Money charged by a carrier for transporting goods. The term freight includes the profit derivable by a ship-owner from the employment of his ship to carry his own goods or movables as well as freight payable by a third party but does not include passage money.
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UK: Reward payable to a shipowner for the carriage of goods including the profit he derives from carrying his own goods, or other people’s goods but not including any passage money. Advance freight paid to the shipowner on a nonrefundable basis is at the risk of the shipper and merged with the cargo’s insured value. When freight is payable on ‘out-turn’ of the goods at the destination it is at the risk of shipowner and insurable by him. The term ‘freight’ has also been used to describe the goods themselves and has been adopted by ‘freight forwarders’ who handle shipments. Chartered freight is payable by a charterer to a shipowner and insurable by him unless paid in advance at the risk of the charterer.
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The income of the ship owner from carrying cargo or earned by the employment of his ship.