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.

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.

 

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.

 

Flag of Registry. The flag which is displayed usually on the stern of the vessel is like an indicator or "badge" of the vessel's national identity or nationality.

FCL (Full container load). This expression refers to a consignment from a shipper which will occupy the entire container. The freight rates are generally lower for FCL shipments compared to LCL or “Less than container load” (i.e., break bulk cargo) that has to be loaded into a container.

 

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.

 

Force majeure clause. This expression covers events which are completely unforeseeable and which excuse both sides to a contract from carrying out their obligations under the contract.

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.

 

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.

 

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.

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”.

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

Free from incumbrances. Sale contracts of ships usually contain the proviso “free from incumbrances” which implies that the vessel is free from any mortgage or other debt.

 

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