Firm Order. This term can be used after a charterer (or charterer's agent) has entered the market with an order indicating that he requires a ship usually for a cargo (voyage charter) or for a period.

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".

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.

Fixture. To "fix" a ship is to determine or settle a contract (the Charterparty) for its employment. "Fixture" is the word that indicates the contract has been made and the negotiations to charter the ship have been concluded.

 

Freight units. When charging freight for the carriage of goods and the rate of freight is to be based on weight, a distinction can be made between:

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 . . . ".

 

FEU. Forty foot equivalent unit. This is a unit used to measure the space available for containers. One standard size relates to the external length of the box being forty feet or 12.2m. The carriers in the United States emphasise the FEU whereas in other parts of the world the TEU, “twenty foot equivalent unit” is more accepted.

Free time. This expression is used in relation to a voyage charter and laytime and refers to the time used by the charterer to load or discharge the cargo before laytime has commenced according to the terms of the charterparty:

Freight idea. When this phrase is used in a communication from one shipbroker to another during negotiations for a charter, it is used by an owner's broker to indicate the desirable level of freight or the intended level of freight a charterer would be prepared to pay (when the phrase is used by a charterer's broker). It is a preliminary to more serious negotiations before the ship is fixed. The freight idea, from either side, can form the foundation of Voyage Estimating. The parties can then use the information to compare what other owners or charterers are considering so as to take up the best employment for the ship.

 

Frustration. Frustration of a contract occurs when, through circumstances entirely beyond the parties' control, the commercial object of the contract is entirely frustrated.

First Class Charterer. When the charterer does not want his identity known too early, he may instruct his shipbroker ("Charterer's agent") to keep his identity hidden, perhaps until serious shipowners have come up with FIRM OFFERS. The shipbroker will indicate that the charterer is directly known to him and he vouches for the charterer. The shipowner should, however, press for some information as to the identity of the charterer so that he can, perhaps, request BIMCO to check in its "Reference Register" if the nominated "Charterer" is recorded as generally being in default of payments.

 

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:

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