...Glossary of Terms

F

FCL - Full Container Load, Full Car Load.

Federal Maritime Commission (FMC) - The U.S. Federal agency responsible for overseeing Ocean Carriers, Conferences, NVOCC's and Ocean Freight Forwarders (now called OTI's - Ocean Transportation Intermediaries) at ocean ports and inland waterways.

Feeder Vessel - A vessel that connects with a line vessel to service a port not directly served by that line vessel.

FEU - (Forty foot equivalent) Term normally used in ocean freight rate negotiations referring to the equivalent of two twenty foot ocean containers.

FIATA - International Federation of Freight Forwarders Associations.

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.

Flat Rack - A platform designed with the flexibility to carry oversized cargo on board container vessels. It can be loaded from the sides and top, usually having adjustable or removable bulkheads at the front and back.

FMC - (See Federal Maritime Commission)

Force Majeure - The title of a standard clause found in marine contracts exempting the parties for non-fulfillment of their obligations by reasons of occurrences beyond their control, such as earthquakes, floods, or war.

Foreign Trade Zone (FTZ) - A port designated by the government for duty-free entry of any non-prohibited goods. Merchandise may be stored, displayed, and used for manufacturing within the zone and re-exported without duties being paid. Duties are imposed only when the original goods or items manufactured from those goods pass from the zone into an area of the country subject to customs authority. Also called a Free Trade Zone.

Foreign Trade Zone Entry - A form declaring goods which are brought duty free into a Foreign Trade Zone for further processing or storage and subsequent exportation from the zone into the commerce of another country.

Forwarder, Freight Forwarder, Foreign Freight Forwarder - An independent business that dispatches shipments for exporters for a fee. The firm may ship by land, air, or sea, or it may specialize. Usually it handles all the services connected with an export shipment, including preparation of documents, booking cargo space, warehousing, pier delivery, and export clearance. The firm may also handle banking and insurance services on behalf of a client.

Free of Particular Average (FPA) - A marine insurance clause relating to the recoverability of partial and total losses from perils of the sea. The American and English coverage's vary as follows:

1. American Conditions (FPAAC) . The underwriter does not assume responsibility for partial losses unless caused by sinking, stranding, burning, or colliding with another vessel.
2. English Conditions (FPAEC) . The underwriter assumes responsibility for partial losses if the vessel is sunk, stranded, burned, on fire, or in collision, even though such an event did not actually cause the damage suffered by the goods.

Free Out (FO) - The cost of unloading a vessel is borne by the charterer.

Free Port - A port which is a Foreign Trade Zone open to all traders on equal terms, or more specifically a port where merchandise may he stored duty-free pending re-export or sale within that country.

Free Trade Zone - (See Foreign Trade Zone)