E

Exchange Rate

The price of one currency in the terms of another.

 

Export

To send goods from a country to an overseas destination.

EXW  Ex Works (named place) – Incoterms

The seller’s only responsibility is to make the goods available at his premises, (ie works or factory). The buyer bears the full cost and risk involved in bringing the goods from there to the desired destination and the buyer must be able to carry out any required export formalities. The term represents the minimum obligation for the seller.

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F

FCA  Free Carrier (named place) - Incoterms

The Seller fulfils his obligation to deliver when he has handed over the goods, cleared for export, into the charge of a carrier, or another person, named by the buyer at the named place or point. This term may be used for any mode of transport, including multi-modal transport.

 

FAK

Freight All Kinds, as a general description of the goods on a master B/L covered under the one freight rate regardless of the nature of the individual goods.

 

FAS  Free Alongside Ship (named port of shipment) – Incoterms

The seller fulfils his obligation to deliver when the goods are placed alongside the vessel at the named port of shipment. This means that the buyer has to bear all costs and risks of loss of or damage to the goods from that point. The seller is responsible to clear the goods for export. This term can only be used for sea or inland waterway transport and its correct use is only when using a chartered ship, or when goods are not containerised.

 

FCL

Full Container Load, generally but not always indicating that goods in the container are from one seller who packed the container, going to one buyer who will unpack the container.

 

FI (Free In)

In the international ocean freight terminology the word “Free” means “Not included”. I.e. if FI, then the shipper is responsible for the coast of loading goods onto a vessel for the international shipping overseas.

 

FO (Free Out)

FO is the international shipping term in ocean freight that indicates that the consignee (recipient) is responsible for the cost of unloading cargo from the vessel at the destination.

 

FIO (Free In and OUT)

The international shipping term used in the ocean freight industry means that the carrier is NOT responsible for the cost of loading and unloading gods onto/from the vessel.

FIS  Free into Store – Incoterms

An unofficial trade term indicating that the seller’s price includes all costs up to delivery to the buyer. This is similar in effect to DDP.

 

Flat Rack

A device which is designed for cargos which will not fit into containers to be shipped on container ships. Consists of a base and two ends of the same dimensions as an ISO container.

FOB  Free On Board (named port of shipment) – Incoterms

The seller fulfils his obligation to deliver when the goods have passed over the ship’s rail at the named port of shipment. This means that the buyer has to bear all costs and risks of loss of or damage to the goods from that point. The seller is responsible to clear the goods for export. This term can only be used for sea or inland waterway transport. This is probably the most commonly misused term in international trade. Its correct use now is only where the ship’s rail is relevant to the transaction, such as when using a chartered ship, or when goods are not containerised. Obviously it cannot apply to airfreight.

 

Force Majeure

A clause in a contract which protects both parties in the event that part of the contract cannot be complied with due to causes outside the control of the parties and could not have been avoided by exercising due care.  For example, floods, earthquakes, civil unrest and so on.

Freight Forwarder

A person or corporation who arranges transport of goods on behalf of either the seller or buyer. In many cases the freight forwarder will also consolidate several small shipments into one larger one to take advantage of better freight rates. In most cases the freight forwarder will assume the legal liabilities of acting as a carrier

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G

Gross Weight

The total weight of a shipment of goods, including their packaging such as crates, pallets etc.

 

Groupage

see Consolidation

H

Hazardous Goods

Certain cargoes, as prescribed by the UN, such as explosive, radioactive, poisonous and flammable goods etc, which must be declared to the carrier before being loaded onto ships or aircraft. The penalties for mis-declaring or failing to declare hazardous or dangerous cargo are extremely high.

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Universal Shipping Lines, LLC.

1810 Auger Dr

Suites G-H

Tucker GA 30084

Opening Hours

Monday − Friday 9:00 − 6:00

Saturday 10:00 − 4:00

678-228-0311

info@uslatl.com