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..
The Incoterms® rules are a globally-recognised set of standards, used worldwide in international and domestic contracts for trade transactions..
Following its introduction in Incoterms® in 1936, these international commercial trade terms were revised in 1957, 1967, 1976, 1980, 1990, 2000, 2010 and most recently in 2019 (Incoterms® 2020) to accommodate changes as global trade developed and evolved..
As per the International Chamber of Commerce, the recently released Incoterms® 2020 rules seeks to “offer a simpler and clearer presentation of all the rules, featuring revised language, an expanded introduction, explanatory notes, and articles reordered to better reflect the logic of a sale transaction“ and traders are encouraged to use the latest version..
A question that has come up in terms of Incoterms® is whether “a shipment can have multiple Incoterms rules”..
TradeLens is a digital alliance among container shipping lines started by the teaming up of Maersk and IBM to offer customers digital freight solutions..
Touted as an open and neutral industry platform underpinned by Blockchain technology, Tradelens is now supported by major industry players such as Maersk, Zim Lines, PIL, CMA CGM, MSC, Hapag Lloyd and ONE..
This platform received a major boost on the 23rd of December 2019 when The Federal Maritime Commission (FMC) published “The TradeLens Agreement”..
Trade as we know it (or don’t know it) has been around for centuries in various forms across various time-lines..
Starting from trade on the Silk roads around 1st century BC, through the Spice Routes between the 7th and 15th centuries to the current age of globalisation, trade has come a long way indeed..
While the business of trade itself hasn’t changed from the basic concept of buying and selling, the methodology of trade and trade patterns have changed drastically especially over the last few decades..
Benchmarking – is a business tool used by companies to evaluate and compare the current position and standing of the company against similar companies and organisations in the same business space in the market..
The point of benchmarking is to identify opportunities for improvement of your products and services by comparing your company’s performance, processes, costs against a bigger and better market competitor..
This could mean tweaking your company’s products/services to match the competitor’s offering in the market or by improving your scope of services..
Freight benchmarking is a benchmarking tool in the shipping and freight industry used by various role players in the industry such as BCOs, freight forwarders and shipping lines..
Are you new into the business of exporting and not sure how to get it right the first time? You are not alone. Not many people are aware of how to handle their first export consignment.
Considering the international nature of the business, it is not easy as it requires a deeper understanding of the entire process of the markets its rules and regulations.
Ensuring this on a regular basis is challenging even for experienced agencies in the export/import market.
So what should you do? Well as a first timer, the best you can do is prepare. Prepare yourself and develop an in-depth understanding of the market you are exporting to. And more importantly, about the export rules and the best practices to keep in mind.
While the business scenario and shipping regulations would differ from country to country, there are certain common things that you must ensure while exporting.
Here’s a look at the 5 important things to consider before shipping your first export consignment abroad.
International trade continues to experience growing pains related to demurrage and detention charges.
Unfortunately, global transport interpretations result in an assumption that these terms are interchangeable.
Depending on the origin and destination, they have different meanings, especially in the U.S. In fact, the Federal Maritime Commission (FMC) took the exuberant step to eliminate confusion and streamline port management.
While beneficial, the new interpretive rule still leaves room for error, notes FleetOwner, lacking the force of legally bound duties.
To avoid an assumption of decreased demurrage and detention fees and keep ocean freight spend under control, shippers need to understand their real impacts and how these fees amount to significant issues in the global supply chain.