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F.A.S.
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Free Alongside Ship or Fixed Assets System. An APC mainframe application that records all acquisitions, retirement and transfers to APC’s property assets. (See Free alongside)
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FCL
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Full containerload.
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Federal Maritime Commission
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Regulatory agency responsible for rates and practices of ocean carriers shipping to and from the United States.
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F.E.U.
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Forty-foot Equivalent Unit container.
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Final destination
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Consignee’s facility where shipment ends its movement at cargo’s expense.
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F.M.C.
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Federal Maritime Commission.
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F.O.B.
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Free on Board. Shipped under a rate that includes costs of delivery to and the loading onto a carrier at a specified point.
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F.O.B. Freight allowed
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The same as F.O.B. named inland carrier, except the buyer pays the transportation charge and the seller reduces the invoice by a like amount.
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F.O.B. Freight prepaid
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The same as F.O.B. named inland carrier, except the seller pays the freight charges of the inland carrier.
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F.O.B. Named point of exportation
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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 F.O.B. vessel.
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F.O.B. Vessel
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Seller is responsible for goods and preparation of export documentation until actually placed aboard the vessel.
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Force majeure
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The title of a common clause in contracts, typically exempting the parties for nonfulfillment of their obligations as a result of conditions beyond their control, such as earthquakes, floods or war.
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Foreign exchange
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(1) The currency or credit instruments of a foreign country
(2) A transaction involving purchase and/or sale of currencies.
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Foreign-trade zone
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A site sanctioned by the U.S. Customs Service in which imported goods are exempted from duties until withdrawn for domestic sale or use. Such zones are used for commercial warehouses or assembly plants.
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Free alongside
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The seller must deliver the goods to a pier and place them within reach of the ship’s loading equipment. The buyer arranges ship space and informs the seller when and where the goods are to be placed. Also known as Free Alongside Steamer.
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Free on board
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Shipped under a rate that includes costs of delivery to a carrier and the loading onto the carrier at a specified point.
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Free time
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The time allowed shippers or receivers to load or unload cars before demurrage, detention or storage charges accrue.
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Free trade zone
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A port designated by the government of a country for duty-free entry of any nonprohibited goods. Merchandise may be stored, displayed, used for manufacturing, etc., within the zone and re-exported without duties.
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Freight
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Refers to either the cargo carried or the charges assessed for carriage of the cargo.
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Freight bill
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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.
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Freight charge
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The charge assessed for transporting freight.
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Freight claim
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Demand upon a carrier for the payment of overcharge or loss or damage sustained by a shipper or consignee.
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Freight forwarder
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A firm that represents shippers by arranging transport and completing documentation required for international shipping. Some freight forwarders also act as cargo consolidators.
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