All cargo containers principally used for the transportation of cargo by vessels in ocean commerce shall be exempt from property taxation.

1. (a) Of a permanent character and accordingly strong enough to be suitable for repeated use;
2. (b) Specially designed to facilitate the carriage of goods, by one or more modes of transport, one of which shall be by vessels, without intermediate reloading;
3. (c) Fitted with devices permitting its ready handling, particularly its transfer from one mode of transport to another;
4. (d) So designed to be easy to fill and empty; and
5. (e) Having a cubic displacement of 1,000 cubic feet or more.

Any tax exemption created by this section shall not apply to a cargo-carrying vehicle subject to the registration provisions of Section 4000 of the Vehicle Code.

The term “container” means a receptacle: