IMO, ITF and ILO driven intervention helps save seafarer’s life

shipping and freight news - shipping and freight resource

The COVID-19 pandemic has put seafarers around the world in precarious situations. Travel restrictions mean some cannot leave their ships, be repatriated home, or even get urgent medical assistance. Other seafarers have seen their contracts unilaterally terminated or have been quarantined on board ships for more than 14 days, without getting paid.

A large number of seafarers, as well as their spouses and family members, have reached out to IMO to share their concerns about a variety of difficult situations caused by the COVID-19 pandemic.

IMO has established an internal team to help resolve individual cases, often working alongside other organizations like the International Labour Organization (ILO), the International Transport Workers’ Federation (ITF) and the International Chamber of Shipping (ICS).

Go to full article >>>

FAK it.. A deep dive into FAK rates and how it works..

FAK Cargo - Rates - Shipping and Freight Resource

The process of global trade is simple to look at, especially if you look at it from the outside..

  • There is a buyer who needs a product ;
  • There is a seller who sells this product ;
  • They discuss and agree on a price ;
  • The buyer pays the agreed price ;
  • The seller arranges for the product to be transported to the buyer

End of trade..

Simple, right..?? Many would wish it was so..

While there are several processes and documentary flows involved in trade negotiations, there are even further processes involved in the actual movement of the goods from Point A to Point B..

One such process in the movement of goods that influences product pricing is the process of freight negotiation and freight quotation in which there are several types..

Let us take a deep dive into FAK rates and how it works..

Go to full article >>>

Protocols for safe crew change and travel during COVID-19 released

shipping and freight news - shipping and freight resource

We have read many articles, extolling the virtues of Seafarers who are considered the backbone of the shipping industry and how they are important to the industry etc etc.

However, due to the ongoing COVID-19 restrictions, these Seafarers are facing significant challenges with extended service on board, unable to go ashore for a bit of fresh air after many months at sea, unable to be relieved of their duties and go home to be with their loved ones etc.

This is despite international maritime compliance regulations which require Seafarers to be changed on a regular basis from ships they work in to ensure safety, crew health, welfare, and the prevention of fatigue.

There have been calls from many quarters for appropriate action to be taken to address these issues faced by Seafarers.

It seems that these calls may have been heard.

Go to full article >>>

How to mitigate your losses and achieve cost saving

cost savings

The world is in the midst of the COVID-19 pandemic and the global economy has been greatly hit due to this. You may agree that during such time, it’s important more than ever to find ways for saving costs and take all measures possible to safeguard your business.

As a small or midsize business, there is no doubt that you are familiar with the stress of operating on tight margins, and you know how valuable even a small percentage of cost-savings can be to your bottom line.

However, what many small businesses don’t realize, is that their supply chain – particularly when it comes to imports – can be a significant source of cost savings!

Go to full article >>>

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 >>>

Digitalising your shipping ecosystem – Executive Insights – Sri Himakuntala

Executive Insights - Shipping and Freight Resource

Executive Insights is a series by Shipping and Freight Resource that provides ongoing insights and thoughtful analysis enriching the knowledge of the readers with what is happening in the shipping, freight, maritime, logistics, and supply chain industry..

Executive Insights is also a chance to pick the brains of industry veterans, leaders, and enablers..

In this edition of Executive Insights, we caught up with Sri Himakuntala, President & Chief Executive Officer of Intellect Technologies about digitalising the shipping ecosystem..

Go to full article >>>

What the Final Interpretive Rule by the FMC on demurrage and detention says

causes of demurrage and detention

The issue of what the Federal Maritime Commission (FMC) may consider in assessing whether a demurrage or detention practice is unjust or unreasonable has seemingly been put to rest with FMC having the final word..

On the 28th of April 2020, the FMC issued its final rule on its interpretation of the Shipping Act prohibition against failing to establish, observe, and enforce just and reasonable regulations and practices relating to or connected with receiving, handling, storing, or delivering property with respect to demurrage and detention..

Go to full article >>>

Panama and Suez Canals offer cost reductions for COVID-19

shipping and freight news

While the COVID-19 pandemic continues to affect and disrupt industries, jobs, lives, and economies around the world, there also seems to be a good fightback from the various industries, governments, and organisations.

Shipping lines have been offering time-sensitive cost-saving options for COVID-19 along with some relief in demurrage and detention charges etc.. Governments have been given tax breaks and business rescue packages to those most affected.

Now it seems to be the turn of the two main canals that serve the shipping and freight industry – the Panama Canal and the Suez Canal.

These canals save shipowners costs in terms of the transit, in terms of fuel costs, and also assists in reducing the carbon footprint of the transiting ships but of course both these canals have toll charges for the transit of ships.

Go to full article >>>

Seafarers – We Need You, We Hear You, We Support You!

Imagine leaving your loved ones, boarding a ship (for what you thought was a specified time) and now, not knowing when you will be able to return.

This is the plight of thousands of seafarers the world over, who are working on ships so that you can get everything you need – food, medicines, supplies, provisions, etc.

Everything you see around you has (in all probability), at some point, traversed by sea and made its way to you.

The invisible workforce that makes your life comfortable and convenient are the more than 1.6 million seafarers around the world operating to keep the supply lines moving and alive.

Today on Labour Day, we pay tribute to these brave souls, the backbone of the maritime industry.

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 >>>

Share