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..

Go to full article >>>

How sanctions affect shipping companies and trade

News - Shipping and Freight Resource

The dictionary defines Sanctions as “Sanctions are measures taken by countries to restrict trade and official contact with a country that has broken international law.“.

Whether economic or political in nature, Sanctions have a real impact on the economy and can affect the interests of those engaged in businesses including international shipping.

The US and EU imposed sanctions on Russia due to the latter’s aggression against Ukraine.

Here is a look at the impact of these sanctions on the interests of shipping companies.

Go to full article >>>

10 tips to avoid losses due to abandoned cargo

abandoned container

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..

Go to full article >>>

Risks and Liabilities of a Freight Forwarder

risks and liabilities of a freight forwarder - shipping and freight resources 500th article

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..

Go to full article >>>

Difference between Maritime, Shipping, Freight, Logistics and Supply Chain

To the uninitiated (which included me at one stage), these industries are same or similar and it might come across that there is no difference between Maritime, Shipping, Freight, Logistics and Supply Chain ..

But once you are involved in the business or know about these businesses, you will very soon understand that these are very different industries with different workings, assets, architecture, requiring very different sets of qualifications, experience, expertise, knowledge and attitudes..

In this article I unpack the difference between Maritime, Shipping, Freight, Logistics and Supply Chain and how it is all connected..

Go to full article >>>

The importance of declaring correct cargo details and consequences of cargo misdeclaration

Incorrect cargo details, misdeclaration of cargo and its details has been the bane of many shipping lines over the years..

The consequences of cargo and weight misdeclaration were so severe that the IMO had to implement SOLAS VGM regulations..

However there are still several incidents of such cargo misdeclaration including hazardous goods which have caused several maritime disasters..

In this article, Peregrine Storrs-Fox, Risk Management Director of TT Club writes about the importance of declaring correct cargo details and consequences of cargo misdeclaration..

Go to full article >>>

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”..

Go to full article >>>

Missing Import Licenses – Do’s and Dont’s

Opinion Piece

Dealing with Missing Import Licenses
The import permit was rejected, because of missing license!” says your Customs agent in a text message.

Are you sure? We’ve been importing this for years!”, you reply.

Unfortunately, similar conversations like the above happen all the time, and in all parts of the world because of various reasons.. Here are some do’s and dont’s when it happens..

Go to full article >>>

FMC publishes TradeLens agreement

shipping and freight news

TradeLens is a digital alliance among container shipping lines started by the teaming up of Maersk and IBM to offer customers digital freight solutions..

Touted as an open and neutral industry platform underpinned by Blockchain technology, Tradelens is now supported by major industry players such as Maersk, Zim Lines, PIL, CMA CGM, MSC, Hapag Lloyd and ONE..

This platform received a major boost on the 23rd of December 2019 when The Federal Maritime Commission (FMC) published “The TradeLens Agreement”..

Go to full article >>>

Trade and Digitalisation

Trade and digitalisation

Trade as we know it (or don’t know it) has been around for centuries in various forms across various time-lines..

Starting from trade on the Silk roads around 1st century BC, through the Spice Routes between the 7th and 15th centuries to the current age of globalisation, trade has come a long way indeed..

While the business of trade itself hasn’t changed from the basic concept of buying and selling, the methodology of trade and trade patterns have changed drastically especially over the last few decades..

Go to full article >>>

Freight benchmarking and its benefits

freight benchmarking

Benchmarking – is a business tool used by companies to evaluate and compare the current position and standing of the company against similar companies and organisations in the same business space in the market..

The point of benchmarking is to identify opportunities for improvement of your products and services by comparing your company’s performance, processes, costs against a bigger and better market competitor..

This could mean tweaking your company’s products/services to match the competitor’s offering in the market or by improving your scope of services..

Freight benchmarking is a benchmarking tool in the shipping and freight industry used by various role players in the industry such as BCOs, freight forwarders and shipping lines..

Go to full article >>>

5 things to do before shipping your first export consignment

first time

Are you new into the business of exporting and not sure how to get it right the first time? You are not alone. Not many people are aware of how to handle their first export consignment.

Considering the international nature of the business, it is not easy as it requires a deeper understanding of the entire process of the markets its rules and regulations.

Ensuring this on a regular basis is challenging even for experienced agencies in the export/import market.

So what should you do? Well as a first timer, the best you can do is prepare. Prepare yourself and develop an in-depth understanding of the market you are exporting to. And more importantly, about the export rules and the best practices to keep in mind.

While the business scenario and shipping regulations would differ from country to country, there are certain common things that you must ensure while exporting.

Here’s a look at the 5 important things to consider before shipping your first export consignment abroad.

Go to full article >>>

Why Demurrage & Detention fees are killing ocean shippers

Shipping and Freight Resource Press Release

International trade continues to experience growing pains related to demurrage and detention charges.

Unfortunately, global transport interpretations result in an assumption that these terms are interchangeable.

Depending on the origin and destination, they have different meanings, especially in the U.S. In fact, the Federal Maritime Commission (FMC) took the exuberant step to eliminate confusion and streamline port management.

While beneficial, the new interpretive rule still leaves room for error, notes FleetOwner, lacking the force of legally bound duties.

To avoid an assumption of decreased demurrage and detention fees and keep ocean freight spend under control, shippers need to understand their real impacts and how these fees amount to significant issues in the global supply chain.

Go to full article >>>

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..??

Go to full article >>>

Share