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Yes, shipping is called a 'verbal noun' or a 'gerund', the present participle verb that ends in -ing and used as a noun. The -ing form of a verb is also an adjective. Examples:

Noun: Shipping sometimes costs more than the price of the item.

Verb: We are shipping the leftover inventory to the warehouse until next season.

Adjective: Be sure that the shipping label is filled out clearly.

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