The most common and most likely answer to this crossword clue is the 9 letter word FREEBOARD
I've seen this crossword clue in The Daily Telegraph
F
R
E
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B
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Buddy explains!
The straight part
We know that "A shipping term" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case a shipping term = freeboard.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does FREEBOARD mean?
FREEBOARD noun- The vertical distance between the waterline and the uppermost watertight deck of a vessel.
- The distance between a water level and the top of something that contains or restrains it (such as a dam).
- The distance between the top of sea ice and the water level.
- A type of skateboard which simulates the movement of a snowboard when used on a downhill coarse, allowing snowboarding techniques, which has an addition of two centerline casters that extend below the traditional skateboard wheels and bogies.