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A freight forwarder or forwarding agent is a person or a company who co-ordinates and organizes the movement of shipments on behalf of a shipper (party that arranges an item for shipment) by liaising with carriers (party that transports goods).
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. The most heavily traded contract was settled against the Baltic Exchange's panamax timecharter assessment (PTC) which saw 1,202,432 lots traded in 2021.
A contract of carriage is a contract between a carrier of cargo or passengers and the consignor, consignee or passenger. [1] Contracts of carriage typically define the rights, duties and liabilities of parties to the contract, addressing topics such as acts of God and including clauses such as force majeure (removing liability for extraordinary occurrences beyond control of the parties). [2]
In some cases, a charterer may own cargo and employ a shipbroker to find a ship to deliver the cargo for a certain price, the freight rate. Freight rates may be on a per-ton basis over a certain route (e.g. for iron ore between Brazil and China), in Worldscale points (in case of oil tankers). Alternatively may be expressed in terms of a total ...
A shipping agency, shipping agent, or ship agency is the term used to refer to the appointed companies that handle operational and procedural (legal) requirements for a commercial vessel's call at a port for the purposes of cargo handling (loading/discharging), emergency calls, repairs, crew changes, or ship demolition, and protect the general interests of their principals on behalf of ship ...
IATA's e-Air Waybill (e-AWB) programme and multilateral e-AWB Agreement remove the requirement for an air waybill to be issued as a paper document and therefore allow for electronic air waybill documentation. [2] Agents all over the world are now using their own in-house computer systems to issue airlines' and freight forwarders' own air waybills.
Declaring Agent - A declaring agent is an organisation appointed by a declaring entity to make a declaration on its behalf. A declaring agent may be a freight forwarder or a specialist customs service provider such as Tradenet Services Pte Ltd . Declarant - A declarant is the individual person making the declaration for the declaring agent ...
A delivery order (abbreviated D/O [1]) is a document from a consignee, or an owner or his agent of freight carrier which orders the release of the transportation of cargo to another party. [2] Usually the written order permits the direct delivery of goods to a warehouseman , carrier or other person who in the course of their ordinary business ...