Industry Insights

No Increase for Forwarder, NVO Bonds The Federal Maritime Commission’s proposed revisions to ocean transportation intermediary (OTI) rules have been amended to eliminate some mandates that were unpopular with freight forwarders and OTIs. Proposed bond increases, which met with industry pushback, have been eliminated from the FMC’s newest version of the guidelines. The June 2013 original proposal included increases in bonds: for freight forwarders—to $75,000, up from $25,000; for licensed non-vessel-operating common carriers (NVOCCs)—to $100,000, up from $75,000; and for registered foreign-based NVOCCs—to $200,000, up from $150,000. A new OTI proposal containing no bond-requirement increases is expected to be released […]

Workers’ Compensation: Making Warehouse Safety A Priority Workers’ Compensation insurance is a significant expense for all businesses, including warehouse operators storing cargo for third parties.  While the frequency and severity of workplace accidents for this sector is not at the level as some others (construction, for example), a series of even minor incidents can still seriously injure employees and lead to lost productivity, higher insurance bills, and government (OSHA) fines. In fact, according to the U.S. Bureau of Labor Statistics, the warehousing and storage industry experiences nearly 15,000 injuries and illnesses annually. The primary cause of injuries taking place in […]

Congress Holds Off on Deciding Export-Import Bank’s Fate Until Next Summer The operating authority of the Export-Import Bank (Ex-Im Bank), the federal government’s export credit agency, was set to expire next week on September 30th but has received temporary reprieve after Congress approved a short-term extension of its charter. House Speaker John Boehner included a measure temporarily extending the export credit agency’s authority until June 30th as part of a broader deal that was tied to a stop-gap bill to fund the government through December 11th. The Ex-Im Bank offers loans to foreign buyers of U.S. products, and insurance and […]

The Growth of FTZ Operators In a recent report by the U.S. Foreign Trade Zones Board, the value of exports from America’s Foreign Trade Zones (FTZs) increased by 13.7% in 2013, to a record-high of $79.5 billion* in merchandise shipped to overseas markets. In addition, the 2013 value of received merchandise into FTZs also topped the previous year’s record of $732.2 billion, reaching $835.8 billion – a 14.1% increase. Furthermore, according to the group’s Annual Report to Congress, nearly two-thirds of the merchandise received by FTZs in 2013 was domestically sourced, with the value of domestic status inputs growing to […]

Nearly 30 years ago, Roanoke was one of the first in the industry to suggest an electronic customs bond (eBond). Over the last several years, we have worked long and hard alongside with Customs and Border Protection (CPB), customs brokers, software vendors and other sureties to develop the concept of eBond. The first day of eBond data transmission testing opened on September 3rd with CBP, and we sent the very first successful data transmission! We know that there will still be many hurdles to cross with the implementation of eBond, but it feels good to be first, and to be a leader in […]

FastBond™ is a highly advanced and flexible tool providing customs brokers unprecedented control over your work flow and timing of critical information. Using FastBond™ increases efficiencies, reduces potential data errors during the issuing process and ultimately supports client retention. FastBond™ features now include enhanced management reporting options: Comprehensive filer code reports for entries and claims Management level access designed for managers who oversee the bond issuance process On demand standard system reports for entries, liquidated damages and increased duty bills Scheduled reports to your specifications