Incoterms are standardized terms used within international trade to outline the exact delivery terms between a buyer and a seller. Incoterms summarize who is responsible for loading and unloading, delivery, payment and insurance.
The Panama Canal and Suez Canal are longtime rivals within the container shipping industry as both canals support the flow of global trade by shortening historical trade routes. Container ships have continued to grow in size and the canals noticed the need for expansion projects in order to keep pace with the industry.
Increasing consumer demands mean that suppliers and customers have to work together to satisfy the end-user. In today’s economy, sometimes that means switching from traditional logistics to JIT (Just In Time), which means smaller quantities of products are moving from suppliers to customers as they are needed, rather than being shipped in mass quantities and sitting in a warehouse.
Whether you’re new to the transportation industry or brushing up on your terminology, it can be challenging to understand freight related terms. Without insight into what the terms mean and how to apply them to your shipments, logistics can become frustrating – especially when the terms are related to charges.
In a recent shipment, an Ascent client ran into a costly shipping mistake that we often see. In this situation, the shipper faced additional carrier charges due to miscommunication. The freight was called into the carrier and reported on the BOL with the dimensions of 40″x48″ (13.3′); however, they loaded their freight on the truck as 48″x40″ (16′).