FAK

Freight All Kind

Federal Maritime Commission

The FMC is an independent agencies which regulates ocean borne transportation in the foreign commerce and in the domestic offshore trade of the United States.

FCL

Full Container Load (full container service)

Formal Entry

Formal Entry: The entry type required for shipments valued over US$2,000 or for shipments containing specific commodities designated by U.S. Customs and Border Protection.

Freight Forwarder

An independent business which handles export shipments for compensation. At the request of the shipper, the forwarder makes the actual arrangements and provides the necessary services for expediting the shipment to its overseas destination. The forwarder takes care of all documentation needed to move the shipment from origin to destination, making up and assembling the necessary documentation for submission to the bank in the exporter's name. The forwarder arranges for cargo insurance, makes the necessary overseas communications, and advises the shipper on overseas requirements of marking and labeling. The forwarder operates on a fee basis paid by the exporter and often receives an additional percentage of the freight charge from the common carrier. An export freight forwarder must be licensed by the Federal Maritime Commission to handle ocean freight and by the International Air Transport Association (IATA) to handle air freight. An ocean freight forwarder dispatches shipments from the United States via common carriers, books or arranges space for the shipments, and handles the shipping documentation.