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Co-brokering is a legal practice used to ensure there is an available truck to transport freight. A 4PL may use a 3PL broker to match loads with trucks, with a shippers knowledge. The primary broker will take a lesser amount of the fee and the secondary broker will book the load for transport receiving a larger share of the same fee. [7]
The network consists of several load board subscription services for small to midsize carriers, freight brokers, and shippers. [1] [7] DAT provides a real-time truckload freight rate service. This is based on $150 billion of transactions annually, from actual "broker-buy" rates (what freight brokers pay carriers) to shipper-to-carrier contract ...
An auto transport broker is a type of cargo broker that specializes in the shipping and transportation of vehicles. Most vehicles shipped in the U.S. are cars and trucks, but many brokers handle boats, RVs, motorcycles and other types of vehicles as well. Auto transport is classified as "specialized freight trucking" under NAICS code 484230.
Total Quality Logistics (TQL) is a North American freight brokerage and third-party logistics firm. [4] It was founded in 1997 by Ken Oaks in Cincinnati, and is headquartered in nearby Union Township, Clermont County, Ohio, United States.
In order to obtain a license to broker freight, a freight brokerage must purchase a surety bond or trust agreement with the Federal Motor Carrier Safety Administration (FMCSA). [3] Prior to June 2012 when the bill was signed by President Obama, the surety bond coverage required to hold a broker license was $10,000.
The use of an FTL carrier to transport this freight generally provides an overall cost savings because the freight will travel fewer miles in the FTL carrier's network, as well as a reduced overall fuel surcharge cost—that is, one FTL carrier travels the distance to the break-bulk facility for a single carrier's price while using only the ...
A freight rate (historically and in ship chartering simply freight [1]) is a price at which a certain cargo is delivered from one point to another. The price depends on the form of the cargo, the mode of transport ( truck , ship , train , aircraft ), the weight of the cargo, and the distance to the delivery destination.
Baltic Dry Index measures the cost for shipping goods such as iron ore and grains. The trading volume of dry freight derivatives, a market estimated to be worth about $200 billion in 2007, grew as those needing ships attempted to contain their risks and investment banks and hedge funds looked to make profits from speculating on price movements.