FOB (free on board)
FOB FREE ON BOARD
(... named port of shipment)
First Open Water (FOW). This expression in a fixture report or in a charterparty refers to the date when a port is free from ice conditions sufficiently to allow ships to enter, load /discharge and leave. For example, a ship can be fixed to “ . . . load at First Open Water St Lawrence Seaway . . . ".
FONASBA. The Federation of National Associations of Shipbrokers and Agents. This organisation was established in 1969 and comprises national (usually European) associations of shipbrokers and agents who deal with a wide variety of agency work, such as liner agency, port agency and shipbroking for the chartering of and sale and purchase of ships. In 1989, 22 national associations belonged to FONASBA.
Firm For Reply or Firm for Immediate Reply. During chartering negotiations, telexes and similar messages are transmitted by one parry's brokers to brokers for the other party using introductoryterminology such as these terms. In chartering practice, such terminology has become common and acceptable to most, if not all, shipping professionals.
FILO (Free in liner out). If a charterparty states that the cargo will be loaded free of expense to the shipowner or other carrier but that he will pay for the discharging, the discharging is on liner terms (or "gross terms"), hence the use of this abbreviation.
Note that for financial accounting, the abbreviation can also refer to the manner in which stock is valued, "first in, last out". This has no relevance to chartering.
Full terms. If an order circulating in the freight market is subject to "full terms" this implies that in addition to the usual commissions, owners may have to allow certain reductions, which are customary in the trade in question. It is therefore important to ascertain in advance what percentage will have to be deducted from the rate of freight in order to have a clear picture of the position.
This expression also implies that despatch money will be due for any time saved in loading and discharging.