Even as the world of shipping and trade continues to battle with exceptionally high freight rates, cargo rollovers, container and space shortages, fraudulent freight forwarders and their scams seems to be raging on..
Below is a live case study from the USA which I received from a reader, which I am opening up to my readers to comment on..
Achieving and maintaining profitability has been one of the serious problems faced by many freight forwarders and more so, in these trying times..
A Freight Forwarder is a multi-function agent/operator who undertakes to handle the movement of goods from point to point on behalf of the cargo owner and the essence of freight forwarding is to ensure that the cargo is collected from the seller and delivered to the buyer at the required place, at the right price and in the same condition that it is picked up from origin using the most suitable and optimal resources and routing possible..
While reducing costs, keeping costs low or maintaining the costs over a period of time is key to achieving profitability in freight forwarding, there are also other ways to be profitable in freight forwarding..
Shipping damage is a massive threat to any products that travel on the supply chain.
As per a Statista survey, eighty per cent of consumers say they’d return a product they received that was damaged in shipping.
The more your products get damaged in shipping, the more money your company loses and the effects of that loss can spread throughout your organization, causing both direct and indirect expenses and affecting sales.
Here are 4 tips to reduce cargo damage and save money on shipping costs.
The process of global trade is simple to look at, especially if you look at it from the outside..
End of trade..
Simple, right..?? Many would wish it was so..
While there are several processes and documentary flows involved in trade negotiations, there are even further processes involved in the actual movement of the goods from Point A to Point B..
One such process in the movement of goods that influences product pricing is the process of freight negotiation and freight quotation in which there are several types..
Let us take a deep dive into FAK rates and how it works..
If you are in the business of trade and shipping, you would have surely heard of/dealt with freight quotations along the way..
A freight quotation is a document that outlines the charges involved in the movement of cargo from Point A to Point B..
Many customers have lost $$$ on their transactions because of unclear, incomplete or incorrect freight quotations or they do not understand what a freight quotation entails and what it covers..
Here are some tips on how to understand a freight quotation and how to ensure that you get an accurate one..
In any normal year, hundreds of thousands of containers filled with cargo are abandoned all over the world.
While abandoned cargo could be quite stressful and considered to be a big headache for everyone concerned, a freight forwarder may be especially affected by cargo abandonment.
Here are 10 tips to help you avoid losses due to abandoned cargo..
Freight forwarders are an integral part of the supply chain and global maritime trade..
A freight forwarder serves as a conduit for global trade between importers, exporters, BCOs (Beneficial Cargo Owners) and the transportation and regulatory entities such as shipping lines, customs, port etc..
The moment a freight forwarder signs/accepts a contract with the customer, they are exposed to several unique risks and liabilities..
This article discusses the risks and liabilities of a freight forwarder..
Abandoned cargo could be quite stressful for shipping lines, shippers, port authorities and forwarders alike and is considered to be a big headache for everyone concerned..
When a cargo is abandoned it causes severe financial losses to all parties concerned – seller, buyer, shipping line, freight forwarder, transporters, banks, Government etc etc..
It could also cause a rift in business relationships between a shipping line and their customer – whether it is an importer or a freight forwarder because it could create a blemish in the customer’s record with the shipping line..
When is a cargo considered to be Abandoned Cargo..??
Digitisation, Digitalisation, Digital Transformation are some buzz words that have recently taken the shipping and freight industry by storm..
Let’s take a quick look at what these terms mean and what it is all about..
While Digitalisation is inevitable in the industry, there are also some pitfalls and you can read about the pitfalls and how to avoid it here..
Executive Insights is a series by Shipping and Freight Resource that provides ongoing insights and thoughtful analysis enriching the knowledge of the readers with what is happening in the shipping, freight, maritime, logistics and supply chain industry..
Executive Insights is also a chance to pick the brains of industry veterans, leaders and enablers..
In this edition of Executive Insights, we caught up with Saskia Groen In’t Woud – CEO of Damco, one of the leading global freight forwarders in the world..
First question you need to ask yourself is WHY..??
It is important that you understand the purpose of wanting to become a freight forwarder.. What is the objective..??
Whatever the reasons for you wanting to become a freight freight forwarder, here are 6 points you need to consider and a few things you need to get right first..