Incoterms® 2020 rules and how to spot fakes

Incoterms 2020 Rules - Shipping and Freight Resource

For the past 80 years, Incoterms® by ICC has been the cornerstone of global commercial trade, creating the basis for robust trade negotiations directly or indirectly involving sellers, buyers, shipping lines, truckers, forwarders, clearing agents, chambers of commerce, legal firms, courts, etc etc..

The rules have been developed and maintained by experts and practitioners brought together by the ICC.. Launched in mid-September 2010, Incoterms® 2010 came into effect on 1 January 2011 and is the latest version till it will be replaced by Incoterms 2020 in 2019..

Naturally and as with any legitimate business or undertaking there are always scrupulous elements trying to take advantage in the market.. In this case, although the Incoterms 2020 will be launched later on in 2019, information or training sessions claiming to explain Incoterms® 2020 has already begun to emerge on a number of websites from non- ICC affiliated providers..

Misuse of the Incoterms® rules can lead to costly mistakes, making it essential to learn about the renowned terms –such as Delivered at Place (DAP), Free Carrier (FCA) and Free on Board (FOB) – from a trusted and credible source like the ICC..

In order to assist the trade in avoiding inaccurate or misleading information on Incoterms® 2020, the ICC has issued a notification containing 3 ways to spot fake Incoterms® rules Information..

Read more >>>


Update on Yantian Express – fire and general average

shipping and freight news

Latest update on Yantian Express General Average..

The Yantian Express has been in Freeport, Bahamas since early February 2019 after it went up in flames on the 3rd of Jan 2019 while on its way from Colombo to Halifax via the Suez Canal..

Read more >>>


Do you support mandatory regulation of ship speeds..??

what is your opinion

As at the time of writing of this article, 244 days is what is left before ships have to comply with #IMO2020 (I actually put up a countdown on my sidebar)..

What IMO2020 is, has been discussed in detail across many articles on this blog, so I won’t repeat in great detail..

An open letter to IMO Member States by NGOs has expressed strong support for the IMO to implement mandatory regulation of global ship speeds differentiated across ship type and size categories..

Industry experts especially in container shipping seem divided on this.. Do you support mandatory regulation of ship speeds..??

Read more >>>


Digital Freight Forwarder Freighthub secures USD30 million finance

shipping and freight news

The Digital Era is really and truly upon the shipping and freight industry..

Investors are showing great interest in funding the digital capabilities displayed by the role players in this industry and one of the main role players who seem to be capitalising most on this seems to be the Digital Freight Forwarders..

One such digital freight forwarder, FreightHub founded in Berlin in 2016, is the latest beneficiary of such investment..

FreightHub, who have been termed as Europe’s first digital freight forwarder, announced today that they have raised USD30 million in its Series B financing round..

Read more >>>


SCIT19 – where Supply Chain, Innovation and Technology come together

Supply Chain, Innovation, Technology - Shipping and Freight Resource

The digital era for supply chain is well under way.. Technology and supply chain having seemingly become inseparable..

Technologies such as Blockchain, IoT, Big Data, Machine Learning, Artificial Intelligence are all finding their niche in the whole process of supply chain..

Whether it is in terms of issuing a smart bill of lading to a customer miles away or ensuring quick delivery of mandarins to China, technology has found its place in supply chain and its influence is growing..

Digital freight forwarders are leveraging these technologies and offering instant solutions as required by BCOs and others involved in the industry.. These technologies also seem to have spawned Digital Shipping Lines who are seen as serious competition to the digital freight forwarders..

There have been and are many discussions, arguments, disagreements surrounding these technologies..But one thing is clear and that is the fact that there needs to be lots of effective and productive discussions about the use of technology, the innovations that has already happened and their future..

If you are interested in such discussions, Microsoft New York Headquarters, 11 Times Square, New York is the place you want to be, on the 19th and 20th of June 2019..

Read more >>>


Digital Freight Forwarders vs Digital Shipping Lines

Shipping and Freight Resource Opinion

A Freight Forwarder is a multi-function agent/operator who undertakes to handle the movement of goods from point to point on behalf of the cargo owner..

For the freight forwarder involved, this may include a door to door movement, negotiating freight rates, nominating the carrier(s), booking the goods and handling all the documentary, operational and transportation requirements between the two points..

Digital freight forwarders are a new breed of freight forwarders who are disrupting the freight industry armed with the ability to offer the services of a freight forwarder but on an instant basis using online technology and data..

But they have several competition to contend with.. One of them is a “Digital Shipping Line“..

Say what..!!!!!!!!!!!!!!!!!!!!!!!! Who is a digital shipping line now..??

Read more >>>


Hapag-Lloyd on track to achieve target of 20% reduction in emissions

shipping and freight news

Hapag-Lloyd has a container capacity of approximately 2.6 million TEUs including one of the largest and most modern fleets of reefer containers operated on the back of 120 liner services worldwide connecting more than 600 ports on all the continents..

Hapag-Lloyd is also one of the leading operators in the Transatlantic, Middle East, Latin America and Intra-America trades..

As per Hapag-Lloyd, their container shipping makes a significant contribution to a well-functioning global trade and as such bears a special responsibility for the environment, its customers and shareholders, and its employees..

In line with this, they have released their current sustainability report, titled “Gathering Pace Together”, which gives an insight into the broad spectrum of Hapag-Lloyd’s sustainability-related activities, which deals with topics such as combating corruption, employee training and data protection..

Read more >>>


BOXBAY – A high rise container storage solution by DP World

DP World BOXBAY - Shipping and Freight Resource

DP World who are well known for their container terminal operations around the world has come up with an innovative solution which is designed to transform the way containers are handled in container terminals – whether greenfield or brownfield..

A greenfield terminal is a newly built terminal built from scratch for the purpose of container terminal operations, whereas a brownfield terminal is an already existing container terminal which needs to be modified or upgraded and has several infrastructure or development constraints such as space..

In this day and age where the urban world is facing space constraints in terms of land, whether it is buildings or container terminal storage, the only way seems to be UP..

A new joint venture between global trade enabler DP World and industrial engineering specialists, SMS Group has done just that by launching BOXBAY – a new high bay container storage system that will transform the way containers are handled in the ports it operates in..

Read more >>>


Zim Line joins TradeLens

shipping and freight news

Many have heralded the prowess of Blockchain the “immutable” hero of technology in the shipping, freight and logistics space..

Blockchain has already been

Ports and port authorities have also got in on the Blockchain action with the port of Valencia joining the TradeLens project, the technological solution developed by IBM and Maersk to start applying blockchain technology in the global supply chain and the port of Marseille Fos piloting a blockchain based project for supply chain logistics and intermodal freight movement on the Mediterranean-Rhône-Saône axis (MeRS) transport corridor..

The TradeLens project has been further strengthened by the announcement from ZIM Integrated Shipping that it has signed on as a member of TradeLens..

Read more >>>


South Africa says yes to all types of approved scrubbers

IMO2020 - shipping and freight resource

In 2016, at the 70th session of the Marine Environment Protection Committee (MEPC) meeting in London, the International Maritime Organization (IMO) took a landmark decision setting 1st January 2020 as the implementation date for a significant reduction in the sulphur content of the fuel oil used by ships..

As per this decision, MARPOL Annex VI has been revised, lowering the current global limit for sulphur content of marine fuels from 3.50% to 0.50% as from the 1st of January 2020..

IMO advised several methods through which ships can meet lower sulphur emission standards..

As part of the effective implementation of IMO2020 0.50% Sulphur Cap, South African Maritime and Safety Authority (SAMSA) announced that South Africa has approved the use of all types of approved scrubbers..

Read more >>>


Share