The North-South trade routes, crucial for the seamless movement of goods between the northern and southern hemispheres, are currently grappling with significant disruptions. The ongoing strike by the International Longshoremen’s Association (ILA) has exacerbated existing challenges, leading to severe schedule woes and congestion at major ports. The Impact of the ILA Strike The International Longshoremen’s … Read more
Starting on January 1, 2024, the EU Emissions Trading System (ETS) will include shipping, marking a significant step towards reducing greenhouse gas emissions in the maritime industry. This system requires ship operators to monitor and report their emissions, purchasing allowances for every ton of CO2 emitted. The goal is to incentivize the reduction of greenhouse … Read more
Last week, the International Longshoremen’s Association (ILA) and the United States Maritime Alliance (USMX) reached a tentative agreement, marking a significant step towards resolving the recent port strike that had disrupted operations along the East and Gulf coasts. This blog delves into the key aspects of the settlement, the outstanding issues, and the broader impact … Read more
As the September 30 deadline for the master contract between the International Longshoremen’s Association (ILA) and the United States Maritime Alliance (USMX) approaches, concerns are mounting over a potential strike commencing on October 1. This agreement impacts 45,000 dockworkers across 36 key ports from Maine to Texas, making the stakes incredibly high. Immediate Actions Recommended … Read more
The liquidation process by U.S. Customs and Border Protection (CBP) is a crucial step in finalizing the duties and taxes on imported goods. Here’s an illustration of the process: 1. Entry Filing: Importer Declaration: The importer or their customs broker files an entry summary (CBP Form 7501) with CBP, declaring the imported goods and providing … Read more
When it comes to international shipping, choosing the right method can significantly impact cost, efficiency, and the condition of your goods upon arrival. Here’s a comprehensive breakdown of the various options available: 1. Sea Freight Dry Containers Description: Standard containers used for most types of cargo. Best For: Non-perishable goods like electronics, textiles, … Read more
In recent years, the role of customs brokers has evolved significantly, driven by increased scrutiny from U.S. Customs and Border Protection (CBP). This heightened focus is compelling brokers to invest in advanced technology to better understand and manage the regulatory risks their shipper clients face. While the mandate for technological investment has always been implicit, … Read more
Customs brokers play a pivotal role in the international trade process by ensuring that all shipments adhere to the myriads of international trade regulations and laws. They act as intermediaries between importers and government authorities, handling the complex process of customs clearance. This compliance is not just about ticking boxes; it involves a deep understanding … Read more
About Foreign Trade Zone Foreign Trade Zones (FTZ) are secure areas within the United States that are considered to be outside of U.S. Customs territory for tariff purposes. FTZ benefits are available to any U.S.-based company, and these zones are not restricted to specific geographic locations within the United States, providing flexibility for companies in … Read more
Duty Drawback is a program that helps exporters offset some of the costs accrued during the export process. It permits the American manufacturer to compete in foreign markets without the handicap of including in the costs, the duty paid on imported merchandise. The program gives rebates on Customs and Central Excise chargeable on any imported … Read more