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Over 3600 Ocean Marine, Shipping, Chat & Insurance Terms and Abbreviations
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- F -

TERM DEFINITION
F2F Face To Face
FAA See "Federal Aviation Administration"
Fabrication A term used to distinguish manufacturing operations for components as opposed to assembly operations.
FAC Fast As Can
Factor A factor is an agent who will, at a discount (usually five to 8% of the gross), buy receivables.
Factoring Service of assuming the credit risk of another party’s sales, generally including collecting payment when due. Factors often provide or arrange limited-recourse financing against the accounts receivable they are guaranteeing, referred to as "purchasing receivables."
Factory Delivery The delivery of goods by a factory whereby the goods are put at the disposal of another (internal) party such as a commercial department.
Fair Return A profit level that enables a carrier to realize a rate of return on investment or property value that the regulatory agencies deem acceptable for that level of risk.
Fair Market Value In Insurance - Value on open market of goods of similar age and condition.
Fair Value The value of the carrier's property; the calculation basis has included original cost minus depreciation, replacement cost, and market value.
Fairway A navigable channel for vessels, often the regular or prescribed track a vessel will follow in order to avoid dangerous circumstances.
FAK Abbreviation for "Freight All Kinds." Usually refers to full container loads of mixed shipments.
False Billing Misrepresenting freight or weight on shipping documents.
Fantainer Identical to a GP but is fitted with an electric extraction fan for carriage of cargoes prone to condensation. 20' only.
FAQ Frequently Asked Questions. A document about a given topic in a question/answer form.
FAQ Frequently Asked Question
FAS Abbreviation for "Free Alongside Ship."
Fashion Transport Transport of clothing and/or garments including shoes, belts and handbags in dedicated means of transport. Often in a "Garment Container"
FAX Facsimile, electronic transmission of a document. FlameAn offensive newsgroup posting or piece of e-mail.
FC Fingers Crossed
FCA Free to Carrier. A modern equivalent of FAS used in intermodal transport where goods are transferred at a nominated forwarders premises, depot or terminal but not actually on board vessel.
FCC - Federal Communications Commission
- Fully Cellular Containership
FCL Abbreviation for "Full Container Load."
F.C. & S. Free of Capture and Seizure – a clause added to the policy to exclude the broad war risk coverage given in most basic forms of marine policies.
FCR Forwarders Cargo Receipt
F.D. Abbreviation for "Free Discharge."
F.D.A. Food and Drug Administration.
FDD Freight Demurrage Deadfreight
FD&D Freight, Demurrage & Defense
FDEDANRSAOCLONL Freight Deemed Earned, Discountless And Non-Returnable (Refundable) Ship And Or Cargo Lost Or Not Lost
FDESP Free Despatch
Fed Funds Rate Interest rate at which banks in the United States lend each other dollars for next-day repayment ("overnight loans").
Federal Aviation Administration The US federal agency that administers federal safety regulations governing air transportation.
Federal Maritime Commission US regulatory agency responsible for rates and practices of ocean carriers shipping to and from the United States.
Feedback The flow of information back into the control system so that actual performance can be compared with planned performance.
Feeder A grain container or reservoir constructed around the hatchway between two decks of a ship which when filled with grain automatically feeds or fills in the vacant areas in the lower holds.
Feeder Service Cargo to/from regional ports are transferred to/from a central hub port for a long-haul ocean voyage. See "Connecting Vessel"
Feeder Vessel A short-sea vessel which transfers cargo between a central   "hub" port and smaller "spoke" ports.
Fender Cushion placed between ships or between ship and pier.
FEU Abbreviation for "Forty-Foot Equivalent Units." Refers to container size standard of forty feet. Two twenty-foot containers or TEU's equal one FEU.
FHEX Fridays/Holidays Excluded
FHINC Fridays/Holidays Included
Fidelity Bond (Ins) A bond which will reimburse an employer for loss up to the amount of the bond, sustained by an employer (the insured) by reason of any dishonest act of an employee (or employees) covered by the bond.
Fiduciary

-- [n]  a person who holds assets in trust for a beneficiary; "it is illegal for a fiduciary to misappropriate money for personal gain"

-- [adj]  relating to or of the nature of a legal trust (i.e. the holding of something in trust for another); "a fiduciary contract"; "in a fiduciary capacity"; "fiducial power"

Field Warehouse A warehouse that stores goods on the goods' owner's property while the goods are under a bona fide public warehouse manager's custody. The owner uses the public warehouse receipts as collateral for a loan.
Fifth Wheel The semi-circular steel coupling device mounted on a tractor which engages and locks with a chassis semi-trailer.
Fill Rate Percentage of order items that the picking operation actually found.
FILO See: "Free In/Liner Out". Seafreight with which the shipper pays load costs and the carrier pays for discharge costs.
Final Destination The last stopping point for a shipment.
Finance Lease An equipment-leasing arrangement that provides the lessee with a means of financing for the leased equipment; a common method for leasing motor carrier trailers.
Financial Responsibility Motor carriers must have bodily injury and property damage (not cargo) insurance of not less than $500,000 per incident per vehicle; higher financial responsibility limits apply for motor carriers transporting oil or hazardous materials.
Financing Risk Term used to describe the increasing uncertainty that the buyer of goods will have the capacity to pay when payment is due the longer the time period he is given to make payment.
FIO See Free In and Out
FIOS Free In Out Stowed Freight rates quoted FIOS exclude all aspects related to cargo handling. The ship is responsible only for expenses related to the ship calling the port.
FIOST Free In/Out and Trimmed. Charterer pays for cost of loading/discharging cargo, including stowage and trimming.
FIOT Free In/Out and Trimmed. As per FIOS but includes trimming, e.g. the levelling of bulk cargoes. FIOS includes seafreight, but excludes loading/discharging and stowage costs.
FIPS Federal Information Processing Standards
Firkin A capacity measurement equal to one-fourth of a barrel.
First Carrier The carrier who actually performs the first part of the air transport (aircargo).
First In - First Out (FIFO) The method whereby the goods which have been longest in stock (first in) are used, delivered (sold) and/or consumed first (first out).
First Named Insured (Ins) The first named insured appearing on a commercial policy. The latest forms permit the insurer to satisfy contractual duties by giving notice to the "first" named insured rather than requiring notice to all named insureds.
FISH First In Still Here
FIT Free In Trimmed
Five Freedoms

   A collective term which depicts the five areas of 'rights' for the air transportation of passengers or cargo, viz.: (expressed in terms of an airline of country A.

- Freedom 1:the right to overfly a foreign country.

- Freedom 2:the right to make a non-traffic stop at a foreign country C enroute to foreign country B.

- Freedom 3:the right to set down (off loading) passengers or cargo in a foreign country B from home country A.

- Freedom 4:the right to pick up (loading) passengers/ cargo from a foreign country B to country A.

- Freedom 5:tbe right to carry passengers or cargo between two foreign countries.

FIW Free In Wagon
Fixed Costs Costs that do not 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.
Fixed Crane A crane of which the principal structure is mounted on permanent or semi permanent foundations.
Fixed Height Load Carrying Truck Synonym: Fixed platform truck.
Truck carrying its load on a non-elevating platform.
Fixed Platform Truck See Fixed Height Load-carrying Truck. (listing above)
Fixing Chartering a Vessel or Setting a Time
Fixture Conclusion of shipbrokers negotiations to charter a ship - an agreement
Flag of Convenience The registration of ships in a country whose tax on the profits of trading ships is low or whose requirements concerning manning or maintenance are not stringent. Sometimes referred to as flags of necessity; denotes registration of vessels in foreign nations that offer favorable tax structures and regulations; also the flag representing the nation under whose jurisdiction a ship is registered. Ships are always registered under the laws of one nation but are not always required to establish their home location in that country.
Flammable Capable to be set on fire under given circumstances.
Flash Point The lowest temperature at which a good produces enough vapour to form a flammable mixture with air.
Flat See "Flat Rack"
Flat Bed A wheeled trailer or a semi-trailer with a flat cargo carrying surface or deck and without any superstructure.
Flat Cancellation (Ins) Cancellation of an insurance policy as of the date of its start with no premium charge.
Flat Car A rail car without a roof and walls.
Flatpacking Cargo to presented stacked and secured as an integral unit.
Flat Rack/Flat Bed Container A container with no sides and frame members at the front and rear. Container can be loaded from the sides and top.
Fleet Any group of means of transport acting together or under one control.
Flexible Path Equipment Materials handling devices that include hand trucks and forklifts.
Flexitanks A large polythene liner which can be fitted inside a 20'GP for the transportation of non-hazardous liquids.
Flight Number An identifier associated with the air equipment (plane). Typically a combination of two letters, indicating the airline, and three or four digits indicating the number of the voyage.
Floater Policy (Ins) A policy under the terms of which protection follows moveable property, covering it wherever it may be.
Floating Crane A crane mounted on a barge or pontoon, which can be towed or is self propelled
Floating Deck A floating structure that can be partially submerged to enable vessels to enter and to leave and which can be raised for use as a dry dock.
Floating Stock See "Pipeline Inventory"
Flotsam Floating wreckage of a ship or its cargo - or floating debris.
Flow Chart A diagram, using symbols and depicting the sequence of events that should take place in a complex set of tasks.
Flow Rack A storage method where product is presented to picking operations at one end of a rack and replenished from the opposite end.
FLT Full Liner Terms
FMC (F.M.C.) Federal Maritime Commission. The U.S. Governmental regulatory body responsible for administering maritime affairs including the tariff system, Freight Forwarder Licensing, enforcing the conditions of the Shipping Act and approving conference or other carrier agreements.
FME Force Majeure Excepted
FMS Fathoms (each fathom is 6-feet or approximately 2 meters)
FMTYEWTK Far More Than You Ever Wanted To Know
FO - For Orders
- Fuel Oil/Intermediate
- Free Out
FOB See Free On Board. See also Terms of Sale, FOB.
FOC See "Flag Of Convenience"
FOMCL Falling Off My Chair Laughing
FOR see "Free On Rail"
For-Hire Carrier A carrier that provides transportation service to the public on a fee basis.
Force Majeure The title of a common clause in contracts, exempting the parties for non-fulfillment of their obligations as a 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.
Fore & Aft Stowage Stowage from the bow to the stern (lengthwise), as opposed to stowage athwartships.
Forecastle Forward part of a vessel where stores, ropes and anchor chains are located.
Foreign Exports Exports of foreign merchandise (re-exports), consist of commodities of foreign origin which have entered the United States for consumption or into Customs bonded warehouses or U.S. Foreign Trade Zones, and which, at the time of exportation, are in substantially the same condition as when imported.
Foreign Sales Corporation Under U.S. tax law, a corporation created to obtain tax exemption on part of the earnings of U.S. products in foreign markets.  Must be set-up as a foreign corporation with an office outside the USA.
Foreign Trade Zone (FTZ) A free port in a country divorced from Customs authority but under government control. Merchandise, except that which is prohibited, may be stored in the zone without being subject to import duty regulations.
Forfait Purchase of negotiable instruments, most often avalized drafts, without recourse. The forfaiter assumes the credit risk of being able to collect payment when due.
Fork Lift A machine used to pick up and move goods loaded on pallets or skids.
Fork Pockets Openings or recesses in a side of a container for the entry of the forks of a fork lift truck.
Forty Foot Equivalent Unit (FEU) Unit of measurement equivalent to one forty foot shipping container.
Forward Toward the bow of a ship.
Forwarder Synonym: Freight Forwarder.
The party arranging the carriage of goods including connected services and/or associated formalities on behalf of a shipper or consignee.
Forwarder Compensation See Brokerage.
Forwarders Cargo Receipt - Document issued by a freight forwarder or freight consolidator indicating goods have been received from the seller and are being held at the disposal of the buyer. Goods are generally received in the seller’s country and the forwarder/consolidator will arrange shipment, and possibly consolidation with other goods, to the buyer according to the buyer’s instructions.
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A non-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 legally binding upon the forwarder and is an industry standard.
Forwarding Instruction Document issued to a freight forwarder, giving instructions to the forwarder for the forwarding of goods described therein.
FOT Free On Truck
Foul Bill of Lading A receipt for goods issued by a carrier with an indication that the goods were damaged when received. Compare Clean Bill of Lading.
Four-Way Pallet A pallet designed so that the forks of a fork lift truck can be inserted from all four sides. See Fork lift.
FOW - First Open Water
- Free On Wharf
FP Free Pratique. Clearance by the Health Authorities
F.P.A. See "Free of Particular Average."
F.P.A.A.C. (Free of Particular Average, American Conditions) Average clause that limits recovery of partial losses under the Perils clause to those losses directly resulting from fire, stranding, sinking, or collision of the vessel.
F.P.A.E.C. (Free of Particular Average, English Conditions) Same as FPAAC except that partial losses under the Perils clause are fully recover-able if the vessel has been stranded, sunk, burned, been on fire, or in collision, without requiring that the damage actually be caused by one of these perils.
FR First Refusal - First attempt at best offer that can be matched.
Fragile Easily breakable. Term denoting that goods should be handled with care.
Franchise (Ins) - A provision in some policies stating that the insurance company shall not be responsible for any loss which is less than a certain amount. If the loss equals or exceeds that amount, however, it will be paid in full. Deductible. Excess.
- A provision in freight insurance conditions which exempts the insurer from particular average losses, in any one accident, under 3%. The provision is waived if the loss is caused by fire, or by the ship stranding, sinking or being in collision.
Free Alongside (FAS) The seller must deliver the goods to a pier and place them within reach of the ship's loading equipment. See Terms of Sale.
Free Astray An astray shipment (a lost shipment that is found) sent to its proper destination without additional charge.
Freeboard The minimum vertical distance from the surface of the water to the gunwale.
Free Carrier (FCA) Free Carrier, FCA, to a named place. This term replaces the former "FOB named inland port" to designate the seller's responsibility for the cost of loading goods at the named shipping point. It may be used for multimodal transport, container stations, and any mode of transport, including air.
Free Circulation The movement of goods within the European Community without the need to pay any duty.
Free Despatch If loading/discharging achieved sooner than agreed, there will be no freight money returned.
Free EXINS Free of any Extra Insurance
Free House Unclear Delivered at a certain destination without payment of certain duties or incurred costs.
Free In Pricing terms indicating charterer of vessel is responsible for cost of loading goods onto vessel.
Free In and Out (FIO) Cost of loading and unloading a vessel is borne by the charterer/shipper.
Free In Liner Out (FILO) Transport condition denoting that the freight rate is inclusive of the sea carriage and the cost of discharging, the latter as per the custom of the port. It excludes the cost of loading and, if appropriate, stowage and lashing.
Free In Out Stowed (FIOS) Freight rates quoted FIOS exclude all aspects related to cargo handling. The ship is responsible only for expenses related to the ship calling the port.
Free Lift The maximum elevation of the forks of a fork lift truck.
Free of Particular Average (FPA) A marine insurance term meaning that the assurer will not allow payment for partial loss or damage to cargo shipments except in certain circumstances, such as stranding, sinking, collision or fire.
Free on Board (FOB - U.S. Domestic Use) Shipped under a rate that includes costs of delivery to and the loading onto a carrier at a specified point.

- 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 like amount.

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

- FOB Named 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 on Board (Int'l Use) See Terms of Sale. www.incoterms.org
Free On Rail / Free On Truck These terms are synonymous, since the word "truck" relates to the railway wagons. The terms should only be used then the goods are to be carried by rail. Free on Railroad defines seller's responsible for the cost of goods is to the point of loading it to the trains' loading deck. FOR normally comes with loading railroad station where the goods is to be loaded.
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 called a Foreign Trade Zone. An international port or an area within an international port at which, crew, passengers, baggage, cargo, mail and stores may be disembarked or unloaded, may remain and may be transhipped, without being subjected to any customs charges or duties. (Examination is possible for instance to meet security or narcotics control requirements.).
Free Practique Permission granted by local medical authorities, denoting that the vessel has a clean Bill of Health so that people may embark and disembark
Free Sale Certificate The U.S. government does not issue certificates of free sale. However, the Food and Drug Administration, Silver Spring, Maryland, will issue, upon request, a letter of comment to the U.S. 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 That amount of time that a carrier's equipment may be used without incurring additional charges. (See Storage, Demurrage or Per Diem.)
Free Trade Zone (FTZ) 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.
Freely Negotiable Letter of Credit Letter of credit that indicates it is "available with any bank by negotiation." By including this wording, the issuing bank authorizes the beneficiary to present documents to the bank of his choice for examination and collection of payment.
Freight Refers to either the cargo carried or the charges assessed for carriage of the cargo.
Freight All Kinds (FAK) FAK is a shipping classification. Goods classified FAK are usually charged higher rates than those marked with a specific classification and are frequently in a container which includes various classes of 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.  An Invoice.
Freight Brokerage A commission paid to a licensed Freight Forwarder or Custom House Broker by the steamship line concerning export transactions. Commission is paid either as a percentage or the freight charges or as a lump sum amount per container, depending on the carrier and/or trade lane.
Freight Carriage Paid To.. See "C&F"
Freight Carriage and Insurance Paid To... See "CIF"
Freight Collect Freight charges to be paid by Consignee at destination.
Freight Container See: "Container"
Freight Costs Costs incurred by the merchant in moving goods, by whatever means, from one place to another under the terms of the contract of carriage. In addition to transport costs this may include such elements as packing, documentation, loading, unloading and transport insurance.
Freight Forwarder A person whose business is to act as an agent on behalf of the shipper. A freight forwarder frequently makes the booking reservation.
Freight Invoice An itemized list of goods shipped and services rendered stating fees and charges.
Freight Manifest A (cargo) manifest including all freight particulars.
Freight Prepaid Freight charges to be paid by Shipper/Exporter prior to shipment.
Freight Quotation A quotation from a carrier or forwarder covering the cost of transport between two specified locations.
Freight Rate The charge made for the transportation of freight
Freight Release 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, releases are usually arranged without additional documentation).
Freighters Breakbulk vessels both refrigerated and unrefrigerated, containerships, partial containerships, roll-on/roll-off vessels, and barge carriers. See also: "Ships"
FRT Freight
Freight Ton A unit for freighting cargo according to weight and/or cubic measurement.
Frustration Charterers when canceling agreement sometimes quote 'doctrine of frustration' i.e. vessel is lost, extensive delays.
FTBOMH From The Bottom Of My Heart
FTL Full Truck Load
F.T.Z. - Free Trade Zone
- Foreign Trade Zone -
A facility which - under license issued by the Foreign Trade Zone (FTZ) board - has acquired extra-territorial status. Merchandise entered into a FTZ are considered as having been "exported" and can be subjected to manipulation or manufacturing processes without Customs supervision, but will be subject to other applicable federal or state laws and terms of the storage contract.
FUBAR "Fouled" Up Beyond All Recognition
FUD Fear, Uncertainty and Doubt
Full Container Load (FCL) - A container stuffed or stripped under risk and for account of the shipper and/or the consignee.
- A general reference for identifying container loads of cargo loaded and/or discharged at merchants'premises.
Full Container Ship Ships equipped with permanent container cells, with little or no space for other types of cargo.
Full Liner Terms Freight amount includes both shore-based and on-board stevedoring, lashing, unlashing, dunnage materials, securing, unsecuring and all costs for receiving the cargo.
Full Service Leasing An equipment-leasing arrangement that includes a variety of services to support the leased equipment; a common method for leasing motor carrier tractors.
Full Set All signed originals of a document. For example, bills of lading are often issued in three originals, all having the same validity for claiming goods at the place of delivery.
Full Trailer A truck trailer constructed in such way that its own weight and that of the cargo rest upon its own wheels, instead of being supported by e.g. a tractor.
Fully Cellular Containership (FCC) A vessel specially designed to carry containers, with cell-guides under deck and necessary fittings and equipment on deck.
Fumigation Treating of cargoes with gases to exterminate unwanted life forms.
FWAD Fresh Water Arrival Draft
FWDD Fresh Water Departure Draft
FWIW For What It's Worth
FWIW For What It's Worth
FYG For Your Guidance
FYEO For Your Eyes Only
FYI For Your Information
FYI For Your Information
   
 
DISCLAIMER:   These terms and definitions have been gathered from many sources public and private. This list is designed to serve as a reference. No warranty for the accuracy is stated nor implied.

HOME

Over 3600 Ocean Marine, Shipping, Chat & Insurance Terms and Abbreviations
To jump to a section, click the letter. (Opens in new browser window)
Some letters have several hundred entries and may take some time to download
TERM COLORS: Black = Transport - -  Blue = Insurance - - Green = Chat/Email

Chat - 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

5 Steps + 2 Minutes = AllCovered --- Paperless -- No Monthly Reporting
-- Cargo - Bonds - BOL Liability/E&O - Warehouse - Business Insurance --

-- We have Logistics AllCovered --

These terms, abbreviations and descriptions have been gathered from many sources
online and in print. No warranty for their accuracy is stated nor implied.

 

Last Updated:
Monday, 08 June 2009 14:25:13 -0400

 

 

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Customer Service - Allcovered.net
Ocean Marine Division; Allen Insurance Group
Voice: +1.478.825.5566 Ext. 108
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