Selected Rate Quotation Terminology & Notes

Common terms with definitions and notes.

Term Definition Notes
FLT Basis Full Liner Terms Ocean Rate includes Loading and Unloading of Vessel
FIOST Basis Free In & Out, Stowed & Trimmed Ocean Rate excludes Loading and Unloading Vessel, but Includes Stowing and Trimming
W or M Weight or Measure The rate must be extended on the basis of both weight and measurement (the greater value is charged)
Ocean Rate Weight Ton Metric Ton, Short Ton (Net Ton), or Long Ton
Ocean Rate Measurement Ton Cubic Meter (40 Cubic Feet)
SHINC Sundays, Saturdays, and Holidays Included For demurrage charges if applicable
Hook to Hook Basis Can mean that the rate is exclusive of Terminal Handling Charges
Lay/Can Days Layover/Cancellation Cargo must be available for loading by the Lay Date and the Vessel must be ready to work by the Can Date. Otherwise either party may be in breach of the booking contract.
CHOP Charterers Option Usually a reference to the Carriers Option to select the berth for Vessel Loading and Discharge
55 Gallon Drum 10.715 Cubic Feet
Formula to calculate Cubic Feet based on dimensions in Inches (L × W × H) ÷ 1728
Formula to calculate Cubic Feet based on dimensions in Feet L × W × H (For a round object, such as a drum, you will use the Diameter as the Length and Width when calculating Cubic Feet.)
Board Feet x 0.00236 Cubic Meters

All Containerized Liner Service CTR/LCL quotes are generally quoted “FLT” Basis unless otherwise specified.