Updated information on Yantian Express General Average

Information article

Yesterday, I posted some questions relating to the consequences and process of General Average – once it is declared..

In a press release, ONE (Ocean Network Express) one of the alliance partners of Hapag Lloyd, have released further information relating to the Yantian Express which declared General Average on the 25th of January 2019..

The “Yantian Express” suffered a major fire resulting in both the vessel and a portion of the cargo suffering either fire or water damage..

ONE has released an update on the General Average security demand, latest salvage declaration details, a Salvage Guarantee Form and an overview of frequently asked questions (FAQ)..

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A Renault’s journey to the F1 race track

A Renault’s journey to the F1 race track - Shipping and Freight Resource

The world of shipping and logistics never rests.. It is one project after another.. And when it comes to one of the world’s most expensive sports, the F1 races, logistics efforts and requirements goes up several notches equalling the sounds of the reverberating engines..

This article details the efforts and processes followed by Renault’s F1 logistics team to get their machines to the racetrack, in time, in good shape and condition..

For many logisticians, this could be as thrilling (if not more) than the race itself..

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Why cargo insurance and insurers matter..

cargo insurance - shipping and freight resource

Cargo insurance is a type of insurance that covers/compensates a buyer or seller of goods against cargo damage 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”..

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) shipment;
  • to Provincial shipment within the same province/state;
  • to National shipment within the country;
  • to Regional trade within regional trade blocs like EU, BRICS;
  • to Global trade between countries

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

Although it may seem obvious, it is shocking to see how many customers still do not take the right Cargo Insurance to cover their cargo comprehensively..

I don’t think this lack of proper insurance cover is intentional, but may be due to ignorance or lack of knowledge on the part of the client as far as Cargo Insurance goes..

So when I read an article from Tom O’Malley of TJO Cargo, I felt I had to share it with my readers for a better understanding of Why cargo insurance and insurers matter..

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New paperless system saves South Africa’s fruit export sector R250m

shipping and freight news - shipping and freight resource

In a demonstration of what positive things can happen when the Government and Agricultural sector partner in innovation, a new paperless system is set to save South Africa’s fruit export sector ZAR250 million..

After a successful pilot and implementation by Department of Agriculture, Forestry and Fisheries (DAFF), the roll out of a new e-Certification IT platform to the fruit industry in 2019, will save the industry at least R250 million over the next five years..

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Take back your shipment of trash..!!

shipping and freight news - shipping and freight resource

South Korean government is said to have confirmed that it would take back approximately 5,100 tons of trash shipped in containers from South Korea to Mindanao in July..

This cargo seems to have been exported to Philippines under forged documents and were not declared correctly..

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Disadvantages of Trade Finance and how to avoid them

disadvantages of trade finance - shipping and freight resource

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..

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Which type of vessels is each maritime nation buying..??

shipping and freight news - shipping and freight resource

Despite the relative difficulty in obtaining adequate ship financing, activity in the S&P market for second hand vessels is still rather brisk.

Every nation has its own requirement for ships for their trade.. In this article shared from Hellenic Shipping News Worldwide, we look at which ships are in demand and what types of vessels each maritime nation is buying..

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The link between Trade Finance and Transport

trade finance and transport - shipping and freight resource

Trade Finance and Transport are intricately linked in the process of global trade..

In Part 3 of the Trade Finance series, we take a look at how these two are linked and how it impacts on global trade as a whole.. We discuss the strategy to be used, the risks and how to mitigate them, how to secure and execute your transactions and how to drive your business profits..

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The Advantages of Using Trade Finance

advantages of trade finance - shipping and freight resource

The collateral obligations, repayment terms and risk thresholds of conventional lenders can make finance difficult to access for firms looking to begin or expand international trade ventures.

Trade finance enables firms to undertake such ventures, generating revenue growth and securing higher profits for firms operating in various industries.

Moreover, by providing trade-specific financial products overseen by industry expertise, trade financiers help firms overcome the challenges inherent in international trade. In doing so, trade finance offers three major advantages to these firms.

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A ship powered by vegetable oil…. Yah right…!!!

Vegetable oil powered ship - shipping and freight resource

Albeit a bit slow compared to other industries, the shipping industry continues to innovate and try to better the environmental impact on the business worldwide.. Maritime transport reportedly has the lowest carbon emission per ton of goods carried over a kilometer when compared to other modes of transport..

But now a new initiative is reported to have successfully used VEGETABLE OIL instead of conventional bunker fuel to power a ship, offsetting over 40 tons of CO2 emissions while also significantly reducing other local emissions like sulphur, soot and black carbon..

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Introduction to Trade Finance

Trade Finance Series - Shipping and Freight Resource

Many businesses rely on lending to finance new ventures, reduce their financial exposure or manage their cash flow..

Trade financiers provide or identify sources of capital for firms seeking to invest in international trade and create structures for them to access it.. But what exactly is Trade Finance and how does it all work..??

This article is part of an introductory series about trade finance, where we look at the advantages of trade finance, the ways trade finance can be structured, and the products underpinning import and export transactions..

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