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