30 August 2022
Consignor And Consignee in Shipping - A Complete Guide
A consignor is an individual or business that initiates and organizes the process of shipping their goods. A consignor is a seller or exporter and is often referred to as the shipper. The consignor selects the carrier or shipping company for transporting the goods to the importer or buyer. The shipping company issues a bill of lading to the consignor once the carrier receives the goods in an acceptable condition and is ready to ship them to the buyer.
01 September 2022
What is A Master Bill of Lading? Meaning, Requirements & Example
Arguably, the most significant document in ocean freight is the bill of lading, a document that contains all the information related to the goods being exported, their destination, details about the exporter and importer, and other vital data that help quicken the logistics of ocean freight-based shipments.
31 August 2022
What Are Smaller Sized Shipping Containers? Everything You Need to Know
The International Organization for Standardization governs the sizes and dimensions of shipping containers. This standardization of container sizes ensures that the goods are transported safely across the globe by truck, rail, or ship. The most popular shipping container size is the 20ft shipping container. But for businesses with limited shipping and storage needs, smaller sized containers are also available.
24 August 2022
What is 40 feet container? Sizes & Capacity of 40ft Containers
40ft shipping containers are among the largest standard-sized containers available for storing and transporting goods across the globe. These containers' storage volume and versatility make them a staple of international trade. The dimensions of these shipping containers are measured uniformly in international trade using the imperial system (in feet and inches).
12 August 2022
What is A Switch Bill of Lading? Meaning, Procedure & More
In international shipping, a Bill of Lading (B/L) acts as a receipt and contract between the shipper and the carrier. It contains all the details needed to process the shipment and create accurate invoices. This document is crucial for maintaining transparency and complying with laws of two or more jurisdictions, especially during cross-border trading.
04 August 2022
Know the Difference Between FOB and CIF Incoterms
International trade processes can be complex, especially for first-time traders to understand. Even seemingly simple concepts with their abbreviations and variations can baffle novice traders. One such set of abbreviations are the incoterms set by the ICC that clearly define the roles, responsibilities, duties & accountability of the exporter and importer in any given international trade transaction
20 July 2022
Red Clause Letter of Credit - Meaning of Red Clause LC, Example & Types
A standard letter of credit (LC) is a documented promise from the buyer to the seller regarding future payments on the purchased goods. Adding a red clause into an LC enables sellers to receive advance payments from buyers to cover manufacturing, packaging, dispatching, and shipment expenses.
13 August 2021
Transferable Letter of Credit - Process Flow, Risks & Samples
A transferable letter of credit (LC) is a credit facility that the first beneficiary can transfer to another party or the second beneficiary. Such a financial guarantee is applicable when the sellers of goods are agents/dealers and are not the suppliers or manufacturers themselves.
09 July 2021
Telex Release | Meaning & The Complete Guide to Shipping
A telex release is an electronic message sent from an agent or a shipping line at the port of loading (POL) to the agent at the port of discharge. Further, this message paves the way for releasing the consignment mentioned in the bill to the customer/consignee without the OBL.
02 July 2021
Merchant Exports | Meaning & Process under GST
Merchant exports are goods that an exporter doesn’t manufacture but instead purchases from a local supplier for exporting to the buyer. These exports typically pertain to the export of goods and not services.