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.

 

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.

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.

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.

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.

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.

Free alongside (FAS). If a charterparty provides for delivery of cargo "free alongside", it is up to the shippers to arrange for delivery of the goods within reach of ship's tackle (cargo handling equipment) unless the custom of the port provides otherwise. In some ports the meaning of this expression may be different. Shippers have fulfilled their obligation if they have arranged for delivery of the goods on pan of the wharf although beyond reach of ship's tackle.

Full knowledge of the local practice is therefore essential.

 

Fake bills of lading. Some fraudsters are capable of forging bills of lading using high quality colour photocopiers that can reproduce even the printed logo of the earner. These fake bills of lading are usually used in persuading buyers or banks to pay for non-existent cargo. This practice can be prevented if the innocent parties check the name and movements of the vessel named on the bill of lading.

 

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.

 

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.

 

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.

 

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:

Fixing letter. As soon as the negotiations about the chartering of a vessel have resulted in the "fixture" of a ship, a "fixing letter" may be drawn up containing a summary of the main terms and conditions of the charterparty.

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