This glossary covers 45 terms from palm oil quality, rubber grading, shipping, payment and the EU Deforestation Regulation. Each definition is short; follow the link for the full explanation.
B
- Bill of lading (B/L)
- Document issued by the shipping line confirming the cargo is on board. An original "to order" bill of lading is a document of title: the holder can collect the cargo. Read more: Export documents explained
C
- Cash against documents (CAD)
- Payment method where shipping documents are sent through banks and released to the buyer only when the buyer pays. Also called documents against payment. Read more: Payment terms: LC, CAD and TT
- Certificate of analysis (COA)
- Laboratory report showing test results for a lot or tank against the contract specification, usually issued by an independent surveyor. Read more: Inspection and COAs
- Certificate of origin
- Document certifying the country where goods were produced, used for customs clearance and duty preferences. Read more: Export documents explained
- CFR (Cost and Freight)
- Incoterm under which the seller pays freight to the destination port, but risk passes to the buyer when the goods are on board at the load port. Read more: Incoterms guide
- Chain of custody
- Records that link a product at each stage, from plot to collection, processing and shipment, so its origin can be proved. Read more: EUDR geolocation data
- CIF (Cost, Insurance and Freight)
- As CFR, with the seller also buying minimum cargo insurance for the buyer. Risk passes on board at the load port. Read more: Incoterms guide
- Country benchmarking
- The EU classification of producing countries as low, standard or high risk under the EUDR, which sets the level of due diligence and checks. Read more: EUDR country benchmarking
- Crude palm oil (CPO)
- Unrefined oil pressed from the fleshy part of the oil palm fruit, the feedstock for refined palm oil, olein and stearin. HS code 1511.10. Read more: Crude palm oil
- Cup lump
- Latex that has coagulated naturally in the collection cup on a rubber tree. The main raw material for TSR20. Read more: How a TSR20 shipment works
- Cut-off date
- Under the EUDR, 31 December 2020. Products must come from land not deforested after this date. Read more: EUDR
D
- Deforestation-free
- Under the EUDR, produced on land that has not been subject to deforestation after 31 December 2020. Read more: EUDR
- Dirt content
- Share of a rubber sample retained on a 45 µm sieve after dissolving, measured under ISO 249. TSR20 allows up to 0.16% under ISO 2000. Read more: TSR20 specifications explained
- DOBI (deterioration of bleachability index)
- Ratio of carotene absorbance to oxidation product absorbance in crude palm oil. Higher DOBI means the oil bleaches more easily. Read more: CPO quality: FFA, M&I and DOBI
- Due diligence statement (DDS)
- Statement filed by the operator in the EU information system before an EUDR product is placed on the market, confirming due diligence found no or negligible risk. Read more: EUDR due diligence for rubber
E
- EUDR
- The EU Deforestation Regulation, Regulation (EU) 2023/1115, covering cattle, cocoa, coffee, oil palm, rubber, soya, wood and listed derived products. Read more: EUDR
- Everything But Arms (EBA)
- EU arrangement giving least developed countries, including Liberia, duty-free and quota-free access for goods that meet the rules of origin. Read more: HS codes 4001.22 and 1511.10
F
- FCA (Free Carrier)
- Incoterm under which the seller delivers goods to the buyer’s carrier at a named place, such as a container terminal. Recommended by the ICC for container cargo. Read more: Incoterms guide
- Flexitank
- A large single-use bag fitted inside a 20ft container to carry bulk liquids such as crude palm oil. Read more: Shipping from Monrovia
- FOB (Free On Board)
- Incoterm under which the seller delivers goods on board the vessel at the load port. The buyer pays freight and carries the risk from that point. Read more: Incoterms guide
- FOSFA
- The Federation of Oils, Seeds and Fats Associations, whose standard contracts and arbitration rules are widely used in the oils and fats trade. Read more: Sales contract checklist
- Free fatty acids (FFA)
- Fatty acids split from the oil’s triglycerides, expressed as palmitic acid for palm oil. Higher FFA means higher refining loss. Read more: CPO quality: FFA, M&I and DOBI
G
- GeoJSON
- Open file format for geographic data, accepted by the EU information system for EUDR geolocation. Read more: EUDR geolocation data
- Geolocation
- Under the EUDR, the latitude and longitude of a plot of land, with at least six decimal places, as a point or polygon. Read more: EUDR geolocation data
H
- HS code
- Harmonized System code that classifies goods for customs. TSR20 is 4001.22 and crude palm oil is 1511.10. Read more: HS codes 4001.22 and 1511.10
I
- Incoterms
- The ICC’s eleven rules defining delivery, costs and the transfer of risk between seller and buyer. The current version is Incoterms 2020. Read more: Incoterms guide
- Initial plasticity (Po)
- Wallace plasticity of raw rubber before ageing, an indicator of molecular weight. TSR20 requires a Po of at least 30. Read more: TSR20 specifications explained
- ISO 2000
- International standard setting the grade limits for technically specified natural rubber, including TSR10 and TSR20. Read more: TSR20 specifications explained
- ISPM 15
- International standard requiring wooden packaging, such as pallets, to be heat treated or fumigated and marked before international shipment. Read more: TSR20 container loading
L
- Letter of credit (LC)
- A bank’s undertaking to pay the seller when compliant documents are presented, usually under the ICC UCP 600 rules. Read more: Payment terms: LC, CAD and TT
M
- Moisture and impurities (M&I)
- Combined measure of water and solid impurities in crude palm oil. High M&I speeds up FFA rise in storage. Read more: CPO quality: FFA, M&I and DOBI
- Mooney viscosity
- Measure of raw rubber viscosity at processing temperature, under ISO 289. Not a TSR20 grade limit but often set in contracts. Read more: TSR20 specifications explained
O
- Operator
- Under the EUDR, the company that first places a relevant product on the EU market or exports it, and must file the due diligence statement. Read more: EUDR due diligence for rubber
P
- Plasticity retention index (PRI)
- Share of plasticity rubber keeps after heating at 140 °C for 30 minutes, showing resistance to oxidation. TSR20 requires at least 40. Read more: TSR20 specifications explained
- Polygon
- Under the EUDR, a set of coordinates describing a plot’s boundary. Required for plots over 4 hectares. Read more: EUDR geolocation data
- Pre-shipment inspection
- Independent sampling, testing, weighing and loading supervision of a cargo before it leaves the load port. Read more: Samples and pre-shipment inspection
R
- RSS (ribbed smoked sheet)
- Natural rubber made from fresh latex, rolled into ribbed sheets, smoked and graded visually. RSS3 is the most traded grade. Read more: TSR10 vs TSR20 vs RSS
S
- SICOM
- The Singapore Commodity Exchange, now part of SGX, whose TSR20 futures contract is the main price reference for technically specified rubber. Read more: Natural rubber price drivers
- Smallholder
- A farmer working a small plot, often a few hectares. Smallholders supply much of the world’s natural rubber and some palm fruit. Read more: Sustainable Liberian rubber
- Storage hardening
- Slow rise in the viscosity of natural rubber during storage, which is why Mooney results at destination are usually higher than at loading. Read more: TSR20 specifications explained
T
- Transhipment
- Moving a container from one vessel to another at an intermediate port on the way to its destination. Read more: Shipping from Monrovia
- TSR10
- Technically specified rubber grade with tighter limits than TSR20, including 0.08% dirt and a minimum PRI of 50 under ISO 2000. Read more: TSR10 vs TSR20 vs RSS
- TSR20
- Technically specified natural rubber grade made from field coagulum, graded by laboratory tests under ISO 2000. The main grade for tyres and rubber goods. Read more: Natural rubber
U
- Umpire analysis
- Analysis by an independent third laboratory to settle a dispute when the seller’s and buyer’s results differ. Read more: Inspection and COAs
V
- Volatile matter
- Weight lost when rubber is dried, almost all moisture, measured under ISO 248. TSR20 allows up to 0.80%. Read more: TSR20 specifications explained