Terms used in shipping such as Fingerprinting,Free In and Out and Trimmed,Fifth Wheel,Filing of application, Fixed Costs etc.
This post explains about terms used in shipping such as Final Determination,Free In and Out,Fingerprinting,Free In and Out and Trimmed,Fifth Wheel,Filing of application, Fixed Costs,Fixed on Subjects,Fixture 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
FICY — Free in/Container yard (loading is at consigner's cost, delivering is provided to container yard);
FIDIC - Federation internationale des ingenieurs-conseils (International Federation of Consulting Engineers).
FIFO — Free in/Free out (vide FIOS);
Fifth Wheel:The semi-circular steel coupling device mounted on a tractor which engages and locks with a chassis semi-trailer.
Filing of application : Applications can be filed on the DGFT website. Every application should be complete in each and every respect failing which it will be rejected. The application can be submitted in MS word format.
FILO — Free in/Liner out (loading is at consigner's cost, discharging is at liner cost);
FILO /FILTD - Free in Liner Out / Free in Liner Terms Discharge - Qualification to a freight rate denoting that it is inclusive of the sea carriage and the cost of discharging. It excludes the cost of loading and, if appropriate to the type of cargo, stowing, dunnaging, lashing and securing or trimming, all of which are payable by the charterer or shipper. This type of freight rate may have a provision for laytime and demurrage at the port of loading since the carrier has no control over the loading.
FIMBRA - Financial Intermediaries, Managers and Brokers Regulatory Association
Final Determination - The International Trade Administration makes a final determination after the investigation of sales at "less than fair value" and the receipt of comments from interested parties. This determination usually is made within 75 days after the date a preliminary determination is made. However, if the preliminary determination was affirmative, the exporters who account for a significant proportion of the merchandise under consideration may request, in writing, a postponement of this determination. If the preliminary determination was negative, the petitioner may likewise request a postponement. In neither case can this postponement be more than 135 days after the date of the preliminary determination. If the final determination is affirmative and follows a negative preliminary determination, the matter is referred to the International Trade Commission for a determination of the injury caused or threatened by the sales at less than fair value. (Had the preliminary determination been affirmative, the ITC would have begun its investigation at that time.) Not later than 45 days after the date the International Trade Administration makes an affirmative final determination, in a case where the preliminary determination also was affirmative, the International Trade Commission must render its decision on injury. Where the preliminary determination was negative, the ITC must render a decision not later than 75 days after the affirmative final determination. A negative final determination by the Assistant Secretary for Import Administration terminates an antidumping investigation. See: Tariff Act of 1930.
Fines, Penalties, and Forfeitures System - The Fines, Penalties, and Forfeitures System, FPFS, a part of Customs' Automated Commercial System, is used to assess, control, and process penalties resulting from violations of law or Customs regulations. FPFS provides retrieval of case information for monitoring case status.
Fingerprinting:a slang term used to describe when the driver of a truck unloads merchandise.
FIO - Free In and Out - Term qualifying a freight rate which signifies that it excludes the cost of loading and discharging and if appropriate to the type of cargo, stowing, dunnaging, lashing and securing or trimming, all of which are paid by the charterer or shipper or receiver, as the case may be. This type of rate is typically found in voyage charter-parties and, since the shipowner has no control over loading and discharging, these generally have suitable clauses for laytime and demurrage to allow for delays at the loading and discharging ports.
FIO LSD - Free In and Out, Lashed, Secured and Dunnaged - Qualification to a freight rate, which is equivalent to free in and out, but which avoids any ambiguity by specifying that the cost of lashing, securing and dunnaging is not for the account of the shipowner. It is normally payable by the charterer or the shipper.
FIOS - Free In and Out and Stowed - Qualification to a freight rate which is equivalent to free in and out but which avoids any ambiguity by specifying that the cost of stowage is not for the account of the shipowner. It is normally payable by the charterer or the shipper. It is used in carriage of general cargo.
FIOT - Free In and Out and Trimmed - Qualification to a freight rate which is equivalent to free in and out but which avoids any ambiguity by specifying that the cost of trimming is not for the account of the shipowner. It is normally payable by the charterer or the shipper. it is used in carriage of bulk cargo.
Firkin:A capacity measurement equal to one-fourth of a barrel.
Firm Offer - An offer that is not conditional in any way and is binding on the party making it, provided that it is accepted in full and within any time limit specified in it.
First Class Ship - Ship to which the highest class has been given by a classification society in accordance with its rules concerning construction and maintenance.
FIS Free into Store – Incoterms:An unofficial trade term indicating that the seller's price includes all costs up to delivery to the buyer. This is similar in effect to DDP.
FIT - Foreign Independent Tour
Five-K Countries 5(k) Countries - Those countries as defined under Section 5(k) of the Export Administration Act. Such countries are eligible for some or all of the same treatment as CoCom countries in relation to export control requirements if those countries maintain comparable export control programs. See: Coordinating Committee on Multilateral Export Controls.
Fix (to) - To conclude successfully negotiations resulting in the charter of a ship or cargo.
Fix Best Possible - Situation where the broker is given leeway to negotiate the Charter-Party if terms of original instructions cannot be met in the market. Very rarely happens. Usually, the broker is given a set of instructions by the principal, and if he cannot find a counter to meet those terms, he must return to his principal for a new set of instructions.
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 on Subjects - Said of a ship, when the terms and conditions of chartering her have been agreed except for a few, normally minor, details.
Fixed Operating Expense - The daily or monthly out-of-pocket costs of operating a vessel, which may include amortization and interest, but does not include fuel or any other variable costs.
Fixture - Successful conclusion of the negotiations between shipowner and charterer, generally through shipbrokers, resulting in the charter of a ship.
Fl - Free In - Free of expense to the shipowner of cargo handling at the loading port.
flag - Nationality of a ship or the country where the ship is registered.
FLAG CARRIER:An airline or vessel of one national registry whose government gives it partial or total monopoly over international routes. Flat Bed Chassis – A semi-trailer with a level bed and no sides or tops. The floor is a standard height from the ground.
FLAGS 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.
FLASH - Feeder-LASH
Flash Point:A temperature that when certain inflammable cargo reaches will trigger spontaneous ignition. It is an IMCO standard information requirement for dangerous goods.
Flat Car:A rail car without a roof and walls.
The above details describes about terms called in shipping such as Final Determination,Free In and Out,Fingerprinting,Free In and Out and Trimmed,Fifth Wheel,Filing of application, Fixed Costs,Fixed on Subjects,Fixture 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 Free In,Forty Foot Equivalent Unit,Fertivoy,Feeder vessel,feeder service,Feasibility Studies
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