What is the difference between a Telex Release and a standard BOL (Bill of Lading)? BILL OF LADING A standard Bill of Lading (BOL) is a transferrable document issued by the carrier of a shipment that acts as a title for the goods during the transport process to ensure [...]
Port omission and blank sailing are both terms that refer to schedule exceptions. Schedule exceptions take place when a ship is unable to keep to its original schedule due to unforeseen occurrences, such as poor weather, port congestion, and technical issues. PORT OMISSION When a vessel operator decides to [...]
Yes! The Foreign Trade Zone (FTZ) program was authorized by Congress in 1934. One of the purposes of the FTZ Program is to provide cost-saving benefits that incentivize U.S.-based economic activity and related employment that might otherwise occur abroad. Studies continue to show that the FTZ program has demonstrated [...]
VESSEL SHARING AGREEMENT A Vessel Sharing Agreement (VSA) is an agreement between shipping lines to share vessel space in order to meet demand on specific trade lanes. The space available to each partner may differ from port to port and is controlled by the individual input of each company. [...]
A carbon offset is a reduction in Greenhouse Gas (GHG) emissions – or an increase in carbon storage (for example, through tree planting) – used to compensate for emissions that occur elsewhere. A carbon offset credit is a transferable instrument that has been certified by governments or independent certification [...]
The term “bullwhip effect,” first introduced by Jay Forrester and is also known as the Forrester effect, refers to a type of demand distortion caused by incorrect forecasting that leads to progressively larger fluctuations in materials orders going upstream in the supply chain from the retailer to the wholesaler, [...]
A Non-Vessel-Operating Common Carrier is a shipping industry term that refers to a type of Ocean Transportation Intermediary (OTI), is often abbreviated by the industry to NVOCC, and sometimes even shorter to NVO. These two abbreviations are interchangeable and describe the same entity. According to the Federal Maritime Commission [...]
A Non-Operating Reefer (NOR) container is a refrigerated shipping container with the refrigeration unit turned off. Instead of carrying temperature-sensitive goods, NORs can be stocked with cargo that would normally be placed into a general-purpose container. When a Live Reefer container is delivering cargo to a destination, there is [...]
The main differences between VACIS and Intensive cargo examinations: VEHICLE AND CARGO INSPECTION SYSTEM (VACIS®) Non-Intrusive Inspection (NII) that does not break the container seal Uses gamma-imaging systems (X-ray) equipment Examination is performed at the port Limited delay depending on congestion (1-2 days) INTENSIVE EXAMINATION A physical examination of [...]
DUTY DRAWBACK BACKGROUND U.S. Customs & Border Protection’s (CBP) duty drawback program was signed into law in 1789 with intent to increase United States export activities. Drawback allows for a refund of duties paid on imported merchandise that is subsequently exported from the U.S. or destroyed. There are three [...]