Since Malcolm McClean developed the first standard shipping container in 1956, the container shipping industry has revolutionized how goods are transported worldwide. But what will the future hold for this rapidly growing industry? New COVID variants and lockdowns at major Chinese ports in early 2022, supply chain disruptions due to the Russia-Ukraine War, and changes to IMO regulations have destabilized the industry. Major shipping companies are now re-evaluating how they transport goods internationally, shaping several
As globalization continues to increase, shipping goods worldwide has become more expensive. Here are five reasons why international shipping costs will continue to rise in the years ahead. The Global Population is Growing: More People Need Access to Goods and Services As the world population grows, an ever-increasing demand for goods and services strains the shipping industry. Despite rising inflation outstripping wage gains, consumers spent 8.5% more in March 2022 compared with the same time
The international shipping industry is highly complex. Transporting freight over long distances and across international borders means shippers frequently encounter rules, regulations, licensing, and paperwork issues. Every country implements policies and procedures, which shippers must stay up-to-date with to clear customs and avoid fines and delays. The International Chamber of Commerce (ICC) established a set of global terms to help facilitate trade agreements and ensure smooth international trade contracts. These terms help verify the obligations
If your business is anticipating shipping goods internationally from one point to another, you need to plan your freight movement and get your products through customs. The logistics of your shipping service is an essential asset in your business. Two key entities in your supply line are freight forwarders and clearing agents. In the simplest terms, a freight forwarder manages the motion of your cargo from point A to point B, whereas a customs agent
Global supply chain logistics are more complex than ever, especially since competition is fierce and profit margins are slim. Cargo costs fluctuate regularly, and even import regulation and tariff changes can catch you by surprise if you’re busy handling the other aspects of your business. International freight forwarders specialize in facilitating global commerce. They can handle intermodal transportation needs for many businesses at once, and their experience and knowledge can make them powerful assets for
Delivery Duty Paid (DDP) is a type of delivery where the seller takes responsibility for all risks and fees of shipping until the goods reach their destination. Buyers benefit from this system because they assume less risk, liability, and cost. For the seller, DDP has to be handled carefully because it can quickly reduce profits. The only thing the seller doesn’t do under a DDP arrangement is unload goods at the destination. Once the goods
