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Thursday , December 13 2018

Emergency Bunker Surcharge – EBS vs BAF

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Emergency Bunker Surcharge – is it really an emergency..?? Bunker is simply nothing but FUEL (oil) used in ships BAF (Bunker Adjustment Factor) is a surcharge charged by the shipping line to counter the fluctuations in oil prices The term BAF may be a foreign term to some customers in …

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CIF – Cost, Insurance and Freight

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CIF Incoterms – Cost, Insurance and Freight (named port of destination) CIF is a very common format and it is identical to CFR: the only difference is that the seller also pays to insure the merchandise.

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CFR : Cost and Freight

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CFR Incoterms – Cost and Freight (named port of destination) Under this arrangement (previously known as C&F) the seller must pay the costs and freight to get the goods to their destination port, at which point delivery is achieved (but it is not the seller’s job to clear them through …

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FOB – Free on Board

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FOB Incoterms – Free on Board (named port of shipment) Be wary of the misleading nature of this common phrase and how it is often misused. It is to be used only for exclusively water transportation. Do not use it for road/rail/sea multimodal container transportation – use FCA instead. In FOB, …

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FAS Incoterms

FAS

        FAS Incoterms – Free Alongside Ship (named port of shipment) This is revised in Incoterms 2010, where now the seller or, more typically, his shipper/freight forwarder, must clear the goods for export. Note that this is not a multimodal term, but is used for heavy and …

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DDP Incoterms

DDP

DDP Incoterms – Delivered Duty Paid (named place of destination) This is the polar opposite to EXW: here the seller assumes all costs, risks and obligations, including import duties, taxes, clearance fees etc., right up to the destination point, where the buyer is then responsible for unloading the shipment. (You …

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DAP Incoterms

DAP

DAP Incoterms – Delivered at Place (named place of destination) Also new in Incoterms 2010, this is identical to DAT, except that the seller remains responsible for cost and risk (exc. import clearance) right up to the point that the goods are ready for unloading by buyer at his chosen …

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DAT Incoterms

DAT

DAT Incoterms – Delivered at Terminal (named terminal at port or place of destination) In this system (new in Incoterms 2010) the seller pays for carriage to the arrival terminal, (excluding import clearance). Up to the point that goods are unloaded at the terminal, the risk remains with the seller.

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CIP Incoterms

CIP

  CIP Incoterms – Carriage and Insurance Paid to (named place of destination) This is commonly used in road/rail or road/sea container shipments and is the multimodal equivalent of CIF. The seller pays for carriage and insurance to the named destination point, but risk passes when the goods are handed …

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CPT Incoterms

CPT

  CPT Incoterms – Carriage Paid To (named place of destination) The seller pays for carriage. The risk passes to the buyer when the goods are handed to the first carrier at the place of Importation. The seller also has to pay for cargo insurance, in the name of the …

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