Much like COVID-19, the Suez Canal crisis was an incident cut from the same cloth in paralyzing maritime operations—albeit in different means. While the pandemic shrunk port operations due to the necessity of social distancing, the Ever Given sealed shut the maritime bottleneck between Asia and Europe. Running aground and staying there for six days, the Ever Given stopped over 400 vessels from reaching their destination ports across the two continents.
Some of the significant challenges for shippers and freight forwarders are understanding freight costs, lowering the ocean freight spend, and realizing better margins. While market trends and dynamics play a major role in determining your freight cost, having access to critical visibility data ensures that businesses can utilize data to better predict market fluctuations and trends.
Incoterms are integral to global trade and commerce. The International Chamber of Commerce introduced a set of Incoterms or International Commercial Terms that are globally recognized. Incoterms enable global trade by clarifying buyers’ and sellers’ obligations and responsibilities and preventing confusion in various domestic and international trade contracts.
Incoterms or International commercial terms are the universally accepted trade rules introduced by the International Chamber of Commerce to facilitate global trade and commerce. The primary purpose of Incoterms is to avoid confusion in international trade contracts by clearly defining the responsibilities of buyers and sellers globally.