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The first work published by the ICC on international trade terms was issued in 1923, with the first edition known as Incoterms published in 1936. The Incoterms rules were amended in 1953, [5] 1967, 1976, 1980, 1990, 2000, and 2010, with the ninth version — Incoterms 2020 [6] — having been published on September 10, 2019.
Freightos was founded in January 2012 by Zvi Schreiber. Schreiber has previously founded and managed other start-up companies including companies acquired by IBM and GE. The first beta customers of Freightos went live in October 2012 and the SaaS service was commercially launched in March 2013. Freightos raised initial funding from OurCrowd. [11]
The Freightos International Freight Index was first launched as a weekly freight index in early 2017. [7] The Freightos Baltic Index has been in wide use since 2018. [8] It is currently the only freight rate index that is issued daily, and is also the only IOSCO-compliant freight index that is currently regulated by the EU (in particular, the European Securities and Markets Authority).
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A forward freight agreement (FFA) is a financial forward contract that allows ship owners, charterers and speculators to hedge against the volatility of freight rates. It gives the contract owner the right to buy and sell the price of freight for future dates.
[8]: 10 [9] The most common chart size was early established as the "Double-elephant", about 39 X 25.5 inches, and this has continued to be the case. [10] Chart design gradually simplified over the years, with less detail on land, focusing on features visible to the mariner. Contours were increasingly used for hills instead of hatching.
The radar chart is a chart and/or plot that consists of a sequence of equi-angular spokes, called radii, with each spoke representing one of the variables. The data length of a spoke is proportional to the magnitude of the variable for the data point relative to the maximum magnitude of the variable across all data points.
Such diagrams are available in the speciality literature. [1] [2] [3] The same information can be depicted in a normal orthogonal diagram, showing only two substances, implicitly using the feature that the sum of all three components is 100 percent. The diagrams below only concerns one fuel; the diagrams can be generalized to mixtures of fuels.