So, you think you know about Shipping and Freight, huh..!! Well, who better to assess your shipping and freight knowledge than YOURSELF..!! Take this Shipping and Freight Quiz and find out for yourself..
This quiz has 20 questions relating to day to day shipping and freight matters and takes only 10 minutes to complete..
These quizzes are designed to help you :
identify gaps in your shipping and freight knowledge
In an ICC podcast to mark the launch of the Incoterms® 2020 rules in September, Emily O’Connor, Director of Trade and Investment for the International Chamber of Commerce (ICC), said that “people will frequently choose the wrong Incoterms® rule for their transaction”.
O’Connor went on to emphasise the importance for anyone who uses the Incoterms® rules to learn or re-learn them – even if you consider yourself an expert – in order to avoid costly mistakes in the future. “Learn now, ahead of time to avoid problems down the road.” she said.
One of the initiatives designed to help users avoid mistakes is a new online training course – the Incoterms® 2020 Certificate – developed by the educational arm of the ICC, the ICC Academy. This course is the world’s only ICC-endorsed online training on the Incoterms® 2020 rules and is available for purchase here.
For the past 80 years, Incoterms® by ICC has been the cornerstone of global commercial trade, creating the basis for robust trade negotiations directly or indirectly involving sellers, buyers, shipping lines, truckers, forwarders, clearing agents, chambers of commerce, legal firms, courts, etc etc..
The rules have been developed and maintained by experts and practitioners brought together by the ICC.. Launched in mid-September 2010, Incoterms® 2010 came into effect on 1 January 2011 and is the latest version till it will be replaced by Incoterms 2020 in 2019..
Naturally and as with any legitimate business or undertaking there are always scrupulous elements trying to take advantage in the market.. In this case, although the Incoterms 2020 will be launched later on in 2019, information or training sessions claiming to explain Incoterms® 2020 has already begun to emerge on a number of websites from non- ICC affiliated providers..
Misuse of the Incoterms® rules can lead to costly mistakes, making it essential to learn about the renowned terms –such as Delivered at Place (DAP), Free Carrier (FCA) and Free on Board (FOB) – from a trusted and credible source like the ICC..
In order to assist the trade in avoiding inaccurate or misleading information on Incoterms® 2020, the ICC has issued a notification containing 3 ways to spot fake Incoterms® rules Information..
Perishable cargo may be defined as goods that can deteriorate over a given period of time if not stored or transported under ideal circumstances or if exposed to adverse temperature, humidity and other environmental conditions..
Examples of perishable cargo are Fruits, Vegetables, Meat, Dairy etc..
Perishable cargoes are shipped in Reefer Containers (refrigerated containers) which are specialised containers that have been made for the purpose of carriage of perishable cargo..
But reefer containers could also pose a big problem in terms of cargo damages and cargo claims due to various factors.. This places greater attention on the correct and proper packing, handling and monitoring of both the perishable cargo and the reefer container..
As per TT Club, the majority of insurance claims they have received for perishable cargo have been found to be due to 3 main issues..
Continuing with our educational series on Trade Finance, in this article we look at who Trade Finance Providers are and what their role is in International Trade transactions..
The lengthy trade cycles and financial risks inherent in conducting international trade transactions mean that firms engaged in import and export continue to rely on trade finance as a key tool when managing their accounts and cashflow.
Historically, this been provided to MNCs by traditional commercial banks, with SMEs left to rely on conventional banking products or sporadic government finance initiatives.
However, with trade finance under supplied following the financial crisis, the number of non-bank lending platforms offering these products to both SMEs and larger clients has grown steadily in recent years.
Planning your shipments is very important in shipping..!!!!!!!! Uh, Duh..!!!
As obvious as it sounds, there are several cases where this may not happen due to a variety of factors ranging from lack of planning to incorrect processes followed to tight deadlines to simply circumstances..
People do not realise the number of type of issues that could happen in a shipment and that there are several possible causes for delays however insignificant the reason maybe..
Here is a great live example which happened last week..
At first glance, trade finance offers huge benefits to all parties involved in an international transaction.
Importers can invest in profitable new international ventures without extracting capital from their business or compromising cash flow, and can repay the finance using profits generated from their imported receivable on lengthy repayment terms, whilst suppliers receive payment as soon as goods are dispatched.
Both also benefit from the security of a middleman who enforces their contractual obligations and insures them against non-payment.
While there are several advantages of using Trade Finance there can be disadvantages to using trade finance as well, which usually result from lack of awareness about the product.
In this article we look at the disadvantages of Trade Finance and offer five key pieces of advice to avoid/overcome these disadvantages..