It’s not your imagination. Problems in the ocean shipping industry are on the rise and shippers’ costs are going up as a result. While some issues are a direct result of the pandemic, which gets blamed for a lot these days, many are not. This makes it an important time for businesses to understand what additional costs they are potentially responsible for as shippers and BCO’s. The reason is many ...
It is a challenging time for all of us as businesses, as well as individuals. When you’re up against strict, yet inconsistent, controls that slow time-sensitive exports and create gaps throughout international supply chains, it can be hard to keep up with soaring global demand for certain items. The problem is compounded by attempts made by major sources of manufacturing, like China, to shorten le...
Incoterms are a set of rules that define the responsibilities of buyers and sellers for the delivery of goods. The rules provide guidance to importers and exporters for global trade practices. Incoterms use abbreviations for shipping terms, for example FOB for “Free on Board”. Incoterms 2020, which has been worked on for several years by the International Chamber of Commerce (ICC), is now ready to...
All commercial cargo ships run on bunker fuel, which is either marine gas oil (MGO), marine diesel oil (MDO), intermediate fuel oil (IFO), marine fuel oil (MFO), or heavy fuel oil (HFO). These fuels have a high sulphur content which is detrimental to the environment. Since the 1960’s, the International Maritime Organization (IMO) has been trying to decrease the impact of transportation on the envi...
Price is what you pay, and value is what you get. A low price is often enticing, but keep in mind that you get what you pay for. Value and price are linked in the logistics industry so be careful of what you are asking a freight forwarder or carrier for. When you request a rate quote, you should ask for all-inclusive rates and check if there are any local charges at origin or destination that are ...
If you are new to using a freight forwarder, or maybe have been using one and had not thought to ask about credentials, here are three things your freight forwarder must have. OTI/NVOCC License Choosing a freight forwarder that doesn’t have an OTI/NVOCC license is a BIG mistake and can cost you a fortune because there are freight forwarders that operate without an NVOCC license. This license, issu...
Vietnam’s economy is one of the fastest growing in Asia — and given the current state of trade in the region, the country is well positioned to continue the expansion of its $200B GDP through export growth. According to Bloomberg, Vietnam already ranks third worldwide for the best-performing market with plenty of additional upsides and the promise of more foreign investment to come. New Investment...