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

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".

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.

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.

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.

 

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.

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 . . . ".

 

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:

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:

Feeders - Grain. When grain was carried in bulk, feeders were erected to feed the different parts of the holds or compartments, thereby filling any free space which might result from settling of cargo during the voyage. Grain in bulk may settle as much as 5 per cent during a voyage; therefore, measures had to be taken to prevent the shifting of grain because of the settling and the void spaces created.

Certificate of free pratique. This is a certificate from the port-health-authorities that the ship is without infectious disease or plague on board and therefore permitted to enter port and to allow people to board and disembark.

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