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...
With the China-U.S. trade dispute and higher tariffs getting a lot of headlines, there’s growing discussion about the many global companies looking for alternatives to China for sourcing manufacturing and materials. Near, or at, the top of the list companies are looking at is Thailand. The country is already benefiting from the dispute and hopes this is a trend that will continue. Thailand is a re...
Today’s supply chains move quickly, and often involve many different pieces from different locations that need to be brought together and delivered on time. This means the freight forwarder you select should be able to pull a lot of different parts together in a way that will optimize processes, reduce costs, and provide consistent service. These tips will help you choose the freight forwarder tha...
Let’s set the record straight about freight. If you don’t handle your freight correctly, it could end up costing your company more than just profits. Customer retention and your reputation also rely heavily on your shipping strategy. Misconception #1: Thinking that freight forwarders have unlimited credit with the carriers they use and can be used like banks is incorrect. Freight forwarders do not...