Free of capture and seizure clause. Under the Institute Time Clauses (Hulls) 1983 “War Exclusion Clause” a vessel is not covered against the consequences of hostilities or warlike operations whether there be a declaration of war or not. The complete clause reads as follows:

FBL. FIATA Bill of Lading.

FIATA Bill of Lading. FIATA is the acronym for the International Federation of Forwarding Agents Associations and is based in Zurich, Switzerland.

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.

 

Full reach and burden. This expression covers the cargo space, which is normally available for cargo, including lawful deck capacity. In shipping "burden" means "carrying capacity".

Flat rate. A vessel may be chartered for shipment of various kinds of cargo, the specific nature of which is not known at the time of the fixture, or it may have to load for several ports within a certain range, out of which one port will be selected as the final port of discharge. In such cases the agreed freight rate is a "flat rate". An example of reported fixture on a "flat rate" could read:

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.

FAF (Fuel adjustment factor)or BAF (Bunker adjustment factor). Shipping is an energy-intensive industry just as liner shipping is a capital-intensive industry with the development of containerisation and expensive container ships.

Fighting ship. When liner conferences are faced with severe competition from outsiders, the members of the conference may agree to use additional vessels or sailings at very low freight rates.

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 . . . ".

 

Free surface effect. A tank which is completely filled with liquid is said to be pressed up”, while one which is not is called a “slack tank”.

Forum clause. This phrase can be applied to a clause in the charterparty which provides for the place where and the legal system under which any disputes will be decided.

 

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