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.

 

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.

 

First refusal. In negotiating for the fixture of a vessel a shipowner's shipbroker may attempt to obtain a FIRM OFFER from the charterer or the charterer's agents within a stated time limit.

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:

Fully declared. This is a floating policy in which the total of the amounts reaches the agreed limit. The floating policy comes to an end when it is fully declared.

 

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:

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

Full and down. A vessel is said to be “full and down” when loaded in such a way that upon sailing she is down to her loadline marks-each winter, summer or tropical loadline whilst the cargo space has been fully utilised. Unless rates of freight for heavy and light cargo vary considerably, best results, from a revenue standpoint, are obtained by loading a ship full and down. To achieve this result, a proper ratio between light and heavy cargo must be determined, which depends on the type and quantity of cargo available.

 

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".

Freight. Simply, this means the price payable to the carrier for carrying cargo in a good condition and delivery to the owner of an interest in the cargo.

Feeder services. When a liner operator provides carriage of goods by sea from major ports, he may not be able to call in at smaller, less busy ports to pick up or drop cargo.

Fumigation. When the vessel has rats or other vermin on board, and also infestation from cargo, these undesirable elements must be eliminated. This is done by fumigation. Some fumigation agents may be toxic for humans.

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.

Page 3 of 5