight forwarders.
CIM. The full, French name for this international Convention which relates to the carriage of goods by rail is “Convention Internationale Concernant le Transport des Marchandises par Chemin de Fer”. The CLM Convention applies mostly to intermodal transport in Europe. The contract of carriage under the CIM is the “CIM consignment note”, similar to a bill of lading for ocean carriage.
CY (Container yard). This is the container base from where the carriage will commence or where the ocean carriage ends. It is usually in the container port facility and is under the control of the ocean carrier.
The CY can also be under the control of other carriers, for example, at a railway yard or at an airport.