FOB, CFR, and CIF are the most common trading terms 

in global shipping market. Under FOB, the buyer is 

responsible for chartering the ship, booking space, paying 

freight at destination, and arranging for and purchasing 

insurance. With CIF, the seller is responsible for chartering 

the ship, booking space, prepaying freight, and arranging 

for and purchasing insurance. With CFR, the seller is 

responsible for chartering the ship, booking space, and 

prepaying freight, while the buyer is responsible for the 

insurance. The shipping term is a reflection of a location’s 

relative strength in trade and transport, and will affect 

in which country or region the services—such as ship 

chartering and space booking, freight payment, insurance 

arrangement and payment—are provided. For example, 

the dominance of CIF in an export market means that the 

exporter’s location has a bigger say in trade and shipping 

services.

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