The beginning of the end for the Paper Bill of Lading

My Opinion

Many things have changed in the last 30 years in shipping and freight..

Many positive new developments have taken place with things from the vintage days of shipping either obsolete to almost obsolete now..

If you look at many of the news items about the industry recently, there has been a certain buzz and intensity around the electronic bill of lading..

I am fairly confident that people entering the shipping and freight industry in the next decade will be told that 2020 was the year that saw the beginning of the end for the paper “Bill of Lading” and the year in which the switch to “Electronic Bill of Lading” (eBL) began in earnest..

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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..

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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..

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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.

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10 tips to avoid losses due to abandoned cargo

abandoned container

In any normal year, hundreds of thousands of containers filled with cargo are abandoned all over the world.

While abandoned cargo could be quite stressful and considered to be a big headache for everyone concerned, a freight forwarder may be especially affected by cargo abandonment.

Here are 10 tips to help you avoid losses due to abandoned cargo..

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Risks and Liabilities of a Freight Forwarder

risks and liabilities of a freight forwarder - shipping and freight resources 500th article

Freight forwarders are an integral part of the supply chain and global maritime trade..

A freight forwarder serves as a conduit for global trade between importers, exporters, BCOs (Beneficial Cargo Owners) and the transportation and regulatory entities such as shipping lines, customs, port etc..

The moment a freight forwarder signs/accepts a contract with the customer, they are exposed to several unique risks and liabilities..

This article discusses the risks and liabilities of a freight forwarder..

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Difference between Maritime, Shipping, Freight, Logistics and Supply Chain

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..

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The importance of declaring correct cargo details and consequences of cargo misdeclaration

Incorrect cargo details, misdeclaration of cargo and its details has been the bane of many shipping lines over the years..

The consequences of cargo and weight misdeclaration were so severe that the IMO had to implement SOLAS VGM regulations..

However there are still several incidents of such cargo misdeclaration including hazardous goods which have caused several maritime disasters..

In this article, Peregrine Storrs-Fox, Risk Management Director of TT Club writes about the importance of declaring correct cargo details and consequences of cargo misdeclaration..

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Can a shipment have multiple Incoterms rules..??

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”..

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