Terms used in freight forwarding such as free carrier,full container load,feeder vessel,final destinatio, freight forwarder, firms code etc.
This post explains about terms used in freight forwarding such as free carrier,full container load,feeder vessel,final destinatio, freight forwarder, firms code 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 freight forwarding
FAST: See Fast and Secure Trade
FAV- First Available Vessel
FBL- Forwarder’s Bill of Lading (see House Bill of Lading)
FC and S -Free of Capture and Seizure, ie. excluding war risks
FCA Free Carrier (named place) – Incoterms:The Seller fulfils his obligation to deliver when he has handed over the goods, cleared for export, into the charge of a carrier, or another person, named by the buyer at the named place or point. This term may be used for any mode of transport, including multi-modal transport.
FCA (Free Carrier):In this type of transaction, the seller is responsible for arranging transportation, but he is acting at the risk and the expense of the buyer. Where in FOB the freight forwarder or carrier is the choice of the buyer, in FCA the seller chooses and works with the freight forwarder or the carrier. "Delivery" is accomplished at a predetermined port or destination point and the buyer is responsible for Insurance.
FCA :Abbreviation for "Free Carrier". See "FOB."
FCA -Free Carrier (INCOTERM)
FCCOD: Freight Charges Collect On Delivery – these would be the charges due to TBAC for transporting the freight
FCL - Abbreviation for "Full Container Load."
FCL (Full Container Load) - A container of goods with the shipper being responsible for the packing and the consignee being responsible for the unpacking of the container at his own premises.
FCL- Full Container Load. Usually applies to a container which contains the cargo of one shipper only.
FCL/FCL :See "CY/CY".
FCL/FCL -Full Container Load/ Full Container Load. Also called House/House movement.A term used to describe a delivery whereby a container is packed by the exporter or forwarder and unpacked by the consignee. The shipping line receives and delivers the cargo as a sealed container unit.
FCL/LCL :See "CY/CFS".
FCL/LCL- Full Container Load/ Less than Container Load. Also called House/Pier movement. This term describes a delivery where a container is packed by exporter or forwarder and is delivered to ship’s terminal as a sealed container load. At the destination port the container is unpacked by the shipping line at their depot, from which the cargo will be collected.
FCL: Full Container Load – ocean freight term for FTL or EUV
FCL:Full Container Load, generally but not always indicating that goods in the container are from one seller who packed the container, going to one buyer who will unpack the container.
FDA :Food & Drug Administration (USA) – government body responsible for the registration/safety of food and drugs
FDA: See Federal Drug Administration
Federal Maritime Commission (FMC):Regulatory agency responsible for rates and practices of ocean carriers shipping to and from the United States.
Feeder Service - Cargo to/from regional ports are transferred to/from a central hub port for ocean voyage, called Trans-Shipping or Relay service. The vessel from the hub to final destinations is call a Feeder Vessel. Feeder Service is in contrast to Direct Service.
Feeder Service - See Connecting Carrier.
Feeder service:transport service whereby loaded or empty containers in a regional area are transferred to a “mother ship” for a long-haul ocean voyage.
Feeder Ship Vessel used in short haul sea trade to serve ports at which deep-sea vessels either do not, or cannot due to size limitations, call.
Feeder Vessel :A vessel employed in normally short-sea routes to fetch or carry cargoes and containers to and from ocean-going vessels from the principle port hubs in a region to the minor ports.
FEEDER VESSEL: Short-sea vessel which transfer cargo/container between a central hub port and smaller ports.
Feeder:A vessel normally used for local or coastal transport (for carriage of cargo and/or containers) to and from ports not scheduled to be called by the main (ocean) vessel, directly connecting these ports to the main(ocean) vessel.
FEU – Forty Foot Container
FEU (Forty Foot Equivalent Unit) - A 40' container equals 2 TEUS.
FEU- Forty Foot Equivalent unit. The acronym of the measurement unit used to describe the space occupied by a 40’ container in a container vessel.
FEU: See Forty-foot equivalent unit
FEU:forty-foot equivalent unit. Method of measuring vessel load or capacity, in units of forty-foot long containers.
FF (Freight Forwarder) - Federally licensed company that handles documentation details for shipper of export cargo.
FI (Free In):In the international ocean freight terminology the word “Free” means “Not included”. I.e. if FI, then the shipper is responsible for the coast of loading goods onto a vessel for the international shipping overseas.
FIATA - Fédération Internationale des Associations de Transitaires et Assimilés – International Federation of Freight Associations. The international equivalent of BIFA.
FIATA :International Federation of Freight Forwarders Association
FILO: Free in, liner out. Seafreight which the shipper pays load costs and the carrier pays discharge costs.
Final Destinatio:The place where the carrier or the forwarder actually turns over the container or cargo to the consignee of its agent. It is the end of liability of carriers or forwarders.
Financial responsibility: Motor carriers are required to have body injury and property damage (not cargo) insurance or not less than $500,000 per incident per vehicle; higher financial responsibility limits apply for motor carriers transporting oil or hazardous materials.
FIO (Free In and OUT):The international shipping term used in the ocean freight industry means that the carrier is NOT responsible for the cost of loading and unloading gods onto/from the vessel.
FIO: Free in and out. Freight booked FIO includes the seafreight, but not loading and discharging costs.
FIOT: Free in and out and trimmed. Trimming - the leveling out of bulk cargoes.
FIRMS CODE - Firms codes are assigned by U.S. Customs to designate where cargo will be located while it is still in bond. All airlines, piers, CFS and bonded warehouses will have a firms code.
First Expired, First Out (FEFO): A stock control rule allowing the management of products having an eat-by date or short shelf life. FEFO can be used for any product but is most frequently used for food or cold storage.
First In, First Out
FO): Warehouse term meaning first items stored are the first used. In accounting this term is associated with the valuing of inventory such that the latest purchases are reflected in book inventory. While generally considered an accounting notion, FIFO usage is common where products may have a shelf life.
The above details describes about terms called in freight forwarding such as free carrier,full container load,feeder vessel,final destinatio, freight forwarder, firms code 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 freight forwarding trade below this post.
Terms used in freight forwarding such as export permit, Exports,federal maritime commission,ex-works,f.o.b. vessel,freight all kinds,facsimile
The above information is a part of Import Export course online
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