CREATE YOUR FREE ACCOUNT
Already have an account? Login
Questions to ask your freight forwarder to help your business succeed The ocean freight industry is a complex one. And you’ll want to make sure the people you work with are a right fit for your business, especially the ones responsible for transporting your cargo. Different freight forwarders operate differently. So before deciding, it’s always best to clear any doubts you have about their services, their locations, and even their network.
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.
The uncertainties of the ongoing trade war between the US and China are rattling importers and business owners. And with possibly more retaliatory tariffs on the horizon, importers should begin to weigh their options and consider steps they can take to minimize the potential damage these tariff increases can have on their business. iContainers spoke with Lenny Feldman, Senior Member of the Sandler, Travis & Rosenberg law firm specializing in international trade, customs & export law.
Trade war impact on shipping Over the past few months, the world has witnessed a war of words and trade tariffs flying across the Pacific and Atlantic oceans, as well across north American borders. As the US threatens full-scale tariffs on all imports from China, if you haven’t already done so, it’s probably a good time to think about how these can and will ultimately filter down to the different parties in the ocean freight industry.
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.
The influence of the US market over the global economy cannot be denied. As the world’s second-largest exporter (after China), the US recorded over $1.5 trillion worth of exports in 2017. To put that into a historical perspective, that’s nearly 2.5 times more than what it was exporting just 25 years ago. US top export partners Its NAFTA neighbors, Canada and Mexico, continue to be the US’ largest export partners, with 30% of total US exports destined for the two.