Freight payable back to the port of loading or another convenient port when the vessel is unable to reach the port of destination.

Where a seller/shipper issues a 'letter of indemnity' in favour of the carrier in exchange for a clean bill of lading

Freight rate for shipping container for a particular commodity.

Stays running from a masthead to the vessel's side, slanting a little aft. See STAYS.)

Laydays/cancelling

Ex Works Ex works means that the seller delivers when he places the goods at the disposal of the buyer at the seller’s premises or another named place (i.e. works, factory, warehouse, etc.) not cleared for export and not loaded on any collecting vehicle. ...

Delivered Duty Unpaid Delivered duty unpaid means that the seller delivers the goods to the buyer, not cleared for import, and not unloaded from any arriving means of transport at the named place of destination. The seller has to bear the costs and risks ...

In marine insurance this phrase applies to a ship which is free from its moorings and ready to sail.

Clause in a voyage charter party which relieve the charterer of all responsibility one the cargo has been shipped.

An index representing the cost of time chartering a tanker for a specific voyage at a given time. The index is given at Worldscale 100, which represents the price in dollars per ton for carrying the oil at that rate. The negotiated rate will be some perce ...

Cost of a product before transportation costs are figured in Free on Board Free on Board means that the seller delivers when the goods pass the ship’s rail at the named port of shipment. This means that the buyer has to bear all costs and risks of loss ...

Laydays can be defined as the days kept aside in a ship’s voyage schedule for loading and unloading of the cargo. Laydays represent the time at which a ship must reach the charterer for cargo operations. Laydays are decided on the basis of the type and ...

A document by which the Master of a ship acknowledges having received in good order and condition (or the reverse) certain specified goods consigned to him by some particular shipper, and binds himself to deliver them in similar condition, unless the peri ...

Delivered Ex Quay (Duty Paid) Delivered ex Quay means that the seller delivers when the goods are placed at the disposal of the buyer not cleared for import on the quay (wharf) at the named port of destination. The seller has to bear costs and risks invo ...

(Delivered Ex Ship) (...Named Port of Destination):A Term of Sale where the seller fulfills his/her obligation to deliver when the goods have been made available to the buyer on board the ship, uncleared for import at the named port of destination. The se ...

When the terms and conditions of a charter party have been agreed, except few minor details.

Rules governing the carriage of goods identifying the rights and responsibilities of carriers and owners of cargo.

Delivered Duty Paid Delivered duty paid means that the seller delivers the goods to the buyer, cleared for import, and not unloaded from any arriving means of transport at the named place of destination. The seller has to bear all the costs and risks inv ...

Free Carrier. A modern equivalent of FAS used in intermodal transport where goods are transferred at a nominated forwarders premises, depot or terminal but not actually on board vessel. Free Carrier Free Carrier means that the seller delivers the good ...

Demurrage/Despatch money. Brokerage abbreviation of chartering terms. Amount to be paid if the ship is loading/discharging slower/faster than foreseen. Usually the Despatch money, which is paid by the shipowner, is half the amount of the Demurrage, which ...