FIO

Free in and out, a voyage-charter cost term under which the charterer pays for loading and discharging the cargo, leaving the owner free of both. It shifts stevedoring cost and often the cargo-handling risk to the charterer, who controls the terminals. FIO extends to FIOS (plus stowed), FIOT (plus trimmed), and FIOST (stowed and trimmed), each pushing one more handling cost onto the charterer.