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We’re still more than a year away from seeing a finalized version of the next edition of Incoterms. But already, there have been expectations and even certain speculations from the ocean freight industry, which is generating some buzz as to what changes we can expect in Incoterms 2020. So now seems like a good time to dive into the history of Incoterms. When were they first implemented? Why were they needed?
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.
What is a shipping return window? One of the most important concepts in ocean freight that many exporters are unaware of is the carriers’ return window. A shipping return window is the allocated time set by shipping carriers in which a container must arrive at the terminal to be loaded onto the departing vessel. Carriers typically set a return window of four days, although this may vary as circumstances change.
Valentine’s Day Logistics With Valentine’s Day just around the corner, you must already be making arrangements to show your significant other just how much he/she means to you. While some may think of it as a Hallmark holiday, others bask in the spirit of gift-giving and love. Now these may come in many different forms, but there’s one that seems to be more common than any other - flowers.
It’s beginning to look a lot like Christmas It’s that time of the year again when merrymakers all around the world embrace the spirit of generosity and engage in festive gift-exchanging. The year-end holiday season is without a doubt the busiest for retail shops, as they attempt to attend to the throngs of crowds patroning their stores during this busy festive period. And more preparations are perhaps needed this year, as Americans are expected to spend an average of $906 on Christmas gifts — 20% more than last Christmas.
Made in China. Much have been made about this phrase, whose origins simply indicated the production origins of a certain good. Today, it no longer just relates to international trade. As a label, Made in China could sometimes subtly indicate the quality of goods or low costs of labor. In popular culture, it’s even been made into a song. For many countries, this label is a legal requirement for all products imported into and sold within their territory be it via ocean freight or air freight.
Ocean freight carrier schedule reliability In the ocean freight industry, it’s always good advice to anticipate the unanticipated as the complex logistics industry isn’t short of its hiccups. That said, there are aspects of shipping that are simply beyond your control. This includes the carriers’ schedule reliability, which is what we’ll be addressing in this post. Just recently, SeaIntel named Hong Kong’s OOCL as the most reliable carrier, in terms of on-time arrival rate, for the third quarter of 2017.
US beauty products imports Given Hollywood and its influence, it probably comes as no surprise that the United States is the world’s largest importer of beauty products - responsible for a whopping 11% of the total imported beauty products across the globe in 2015. This far surpasses the next few largest importers - Hong Kong (7.6%) and China (6.9%). Movements in the global beauty products market are massive, with the industry estimated to hit $635.
Besides trying to obtain competitive shipping rates, documentation is just as, if not more important when trying to send an ocean freight shipment. There will be many important shipping documents you’ll handle over the course of the process, but one thing to keep an extra eye on will be the Bill of Lading. As it stands, there are many variations of Bill of Ladings to begin with, such as the original B/L, Telex Release, and Express Release and these may be confusing.
The ocean freight world is not short of its complex paperwork and documents. You may know the more important ones such as Bill of Lading and packing list. But there are others that are equally important. In this post, we’ll take a more detailed look at the Letter of Credit, what it is, and how it works. What is a Letter of Credit? A Letter of Credit, according to the ICC, is: