NVOCC is one of the terms you would have heard quite often in day to day business particularly if you are in the US or Chinese markets..
This article explains in detail who an NVOCC is, how they work and what is their role in the industry..
“How do I know the bill of lading issued is a House Bill of Lading or a Master Bill of Lading..?? Is it mentioned anywhere on the bill of lading that it is a House Bill or a Master Bill”
I really love such basic but curious questions because it rejuvenates the gray matter.. Let’s explore this question..
The International Maritime Bureau (IMB) estimates from its work in verifying Bills of Lading that over 95% of all improperly issued Bills of Lading are issued by – yeah you guessed it – Non-Vessel Owning Common Carriers (NVOCCs)..
The IMB identifed that there is a prevalence of issuance of incorrect NVOCC bills of lading by the NVOCC which is then presented to banks and other stakeholders in the trading and finance chain, with the aim of defrauding the trade finance system, possibly for the purposes of multiple financing, money laundering, etc..
The IMB has developed a business solution to mitigate the effects of this problem..
NVOCC and Freight Forwarder are entities that many customers use for the movement of their cargo around the world.. Is there a difference between a NVOCC and freight forwarder..??
Let us explore in this article..
Say what..!!!!!!!! Yes my thought exactly when I got this question from a reader.. But then I said to myself this is a very valid and interesting question..
What is a House Bill of Lading and can anyone issue a House Bill of Lading..?? This article examines this vital question..
Connection between Shipper and NVOCC :- Can a shipper negotiate directly with a NVO for slot rates? Who would handle the documentation in that case? Would the shipper/cnee have to … Read more here..
Is there a difference between a NVO and NVOCC Operator..?? This is a very good question asked by one of the readers (Jane).. If you read my previous article regarding NVOCC, … Read more here..
It is always nice to get some feedback and inputs from the readers of the blog.. Here is one question that has come up : Who is a multi-modal transport … Read more here..
This was a question from one the readers of the blog.. Its usually known as a back to back bill of lading rather than shipment as the shipment is actually … Read more here..