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FOB, or Free On Board, is one of the most widely used terms in commodity trade. Oil, grain, metals and fertilizer are bought and sold FOB every day, and the term decides who books the ship, who pays the freight and the exact moment the risk of loss passes from seller to buyer.
Getting it wrong can leave a cargo uninsured, a vessel waiting at the wrong berth or a letter of credit that cannot be paid. This short guide explains how FOB works under the ICC's Incoterms 2020 rules and what it means for financing your trade.
Under FOB, the seller delivers the goods on board the vessel nominated by the buyer at the named port of shipment, for example "FOB Rotterdam" or "FOB Santos." Risk of loss or damage passes to the buyer once the goods are on board. From that point, the buyer pays the freight, arranges insurance if it wants cover, and bears the risk of the voyage.
FOB is one of the four Incoterms rules intended only for sea and inland waterway transport, alongside FAS, CFR and CIF. The current edition is Incoterms 2020, published by the International Chamber of Commerce.
| Responsibility | Seller | Buyer |
|---|---|---|
| Export clearance | Yes | No |
| Nominating and chartering the vessel | No | Yes, and must give the seller timely notice of the vessel and loading date |
| Loading the goods on board | Yes | No |
| Main sea freight | No | Yes |
| Cargo insurance | No obligation | No obligation, but usually arranged by the buyer to protect itself |
| Risk of loss | Until the goods are on board | From the moment the goods are on board |
| Import clearance and duties | No | Yes |
FOB fits bulk cargo that is loaded directly onto a ship, such as oil, grain or ore. It is a poor fit for containerized goods, which are usually handed to the carrier at a container terminal days before they are loaded. Under FOB, the seller would still carry the risk while the container sits in a yard it no longer controls. For container shipments, FCA, CPT or CIP usually match the real handover better.
Name the port, and ideally the terminal."FOB Rotterdam" covers a large port with many terminals. A vague delivery point is a common source of disputes over loading costs and timing, especially for oil products. Specify the exact terminal or berth where you can.
For the buyer. Because the buyer controls the vessel, it also controls the shipping schedule. Its bank will normally require a clean, on-board bill of lading made out to its order and proof that the buyer has insured the cargo, since the seller has no duty to do so.
For the seller. A seller paid under a documentary letter of credit depends on the buyer's vessel arriving on time. If the buyer nominates late, the seller may miss the latest shipment date in the credit. Make sure the sale contract and the credit allow for vessel substitution and realistic loading windows.
For traders. Buying FOB and selling CIF or CFR is a common trading structure. It lets the trader control the freight, and the freight margin, between the two contracts. For an example in refined products, see our page on EN 590 diesel procurement FOB ARA.
Financely is a debt advisory and arranging firm. We don't lend. We structure trade transactions so the Incoterms, the documents and the financing work together, from letters of credit to structured commodity finance, and arrange the financing with lenders from our network of more than 12,700 verified capital providers.
Tell us about your trade and we will send you an estimate showing the scope of work and the fee to structure and arrange the financing. You decide whether to proceed once you have seen it.
When the goods are on board the vessel nominated by the buyer at the named port of shipment. Any loss or damage after that point is the buyer's risk.
The buyer. The buyer contracts the vessel and pays the main sea freight from the port of shipment.
No. Neither party is obliged to insure under FOB, but the buyer normally arranges cover because it carries the risk during the voyage, and its bank will usually require it.
It can be, but it is not recommended. Containers are usually handed over at a terminal before loading, so FCA, CPT or CIP better reflect when the seller actually loses control of the goods.
This article is for general information only and does not constitute legal advice. Incoterms rules apply only when incorporated into the sale contract, and the contract can vary them. Financely is an advisory and arranging firm, not a lender or broker-dealer. Any financing is subject to lender underwriting, due diligence, credit approval, documentation and conditions precedent, and no outcome or closing timeline is guaranteed.
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