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.

 

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.

 

Fines. Imposed on the owner for breach by his servants of regulations such as immigration, customs, smuggling by crew members, pollution. Fines for overloading are specifically excluded.

 

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.

 

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