Ocean Freight, Air Freight, and Logistics Services for Importers and Exporters Worldwide
Definition – Dumping is a predatory pricing technique in which a product is exported and sold for a cheaper price in a foreign market than in its domestic market. Dumping can lead to monopolization by causing domestic companies to go out of business when they cannot compete with the low prices of the imported goods.
Related Terms – Anti-dumping
History – The Anti-Dumping Agreement was implemented by the World Trade Organization (WTO) in 1994.
Definition – A freight forwarder is a company that specializes in the arrangement of shipping for individuals and/or corporations. Shipments are often moved on various carrier types including railroads, trucks, airplanes, and ships. Freight forwarders are experts in supply chain management and act as a “travel agent” for cargo and are often non-asset based. International freight forwarders specialize in handling international shipments.
History – Originally, the purpose of the forwarder was to arrange the carriage of his customers’ goods by contracting with various carriers. The first international freight forwarders were actually inn keepers in London who would hold and re-forward the personal effects of their hotel guests. The earliest freight forwarding company on record is Thomas Meadows and Company Limited of London, England, established 1836.
Related Terms – Third Party Logistics (3PL)
Learning Opportunity – How to say Freight Forwarder in 10 different languages
Definition – Slow steaming refers to the deliberate reduction of vessel cruising speed in order to cut fuel costs.
Environmental Impact – When a ship’s speed is reduced by 10%, its engine power is reduced by 27%. This results in less fuel consumption and in effect, the emissions released in line with the vessel’s fuel consumption are reduced.
car·net [kahr-ney; Fr. kar-ne]
Definition – a customs document permitting the temporary importation of certain goods to foreign countries without paying customs duty. A carnet acts as a passport for cargo.
How is carnet pronounced?
History – Carnet originated in 1895 as the French term quernet meaning notebook, or book of tickets.
Definition – transporting goods a short distance via ground freight or the charge for such a transport. In freight forwarding, drayage is typically used to describe the trucking service from an ocean port to a rail ramp, warehouse, or other destination.
How is drayage pronounced?
History – The word drayage originally stems from the term dray, a low cart without fixed sides that is used for carrying heavy loads a short distance. Although a dray is defined as a cart historically, a dray may be any vehicle used to transport heavy loads a short distance, such as a truck or sled.
Port of Montreal Will Now Accommodate Larger Ships – The Canadian Coast Guard (CCG) has authorized the passage of larger vessels, making it possible for post-Panamax vessels to reach Montreal. … READ MORE
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