FIOST

FIOST stands for free in, out, stowed, and trimmed, a freight basis on which the charterer or shipper bears the cost and risk of loading, discharging, stowing, and trimming the cargo, leaving the owner liable only for the sea carriage. The freight rate therefore excludes all cargo-handling expense. GENCON 94 clause 5 puts it plainly: the cargo is brought into the holds, loaded, stowed, trimmed, tallied, lashed, and secured by the charterers free of risk, liability, and expense to the owner. FIOST is standard in dry-bulk voyage charters; the contrast is liner terms, where the carrier pays loading and discharge.