Less common shipping charges shippers should be aware of EFAF, B/L, GA, COD, LOLO, … The ocean freight industry is not short on acronyms and abbreviations and those familiar with it can definitely vouch for it. The countless articles that have been written about the different abbreviations in shipping is probably evidence enough, and that’s not including Incoterms. Most articles tackle the main abbreviations involved in container shipping rates, which provides important information for both importers and exporters alike.
As we approach the end of the decade, preparations to introduce a revised set of Incoterms are starting to intensify. Come January 1st, 2020, industries dealing with the international transportation such as the ocean freight industry will bid farewell to the current version of Incoterms, and ring in the new. Incoterms 2020 will see significant changes that will affect importers and exporters across the globe. In this article, we’ll discuss the main changes that are reportedly being deliberated.
It’s common knowledge that conditions out at sea may get rough, which is why many freight forwarders emphasize on the importance of properly packing and securing your shipment. But given the unpredictability of mother nature, shipments are never entirely safe. Your lashes are securely in place, your pallets are properly stacked, and your weight distribution is right. You’ve packed and secured your shipment by the book and so well that you’re thinking about teaching a 101 course on how to prepare your shipment.
Deadlines and documents to be aware of for your international move Moving internationally is a long process. From the day the decision is made to settling in in your new home, months will have passed. It takes delicate planning and keeping a strict eye on deadlines to make sure everything goes smoothly. Planning should begin as soon as possible. Even prior to deciding, you should already start looking into the history, political situation, healthcare system, tax regulations, and language barriers (if any), etc, of your destination country.
Like all other industries, ocean freight too has its shipping season. During this time, container shipping rates increase and for a few months, it gets substantially harder to secure cargo space on shipping vessels. The shipping peak season runs from around July/August to October every year. During this time, shippers and importers are likely to either have had their cargo prepared and booking secured in advance, or prepare to pay a copious amount of money to make sure their merchandise is shipped.
With shipping representing 90% of world trade, it’s safe to say that the ocean freight industry is key to sustaining the modern economy. And the biggest contributors are the thousands and millions of companies that import and export merchandise in shipping containers to and from every corner of the world. With shipping so closely tied to the economy, even the slightest changes in the markets can have profound impacts international trade relations, demand, and supply.
FOB, CIF, or EXW? The Incoterm you choose for your import from China can greatly affect your overall cost. But strangely, it’s seldom the focus of your import campaign. Most importers tend to place higher priority on obtaining the lowest sale price possible while overlooking other details. This may end up being a very costly mistake. Given their direct impact on import costs, it’s time we start giving Incoterms a closer look.
What does it mean when your container gets rolled As a shipper, it’s not entirely uncommon for your container to get rolled. When an ocean freight cargo is said to have been ‘rolled’, it means it has not been loaded onto the vessel it was meant to sail on. There are various reasons for a container getting rolled, including but not restricted to: Overbooking Vessel omissions (when a vessel skips the port) Vessel weight issues Mechanical issues Customs problems Missed cut-off days Documentation problems Pending title validation (for auto shipments) This tends to happen more to shipments requiring a transshipment or with end destinations at lesser-known ports.
As the world’s largest importer, the United States’ import process is nothing short of complex. Besides the usual paperwork needed for any ocean freight shipment such as the Bill of Lading or packing list, there’s also a great deal of other expenses such as fees and taxes to consider. In this post, we’ll take a deeper look into one of them: the customs bond. What is a customs bond? A customs bond is like an insurance policy that guarantees payment of all duties and fees related to a shipment.
Many shippers may be aware of the importance of the Bill of Lading and its vital role in ensuring the proper transportation and retrieval of an ocean freight shipment. However, the importance of the shipping packing list must not be overlooked. Whether you’re filling out a packing list to export commercial merchandise or to move overseas, there are important aspects of this document you need to be aware of. A simple misunderstanding of this document may result in unnecessary delays and their corresponding fees.