Do I need cargo insurance for my shipment..??

cargo insurance - shipping and freight resource

Cargo insurance is a type of insurance that protects a buyer or seller of goods against damages or loss of cargo..

Despite insurance having been around for centuries, there is still a feeling that any form of insurance is a “grudge purchase” and in the case of cargo shipments, many people ask the question “Do I need cargo insurance for my shipment“..??

By its nature, insurance is an intangible benefit, one that can only be tested under adverse circumstances and there is nothing more adverse than cargo damage..

From a

• Local (Street to Street, City to City, Town to Town etc)
• Provincial (Within the same province or state etc)
• National (Province to Province, State to State etc)
• Global (International trade between countries)
• Regional (Within regional trade blocs like EU, BRICS etc)

there are several modes and types of trade/shipments around the world..

Where there is a shipment, there is a possibility of cargo damage and where there is the possibility of cargo damage………………….

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Shipping your first container..?? Here are some tips to help you

first time

In anything that we do in life, the first time is a scary thought – first time on a bike, first time driving a car, first time swimming, first date, first kiss ……………….. etc..

So why should shipping your first container be any different..??

It could be a scary thought if you are a first-time exporter or importing for the first time, but like everything else, if done and handled correctly, shipping your first container can be a good experience as well..

Here are some tips to assist you in shipping your first container..

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Want to learn how to use Incoterms® 2020 effectively..?? Then read this..

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For the past 84 years, Incoterms® has been the cornerstone of global commercial trade, for robust trade negotiations directly or indirectly between parties and the rules have become the standard in international business rules.. BUT, THERE IS A BIG PROBLEM..

As per Emily O’Connor, Director of Trade and Investment for the International Chamber of Commerce (ICC), “people will frequently choose the wrong Incoterms® rule for their transaction”..

O’Connor has emphasised 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 process of shipping their goods..

There are several consequences of using the incorrect Incoterms® and users need to fully comprehend what it means when they put a three-letter Incoterms® rule into their sales contract..

But no worries, credible and reliable guidance is at hand for you now..

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Understanding a freight quotation and tips to ensure an accurate quote

freight quotation

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..

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Can a shipment have multiple Incoterms rules..??

The Incoterms® rules are a globally-recognised set of standards, used worldwide in international and domestic contracts for trade transactions..

Following its introduction in Incoterms® in 1936, these international commercial trade terms were revised in 1957, 1967, 1976, 1980, 1990, 2000, 2010 and most recently in 2019 (Incoterms® 2020) to accommodate changes as global trade developed and evolved..

As per the International Chamber of Commerce, the recently released Incoterms® 2020 rules seeks to “offer a simpler and clearer presentation of all the rules, featuring revised language, an expanded introduction, explanatory notes, and articles reordered to better reflect the logic of a sale transaction“ and traders are encouraged to use the latest version..

A question that has come up in terms of Incoterms® is whether “a shipment can have multiple Incoterms rules”..

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Who pays what charges in a sea freight shipment

sea freight charges

In any trade transaction, there are two parties – the buyer and the seller.. When it comes to a sea freight shipment, either one or both of them may end up paying different sets of charges to different entities..

Not just for newcomers to the business of exporting and importing, this question sometimes perplexes many already in the business..

In this article I dissect this process to explain who pays what charges in sea freight shipment..

So who pays what charges in a sea freight shipment..??

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Introducing Incoterms® 2020 Certificate

Incoterms 2020 Certificate

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.

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Consequences of using incorrect Incoterms

Ever since its introduction in 1936, Incoterms® has been a paradox to many many buyers, sellers, traders, freight forwarders, shipping lines and other service providers involved in the business of global trade..

There are several consequences of using the incorrect Incoterms® and users need to fully comprehend what it means when they put a three letter Incoterms® rule into their sales contract..

if you are struggling to learn and understand the rules and how to apply them, don’t worry, help is at hand..

ICC Academy, the educational arm of the ICC has created a new online training course – the Incoterms® 2020 Certificate which is designed to help users both experienced and inexperienced, a comprehensive and up-to-date understanding of the rules, avoid mistakes and save costs.. This course is the world’s only ICC-endorsed online training on the Incoterms® 2020 rules..

No other online training on the new rules can offer the same level of expertise and this course can be purchased online here..

So do yourself a favour and take this highly recommended course which will greatly enhance your knowledge on this crucial trade related subject..

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Its official – Incoterms 2020 has been released

Incoterms 2020

Incoterms 2020, the 9th version of the Incoterms® rules has been in the making for a while now.. Following its introduction in Incoterms® in 1936, these international commercial (Inco) trade terms were revised in 1957, 1967, 1976, 1980, 1990, 2000 and 2010 to accommodate changes as global trade developed and evolved..

The International Chamber of Commerce (ICC) chose its centenary year 2019, to launch the 9th version of the Incoterms®, the Incoterms® 2020..

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