ScheduleBlast

Trade Glossary

index: a b c d e f g h i j k l m n o p q r s t u v w x y z

Fair value (customs) The reference used when U.S. purchase prices of imported merchandise are compared during an antidumping investigation.

FAK (shipping) Freight All Kinds. Usually refers to consolidated cargo.

FAS (shipping) Free Along Side. Seller quotes a price including delivery of the goods alongside the vessel.

FCL (shipping) Full container load.

Federal Maritime Commission (shipping) Government agency responsible for overseeing regulatory aspects of the Shipping Act.

Feeder (shipping) The transportation vehicle utilized to relay cargo from mother vessel to ultimate destination.

FEQ (shipping) Forty-foot Equivalent.

FEU (shipping) Forty-foot equivalent unit. A term used in indicating container vessel or terminal capacity. Two 20-foot containers equal one FEU.

Flag Vessel (shipping) Every vessel has a flag distinguishing nationality.

Flag Waiver (shipping) Permission from government to carry cargo otherwise labeled for flag recipient.

Flat Bed (shipping) Truck designed to haul heavy or oversized non-containerizable cargo.

Flat Rack (shipping) 20' & 40' metal platform with open sides, with bulk heads (i.e., no roof or side walls).

Floating Cranes (shipping) Heavy duty cranes brought in to handle cargo when unable to use gantry crane.

Flight of capital (banking/finance) The movement of capital, which has usually been converted into a liquid asset form, from one place to another to avoid loss or to increase gain.

Force majeure (shipping) Any conditions or set of circumstances, such as earthquakes, floods, or war, beyond the carrier’s control, that prevents the carrier from performing or fulfilling their obligations or duties.

Foreign trade zone (FTZ) (trade) Special commercial and industrial areas in or near ports of entry where foreign and domestic merchandise, including raw materials, components and finished goods, may be brought in without being subject to payment of customs duties.

Forfeiting (trade/finance) Discount selling of medium to long term accounts receivable or promissory notes of a foreign buyer for immediate payment. These instruments may also carry the guarantee of the foreign government.

Forwarder’s Cargo Receipt (shipping) A negotiable document issued by a forwarder which will satisfy legal requirements for a letter-of-credit. Since a forwarder is not an NVOCC it cannot issue actual Bills of Lading. The FCR is a legally binding substitute for the B/L which was pioneered by Sea-Land and is now an industry standard.

Free-astray (shipping) A shipment miscarried or unloaded at the wrong station is billed and forwarded to the correct station free of charges.

Free in and out (FIO) (shipping) A pricing term indicating that the charter of a vessel is responsible for the cost of loading and unloading goods from the vessel.

Free of capture and seizure (F.C.&S.) (insurance) An insurance policy provision stating that the policy does not cover warlike operations or its consequences whether before or after the actual declaration of war.

Free on board (FOB) (trade) An abbreviation used in some international sales contracts meaning that imports are valued at a designated point as agreed between buyer and seller.

Free out (shipping) A pricing term indicating that unloading costs are charged on account of the receiver.

Free Time (shipping) Storage allowed at carrier facility without penalties assessed.

Freight Claim (shipping) Formal letter with supporting documents, i.e., B/L, D/R, temperature chart, etc., making claim against carrier for lost or damaged cargo.

Freight Collect (shipping) Payment due at destination (consignee)

Freight Forwarder (shipping) Federally licensed (by FMC) company that arranges the carriage of goods including connected services and/or associated formalities on behalf of a shipper or consignee.

Freight Release (shipping) Evidence that the freight charges for the cargo have been paid. If in writing, it may be presented at the pier to obtain release of the cargo. Normally, once the freight is paid freight releases are arranged without additional documentation. aka Freight Bill Receipt.

Full Cellular Vessel (shipping) Fully containerized vessel.

This section is given in good faith and for reference only.