As you maybe aware, the Federal Maritime Commission initiated investigation, Fact Finding 28, in March 2018 to look into the question whether demurrage and detention charges in the shipping industry were justified..
Industry stakeholders raised a petition to address the question whether demurrage and detention fees charged to shippers for storing containers and using equipment beyond the carrier’s or terminal’s allowed “free time” were just and reasonable..
This question arose on the back of demurrage and detention charges levied by the port, terminal and shipping lines to the shippers especially in the key USA gateways of Los-Angeles/Long Beach on the West Coast and New York-New Jersey on the East Coast..
Here are the results of the investigation and its findings..
In April 2018, more than 100 Member States met at the International Maritime Organisation in London and adopted an initial strategy on the reduction of greenhouse gas emissions from ships by at least 50% by 2050 compared to 2008 levels..
The current global limit for sulphur content of ships’ fuel oil is 3.50% m/m (mass by mass)..
The regulations to reduce sulphur oxide emissions has introduced a new global limit for sulphur content of ships and as from 1st of January 2020 the new global limit on the sulphur content will be 0.50% m/m..
The LSS or Low Sulphur Surcharge is as a consequence of this meeting..
A Currency Swap is a pact between two countries that allows trading in their own currency and payments to import and export trade at pre-determined exchange rates without bringing in a third currency..
In this article we discuss with a latest example how the currency swap works and how it helps trade between the countries in the currency swap agreement..
General Rate Increase (GRI) – a term liked by the shipping lines and loathed by the trading community.. This article explains what GRI means to people on either side of the fence and how it affects the trade..