What does FIOS stand for?

FIOS is an abbreviation for Free In, Out and Stowed, a term used in ocean freight rates. Under FIOS the quoted freight rate covers only the sea transport itself; the costs of loading, unloading and stowing the cargo on board the vessel are not included and are borne by the charterer or shipper.

The three elements are:

• Free In: the cost of loading the cargo onto the vessel is not covered by the shipowner.
• Free Out: the cost of unloading the cargo from the vessel is not covered by the shipowner.
• Stowed: the cost of stowing and securing the cargo in the hold is also excluded.

FIOS therefore shifts the loading, unloading and stowage costs away from the shipowner, which is why it is common in bulk and charter shipping.