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...
A bill of lading is a formal document that is used in the shipping industry as a receipt for the goods that are being transported. It offers evidence of the owner’s right to possess the items, as well as information regarding the terms of the shipment and the parties involved in the business transaction. When merchants traveled to faraway markets to trade products, bills of lading were first used....
News from around the global logistics industry: Earlier this month, a brand-new 24,004 teu carrier named the Ever Atop made its maiden voyage. It’s the world’s largest boxship — in terms of capacity — to date and is one of 10 new A24 carriers for Evergreen. It made its maiden voyage less than three-quarters full, causing many to question the need for adding extra capacity at a time when blank sail...
Here’s our November 2022 Logistics Market Update. Earlier this month, an issue of the Global Port Tracker shared that retailers are not feeling optimistic. The prediction is that this month’s containerized imports will drop 9.2% in comparison to November 2021. Further, December imports are expected to drop 9% year-over-year, and this downward trend will continue through March 2023 at least. Click ...
Here are some of the top global shipping news stories for October. For the last several years, the norm has been to hear about port congestion on the US West Coast. However, West Coast ports are reporting their second month of decreased congestion. On the flip side, thanks to typhoons in the East, the ports in China and South Korea are experiencing rising congestion levels. In fact, levels were hi...
While the pandemic isn’t really over, in a lot of aspects, it is. Life is returning to a slightly skewed version of our pre-pandemic norms. So what’s up with the supply chain? Why are we still dealing with such widespread disruptions? First off, little disruptions and ripples have always been relatively easy to course-correct. But the hits have just kept coming over the last few years, with no tim...