Here are some of the top news stories in freight for February: On March 18, 2023, CBP will deploy the Uyghur Forced Labor Prevention Act (UFLPA) Region Alert enhancement to the Automated Commercial Environment (ACE). This enhancement will provide an early notification to importers and their representative of goods that may have been produced in the Xinjiang Uyghur Autonomous Region (Xinjiang or XU...
The Carriage of Goods by Sea Act (COGSA) is a federal legislation in the United States that regulates the rights and liabilities of parties involved in the shipment of goods by sea. It was enacted in 1920 and has since been amended several times. The “Hague Rules” are the name of an international agreement that was enacted in 1924 by the International Convention for the Unification of Certain Rule...
The International Maritime Organization, also known as the IMO, is a specialized agency of the United Nations that is in charge of regulating and promoting safety and security in the shipping industry in addition to protecting the marine environment. Its official name is the International Maritime Organization (IMO). The International Maritime Organization (IMO) was created in 1948 and currently h...
The concept of general average is a legal theory that dates back centuries and has its roots in maritime law. The notion behind the general average principle is that in the event of unforeseen and extreme occurrences, such as shipwrecks or hurricanes, all of the parties involved in a voyage should share in the losses that have been sustained. This is the basis for the general average principle. Wh...
On March 18, 2023, CBP will deploy the Uyghur Forced Labor Prevention Act (UFLPA) Region Alert enhancement to the Automated Commercial Environment (ACE). This enhancement will provide an early notification to importers and their representative of goods that may have been produced in the Xinjiang Uyghur Autonomous Region (Xinjiang or XUAR) and may be excluded from importation into the United States...
International Commercial Terms, also known as INCO phrases, are a set of standardized terms that are used in international trade to specify the responsibilities of buyers and sellers in a more precise manner. When determining who is liable for the costs of shipping, insurance, and any other expenses connected to the movement of products, these phrases are utilized. There are a total of eleven INCO...
It’s feels like the pendulum has swung—from boom to bust. The last few years had segments of the industry beside themselves in glee as they raked in huge profits. But the boom is bust, and it’s time to stop swaggering. The party is over for ocean carriers especially, and they’re preparing for things to get even worse. To the extent that major trade lanes canceled 100 sailings between Dec. 12 and J...
The industry of air freight, which is responsible for the shipment of commodities via aerial transport, is an essential part of the economy of the entire world. It is especially helpful in the transportation of high-value and time-sensitive commodities, such as electrical equipment, medications, perishable goods, and automobile parts, amongst other things. Large urban centers are often the most im...
Trade between the United States and Thailand dates all the way back to the 19th century, and even today, it is an essential component of the relationship that exists between the two nations. The United States exported approximately $14 billion worth of products to Thailand in 2020, while the United States imported approximately $22 billion worth of goods from Thailand. This brought the total value...