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A freight broker is an intermediary between a shipper and a freight service provider. Freight brokers can specialize in certain types of freight, such as equipment hauling on lowboys , oversize , bulk tanker , auto , or other types of freight transportation .
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.
A freight broker bond must be obtained by freight brokers and freight forwarders in the United States in order to obtain or renew their license.. In the United States, freight broker surety bonds are required by the Federal Motor Carrier Safety Administration (FMCSA) to move property such as household goods or freight and motor cargo ().
Modern freight forwarders offer an end-to-end process i.e. shipping the goods from the place of origin to the final destination and may offer additional services such as warehouse planning, cargo insurance and customs brokerage. Together with tracking, freight forwarding agents often have real time information on the freight.
Tanker brokers similarly negotiate maritime contracts, known as charter parties. The main terms of negotiation are freight/hire and demurrage. Oil being a fast moving trade, freight rates for crude oil tanker charters are most commonly based on the Worldscale Index; the Worldscale Association publishes flat rates annually. [3]
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.
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[29] [30] Traditional freight brokers acted as intermediaries to manage the coordination of freight, helping independent drivers or companies match loads with available empty trucks. Increasingly, computerized brokers are threatening the future of traditional human brokers by offering increased efficiency.
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