Profitability in sea freight shipment is not a myth or a unicorn.. It is very possible.. Read how..
It is not a secret that ocean transportation and logistics is currently confronting immense change in terms of new technology, new markets, rising customer expectations, and new business models..
There have been a few articles on this blog about these advances like Blockchain based Bill of Lading, and other technologies that are shaking up the freight industry .. There are many ways the industry could develop to meet existing and new challenges, some of which are evolutionary and others are more revolutionary..
While cargo transportation is generally a complex business, in some cases it could be straightforward as well depending on how you manage it.. It is also a fact that in this high paced business environment it is not easy to follow every market trend and find answers on how to tackle the prevailing challenges easily..
Each customer and each shipment has its own issues, peculiarities, problems and characteristics.. But the main question that several shippers and services providers ask is “How to ensure profitability in sea freight shipment”..
More often than not, exporters, importers, carriers and logistics service providers experience loss due to poor planning, decision making and implementation..
A lot of people get into the industry sometimes without knowing even the basics relating to the business, the specifics relating to the business, the requirements and some of the vital information that can make or break the business.. I have even written a Beginner’s Guide to Importing for those who wanted to get into the importing business but didn’t know how..
Here are 11 steps you can follow to ensure profitability in sea freight shipment..
To the uninitiated (which included me at one stage), these industries are same or similar and it might come across that there is no difference between Maritime, Shipping, Freight, Logistics and Supply Chain ..
But once you are involved in the business or know about these businesses, you will very soon understand that these are very different industries with different workings, assets, architecture, requiring very different sets of qualifications, experience, expertise, knowledge and attitudes..
In this article I unpack the difference between Maritime, Shipping, Freight, Logistics and Supply Chain and how it is all connected..
Freight brokers are a traditionally integral part of the freight marketplace but often find it difficult to clearly see where they fit in amongst the waves of change now and in the years ahead. In this article we see where brokers fit into the future of freight..
As you know, the 25th of June every year is celebrated as the DAY OF THE SEAFARER under the auspices of the International Maritime Organisation (IMO)..
Day of the Seafarer (DotS as it has come to be known), is celebrated to recognize the unique contribution made by seafarers from all over the world to international seaborne trade, the world economy and civil society as a whole and to let the world know how and why #SeafarersMatter and are indispensable to everyone..
In my previous post promoting this Day of the Seafarer, I shared with you the story of Nick Chubb MNI, a former Merchant Seafarer and how he spends “A Day in the Life of a Seafarer”..
This article comes right from the top, yes from a Captain himself.. Capt.Abhishek Nair recounts the life of a Captain on board a ship..
Cyber crime.. Nothing new, but something that didn’t affect the shipping and freight industry in a big way till the 27th of June 2017 when the world’s largest container shipping line Maersk Line, was hit by the global Petya cyber attack..
This unexpected and unprecedented attack led to a huge disruption in the operations of Maersk Line..
For a few days their operations were affected because
– some of the APM Terminals were affected and gates were closed
– they were unable to serve new quotes
– they were unable to accept new bookings and
– the attack limited their ability to communicate with their customers..
This is quite a serious issue and has come as a rude shock to many customers and the industry in general.. The delays caused by such incidents affects not just the line but also the customers that had booked their cargoes for loading on specific dates for arrival at destination within a certain time frame..
Such delays may specifically affect retail and assembly line customers (like automakers) who ship on the basis of JIT (Just In Time) deliveries where such precision in delivery is required..
While I sympathize with the affected lines and customers, this also got me thinking how shipping was done in the past, before these technological advances came about and there was no possibility of such disruptions..
This prompted me to take a stroll down memory lane and write this article on Vintage Shipping – the way it was done.. ???? This could be a nostalgic overdose for many!!
A lot of people have entered the business of import and export without proper initiation, training, knowledge or research and have been caught unawares because they either didn’t know how to start it or didn’t bother to check how the business works and the checks and balances that needs to be considered..
Download the Beginner’s Guide to Importing to understand the complete process involved in this business..