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International Shipping Terminologies - F




Factor: An agent who will buy receivables at a discount.

FAS:
Free Alongside Ship

FCL:
Full Container Load.

FD:
Free Discharge.

Federal Maritime Commission (F.M.C):
Regulatory shipping agency responsible for rates and practices of ocean carriersshipping to and from the United States.

Feeder Service:
Loaded or empty containers in a regional area are transferred to a "mother ship" for a long-haul ocean voyage.

Feeder Vessel:
A vessel which transfers containers to a "mother ship" for an ocean voyage.

FEU (Forty-Foot Equivalent Units):
Refers to a container size standard of forty feet. Two twenty-foot containers or TEUs equal one FEU.

Fifth Wheel:
The semi-circular steel coupling device mounted on a tractor which engages and locks with a chassis semi-trailer.

Firkin:
A capacity measurement equal to one-fourth of a barrel.

Fixed Costs:
Costs that do vary with the level of activity. Some fixed costs continue even if no cargo is carried. Terminal leases, rent and property taxes are fixed costs.

Flat Car:
A rail car without a roof and walls.

Flat Rack/Flat Bed Container:
A container without sides and frame members at the front and rear. Container can be loaded from the sides and top.

Final Destination:
Consignee's facility where shipment ends its movement.

F.O.B.:
Free on Board. Shipped under a rate that includes costs of delivery to and the loading onto a carrier at a specified point.

F.O.B. Freight Allowed:
The same as F.O.B. named inland carrier, except the buyer pays the transportation charge and the seller reduces the invoice by a like amount.

F.O.B. Freight Prepaid:
The same as F.O.B. named inland carrier, except the seller pays the freight charges of the inland carrier.

F.O.B. Named Point of Exportation:
Seller is responsible for the cost of placing the goods at a named point of exportation.

F.O.B. Vessel:
Seller is responsible for goods and preparation of export documentation until actually placed aboard the vessel.

Force Mejeure:
The title of a common clause in contracts, exempting parties for unfulfillment of obligations as the result of conditions beyond their control such as earthquakes, floods or war.

Fore and Aft:
The direction on a vessel parallel to the center line.

Foreign Trade Zone:
A site sanctioned by the U.S. Customs Service in which imported goods are exempted from duties until withdrawn for domestic sale or use. Such zones are used for commercial warehouses or assembly plants.

Foul Bill of Lading:
A receipt for goods issued by a carrier with an indication that the goods were damaged when received.

Four-Way Pallet:
A pallet designed so that the forks of a folk lift truck can be inserted from all four sides.

Free Alongside (FAS):
The seller must deliver the goods to a pier and place them within reach of the ship's loading equipment. The buyer arranges ship space and informs the seller when and where the goods are to be placed.

Free Astray:
A lost shipment that is found and sent to its proper destination without additional charge.

Free On Board (FOB-US Domestic Use):
Shipped under a rate that includes costs of a delivery to and loading onto a carrier at a specific point. (FOB-International Use): An International Term of Sale than means the seller fulfills an obligation to deliver when the goods have passed over the ship's rail at the named port of shipment. This means that the buyer has to bear all costs and risks to loss of or damage to the goods from that point. The FOB term requires the seller to clear the goods for export.

FOB Freight Allowed:
The same as FOB named inland carrier except the buyer pays the transportation charge and the seller reduces the invoice by a similar amount.

FOB Freight Prepaid:
The same as FOB named inland carrier, except the seller pays the freight charges of the inland carrier.

FOB Names Point of Exportation:
Seller is responsible for the cost of placing the goods at a named point of exportation. Some European buyers use this form when they actually mean FOB vessel.

FOB Vessel:
Seller is responsible for goods and preparation of export documentation until actually placed aboard the vessel.

Free Time:
The time allowed shippers or receivers to load or unload cars before demurrage, detention or storage charges accrue.

Free Out (FO):
Cost of unloading a vessel is borne by the charterer.

Free Port:
A restricted area at a seaport for the handling of duty-exempted import goods. Also, Foreign Trade Zone.

Free Sale, Certificate:
The US Government does not issue certificates of free sale. The Food and Drug Administration, Silver Springs, Maryland USA, will issue, upon request, a letter of comment to the US manufacturers whose products are subject to the Federal Food, Drug and Cosmetic Act or other acts administered by the agency. The letter can take the place of the certificate.

Free Time:
The amount that a carrier s equipment may be used without incurring additional charges.

Free Trade Zone:
A port designated by the government of a country for duty-free entry of any non-prohibited goods. Merchandise may be stored, displayed, used for manufacturing, etc., within the zone and re-exported without duties.

Freight:
Refers to either the cargo carried or the charges assessed for carriage of the cargo.

Freight Bill:
A document issued by the carrier based on the bill of lading and other information, used to account for a shipment operationally, statistically and financially.

Freight Charge:
The charge assessed for transporting freight.

Freight Claim:
Demand upon a carrier for the payment of overcharge or loss or damage sustained by a shipper or consignee.

Freight Forwarder:
An organization that represents shippers by arranging transport and completing documentation required for international shipping. Freight forwarders also act as cargo consolidators.

Foreign Sales Corporation:
Takes the place of the Domestic International Sales Corporation (DISC). Studies the legal aspects of importing goods produced or assembled in more than one country.



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