 The containers came in two sizes — high x wide x long (2.4 m x 2.4 m x 6 m) or 8 x 8 x long.The term "Twenty-foot equivalent unit" or TEU derived from this size - a TEU was a space aboard a ship that was wide by high by long.Shipowners, again seeing an opportunity to limit their liability, began arguing that the containers were "packages" and that they could limit their liability to $500 per container, even though the contents of a container may be valued at over $500,000.