Terms used in shipping such as Flatbed,Full Liner Terms,Free On Board,FOB Airport,FOB Freight Allowed

 

Terms used in shipping such as Flatbed,Full Liner Terms,Free On Board,FOB Airport,FOB Freight Allowed etc.

 

This post explains about terms used in shipping such as Flat Rack Containers, Flatbed,Full Liner Terms,Free On Board,FOB Airport,FOB Freight Allowed, FOMEX,FONPLATA ,Food for Peace etc. These terms used in international business are arranged in alphabetical order and you may add more information about terms used in export business at the end of this article, if you wish.

 

Terms used in shipping

Flat fee model:Charging a client a flat fee for freight management services and acting as a fiduciary to the client, with all benefits and discounts being distributed 100% to the client.

 

Flat Rack Containers:Especially for heavy loads and over-dimensional cargo. Containers do not have sides or a top. This allows easy fork-lift and crane access.

 

Flat Rack/Flat Bed Container:A container with no sides but with frame members at the front and rear. Container can be loaded from the sides and top.

 

Flat Rack:A device which is designed for cargos which will not fit into containers to be shipped on container ships. Consists of a base and two ends of the same dimensions as an ISO container.

 

 

Flatbed:the trailer used by over the road motor carrier, which allows for the transportation of oversized or specialty items that can be exposed to outside conditions.

Terms used in shipping such as Flatbed,Full Liner Terms,Free On Board,FOB Airport,FOB Freight Allowed etc

fleeting: The area at which barges, towboats and tugs are berthed until needed. The operation of building or dismantling barge tows.

 

FLOATING OIL STORAGE:Oil stored on floating vessels. It has been the practice for oil to be stored in large laid-up oil tankers in order to offset the loss involved while the tankers are inactive.

 

flotsam - Floating wreckage from a shipwreck.

 

FLT - Full Liner Terms - Qualification to a freight rate, which signifies that it consists of the ocean carriage and the cost of cargo handling at the loading and discharging ports, according to the custom of those ports. This varies widely from country to country and, within countries, from port to port: in some ports, the freight excludes all cargo handling costs while in others, the costs of handling between the hold and the ship's rail or quay is included in the freight.

 

FMC - Federal Maritime Commission

 

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.

 

FMC:Federal Maritime Commission. US Government Agency responsible for the regulation of all maritime activities.

 

FMD - Foreign Market Development Program

 

FMS - Foreign Military Sales

 

fms. - Fathoms (timber)

 

FMV - Foreign Market Value

 

FO - Free Out - Qualification to a freight rate denoting that the cost of discharging of the cargo from the ship's hold is not included in the freight but is payable by the charterer or shipper or Bill of Lading holder, as the case may be. When qualifying a term of sale, it denotes that the purchase price of the goods does not include this cost that is borne by the buyer. Often, daily rates of discharging and demurrage are incorporated into such contracts.

 

FOB Free On Board (named port of shipment) – Incoterms:The seller fulfils his 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 of loss of or damage to the goods from that point. The seller is responsible to clear the goods for export. This term can only be used for sea or inland waterway transport. This is probably the most commonly misused term in international trade. Its correct use now is only where the ship's rail is relevant to the transaction, such as when using a chartered ship, or when goods are not containerised. Obviously it cannot apply to airfreight.

 

FOB (Free-on-Board) Point:Point at which ownership of freight changes hands from shipper to consignee. FOB origin indicates that consignee owns the goods in transit; FOB-destination indicates that shipper owns goods in transit. Owner of goods in transit is liable for loss and damage to freight, and thus should provide insurance.

 

FOB Airport - FOB Airport is based on the same principle as the ordinary FOB term. The seller's obligations include delivering the goods to the air carrier at the airport of departure. The risk of loss of or damage to the goods is transferred from the seller to the buyer when the goods have been so delivered.

 

FOB Charges - Are cargo handling charges levied on the shipper by the shipping line at the port of loading.

 

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.

 

FOB.:Free on Board: Export term in which the price quoted by the exporter does not include the costs of ocean transportation, but does include loading on board the vessel.

 

FOMEX - Fondo para el Fomento de las Exportaciones de Productos, Manufacturados.

 

 

Fondo Financiero Para el Desarrollo de la Cuenca del


Plata - FONPLATA (English: Plata Basin Financial Development Fund) finances prefeasibility and feasiblity studies, engineering designs, and projects in its member countries (Argentina, Bolivia, Brazil, Paraguay, and Uruguay). The Fund encourages cofinancing with international development institutions to increase project impact. Loan financing is available for infrastructure, industrial, livestock education, and health projects. FONPLATA was established in 1976; headquarters are in Sucre, Bolivia. The Fund is an outgrowth of the April 1969 Plata Basin Treaty (entered into force, August 1970) which sought to coordinate development of the region, including navigation, control of acquatic resources, and use of natural resources.

 

Fondo para el Fomento de las Exportaciones de Productos Manufacturados - FOMEX (the Export Fund), is a trust established by the Mexican government to increase employment and to increase the balance of payments and the international reserve levels. FOMEX uses loans and loan guarantees to help exporters of manufactured goods and services and importers who wish to substitute imports with nationally produced goods.

 

FONPLATA - Fondo Financiero Para el Desarrollo de la Cuenca del Plata.

 

Food and Agricultural Organization - The FAO was established in 1945, as a specialized agency of the United Nations to combat hunger and malnutrition. The FAO serves as a coordinating body between government representatives, scientific groups, and non-governmental organizations to carry out development programs relating to food and agriculture. Headquarters are in Rome, Italy.

 

Food and Drug Administration (FDA):U.S. agency responsible for protecting the public health by assuring the safety, efficacy, and security of human and veterinary drugs, biological products, the U.S.’s food supply, medical devices, cosmetics, and products that emit radiation.

 

Food For Development - See: Food for Peace.

 

Food for Peace - The "Food for Peace" program (also known as "P.L. 480), originally established by the 1954 Agricultural Trade and Development Act, is the primary means by which the U.S. provides foreign food assistance. The three primary objectives of the program are to: (a) expand U.S. agricultural exports, (b) provide humanitarian relief, and (c) aid the economic development of developing countries. Commodities are transferred in two ways: - By government-to-government long-term concessional financing or for local currencies in which priority is given to developing countries which demonstrate the greatest need for food, are undertaking measures to improve their food security and agricultural development, and are potential commercial markets for U.S. agricultural commodities -- Title I, administered by the Department of Agriculture; and - Donations or grants, including: + Donations of food commodities for distribution in meeting either emergency conditions or international cooperative non-emergency assistance -- Title II, administered by AID; and + Providing food assistance on a grant basis to least developed countries through government-to-government agreements. Proceeds derived from sales on the local market may be used to support a variety of economic development and related activities in the recipient countries -- Title III, administered by AID. This assistance is sometimes known as "Food For Development."

 

The above details describes about terms called in shipping such as Flat Rack Containers, Flatbed,Full Liner Terms,Free On Board,FOB Airport,FOB Freight Allowed, FOMEX,FONPLATA ,Food for Peace etc. These phrases may help importers and exporters on their day to day business activities. The readers can also add more information about terms used in shipping business below this post.Terms used in shipping such as Fingerprinting,Free In and Out and Trimmed,Fifth Wheel,Filing of application, Fixed Costs

 

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