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This term can be used when the goods are transported by rail and road. The seller pays for transportation to the named place of delivery at the frontier. The buyer arranges for customs clearance and pays for transportation from the frontier to their factory. The passing of risk occurs at the frontier.
FOB (free on board) is a term in international commercial law specifying at what point respective obligations, costs, and risk involved in the delivery of goods shift from the seller to the buyer under the Incoterms standard published by the International Chamber of Commerce. FOB is only used in non-containerized sea freight or inland waterway ...
The freight derivatives market for dry cargo vessels saw a big increase in traded volumes in 2021. Dry forward freight agreement (FFA) volumes hit 2,524,271 lots, up 61% on 2020. Options trading in the dry market hit an all-time high of 409,255, up 25% on the previous year.
It handles small package express service, heavy freight shipments and city-to-city freight shipping by private and commercial customers. Boxes up to 36" x 36" x 36" (maximum 50 pounds), suitcases, and boxed bicycles are acceptable, but numerous classes of fragile, valuable and hazardous items are not permitted.
At the time of the passage of COGSA, most cargo was shipped in boxes, crates, and bags. Shortly after its passage, cargo owners determined that cargo could be handled more efficiently if placed on pallets, a process that results in numerous boxes or bags of cargo being consolidated on a single pallet. Shipowners, seeing an opportunity to reduce ...
In a single transaction, the forwarder may be acting as a carrier (principal) or as an agent for his customer or both. Together with tracking, freight forwarding agents often have real time information on the freight. [9] Some forwarders may specialize in niche areas such as rail-freight, and collection and deliveries around a port.