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What are important freight terms?
Following are some of the important freight terms: Shipper / Consignor, Consignee, Carrier, Freight Bill-of-Lading, loss & damage, private carrier, common carrier, freight forwarder, transportation brokers, shippers association, Integrator, 3PL, interline shipment and many more. For a detailed information I suggest you to search in Google. Freight Shipping Company Florida
What is the procedure to start freight forwarding business in India?
Federation of Freight Forwarders• Associations in India (FFFAI)is the Apex Body and the Sole Representative of 24 Member Associations from all over India representing 5000 Custom House Agents (employing over 1,000,000 people)There are two major types of freight business—a freight brokerage business and a freight forwarding business. Both sectors have a range of benefits and downsidesStarting a freight brokerage business:Freight brokerage businesses generally don’t handle any shipments themselves. They instead act as coordinators, matching suppliers with carriers. The role involves a great deal of communication—soliciting clients, negotiating rates with carriers, tracking shipments, and arranging alternative transport if a problem develops in the supply chain.Starting a freight forwarding business:Unlike brokers, freight forwarding businesses often directly handle customer shipments. Depending on the size of the shipment and the destination, a freight forwarding business could collect goods from a customer, store them at a warehouse, group smaller shipments into one larger consignment, and even deliver them.You will need at least one vehicle for transportation, a secure storage facility for shipments, and potentially packing materials. If you’re planning on commissioning other carrier companies, you will also need to purchase logistical software.However, this increased responsibility also leads to increased liability. Where freight brokers largely act as salespeople, freight forwarders actually handle shipments and are therefore subjected to many insurance and licensing regulations.Funding and Investment: To setup a freight forwarding service in India, one will require a capital investment of approximately 12 crores. A pure third party logistics service will require investments ranging from 65-100 crores. Starting an Inland Container Depot (ICD) or Container Freight Station (CFS) requires investment of several hundred croresCompliance and Registration: In India, registration with International Air Transport Association (IATA), Air Cargo Agent Association of India (ACAAI) are very useful for freight forwarders. Other important registrations in India include:Directorate General of Foreign Trade (DGFT) registrationRegistration with the Income Tax DepartmentRegistrar of Companies and related Government Departments.Private limited company registration.Import export code (IEC).VAT (value added tax) registration.Employee’s state insurance (ESI) or PF registration.Trademark registration, when there is a unique brand name.Other services:Insurance services : The freight forwarder will provide the client insurance services to make sure that if the items do arrive damaged, they will be reimbursed and not liable for the damages.Documentation: Documentation is important for the shipment of an item overseas. There are a number of documents that the freight forwarder needs to prepare for the shipment that requires specialist knowledge.Bill of Lading (BOL) • The BOL is a contract between the owner of the goods and the carrier. There are two types of BOL; firstly a straight bill of lading which is nonnegotiable and secondly, a negotiable or shipper's order bill of lading. The negotiable BOL can be bought, sold, or traded while the goods are in transit. The customer will usually need an original as proof of ownership to take possession of the goods.Commercial Invoice • The invoice is the bill for the goods from the seller to the buyer. It can be used to determine the true value of goods when assessing the amount of customs duty.Certificate of Origin (COO) • The COO is a signed statement which identifies the origin of the export item.Inspection Certificate • This document may be required by the customer to certify the goods have been inspected or tested and the quality of the goods is acceptable.Export License • This license is a government document that authorizes the export of goods in specific quantities to a specific destination.Shipper's Export Declaration (SED) • The SED is used for export statistics. It is prepared via the US Postal Service (USPS) when the shipment is greater than $500.Export Packing List • This is a detailed packing list that itemizes each item in the shipment, what type of packaging container was used, gross weight, and package measurements.3. Packaging.4. Labeling.5. Why should I be aware of the HS Code and tariff and why is this information important to start my own shipping and freight business you may ask.6. I have been able to find a link of pdf which says Educational wing of Federation of Freight Forwarder’s Association in India. I hope this will be a help for you: http://fiata.com/fileadmin/user_...7. There is a blog by Vijay kumar chouhan related to the challenging opportunities for Freight Forwarders in India: https://www.linkedin.com/pulse/c...It’s advisable to seek membership of an accredited industry organization. This will lend your new company some credibility, and help persuade potential customers to enlist your services. Here is the link of the FFFAI membership association Welcome to FFFAISome other few links I’ve gathered for you:https://shippingandfreightresour...http://smallbusiness.chron.com/b...http://cerasis.com/2015/06/29/ho...https://bizfluent.com/how-694127...How to Start a Freight ForwardingWith my research I’ve found out that most of the Freight Forwarder Entrepreneurs have asked the same question which you’ve asked. So I hope this research help you out. And have a great future ahead.
Is a bill of lading required for private truck fleets?
Some sort of shipping papers are required.Mr. Blakely's answer makes sense, but one of the nation's larger truck fleets, a parcel fleet (the one that's not UPS or the post office), gives us papers that say only how many parcels are in each trailer, how much they weigh, which hub we came from and where and when they'll next be sorted. There's a plastic envelope that contains the hazmat slips if the trailer contains such. But no other indication of what we've got.It amazes me that this is acceptable at a level 3 inspection or the California Agricultural inspection stations at the state lines, but it is.Of course we don't ask the millions of shippers “what's in the box?” so it would be difficult to provide information we don't have.
What are some common acronyms in the field of shipping and receiving?
Good Day to All! Being in the Shipping industry for around 15 years I can explain a few I hope. Here are the common acronyms used in the Shipping Industry along with their meanings; -         PDA : Profoma Disbursement Account is the initial profoma offer to the principal as in estimate of expenses when the vessel calls port.-         FDA : Final Disbursement Account is the final profoma send to the principal after the vessels sails and all the due and invoices have been received for all the services performed for the vessel.-         SOF : Statement of Facts is a detailed break up with date and time of every event that has occurred since (ESOP) End of Sea Passage till Vessel Sailed and RFA.-         LCL : Less than Container Load-         FCL : Full container load-         Bill of Lading : It’s a legal tender as deed of ownership of cargo. Made by shippers and generally signed by Master of the Vessel or Agents also after due Authorization from the Master. Cargo is only discharged/delivered to charterer/cargo owner on presentation of Original B/L. These can be of two types as follows; -         House B/L : In House B/L Made with the forwarding agents and receiving agents are both from our set up. Hence the necessity of having different B/Ls and exposing the clients to Shipping lines can be avoided.-         Master / Liner B/L : Is made with the shipping line and consignee name is our name.-         LOI : Letter of Indemnity in this case issued in order to release the DO when original B/L is not available and LOI is issued by charterer . Vessel Owner and owner instruct Master to release cargo without presentation of Original B/L and agent to issue DO-         DO : Delivery Order to be issued by the company against receipt of Original B/L or on submission of LOI to the receiver. A charge is levied on the customer to issues the D/O. -         Packing List : This list is a document prepared by shipper exporting his cargo. It shows the exact and full details of the cargo to be shipped. The same is submitted for custom clearances purposes.-         Cargo Manifest : is document issued by the carrier or shipper or the carrier which shows all the particulars pertaining to the shipment. It shows cargo details, Quantity, B/L Number etc.-         Lien :The carrier shall have a lien for any amount due under this contract and costs of recovering same and shall be entitled to sell the goods privately or by auction to cover any claims.-         Delay : The carrier shall not be responsible for any loss sustained by merchant through delay of the goods unless caused by the carriers• personal gross negligence.-         EXW / Ex-Works : Means seller is only responsible to make goods available at his premises. The buyer bears all cost till the desired destination. Its related to departure of goods till sellers premises.-         FCA • Free Carrier : This term is generally intermodal which involved many modes of transport. Its based on the same principle of FOB except seller fulfills his obligation when he delivers the said cargo at a named point. The liability of cargo from seller to buyer is transferred at this point and not on the ships railing.-         FAS • Free Alongside Ship : As the name implies the seller places the cargo alongside the ship. This means the buyer bears all cost and risk of loss or damage at the moment. The buyer contracts with the sea carrier for the carriage to destination and pays the freight.-         FOB • Free onboard : The seller delivers the goods onboard the vessel free of cost to the buyer at the port named in shipment in sales contract. Eg FOB Tokyo or can be Classis FOB in which seller is the shipper and is party to the contract of carriage until bills of lading are made out in buyers name. This type is generally for specialized i.e oil for tankers or due to local requirements. -         CFR/CNF • Cost and Freight : CNF Mumbai means the destination port of the cargo. In this the main duty and carriage is paid by the seller and is generally used for sea and inland water transport.-         CIF • Cost Insurance and Freight : This is the same as CNF with the difference that’s the seller has to bear the cost of insurance and its premiums. And this price is included in the price of the goods. The original contract is mostly FON or FAS where the buyer would have charterers the vessel and called at the ports of shipments taking the goods into his care.-         CPT • Carriage paid to : This means the seller pays the freight for the carriage of goods to be named destination. Its suitable for any mode of transport in particular for multimodal transport.-         CIP • Carriage and Insurance paid : This term is used it means the seller has to ship goods and procure the insurance against the buyer’s risk of loss or damage during carriage. It is appropriate for transport by any mode including multimodal transport.-         DAF • Delivered at Frontier: This means the seller’s obligations are fulfilled when the goods arrived at the frontier but before the customs border. Main carriage is usually paid by the seller.-         DES • Delivered ex ship : This means as the name implies that the seller is responsible to make the good available to the buyer at the destination named on the ship in the contract and covers all the cost and risk involved till the destination named.-         DEQ • Delivered ex quay : This means as the name implies that the seller is responsible to make the good available to the buyer at the destination named in the contract at the quay and covers all the cost and risk involved till the destination named on the jetty or quay.-         DDU • Delivered duty unpaid : Means the seller fulfills his obligation to deliver when goods have been made available at the named place in the destination. Again all the cost involved is taken care of by the seller till the customs house.-         DDP  - Delivered Duty paid : This is the other extreme of the contract and is like door to door service. The seller has to deliver the cargo to the premises of the buyer and cover all cost till the premises. Seller takes care of all the costs and risk until arrival. -         Switching of Bill of Lading :  This situation arises when the charterer deviates for the route in the middle of the voyage/change destination or the consignee has been changed at the destination port. Hence required to switch B/L. This is done by agents on behalf of clients should make sure that ITIC club has been intimated and the B/L for the first leg has been cancelled.-         Liner Agency Agreement : An agreement or other document describing services to be delivered by the agent to the principal (alternatively referred to as the liners) which have scheduled services.-         Container Codes  : These are as below,LCL : Loose Container LoadFCL : Full Container LoadCDSTUFF : LCL to CFS De-stuffingCSTUFF : Empty Container to CFS for stuffingDSTEXP : CFS inspection container as exportDSTUFF : FCL container to CFS for de-stuffingEXPOUT : Export container withdrawn by the shipperFULSIN : Full container leased inICONE : Import container converted to exportMTLSIN : Empty container leased inOTAGRES : Out agents responsibilityRTNFCFS : Return from CFS FCL containerDSLCL : LCL container discharged from the vesselDSFTSP : Full transshipment container discharged from vesselDSMTSP : Empty transshipment container discharged from vesselLDFTSP : Full transshipment container loaded on vesselLDMTSP : Empty transshipment container loaded on vesselDTTSPFI : Transshipment full container transfer in DepotDTTSPFO : Transshipment full container out in DepotHope same in sufficient. Warm RgdsCapt. Nazeef Siddiqui
In terms of cost structure and management, what is the significance of free trade zones for firms involved in global trade?
This question has many legs involving not only free trade but trade finance which are inseparable from international trade in general.In order to address the issues involved in these complex parts of trade some definitions are necessary to assemble the puzzle into a clear picture.Special Economic Zones as defined by The World Bank: “A free-trade zone (FTZ) is a specific class of special economic zone. It is a geographic area where goods may be landed, stored, handled, manufactured, or reconfigured, and re-exported under specific customs regulation and generally not subject to customs duty. Free trade zones are generally organized around major seaports, international airports, and national frontiers—areas with many geographic advantages for trade.”The historical record shows that Shannon, Ireland has claimed to be the first "modern" free trade zone that was established in 1959. It follows that the Shannon Zone was started to help the city airport adjust to a radical change in aircraft technology that permitted longer range aircraft to avoid a required refueling stops at Shannon. The Irish Government saw it as a way to maintain employment around the airport and continue generating revenue for the Irish economy. The gamble turned out to be a huge success which still is in operation today.Special economic zones (SEZs) have been established in many countries for the purpose of trial and error on the implementation of liberal market economy principles. The change in terminology has been driven by the trade rules of the World Trade Organization (WTO) which prohibits members from offering certain types of fiscal incentives to promote the exports of goods.Many a times the domestic governments pay part of the initial cost of industrial parks for factory setup which critics contend that it loosens environmental protections and any rules regarding treatment of workers, and in exchange not demand payment of taxes for the next few years. However, when the taxation-free honeymoon years are over, the corporation that set up the factory will just pack up and leave. Starting over an operations elsewhere would be less expensive than paying owed taxes. In most cases, it results in taking the host government to the bargaining table with more demands, while parent companies in the United States are rarely held accountable.Political writer Naomi Klein has also criticized the transient nature of FTZs and has made the factory closures connection to the 1997 Asian financial crisis.There are several other operations that take place in many countries for the fiscal benefit of trading corporations. For instance this type of fiscal advantage takes place in what is known as a Bonded Logistics Park which is a type of special economic zone. Customs arrangements are similar to that of a bonded warehouse but over a specific geographic area such as a seaport, airport, or park.Under this fiscal regime goods may be stored, repackage or undergo manufacturing operations without payment of duty.An entrepôt in French means a transshipment port, city, or trading post where merchandise may be imported, stored or traded, usually to be exported again. Entrepôts were especially significant in the Middle Ages, when mercantile shipping grew exponentially between Europe and its colonial empires in the Americas and Asia. The spice trade for instance had long trade routes, which led to a much higher market price than the original purchase price after transportation, handling, waste and pilferage were added. For these reasons many traders did not want to travel the whole route, relying more on the entrepôts between the shipping lanes to sell their goods. Amsterdam is a good example of an Entrepôt in the early trading routes existing in the 17th-century.There is still another (illegal in most cases) method employed even today for completing a commercial transaction and is called triangular trades which are not uncommon in global commerce today. In many a case, importers who purchase goods from an enterprise, might not be purchasing those goods from the manufacture but rather from a trader who might be located elsewhere in the world. Therefore, the actual movement of the goods does not accurately represent the transaction taking place. Although, the goods may be moving directly from the factory to the importer, the financial transactions tracks on a different route. Here is where the commercial transaction can cross illegality because the shipping documentation must also match all the commercial transactions within the shipment and where corruption sets in false claims.For example, a simple triangular trade takes place when a factory sells goods to a trader, who in turn sells the same goods to an importer. In this case, a bill of lading needs to be issued for every transaction taking place, so a second set, or switch bill of lading, needs to be issued for this shipment. In this second set of bills of lading the trader becomes the shipper and the importer the consignee.Generally, a switch bill of lading is used to conceal the identity of the manufacturer for the trader is selling the goods to an importer adding a commission and so, does not want to reveal the identity of the enterprise from which they are procuring the goods. This type of transaction is commonly legal but it can become illegal when the trader is handling a controlled trade where the final consignee is not revealed to Customs.There are three kinds of bills of lading:A straight bill of lading means the carrier received payment in advance.An order bill of lading means the goods will ship before payment is received.An endorsed bill of lading is signed by the shipper and transfers title of the goods upon delivery. (Bl’s titles are financial instruments which can be traded during transit of the shipment).An endorsed bill of lading is a document of title, and a very important financial instrument and a security trade able in transit. This issue enters into another area of international trade referred to as Trade Finance.https://tradefinanceanalytics.co...Trade finance is applicable when financing is needed by buyers and sellers to complete a trade cycle that has a funding gap but it can also be used as a form of risk mitigation.Trade finance helps settle the conflicting commercial transaction needs of the exporter and the importer. For instance, an exporter might wish to mitigate the risk of not getting paid a pre-sale agreement by the importer. By the same measure the importer wants to mitigate a supply risk from the exporter shipping sub-standard goods. Therefore, the function of trade finance is to act as a risk mediator of purchase or supply of merchandise in a commercial transaction while providing the seller with prompt receivables and the buyer with extended credit.When the importer is another manufacturer using parts for the assembly of a finish product the commercial transaction becomes a supply chain financial mechanism.A typical financial mediator service offering from a bank will include:Letters of credit (LC)Bills for collectionShipping InsuranceImport financingPerformance bondsExport LC advisingLC confirmationLC release against documentationExport financeExport financingOver the years the—terms of trade finance—has been shifting away from this weighty method of conducting international trade business. Today, it is estimated that over 80% of global trade is conducted on an open account basis because the largest amount of trade volume and value takes place among transnational corporations.Open account transactions are common among large corporations that trade in supply chain manufacturing for a continuing flow of goods rather than specific transactions. This extension of payment terms is much cheaper for the corporates and offers mutual benefits where payment-supply risk is minimized to one shipment.Factoring, receivables factor happens when a company buys a debt obligation or invoice from another company. Factoring is a form of invoice discounting for cash in many financial markets. Accounts receivable are discounted by a risk factor of profit upon the settlement of the debt.Structured commodity finance (SCF) is split into three main commodity groups:Metals & miningEnergySoft commodities such agricultural cropsSCF provides liquidity management and risk mitigation for the production, purchase and sale of commodities and materials. This is done by isolating assets, which have relatively predictable cash flow attached to them through pricing prediction, from the corporate borrower and using them to mitigate risk and secure credit from a lender. A corporation might also borrow against a commodity’s expected worth at the landing destination.Export credit agencies (ECA’s) can be governmental or private institutions that provide international trade finance, credit insurance guarantees, or both. Most developed countries have ECA’s available for traders. Traditionally, in order to approve a transaction ECA’s would require a large percentage of domestically produced content to guarantee a loan; nonetheless, as financial crisis affect jobs ECA’s reduce content limits. For example: Export Development Canada requires just 20% of content to be produced domestically, compared to UK Export Finance which requires 30-70% and the USA requirements short-term transactions for eligible goods and services that must include more than 50 percent U.S. content.
What is freight forwarding?
A freight forwarder is a person or company that organizes shipments for individuals or businesses. Forwarders will get goods from the manufacturer or producer and ship them to a market, customer or final point of distribution.A forwarders uses a carrier or often multiple carriers to move these goods. These carriers can use a variety of transportation modes, including ships, airplanes, trucks, and railroads. Multiple modes of transport may be used for a single shipment. For example, the freight forwarder may arrange to have cargo moved from a plant to an airport by truck, flown to the destination city, then moved from the airport to a customer's building by another truck.International freight forwarders handle international shipments. They have expertise in preparing and processing customs and other documents related to international shipments, ensuring the smooth shipments of cargo from the source country to the destination country.Information typically reviewed by a freight forwarder includes the commercial invoice, shipper's export declaration, bill of lading and other documents required by the carrier or country of export, import, and/or transshipment. Much of this information is now processed in a paperless environment.If you are looking at finding freight forwarders, you can visit GoComet.in. GoComet is bringing the international logistics industry online by connecting multiple modes (air, ocean and road) through a central platform. At GoComet, we are helping businesses move tonnes of Cargo globally. All you have to do this log in and fill in the details and you’ll get the best quote with no hidden costs according to your convenience.
What is freight forwarding? How does it work?
Freight forwarding is the coordination and shipment of goods from one place to another via a single or multiple carriers via air, marine, rail or highway.The importance of freight forwarding for global trade was recognized in Canada in 1948 with the establishment of the Canadian International Freight Forwarders Association (CIFFA). CIFFA recognized that forwarding freight, whether by land, marine, rail or air requires coordination, regulation and agreed-upon best practices to ensure that goods flow in a timely and proficient manner across borders, over seas, and throughout the world.A freight forwarding service is used by companies and businesses in the international or multi-national export and import industry. A freight forwarding company is the intermediary between a client and other transportation services. Products are sent to and from international destinations and may use several carriers with different requirements and legalities. This takes considerable logistics between borders and customs officials. On top of that, the freight forwarding service takes this burden from the company and deals with it smoothly and efficiently.
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