Replies to post #234626 on Minerco Inc (fka MINE)

[MR.METICULOUS]

UK baby!!!! Boooooooooooo!!!'

[trading.jeff]

I would say shipping is by boat/ship.

FOB is only used in Sea Freight and stands for "Free On Board"

http://en.wikipedia.org/wiki/FOB_(shipping)

(Your Wikipedia link didn't work for some reason.)

$MINE

[BAD HEMPER]

FOB

Accountants report a merchandiser's and a manufacturer's revenues when a sale is made. The term, FOB Shipping Point, indicates that the sale occurred at the shipping point—at the seller's shipping dock. FOB Destination indicates that the sale will occur when it arrives at the destination—at the buyer's receiving dock.

Accountants also assume that the cost of transporting the goods corresponds to these terms. If the sale occurred at the shipping point (seller's shipping dock), then the buyer should take responsibility for the cost of transporting the goods. (The buyer will record this cost as Freight-In or Transportation-In.) If the sale doesn't occur until the goods reach the destination (terms are FOB Destination), then the seller should be responsible for transporting the goods until they reach the buyer's unloading dock. (The seller will record the transportation cost as Freight-Out, Transportation-Out, or Delivery Expense.)

[Princster]

I believe FOB is forward operating base.

[BAD HEMPER]

Sounds like MINE is paying the shipping if it's FOB in the UK.