Reefer is a refrigerated container or ship with climate control for perishable cargo transport.
Key insights and market updates for logistics and trade.
A Letter of Credit (LC) is a banking tool designed to assure payment to the seller upon meeting specified terms to minimize any transaction risks.
A Power of Attorney (POA) authorizes a third party to handle primarily customs matters for importers or exporters. POA requirements vary by country.
A Shipper’s Letter of Instruction (SLI) is an exporter’s directive to a forwarder or carrier on how & where to ship a shipment, essential for U.S. exports.
A commercial invoice is a document that details goods, participants, pricing, and other data elements required by Customs for global trade.
Congestion surcharge is a fee imposed by carriers on shipments via congested ports to cover extra operational costs & manage logistical challenges.
Customs clearance is a mandatory process for global shipments that involves cargo inspection, proper paperwork and cargo loading.
The Federal Maritime Commission (FMC ) oversees & regulates U.S. global ocean commerce to safeguard the shipping public from unfair competition.
NVOCCs are vessel-less ocean carriers that consolidate shipments, issue House Bills of Lading, and negotiate rates using their own tariff structure.
A Bill of Lading is a legal document for shipped goods serving as a receipt, carriage contract, and title document.
A Tailgate Exam is a visual inspection of a container’s interior by Customs officials to check for anomalies or contraband.
Certificate of Origin (CoO) confirms the product’s country of origin, which is essential for customs clearance and relevant duties determination.
A Forty-Foot Equivalent Unit (FEU) denotes a 40-foot container’s volume, instrumental for cargo capacity assessment & shipping costs calculation.
Break bulk is the shipment of oversized or non-standard size and shape goods, requiring labor-intensive handling & specialized equipment.
Customs Bond is a type of financial guarantee required for certain imports to ensure payment of duties and help streamline customs clearance.